ESMA_QA_2356
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2356
Regulatory Context
Regulation : DORA
Level 1 Regulation: Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA)
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Other DORA topics
Subject Matter: Application of DORA to AIFMs which have chosen to opt-in to the application of the AIFMD but whose asset under managment is below the thresholds as provided for by Article 3(2) of AIFMD
Question
Submission Date: 03 December 2024
Are sub-threshold alternative investment fund managers (AIFMs) as referred to in Article 3(2) of Directive 2011/61/EU (“AIFMD”), which have chosen to opt-in to the application of the AIFMD according to Article 3(4) of that Directive, captured within the scope of application of Regulation (EU) 2022/2554 (“DORA”) under Articles 2(1)(k) and 2(3)(a) of DORA, if the thresholds regarding assets under management (“AuM”) referred to under Article 3(2) of AIFMD are not exceeded by such AIFM?
ESMA Answer
Answer Date: 03-12-2024
According to the European Commission Q&A DORA003, DORA applies to AIFMs as defined in Article 3(44) of Directive 2011/61/EU (AIFMD), with the exemption of sub-threshold AIFMs referred to in Article 3(2) of AIFMD, which are excluded from the scope of application of DORA. However, in case such a sub-threshold AIFM decides to opt-in to the application of the entirety of AIFMD (Article 3(4) of Directive 2011/61/EU), all requirements that are applicable to managers of alternative investment funds defined in Article 4(1), point (b), of AIFMD will become applicable to the entity that opted in. As Article 18 of AIFMD applies (amended by Directive (EU) 2022/2556 it includes a reference to Regulation (EU) 2022/2554 (DORA)), DORA applies as well to these entities. Consequently, DORA also applies to sub-threshold AIFM which have decided to opt in to Directive 2011/61/EU despite not exceeding the thresholds under Article 3(2) of Directive 2011/61/EU.
This document was automatically extracted from the ESMA EMIR Q&A database.