11/11/2025
Finantsinspektsioon has withdrawn the operating licence as an alternative fund manager from AS BaltCap (register code 11419647). AS BaltCap will continue to operate as a registered manager of small alternative funds.
Fund managers in Estonia can operate with a licence issued by Finantsinspektsioon or as a fund manager registered with Finantsinspektsioon. The licence was withdrawn at the application of the fund manager itself as the total volume of assets under management of the AS BaltCap group has shrunk.
The Investment Funds Act does not require fund managers to have a licence from Finantsinspektsioon if the total value of their assets is less than 500 million euros and the fund does not use leverage, or allows units to be redeemed at least once a year. In this case the firm can operate as a small fund manager registered with Finantsinspektsioon.
Finantsinspektsioon’s supervision over registered small fund managers is limited to the collection of supervisory reports. Finantsinspektsioon does not carry out day-to-day supervision over their activities as it does for licensed fund managers.