Recital 39


Some financial entitiesas defined in Article 2, points (a) to (t) benefit from exemptions or are subject to a very light regulatory framework under the relevant sector-specific Union law. Such financial entitiesas defined in Article 2, points (a) to (t) include managers of alternative investment fundsa manager of alternative investment funds as defined in Article 4(1), point (b), of Directive 2011/61/EU referred to in Article 3(2) of Directive 2011/61/EU of the European Parliament and of the Council (16)Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1)., insurance and reinsurance undertakingsa reinsurance undertaking as defined in Article 13, point (4), of Directive 2009/138/EC referred to in Article 4 of Directive 2009/138/EC of the European Parliament and of the Council (17)Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1)., and institutions for occupational retirement provisionan institution for occupational retirement provision as defined in Article 6, point (1), of Directive (EU) 2016/2341 which operate pension schemes which together do not have more than 15 members in total. In light of those exemptions it would not be proportionate to include such financial entitiesas defined in Article 2, points (a) to (t) in the scope of this Regulation. In addition, this Regulation acknowledges the specificities of the insurance intermediation market structure, with the result that insurance intermediariesan insurance intermediary as defined in Article 2(1), point (3), of Directive (EU) 2016/97 of the European Parliament and of the Council;, reinsurance intermediariesa reinsurance intermediary as defined in Article 2(1), point (5), of Directive (EU) 2016/97 and ancillary insurance intermediariesan ancillary insurance intermediary as defined in Article 2(1), point (4), of Directive (EU) 2016/97 qualifying as microenterprisesa financial entity, other than a trading venue, a central counterparty, a trade repository or a central securities depository, which employs fewer than 10 persons and has an annual turnover and/or annual balance sheet total that does not exceed EUR 2 million or as small or medium-sized enterprisesa financial entity that is not a small enterprise and employs fewer than 250 persons and has an annual turnover that does not exceed EUR 50 million and/or an annual balance sheet that does not exceed EUR 43 million should not be subject to this Regulation.