art_2__para_3
3. This Regulation does not apply to: managers of alternative investment funds as referred to in Article 3(2) of Directive 2011/61/EU; insurance and reinsurance undertakings as referred to in Article 4 of Directive 2009/138/EC; institutions for occupational retirement provision which operate pension schemes which together do not have more than 15 members in total; natural or legal persons exempted pursuant to Articles 2 and 3 of Directive 2014/65/EU; insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries which are microenterprises or small or medium-sized enterprises; post office giro institutions as referred to in Article 2(5), point (3), of Directive 2013/36/EU.
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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.