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Q&A on Registered AIFMs: MiCA auth.
Authority
ESMA
Q&A ID
ESMA_QA_2397
Status
Answer Published
Published
April 2025
Legal basis
Source
Does Article 60 paragraph 5 MiCA apply to registered (sometimes referred to as sub-threshold) Alternative Investment Fund Managers referred to in Article 3(2) AIFMD (Directive 2011/61/EU)?
Article 60(5) provides that “A UCITS management company or an alternative investment fund manager may provide crypto-asset 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 of the home Member State 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 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 services on the basis of a notification under Article 60(5) of MiCA.
Source: ESMA original document
alternative investment fund manager — defined term used on this page
alternative investment fund manager — defined term used on this page
alternative investment fund — defined term used on this page
UCITS management company — defined term used on this page
competent authority — defined term used on this page
management company — defined term used on this page
management company — defined term used on this page
home Member State — defined term used on this page
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