ELTIF 2.0: ESMA Provides Some Final Details

In our previous alert ELTIF Reform: A Milestone in the Development of an EU Private Fund Structure for Accessing Wholesale Markets, we discussed the EU Commission's adoption of a revised regulation for the European Long-Term Investment Fund (ELTIF), which we refer to as "ELTIF 2.0."

On 19 December 2023, the European Securities and Markets Authority (ESMA) published its Final Report on the draft revised Regulatory Technical Standards (RTS) supplementing ELTIF 2.0. The Final Report follows from ESMA's May 2023 consultation, noted in our previous alert ELTIF RTS: Important detail in the ESMA consultation.

ESMA has submitted the RTS to the European Commission, with a three- to four-month window for adoption. The RTS will enter into force on the day following its publication in the Official Journal. When it comes into force, the RTS will repeal, replace, and consolidate the current RTS.