Registered managers

Under Section 31b of the Act on Collective Investment, the following entities must be registered in the Register of Managers maintained by Národná banka Slovenska:
• legal entities that manage alternative investment funds (known as ‘registered managers’), and
• self-managed investment funds,
meeting criteria for an exemption under Section 31a(1) of the Act on Collective Investment.

The exemption under Section 31a(1) of the Act on Collective Investment applies to ‘under-limit registered funds’ in the territory of Slovakia which registered managers meet at least one of the following conditions:
• the total value of assets under management, including any assets acquired through use of leverage, does not exceed €100,000,000 ;or
• the total value of assets under management in total do not exceed €500,000,000 when the portfolios of in alternative investment funds consist of AIFs are unleveraged and have no redemption rights exercisable during a period of five years following the date of initial investment in each AIF.

If the conditions under Section 31a(1) of the Act on Collective Investment are no longer met, the registered manager must:
• without delay notify Národná banka Slovenska that it has ceased to meet the conditions;
• without delay request cancellation of registration in the Register of Managers; and
• within one month from the day it ceased to meet the conditions (i) apply for authorisation pursuant to Section 28a of the Act on Collective Investment; or (ii) terminate the activities.

Yes, there are.

Authorisation to establish a fund is not needed for ‘under-limit registered funds’ in the territory of Slovakia, which:
• are established as a domestic collective investment undertaking under Section 4(2)(b) of the Act on Collective Investment, and at the same time
• meet the exemption criteria under Section 31a(1) of the Act on Collective Investment.

The registered managers must meet at least one of the following conditions:
• the total value of assets under management, including any assets acquired through use of leverage, does not exceed €100,000,000; or
• the total value of assets under management in total do not exceed €500,000,000 when the portfolios of alternative investment funds consist of AIFs that are unleveraged and have no redemption rights exercisable during a period of five years following the date of initial investment in each AIF.

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

No. The ‘under-limit registered funds’ established in the territory of Slovakia which:
• are created as domestic collective investment undertakings under Section 4(2)(b) of the Act on Collective Investment, and at the same time
• meet the exemption criteria under Section 31a(1) of the Act on Collective Investment,
can be distributed only to professional investors and qualified investors as defined in Section 31d of the Act on Collective Investment.

Investors must be informed of this condition of distribution.

Only the following entities are entitled to distribute these funds to qualified investors:
• financial institutions authorised to provide the investment service of investment advice or portfolio management;
• management companies authorised to manage an alternative investment fund.

‘Under-limit registered funds’ or domestic collective investment undertakings as defined in Section 4(2)(b) of the Act on Collective Investment may be offered to qualified investors only if:
• the amount of a single investor’s investment is at least €50,000;
• the number of qualified investors in one fund is at most 50 persons;
• the share of qualified investors in the fund’s net asset value is not higher than 30%; and
• the share of qualified investors in the total value of all funds managed by the registered manager is not higher than 30%.

Registered managers are obliged to:

• be registered in the Register of Managers maintained by Národná banka Slovenska pursuant to Section 31b of the Act on Collective Investment;
• update the data in the Register of Managers by submitting a request for a change of registration in the Register of Managers in accordance with Article 5(5) of the AIFMD Delegated Regulation via change registration form (available in Slovak only);
• to include in the business name of the registered manager the designation “manager of sub-threshold risk capital fund” (effective no later than 30 December 2026) and to request a change of registration in the Register of Managers no later than 31 December 2026 via change registration form (available in Slovak only);
• comply with their information obligations towards Národná banka Slovenska pursuant to Section 189a of the Act on Collective Investment;
• ensure that the distribution of the fund to qualified investors in the territory of Slovakia under Section 31d of the Act on Collective Investment is carried out only by financial institutions  authorised to provide the investment service of investment advice or portfolio management or by management companies  authorised to manage an alternative investment fund;
• comply with the prohibition on cross-border activities and cross-border distribution;
• comply with other obligations in relation to investors or fund management under Section 26a, Section 31c, Section 151, Section 159a(1)(a), (b), (d), (i) and (l) and Section 192a of the Act on Collective Investment;
• calculate the total value of assets under management in accordance with Articles 2 to 5 of the AIFMD Delegated Regulation;
• fulfil their reporting obligation under NBS Decree No 1/2015 for the purposes of supervision and systemic risk monitoring;
• prepare a key information document for qualified investors in accordance with the PRIIPS Regulation;
• disclose information on sustainability in accordance with the SFDR Regulation.

Yes, it can.

Národná banka Slovenska shall remove a registered manager from the Register of Managers maintained by Národná banka Slovenska pursuant to Section 31b, even without a request for removal, if it finds that the registered manager no longer meets the conditions for registration in the Register of Managers.

With effect from 1 June 2026, Národná banka Slovenska may, by decision, remove a registered manager from the Register of Managers even without a request for removal, if it finds that the registered manager:

• has failed, despite repeated written requests from Národná banka Slovenska, to submit the information pursuant to Section 192a within an additionally specified period of at least 15 days;
• has committed a serious or repeated breach of any of the obligations laid down in Sections 26a, 31a to 31d, 151, 159a(1)(a), (b), (d), (i) and (l), 189a, 192a, or of obligations under the PRIIPS Regulation or the SFDR Regulation;
• has failed to provide or update the contact details of the registered manager and does not respond to repeated requests from Národná banka Slovenska; or
• has repeatedly failed to attend a meeting outside proceedings under Act No. 747/2004 Coll. on financial market supervision.

A repeated registration of a registered manager whose registration in the Register of Managers has been removed by Národná banka Slovenska, or a repeated registration of a person that controls or is controlled by such registered manager, or a person having close links within the group to which the registered manager belongs, may not take place earlier than after the expiry of ten years.

In its decision on removal from the Register of Managers, Národná banka Slovenska shall require the manager concerned to adjust its business activities and to change its business name.