What does this traffic sign indicate?

This traffic sign indicates a mandatory bridle-path. Riders on horseback are required to use this path. Additionally, it is reserved exclusively for horse riders, meaning other road users are not allowed to use it. This rule ensures safety for both the riders and other traffic by keeping horse-riding activity separated from motor vehicles, bicycles, and pedestrians in this area. So, if you see this sign, as a rider you must take this path, and if you are not riding a horse, you must not use it. This is why both points 1 and 2 are correct.