Are the assets and the cash borrowing position of the “intermediary entities”, as referred to in recital 12 of the ELTIF Regulation, included when calculating the investment limit and the other limits laid down in Article 13 and Article 16(1) of the ELTIF Regulation?

Certain industry practices often involve equity or quasi-equity instruments that are issued by an intermediate holding company or SPV of which the QPU is a majority owned subsidiary, especially when multiple investors are involved in a single deal. Should the requirements of Article 10(1) point (a)(iii) of the ELTIF Regulation be understood as covering such investment?


Which other types of investments are the requirements of Article 10(1) point (a)(iii) referring to?


Do “intermediary entities”, as referred to in recital 12 of the ELTIF regulation, fall within the only scope of Article 10(1) point (a)(iii)?


Should “intermediary entities”, as referred to in recital 12 of the ELTIF Regulation, only invest in ‘eligible investment assets’ as referred to Article 9(1) point (a) of the ELTIF Regulation? If not, can investments in UCITS eligible assets via a SPV be accounted for as “eligible assets” as referred to in Article (9)(1)(b), and, in the case of an open-ended ELTIF, as also referred to in Article 18(2)(d) of the ELTIF Regulation?


Should “intermediary entities”, as referred to in recital 12 of the ELTIF Regulation, be considered as a qualifying portfolio undertaking if they fulfil the requirements of Article 11 of the ELTIF Regulation? In such a case, which requirements are applicable to the assets within these intermediary entities?


In relation to the “possibility of conducting minority co-investment” as referred to in recital 12 of the ELTIF Regulation, should these terms be understood as introducing a threshold for indirect investments?

Do “copy trading services” (also referred as “auto trading services”) related to crypto-assets fall within the scope of portfolio management or any other crypto-asset services as listed in Article 3(1)(16) of MiCA?

Can financial advisers or distributors determine that a financial product referred to in Article 2(12) SFDR can satisfy a client’s sustainability preference referred to in point (c) of Article 2(7) of Commission Delegated Regulation (EU) 2017/565 or point (c) of Article 2(4) of the Commission Delegated Regulation EU) 2017/2359 based on information provided outside the SFDR financial product disclosures referred to in Chapter III-V (Articles 14-67) and Annexes II-V of the SFDR Delegated Regulation, such as the European ESG Templates (EET)?

a) Can a financial product referred to in Article 2(12) SFDR consider the principal adverse impacts of its investment decisions on sustainability factors according to Article 7(1) if the financial market participant manufacturing that product does not consider the principal adverse impacts of its investment decisions on sustainability factors under Article 4(1)(a) or 4(3)-(4) SFDR?
b) Can financial products referred to in Article 2(12) SFDR satisfy the client’s sustainability preferences pursuant to point (c) of Article 2(7) of Commission Delegated Regulation (EU) 2017/565 or point (c) of Article 2(4) of the Commission Delegated Regulation (EU) 2017/2359 in any other way than by considering the principal adverse impacts of its investment decisions on sustainability factors referred to in Article 7(1) SFDR