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Article 2
1. This Regulation applies to managers of collective investment undertakings as defined in point (a) of Article 3 that meet the following conditions:
(a) their assets under management in total do not exceed the threshold referred to in point (b) of Article 3(2) of Directive 2011/61/EU;
(b) they are established in the Union;
(c) they are subject to registration with the competent authorities of their home Member State in accordance with point (a) of Article 3(3) of Directive 2011/61/EU; and
(d) they manage portfolios of qualifying venture capital funds.