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Registered managers

Registered managers:
• are not management companies,
• are legal entities that are entitled to manage alternative investment funds or self-managed investment funds in the territory of the Slovak Republic in the event that an exemption is met (§ 31a, paragraph 1 of the Act on Collective Investment),
• they do not need to request an authorization according to § 28a of the Act on Collective Investment,
• they must be registered in the Register of Managers maintained by the Národná banka Slovenska, through respective registration form,
• they cannot manage standard funds, special funds nor foreign alternative investment funds.

However, the registered managers may decide to voluntarily apply for an authorization pursuant to § 28a of the Act on Collective Investment and become a management company. In such a case, it does not need to be registered in the Register of Managers and the entity (fund) managed by it can exercise cross-border activities and cross-border distribution.

  • Register of AIF managers

    There are following entities registered in the Register of Managers maintained by Národná banka Slovenska in accordance with § 31b of the Act on Collective Investment:
    • legal entities that manage alternative investment funds (so-called registered managers), as well as
    • self-managed investment funds,
    which are subject to the exemption according to § 31a, par. 1 of the Act on Collective Investment.

    The exemption according to § 31a, par. 1 of the Act on Collective Investment regulates the so-called “under-limit registered funds” in the territory of the Slovak Republic, which registered AIF managers must meet at least one of the following conditions:
    • the total value of managed assets, including all assets acquired through use of a leverage, does not exceed EUR 100,000,000, or
    • the total value of managed assets does not exceed EUR 500,000,000 in the case of alternative investment funds that do not use the leverage effect and do not have redemption rights exercisable during a period of five years following the date of the initial investment in such alternative investment fund.

  • Are there funds that do not need to be authorized?

    Yes, they exist.

    An authorization to establish a fund is not needed if it concerns so-called “under-limit registered funds” on the territory of the Slovak Republic, which:
    • are established as a domestic collective investment undertaking according to § 4 paragraph 2 letter b) of the Act on Collective Investment and at the same time
    • meet the exemption according to § 31a par. 1 of the Act on Collective Investment.

    These registered AIF managers must meet at least one of the following conditions:
    • the total value of managed assets, including all assets acquired through use of a leverage, does not exceed EUR 100,000,000, or
    • the total value of managed assets does not exceed EUR 500,000,000 in the case of alternative investment funds that do not use the leverage effect and do not have redemption rights exercisable during a period of five years following the date of the initial investment in such alternative investment fund.

    An authorization is also not required if a special fund of qualified investors is established by a management company. These special funds of qualified investors are registered in the register maintained by Národná banka Slovenska.

  • Who are qualified investors according to § 31d?

    The so-called “under-limit registered funds” or domestic collective investment undertakings pursuant to § 4 paragraph 2 letter b) of the Act on Collective Investment may be offered to qualified investors only if:
    • the amount of one investor’s investment is at least EUR 50,000,
    • the number of qualified investors in one fund is max. 50 persons,
    • the share of qualified investors on the fund´s net asset value is not higher than 30% a
    • the share of qualified investors on the total value of all funds managed by the registered manager is not higher than 30%.

Legislation

List of Memoranda of Understanding under the AIFMD Directive

ESMA Questions and Answers

Further information regarding collective investment can be found on the website of the European Commission or on the website of the ESMA.