ESMA Publishes Its Final Report On The ELTIF Regulatory Technical Standards

On 19 December 2023, in a very welcome development the European Securities and Markets Authority ("ESMA") published its final report setting out the draft Regulatory Technical Standards ("RTS") under the European Long-Term Investment Funds Regulation (EU) 2015/760 as amended by Regulation 2023/606/EU (the "ELTIF Regulation"). The RTS address the following:

• the circumstances in which the life of an European Long-term Investment Fund ("ELTIF") is considered compatible with the life cycles of each of the individual assets, as well as different features of the redemption policy of the ELTIF;
• the circumstances for the use of the matching mechanism, i.e. the possibility of full or partial matching (before the end of the life of the ELTIF) of transfer requests of units or shares of the ELTIF by exiting ELTIF investors with transfer requests by potential investors; and