sk sk

Collective investment

Collective investment refers to the business of raising funds from investors in order to invest the funds for the benefit of the investors in accordance with a stipulated investment policy. If funds are collected from the public, the investments must be made in accordance with the principle of risk-spreading.

Collective investment in Slovakia is governed by the Collective Investment Act (the ‘Act’).

In 2011 the Act was recast, transposing the EU’s UCITS IV Directive into Slovak law and introducing the term ‘standard common fund’. In 2013 the Act was further amended to implement the EU’s AIFM Directive, thereby allowing the establishment of alternative investment funds in Slovakia. The AIFM Directive regulates the management of all collective investment undertakings that do not require an authorisation under the UCITS Directive. The UCITS V Directive was implemented to the Act on Collective investment by its amendment in 2016, which regulates mainly the obligations of the fund depositories. The new legal form of collective investment undertaking – investment fund with variable capital also known as SICAV – was also introduced by this amendment.

To support the effective macroprudential oversight of managers of alternative investment funds (AIFMs), AIFMs are required to report to Národná banka Slovenska on a regular basis on the principal markets and instruments in which they trade, their principle exposures, performance data and concentration risk.

Cross-border distribution of funds


Lists of collective investment undertakings that are subject to an authorisation, registration or notification regime may be found here.


The Act as well as other generally binding regulations, methodological guidelines, recommendations and opinions concerning collective investment may be found here.

Regarding the AIFM Directive’s provisions on the regime in respect of third countries, an up-to-date list of Memoranda of Understanding established between NBS and non-EU countries is published here