Alternative investment fund managers

Application for authorisation

In accordance with the Finnish Act on Alternative Investment Fund Managers (AIFM Act, 162/2014), the operations of a company managing AIFs can only be pursued by entities that have been granted authorisation. A written application is submitted to the Financial Supervisory Authority (FIN-FSA), with supporting documents attached. We recommend that the applicant entity contacts the FIN-FSA before applying to clarify the procedure. Application for authorisation must be made either in Finnish or Swedish.

For more information, see Finnish or Swedish site for application for authorisation.

Delivery of authorisation application documents to the Financial Supervisory Authority

Email address:
kirjaamo(at)fiva.fi

Email subject:
" AIFML Chapter 4, paragraph 1 - company name"

The Financial Supervisory Authority (FIN-FSA) will contact you upon receiving your email and inform you of your contact person and the estimated processing time.

Withdrawal of authorisation

If the AIF management company wishes to withdraw its authorisation, it must submit a withdrawal application to the FIN-FSA.

EuVECA and EuSEF

Regulation (EU) 2017/1991 of the European Parliament and of the Council amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds is applied from 1 March 2018.

In accordance with Article 2(2) of the Regulation, Articles 3–6, Articles 10 and 13, Article 14(1)(d–f), Articles 15(a)–20, Article 21(3)(2) and Articles 22 and 22(a) of the Regulation shall apply to managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU that manage portfolios of qualifying social entrepreneurship funds and intend to use the designation “EuSEF” in relation to the marketing of those funds in the Union.

Moreover, in accordance with Article 14(a), managers of collective investment undertakings authorised under Article 6 of Directive 2011/61/EU should register each qualifying venture capital fund for which they intend to use the EuVECA designation.

AIFM related interpretation inquiries

Email address:
AIFMquestions(at)fiva.fi

Email subject:
"AIFML paragraph xx / Subject – company name"

The FIN-FSA will contact you within two weeks upon receiving your email.

AIFMD reporting related questions:

AIFMDReportingHelpdesk(at)fiva.fi

Application for registration

In accordance with the Finnish Act on Alternative Investment Fund Managers (AIFM Act, 162/2014), fund management companies managing AIFs must apply for authorisation or registration.  A written application is submitted to the Financial Supervisory Authority (FIN-FSA), with supporting documents attached. We recommend that the applicant entity contacts the FIN-FSA before applying to clarify the procedure. Application for registration must be made either in Finnish or Swedish.

For more information, see Finnish or Swedish site for application for authorisation.

Delivery of registration documents to FIN-FSA:

Email address:
kirjaamo(at)fiva.fi

Email subject:
"AIFML 5 luku 1 § - Yhtiö"

The FIN-FSA will contact you upon receiving your email and inform you of your contact person and the estimated processing time.

EuVECA and EuSEF-registration  

The regulation on European venture capital funds (EuVECA, No 345/2013) and the regulation on European social entrepreneurship funds (EuSEF, No 346/2013) have been in force since 22 July 2013. A management company of funds subject to the Regulations can apply for registration from the FIN-FSA using a registration application form (available in Finnish and Swedish). The registration application can also be submitted by sending a free form letter including the statements specified in the Regulations. The management company must fully comply with the Regulations before the registration application can be accepted.

Regulation (EU) 2017/1991 of the European Parliament and of the Council amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds is applied from 1 March 2018.

For more information, see Finnish or Swedish website.

Withdrawal of AIFM registration

Withdrawal of AIFM registration requires a free-form statement explaining why the fund operation is terminated and what will happen to the funds.

AIFM-related interpretation enquiries:

Email address:
AIFMquestions(at)fiva.fi

Email subject:
"AIFML xx § / Asia - Yhtiö"

FIN-FSA will contact you within two weeks upon receiving your email.

AIFMD reporting related questions:

AIFMDReportingHelpdesk(at)fiva.fi

Cross-border activities, EEA member states chapter 19 of AIFM Act)

Finnish AIFM

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Marketing of AIFs in Finland (chapter 19, section 3 of AIFM Act, Article 31 of AIFMD)

Alternative investment fund managers (AIFMs) authorised in Finland may market in Finland alternative investment funds (AIFs) established in another EEA state under their management in accordance with the notification procedure. Marketing to non-professional investors is provided for in chapter 13 of the AIFM Act.

Procedure:

  • The AIFM must submit to FIN-FSA a notification and relevant annexes on the commencement of marketing in Finland. The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 19, section 3 – management company name".
  • Notification form is available only in Finnish and Swedish. Other material can be submittted in English.
  • The marketing of an AIF may commence when the manager has received an announcement to that effect from the FIN-FSA.
  • Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: AIFM Act, chapter 19, section 3 – management company name ".

Forms:

Contact information:

  • New notification: kirjaamo(at)fiva.fi
  • Notification updates: AIFM-ilmoitukset(at)fiva.fi
  • AIFMD-reporting related questions: AIFMDReportingHelpdesk(at)fiva.fi
Marketing of AIFs in an EEA member state (chapter 19, section 4 of AIFM Act, Article 32 of AIFMD)

AIFMs authorised in Finland may market AIFs under their management, whether established in Finland or in another EEA state, in other EEA states than Finland in accordance with the notification procedure.

Procedure:

  • The manager of AIFs must submit a notification letter in English and appropriate annexes to the FIN-FSA on the commencement of marketing in another EEA state.
  • The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 19, section 4 – management company name".
  • The marketing of an AIF may begin when the manager has received an announcement to that effect from the FIN-FSA
  • Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: "AIFM Act, chapter 19, section 4 – management company name".

Notification letter:

Contact information:

  • New notification: kirjaamo(at)fiva.fi
  • Notification updates: AIFM-ilmoitukset(at)fiva.fi
Management of AIFs (chapter 19, section 1 of AIFM Act, Article 33 of AIFMD)

A Finnish manager of AIFs may manage an AIF established in another EEA state in accordance with the notification procedure.

Procedure:

  • The manager of AIFs must submit to the FIN-FSA the information referred to in chapter 19, section 1, subsection 1 by using the nofification letter below. If activities are carried out by establishing a branch, the FIN-FSA must also be submitted the information referred to in chapter 19, section 1, subsection 2. The management of an AIF may begin when the manager has received an announcement to that effect from the FIN-FSA.
  • The information required in the notification is to be submitted by email to kirjaamo(at)fiva.fi, subject of the email: “Notification: AIFM Act, chapter 19, section 1 – management company name”.
  • Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, subject of the email: “Notification of changes: AIFM Act, chapter 19, section 1 – management company name”.

  • In addition, information must be submitted to the FIN-FSA on the managed fund in accordance with the AIFMD reporting obligation by using AIFMD reporting obligation notification form
  • More information on AIFMD reporting.

Notification letter:

Contact information:

  • New notification: kirjaamo(at)fiva.fi
  • Notification updates: AIFM-ilmoitukset(at)fiva.fi
  • AIFMD-reporting related questions: AIFMDReportingHelpdesk(at)fiva.fi

EEA AIF Manager

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Marketing of AIFs (chapter 19, section 5 of AIFM Act, Article 32 AIFMD)

Authorised EEA AIF Managers, chapter 19, section 5 of AIFM Act, Article 32 AIFMD

Authorised EEA AIFMs may market AIFs under their management to professional investors in Finland. An EEA AIFM must submit a notification letter and the annex documents to the competent authority of its home country. The notification letter is to be drafted in English. The competent authority of the home country inspects the material and submits it in an electronic format to the FIN-FSA (AIFM.notifications(at)fiva.fi).

The marketing of an AIF may begin when the manager has received an announcement to that effect from the competent authority of its home state.

If EEA AIFMs intend to market AIFs under their management also to non-professional investors in Finland, they must also observe the provisions of chapter 13 of the AIFM Act in their marketing. In this case the notification is submitted to FIN-FSA directly. The marketing of an AIF may begin when the manager has received an announcement to that effect from FIN-FSA.

Registered EEA AIF Managers, chapter 19, section 5, subsection 4 of AIFM Act, Article 32 AIFMD

A registered EEA AIFM may market units of an AIF, which is established in an EEA state, in Finland to professional investors after submitting a written notification to the FIN-FSA. The notification must include a statement indicating that:

  1. In the marketing of AIFs, the manager of AIFs will comply with the provisions of chapter 12, sections 2 - 11 of the AIFM Act;

  2. With respect to each AIF under its management, the AIFM complies with the provisions laid down in chapter 5, section 4,  chapter 11, sections 1 and 2 as well as chapter 1, section 8 and chapter 18.

The marketing of an AIF may begin when the manager has received an announcement to that effect from the FIN-FSA.

Contact information:

  • New notification: kirjaamo(at)fiva.fi
  • Notification updates: AIFM-ilmoitukset(at)fiva.fi

 

Management of AIFs (chapter 19, section 2 of AIFM Act, Article 33 of AIFMD)

An EEA AIFM may manage an AIF in Finland by establishing a branch or directly across the border in accordance with the notification procedure. An EEA AIFM must submit to the competent authority of its home country any information required by it. The competent authority of the home country inspects the material and submits it in an electronic format to the FIN-FSA (AIFM.notifications(at)fiva.fi).

The management of an AIF may begin when the manager has received an announcement to that effect from the competent authority of its home state.

Cross-border activities, third countries (chapter 20 of AIFM Act)

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Marketing of AIFs (chapter 20, section 2 of AIFM Act, Article 36)

An authorised AIFM may market units in an AIF that has been established in a third country to professional investors in Finland, after submitting a written notification to the FIN-FSA. The notification must include a statement indicating that:

  • In the marketing of AIFs, the manager of AIFs will comply with the provisions of chapter 12 of the AIFM Act;
  • Appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the FIN-FSA and the competent authorities of the third country where the AIFs are established, in order to ensure an efficient exchange of information that allows the FIN-FSA to carry out its duties in accordance with the AIFMs Directive
    Memorandums of understanding on AIFM cooperation signed by FIN-FSA
  • The third country where the AIF is established is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force (FATF)  FATF (Financial Action Task Force) - High-risk and non-cooperative jurisdictions;
  • The third country where the AIF is established has signed an agreement with Finland which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters;
  • The manager of AIFs has provided the FIN-FSA with information about the identity of those entities responsible for carrying out the duties referred to in chapter 15, sections 2 and 3 of the AIFM Act.

  • The AIFM must submit to FIN-FSA a notification and relevant annexes on the commencement of marketing in Finland. The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 20, section 2 – management company name".
  • The marketing of an AIF may commence when the manager has received an announcement to that effect from the FIN-FSA.
  • Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: AIFM Act, chapter 20, section 2 – management company name ".

Such notification must also be submitted regarding a feeder fund whose master AIF is established in a third country.

An authorised AIFM intending to market units of an AIF established in a third country in Finland is not obliged to comply with the provisions based on chapter 7, section 4 of the AIFM Act or Article 21 of the AIFMD on the arrangement of depositary functions to the extent they concern an AIF established in a third country.

In this context, the notification made to the FIN-FSA must indicate how the fund ensures that one or more entities have been appointed to carry out the depositary and other functions under chapter 15, sections 2 and 3 of the AIFM Act or provided elsewhere in accordance with Article 21, paragraphs 7, 8, and 9. The manager of AIFs may not perform those functions itself.

Processing fees

The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes.

See also:
Supervision and processing fees

Contact information:

  • New notification: kirjaamo(at)fiva.fi
  • Notification updates: AIFM-ilmoitukset(at)fiva.fi

 

Management of AIFs (chapter 20, section 1 of AIFM Act, Article 34 of AIFMD)

An authorised AIFM may manage an AIF established in a third country. Managers of AIFs must comply with the requirements provided in the AIFM Act except for the obligation under chapter 7, section 4 to arrange for the depositary functions and the obligation under chapter 11, section 1 to prepare an annual report. Appropriate cooperation arrangements must be in place between FIN-FSA and the competent authorities of the third country where the AIF is established, in order to ensure an efficient exchange of information that allows the FIN-FSA to carry out its duties.

The right to manage an AIF provided for above does not include the right to market such AIF in the EEA states.

The right of an AIFM established in a third country to market AIFs in Finland (chapter 20, section 3 of AIFM Act, Article 42 of AIFMD)

An AIFM established in a third country may market units of an AIF, whether established in an EEA state or a third country, in Finland to professional investors after submitting a written notification to the FIN-FSA. The notification must include a statement indicating that

  • With respect to each AIF under its management, the third-country AIFM complies with the provisions laid down in chapter 7, section 3, chapter 11, sections 1 and 2, chapter 12, section 2-8, chapter 17, section 3 of the AIFM Act, and, with respect to each AIF referred to in chapter 1, section 8, subsection 1, the provisions of chapter 18;
  • Appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the FIN-FSA, the competent authorities of the home country of the AIF, the AIFM and the competent authorities of the third country where the AIF is established, in order to ensure an efficient exchange of information that allows the FIN-FSA to carry out its duties in accordance with the AIFM Act.
    Memorandums of understanding on AIFM cooperation signed by FIN-FSA
  • The third country where the AIFM or the AIF is established is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force (FATF) FATF (Financial Action Task Force) - High-risk and non-cooperative jurisdictions  
  • The third country where the AIF is established has signed an agreement with Finland which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters.

  • The AIFM must submit to FIN-FSA a notification and relevant annexes on the commencement of marketing in Finland. The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 20, section 2 – management company name".
  • The marketing of an AIF may commence when the manager has received an announcement to that effect from the FIN-FSA.
  • Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: AIFM Act, chapter 20, section 3 – management company name ".

In addition, the FIN-FSA must be provided information on the AIFM and any fund managed by it and marketed in Finland for the purposes of the AIFMD reporting obligation by using AIFMD reporting obligation notification form.  

See also:

Processing fees

The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes.

See also:
Supervision and processing fees

Contact information:

  • New notification: kirjaamo(at)fiva.fi
  • Notification updates: AIFM-ilmoitukset(at)fiva.fi
  • AIFMD-reporting related questions: AIFMDReportingHelpdesk(at)fiva.fi