Pursuant to Article 23(4) point (d) of the ELTIF Regulation, shall the ELTIF disclose in its rules or instruments of incorporation a minimum (and not only a maximum, as per the requirements of Article 18(2) point d) of the ELTIF Regulation) percentage of liquid assets referred to in article 9(1) point (b) to be used for redemption requests?

a) Do the requirements of Articles 16(4) and 17(1)(c) of the ELTIF Regulation only apply to closed-ended ELTIFs?

b) If not, how may an open-ended ELTIF reconcile its obligation to comply with the portfolio composition and diversification requirements with the borrowing limits of the ELTIF Regulation if the suspension referred to in Article 17(1)(c) is to apply at each subscription/redemption?

a) Can investments in non-EU AIFs be considered as eligible investments under Article 9 of the ELTIF Regulation, noting that Article 10(1)(d) limits eligible investment assets to units or shares in EU funds?

b) Where an ELTIF, in line with Article 10(1)(d) of the ELTIF Regulation invests in ELTIFs, EuVECAs, EuSEFs, UCITS and/or EU AIFs managed by EU AIFMs should such funds, in turn, invest in “eligible investments” referred to in Article 9(1) and (2) of the ELTIF Regulation?

a) Does Recital (12) of Regulation (EU) 2023/606, which refers to the investments made “through the participation of intermediary entities” correspond to Article 10(1)(a)(iii) of the ELTIF Regulation pertaining to the eligible investment categories of equity or quasi-equity instruments that are issued by an undertaking in which a qualifying portfolio undertaking holds a capital participation?

b) In view of Recital 12 of the ELTIF Regulation on investments via intermediary entities, how should ELTIF composition and risk-spreading requirements apply?

c) In view of Recital 12 of the ELTIF Regulation on investments via intermediary entities, where an ELTIF uses intermediary entities in executing its investment strategy, do such entities automatically qualify as AIFs?

d) Are intermediary entities, as referred to in Recital (12) of the ELTIF Regulation, required to meet the conditions laid down in Article 11 (Qualifying portfolio undertaking - “QPU”) of the ELTIF Regulation to qualify as “qualifying portfolio undertakings”?

e) Can an eligible asset qualify as both an eligible investment asset within the meaning of Article 9(1)(a) and as an asset referred to in Article 50(1) of Directive 2009/65/EC within the meaning of Article 9(1)(b) of the ELTIF Regulation?

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?