> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/esma-qa-2397-aifm-mica-authorisation.md). # Registered AIFMs: MiCA auth | | | | --------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | | **Authority** | ESMA | | **Q\&A ID** | ESMA\_QA\_2397 | | **Status** | Answer Published | | **Published** | April 2025 | | **Legal basis** | [Article 60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) MiCA | | **Source** | [ESMA Q\&A](https://www.esma.europa.eu/publications-data/questions-answers/2397) | ### Question Does [Article 60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) paragraph 5 MiCA apply to registered (sometimes referred to as sub-threshold) [Alternative Investment Fund](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/aifmd/alternative-investment-fund.md) Managers referred to in Article 3(2) AIFMD (Directive 2011/61/EU)? ### Answer Article 60(5) provides that “A [UCITS management company](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/ucits-management-company.md) or an [alternative investment fund manager](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/aifmd/alternative-investment-fund-manager.md) may provide [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) services equivalent to the management of portfolios of investment and non-core services for which it is authorised \[emphasis added] under Directive 2009/65/EC or Directive 2011/61/EU if it notifies the [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) of the [home Member State](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/home-member-state.md) of the information referred to in paragraph 7 of this Article at least 40 working days before providing those services for the first time.” [Alternative investment fund](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/aifmd/alternative-investment-fund.md) managers referred to in Article 3(2) of the AIFMD are exempt from authorisation under the AIFMD – they are instead simply registered. As such they may not provide [crypto-asset](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/crypto-asset.md) services on the basis of a notification under [Article 60(5)](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) of MiCA. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2397) ### Related * [alternative investment fund manager](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/aifmd/alternative-investment-fund-manager.md) — defined term used on this page * [alternative investment fund manager](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/alternative-investment-fund-manager.md) — defined term used on this page * [alternative investment fund](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/aifmd/alternative-investment-fund.md) — defined term used on this page * [UCITS management company](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/ucits-management-company.md) — defined term used on this page * [competent authority](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/competent-authority.md) — defined term used on this page * [management company](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/dora/management-company.md) — defined term used on this page * [management company](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/ucits/management-company.md) — defined term used on this page * [home Member State](https://github.com/jakesenfti/micawtf/blob/main/spaces/definitions/mica/home-member-state.md) — defined term used on this page --- # Agent Instructions This documentation is published with GitBook. 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