In this 15-minute episode, regulatory expert Attilio Veneziano unpacks why Europe still links “investor sophistication” to wealth—despite talk of retail reform. We cover what really changes (and what doesn’t) in MiFID II opt-ups, why ELTIFs are becoming the preferred mass-market wrapper, and how Italy’s €100k advised “semi-professional” route opens a new fundraising lane—plus the lingering PRIIPs/KID friction for cross-border distribution.