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Local degrees of freedom in QUGRA lead to black holes

I am reading Jan Boer's review of the AdS/CFT correspondence and I quote from end of page 1, where he is talking about equivalence of (d+1)-dim gravity to d-dim field theory “If true, it implies ...
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How exactly are the degrees of freedom seen by a falling into a black hole observer related to the ones seen by a staying outside observer?

This is some kind of a follow up of this nicely to the point answer to a provocative (but nevertheless upvoted!) question, about the legitimacy of black hole physics. The answer mentions, that the ...