Are AIFMs permitted to hold client money, taking into account also the wording of Article 6(4)(b)(ii) of the AIFMD?

Will the situation change in light of the legislative amendments introduced following the AIFMD Review (Directive 2024/927/EU)?

Are AIFMs allowed to delegate portfolio or risk management to non-supervised undertakings established outside of the EU?

Are internally managed AIFs and self-managed UCITS investment companies required to maintain initial capital and additional own funds, respectively, pursuant to Article 9 of AIFMD and Articles 7 and 29 of the UCITS Directive, that are kept separate from the collective investment undertaking’s assets, meaning that the initial capital and the additional own fund should not be included in the fund’s net asset value (NAV)?

As the manager of an Alternative Investment Fund (AIF), we provide specialized investment opportunities to professional investors such as pension funds, insurers, and banks within the EU. Consequently, both our firm and our investors fall within the scope of DORA.

Our investors can access their portfolios through an online portal operated by a third-party service provider (an ICT third-party service provider). We intend to establish a DORA addendum with this ICT third-party service provider to address this specific ICT service.

Several of our investors have inquired about DORA compliance in relation to their contractual relationship with us. While we are committed to ensuring the portal itself is compliant, we believe our core service – providing investment opportunities – does not constitute an ICT service under DORA. The online portal is merely a supplementary tool for accessing reports, not a fundamental part of our contractual obligations. This view is further supported by the fact that our agreements with investors only stipulate that we provide them with reports, without specifying the method of delivery.

Given these considerations, do you agree with our assessment that our services to investors do not fall under the definition of an ICT service as per DORA and that we, in respect of our investors, cannot be considered an ICT third-party service provider?

What happens to an entity providing crypto-asset services in accordance with applicable law before 30 December 2024 that has not applied for authorisation as a CASP, or whose application for authorisation as a CASP has been refused by the end of the transition period?