EC Publishes a Proposal on EU Long-term Investment Funds


On the 26th of June 2013, the EC (European Commission) issued a proposal for a new investment fund framework designed for investors investing in European Long-Term Investment Funds (ELTIFs).

The proposal covers the following areas:

[i] the authorisation procedure and the interplay with the existing rules;

[ii] the permissible investment policies and restrictions to be pursued by an ELTIF;

[iii] the redemption, subscription and distribution policy;

[iv] transparency requirements regarding the marketing of ELTIFs;

[v] the marketing rules applicable to an EU AIFM for marketing units or shares of an ELTIF to professional and retail investors; and

[vi] the rules on supervision.