ESMA seeks input on rules for long term investment funds
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is consulting on draft regulatory technical standards (RTS) under the revised ELTIF Regulation. Interested stakeholders are invited to provide input by 24 August 2023.
The RTS will specify the way the new requirements of the revised ELTIF regulation, in particular on the redemption policy and matching mechanism, will apply.
In the consultation paper ESMA is seeking stakeholders' views on:
- the circumstances in which the life of a 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;
- the costs disclosure.
Next steps
ESMA will consider the feedback it receives to this consultation in Q3/Q4 2023 and expects to publish a final report and submit the draft technical standards to the European Commission for endorsement by 10 January 2024.
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