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ARTICLE · 30 APRIL 2024

ESMA Proposes Revised Draft Rules For ELTIF Funds

Dillon Eustace
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European long-term investment funds (ELTIFs) are the only type of funds dedicated to long-term investments that can be distributed across borders in the EU to both professional and retail investors.

European UnionWealth Management
Jack Doyle
Jack Doyle
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Background

European long-term investment funds (ELTIFs) are the only type of funds dedicated to long-term investments that can be distributed across borders in the EU to both professional and retail investors.

Under the ELTIF Regulation1, ESMA is mandated to prepare draft regulatory technical standards (RTS) on various aspects of the ELTIF framework, including the specific rules which should be applied to open-ended ELTIFs which offer limited redemption rights to investors.

In December 2023, ESMA published a report containing its proposed RTS which was submitted to the European Commission for its consideration (Final Report). The European Commission wrote to ESMA in March 2024 confirming that following its review of the RTS proposed by ESMA, it intended to adopt those RTS but with specific amendments which it outlined in an annex to the letter (Letter) as it believed that it was necessary to take a more "proportionate approach" to the drafting of

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