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?

Which identification code should be provided by trading venues, investment firms and approved publication arrangements (APA) in the reporting fields for the purpose of the post-trade transparency obligations under RTS 1 and RTS 2 in the context of DLT instruments?

How should Field 5 of RTS 23 “Issuer or operator of the trading venue identifier” be populated for DLT financial instruments within Article 3(1)(a) and (b) DLTR that are exclusively created on the DLT and do not represent a previously issued financial instrument?

How should Field 5 of RTS 23 “Issuer or operator of the trading venue identifier” be populated for DLT financial instruments that are the digital representation of a previously issued financial instrument?