EAF License in Spain: Financial Advisory Firm Authorization
An EAF (financial advisory firm) is the type of investment firm that specializes in investment advice, regulated by Law 6/2023 and authorized by the CNMV. We prepare your complete EAF license application in Spain: business model fit, programme of operations, MiFID II policies, internal control and AML/CFT.
- Capital: €75,000
- CNMV decision period: up to 6 months
- FOGAIN membership
- With an EU passport
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Last updated: 4 August 2026
What is an EAF and what are the requirements for an EAF license in Spain?
An EAF (Empresa de Asesoramiento Financiero, or financial advisory firm) is the type of investment firm (ESI) that specializes in providing investment advice: personalized recommendations on specific financial instruments addressed to a particular client. Its legal framework is set out in Law 6/2023 of 17 March on Securities Markets and Investment Services and Royal Decree 813/2023, which implement the EU MiFID II framework in Spain.
The key is the reserved activity rule: investment advice may only be provided by an authorized entity. Doing it without a license is a very serious infringement, punishable by fines, public disclosure of the sanction and disqualification from holding office. That is why the EAF is not a cosmetic choice: it is the vehicle that lets you advise legally under your own brand.
Minimum capital and financial requirements
The initial capital of an EAF is €75,000 under the EU prudential regime for investment firms (IFR Regulation and IFD Directive). In addition, the firm must permanently maintain minimum own funds, generally linked to its fixed overheads, and join FOGAIN (Spain's Investment Guarantee Fund), which has been mandatory for EAFs since Law 6/2023 and provides general coverage of up to €100,000 per investor.
If your project will only operate in Spain, Law 6/2023 itself created a lighter alternative: the EAFN (national financial advisory firm), with €50,000 of capital (which can be replaced by professional indemnity insurance or a combination of both) but without an EU passport.
| Vehicle | Initial capital | Scope | What it allows |
|---|---|---|---|
| EAFN | €50,000 or professional indemnity insurance | Spain only | Investment advice, without an EU passport. Lighter structure and regime. |
| EAF | €75,000 | Entire EU | Advice as an investment firm, with an EU passport and the full IFR/IFD prudential regime. |
| Broker (agencia de valores) | €150,000 | Entire EU | On top of advice: reception and transmission of orders, execution, placing and tied agents. |
As a general rule, an EAF cannot appoint tied agents or hold client funds or securities. If your model needs to handle orders or grow through an agent network, the right vehicle is a broker (agencia de valores).
Timelines: how long does the CNMV take?
As a general rule, the CNMV has up to 6 months to decide on the application, counted from the date it has the complete application file. In practice, the real length of the project depends less on that legal time limit than on the quality of the file: generic programmes of operations and template policies trigger rounds of information requests to remedy deficiencies that drag the process out for months. A consistent file from the very first submission is the fastest route.
What documentation the application file requires
The blocks the CNMV reviews are, essentially: articles of association and corporate structure, identifying shareholders with qualifying holdings; the programme of operations (services, instruments, client type, organization and resources); the fit and proper assessment of directors and general managers; the MiFID II policies on suitability, conflicts of interest, inducements and cost disclosure; the anti-money laundering manual, since an EAF is an obliged entity under Law 10/2010; and evidence of capital, with financial projections.
What does a well-structured EAF include?
Simply “having documentation” is not enough. The key is that the application file, policies, internal control and advisory process fit together so they can withstand supervision and day-to-day operations.
EAF diagnosis and scope
We define the scope of the advice, client type, channels, organization and risks so the model fits correctly before it is documented.
CNMV registration and documentation
We organize the programme of operations, structure, resources, procedures and evidence so the application is consistent and holds up before the supervisor.
Roles, internal control and reporting
We put responsibilities, reviews, records and reporting into practice so compliance does not depend on specific individuals or informal memory.
Conflicts, suitability and conduct
We work on policies and evidence covering conflicts of interest, suitability assessments, inducements, cost disclosure, complaints and record-keeping of recommendations.
AML/CFT and critical third parties
We integrate AML/CFT obligations, vendor governance, contract clauses, monitoring and document traceability to reduce exposure and friction.
Launch and improvements
We support you with information requests, adjustments, training, record reviews and operational readiness so you launch with an EAF that actually works.
How we run an EAF license project
The logic is simple: the right diagnosis, a consistent application file, real implementation and continuous improvement, so your financial advice is genuinely defensible.
Diagnosis and roadmap
We get to know the business model, clients, advisory process and regulatory gaps before designing the solution. This is where the EAF vs EAFN decision is made.
Application file and policies
We prepare the programme of operations, the key MiFID II policies and the procedures so the documentation reflects how you actually operate.
Operational implementation
We embed controls, records, checklists and rules of conduct into the advisory and internal review workflow.
Verification and fine-tuning
We test how effective the model is, fix weaknesses and lay the groundwork for training and continuous improvement after authorization.
Who an EAF makes sense for
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Independent advisors
Professionals and boutique firms that want to provide financial advice with a proper structure, procedures and a framework they can defend before the CNMV.
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Wealth management and family offices
Models that need to get conflicts, suitability, reporting and traceability of recommendations in order to grow under control. See family offices in Spain.
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Projects in regulatory transition
Businesses moving from financial consulting or analysis to regulated advice that need to redefine their processes, documents and responsibilities.
What happens if an EAF is set up without real controls
The problem is not only regulatory. A poorly implemented model weakens your defense against claims, slows down growth and increases friction with clients and third parties.
Poorly managed conflicts
If conflicts are not identified, documented and controlled, entirely avoidable legal, reputational and supervisory risks arise.
Suitability without traceability
Advising without robust questionnaires, a written rationale and an evidence archive weakens your defense and multiplies your exposure to claims.
“Paper-only” internal control
Without records, reporting or clear owners, the model depends on specific people and becomes fragile as volume grows.
Disorderly scaling
Growing without standardized processes forces you to rewrite policies and operations on the fly, exactly when controlling risk matters most.
Want to launch your EAF with legal certainty?
We help you with the diagnosis, the EAF application file, policies, internal control, AML/CFT and operational evidence so you can provide financial advice with a defensible model.
Get my EAF quote →Everything about the EAF: guides in this series
From choosing the right vehicle to your obligations the day after authorization. These are the pages that cover each stage of the project.
How to set up an EAF step by step
The 10 steps of the project, from business model to launch, with the evidence the CNMV expects at each one.
→ EAFNEAFN authorization
The national route: €50,000 or professional indemnity insurance, with no EU passport. When it makes more sense than an EAF.
→ Post-authorizationObligations of an EAF
Reporting to the CNMV, audit, FOGAIN contributions, staff training and updates to the programme of operations.
→ ComparisonEAF vs broker (agencia de valores)
If, beyond advising, you want to handle orders or appoint agents, the vehicle changes. Compare services, capital and structure.
→ Application fileProgramme of operations
The centerpiece of the application file: what it must contain and why the CNMV checks everything else against it.
→ FOGAINJoining FOGAIN
Who must join, what the fund really covers up to €100,000 per investor, and what it does not cover.
→ LimitsAdvising without a license?
What you can legally do without authorization and where the reserved activity begins. The exact line, with examples.
→ MiFID IIMiFID II compliance
Suitability, conflicts, inducements, costs and evidence for ongoing compliance once you are up and running.
→ Investment firmInvestment firm (ESI) authorization
The general framework for investment firms, for when your project goes beyond the scope of advice.
→EAF license in Spain: frequently asked questions
What is an EAF (financial advisory firm)?
An EAF (Empresa de Asesoramiento Financiero) is the type of investment firm (ESI) that specializes in providing investment advice: personalized recommendations on specific financial instruments. It is authorized by and registered with the CNMV, governed by Law 6/2023 and Royal Decree 813/2023, and subject to MiFID II in its day-to-day operations.
What is the minimum capital for an EAF?
The initial capital of an EAF is €75,000, under the IFR/IFD prudential regime for investment firms. The EAFN, the variant that operates only in Spain, requires €50,000 or professional indemnity insurance (or a combination of both).
On top of the initial capital, you must maintain permanent own funds, generally linked to fixed overheads, and budget for FOGAIN contributions and CNMV fees.
How long does the CNMV take to authorize an EAF?
The general time limit for a decision is up to 6 months from the date the CNMV has the complete application file. The key word is “complete”: every information request to remedy deficiencies lengthens the project in practice. A consistent file from the very first submission is the best way to shorten the process.
EAF vs EAFN: what is the difference?
The EAFN is a vehicle created by Law 6/2023 to advise only in Spain: less capital (€50,000 or professional indemnity insurance) and a lighter structure, but no EU passport. The EAF requires €75,000 and the full prudential regime, in exchange for being able to provide services throughout the European Union.
If your three- to five-year plan includes clients outside Spain, the EAF usually pays off from the start. We analyze this in EAFN authorization.
Can I provide investment advice without being an EAF?
No. Investment advice is an activity reserved to authorized entities: providing it without a license is a very serious infringement, punishable by fines, public disclosure of the sanction and disqualification from holding office.
You can, however, provide financial education, generic non-personalized analysis or objective information. We explain exactly where the line lies in can you give investment advice without a license?
Can an EAF have tied agents or hold client funds?
As a general rule, no. An EAF cannot appoint tied agents or hold client funds or securities: its scope is advice. If you need an agent network or want to handle orders, the right vehicle is a broker (agencia de valores), with €150,000 of initial capital.
What documentation does the CNMV application file require?
The main blocks are:
- Articles of association, corporate structure and shareholders with qualifying holdings.
- Programme of operations: services, instruments, clients, organization and resources.
- Fit and proper assessment of directors and general managers.
- MiFID II policies: suitability, conflicts, inducements and cost disclosure.
- Anti-money laundering manual and designated officers.
- Evidence of capital and financial projections.
What obligations does an EAF have after authorization?
Authorization is just the beginning. An operating EAF takes on periodic reporting to the CNMV, a statutory audit of its accounts, FOGAIN contributions, supervisory fees, qualification and ongoing training of advisory staff, policy reviews and updates to the programme of operations whenever the business changes. We cover this in detail in obligations of an EAF.
Which policies are critical for an EAF?
Above all, the suitability assessment (mandatory before issuing any personalized recommendation), the conflicts of interest policy, the inducements regime, costs and charges disclosure, evidence record-keeping, complaints handling, outsourcing and internal control.
How important is the traceability of recommendations?
Hugely important. Defending the model depends on being able to prove what was recommended, based on what client information, who approved it and how the evidence was kept. In conduct supervision, a control without evidence is the same as no control at all.
Can you help me if my EAF is already authorized?
Yes. We handle both authorization and ongoing compliance: policy reviews, preparation for information requests or inspections, team training, updates to the programme of operations and audits of MiFID II conduct controls.
How do you help with the process?
We work from diagnosis to implementation: choice of vehicle, application file and programme of operations, MiFID II policies, internal control, AML/CFT, training, evidence review and operational support after authorization. The first consultation is free and we reply within 24 hours.