We are investment company that doesn´t meet DORA requirements to qualify as microenterprise neither as small enterprise since we have more than 10 employees (total of 14) but our annual turnover and/or annual balance sheet total that does not exceed EUR 2 million. What are our obligations under DORA regulation?

Article 13 1. (b) states that Financial instruments with economic effect similar to that of the financial instruments referred to in that point, whether or not they confer a right to a physical settlement are subject to the notification requirement of Article 9 in the TD. The definition of "Financial Instrument" is further elaborated in Article 13, 1b, and its subsequent sub-points, and includeds the wording "any other contracts or agreements with similar economic effects which may be settled physically or in cash.". ESMA has also produced an Indicative List of

Given this context, my question is: Do synthetic shares, which are created through various derivatives and structured financial processes to mimic the performance of actual shares without conferring ownership, fall under the scope of "financial instruments" as defined in Article 13(1)(b) of the Transparency Directive? Specifically, do synthetic shares qualify as "contracts or agreements with similar economic effects" that are subject to notification requirements pursuant to this paragraph?

How can DORA Article 28 be applied on software companies when the financial entity purchases off-the-shelf software licenses? If the off-the-shelf software supports critical or important function, should the DORA Article 28 (8) be applied?

When an off-the-shelf software license (e.g. operating systems, database) is purchased through a distributor, is the distributor qualifying as “ICT third-party service provider” in case if the distributor itself is not providing any additional services in addition to the distribution, and its contractual tasks are completed with the successful intermediation of the license agreement? Is the software company qualifying as a direct “ICT third-party service provider” based on the end-user license agreement (EULA) accepted by the financial entity?

Can an investment firm which is licensed under the MiFID II Directive, conduct it business such that it is carrying out an investment activity and not providing an investment service?