Should the fields 2.53 and 2.92 ‘Jurisdiction of the issuer’ be populated with the country code of the registered office of the issuer or of the country where the head office is located?

(a) When should CSDs start offering a partial settlement functionality as per Article 10 of the RTS on Settlement Discipline?

(b) How should field 19 of table 1 of Annex II to the RTS on Settlement discipline be filled in if a CSD has no intention to use the derogation provided for in Article 12 of the RTS on Settlement Discipline?

(c) Should a CSD set up its partial settlement functionality as a proper functionality or could it be an outcome-based feature?

(1) According to Article 3(b) and (e)(iv) of Regulation (EU) No 345/2013 (“EuVECA Regulation”), can a EuVECA fund invest in another qualifying venture capital fund (“Fund”) which has not been registered as EuVECA as long as that Fund materially complies with the criteria of the definition of qualifying venture capital funds?
(2) According to Article 3(b) and (e)(iii) of Regulation (EU) No 346/2013 (“EuSEF Regulation”), can a EuSEF fund invest in another qualifying social entrepreneurship fund (“Fund”) which has not been registered as EuSEF as long as that Fund materially complies with the criteria of the definition of qualifying social entrepreneurship fund?

Article 3(2) AIFMD states the following: “Without prejudice to the application of Article 46, only paragraphs 3 and 4 of this Article shall apply to the following AIFMs:
(a) AIFMs which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIFs whose assets under management, including any assets acquired through use of leverage, in total do not exceed a threshold of EUR 100 million; or
(b) AIFMs which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by a substantive direct or indirect holding, manage portfolios of AIFs whose assets under management in total do not exceed a threshold of EUR 500 million when the portfolios of AIFs consist of AIFs that are unleveraged and have no redemption rights exercisable during a period of 5 years following the date of initial investment in each AIF”.

How should the notion of ‘substantive direct or indirect holding’ in Article 3(2) of the AIFMD be interpreted. In particular, is there a quantitative threshold above which
the criterion of substantive direct or indirect holding could be considered as met, and, if yes, what this threshold would be?”

Can a MiFID firm benefiting of the exemption set out in Article 3(i) of PSD2 and authorised under the ECSPR perform payment services under Article 10 of the ECSPR in relation to its activities as Crowdfunding Service Provider (CSP) using such exemption?