Does Regulation (EU) 2019/2088 (SFDR) apply to registered (sometimes referred to as sub- threshold) AIFMs referred to in Article 3(2) AIFMD?

The reference in point (4) of Article 2 of Regulation 2019/2088 to point (b) of Article 4(1) of Directive 2011/61/EU means that ‘financial market participant’ also comprises AIFMs subject to registration referred to in point (a) of Article 3(3) of Directive 2011/61/EU. Article 17 of Regulation 2019/2088 on exemptions from that Regulation and any other provision in that Regulation, lay down neither exemptions nor derogations from obligations under that Regulation for AIFMs subject to registration referred to in point (a) of Article 3(3) of Directive 2011/61/EU. In consequence, entity and financial product related requirements of Regulation 2019/2088 apply to such AIFMs. Since disclosures to investors referred to in Article 23(1) of Directive 2011/61/EU and annual reports referred to in Article 22 of Directive 2011/61/EU, as referred to in point (a) of Articles 6(3) and point (a) of Article 11(2) of Regulation 2019/2088 respectively do not apply to AIFMs subject to registration referred to in point (a) of Article 3(3) of Directive 2011/61/EU, such AIFMs should apply those provisions by analogy, i.e. information is to be included in pre-contractual and periodic documentation made available to end investors under national law. Managers of qualifying venture capital funds and qualifying social entrepreneurship funds registered in accordance with Article 14 of Regulation (EU) No 345/2013 or Article 15 of Regulation (EU) No 346/2013 must include the relevant information in documents referred to in points (d) and (e) of Articles 6(3) and points (d) and (e) of Article 11(2) of Regulation 2019/2088 respectively.