In Article 67, Paragraph 1, crypto asset providers shall at all time have prudential safeguards as the highest of the following;

- the amount of permanent minimum capital requirements indicated in Annex IV
- one quarter of the fixed overheads of the preceding year, reviewed annually

In Paragraph 3, the method to calculate the prudential requirement of one quarter of the fixed overheads of the preceding year, reviewed annually is stated as;

"Crypto-asset service providers shall calculate their fixed overheads for the preceding year, using figures resulting from the applicable accounting framework, by subtracting the following items from the total expenses after distribution of profits to shareholders or members."

When defining "total expenses" in the quoted sentence from Paragraph 3, does it in fact mean the total costs (fixed and variable overheads) after distribution of profits in the income statement for the preceding year, or is it meant to be the total fixed overheads after distribution of profits?

Does Article 19(12a) of MAR require issuers to expressly allow their PDMRs to trade during a closed period in the case of transactions or trade activities that do not relate to active investment decisions, that result exclusively from external factors or actions of third parties, or that are based on predetermined terms?

Do firms dealing on own account with regards to crypto-assets require a CASP license?

Can an ELTIF acquire equity or debt instruments issued by another collective investment scheme (CIS) or grant loans to another CIS, i.e. can CISs qualify as qualifying portfolio undertaking as referred to in points a), b) and c) of Article 10(1) of the ELTIF Regulation? If yes, would the conditions set under article 11 or under article 10(1)d) apply? And would the look-through approach referred to in Article 10(2) of the ELTIF Regulation apply in this case, in particular for debt instruments referred to in Article 10(1)(b) of that Regulation issued by CIS, if CIS can qualify as “qualifying portfolio undertaking as referred to in Article 11?

A) Article 19(1b) of the Prospectus Regulation states that issuers may incorporate new annual or interim financial information by reference in their base prospectus. For base prospectus consisting of separate documents, should this annual or interim financial information be incorporated in the registration document?

B) If Article 19(1b) only applies to base prospectuses, what is the consequence for an RD used in a standalone tripartite prospectus which states that future financial information will be incorporated by reference?

C) Can future financial information still be ‘automatically’ incorporated by reference after the validity of the RD has expired but within the validity period of the tripartite base prospectus?