Asset Management and Investment FundsMarch 10, 2023
Council of EU adopts revised framework for ELTIFs
For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.
On 7 March 2023, the Council of the EU (the Council) adopted the amending regulation to the ELTIF Regulation[1].
As outlined in more detail in our recent briefing, the revisions to the existing ELTIF framework are intended to redesign the regulatory framework and make ELTIFs a more attractive option for asset managers who want to offer long-term investment opportunities, such as infrastructure projects, to institutional and private investors across the EU.
In the Council’s press release, Elisabeth Svantesson, the Minister for Finance of Sweden, stated that the adoption of the amending regulation “removed a number of regulatory obstacles for European long-term investment funds” and “comes as good news for investors who are looking for a wider choice among sustainable and climate-friendly investment opportunities”.
The Council and the European Parliament reached provisional agreement on the amending regulation originally proposed by the European Commission late last year with the European Parliament voting in favour of the text on 15 February 2023.
The adoption of the amending regulation by the Council marks the final step in the legislative process. The amending regulation will be published in the Official Journal of the European Union shortly and will enter force 20 days following such publication. The updated regime will apply nine months after its entry into force.
It is hoped that the revisions of the ELTIF framework at an EU level will provide an impetus for the Irish domestic framework to accommodate ELTIFs within Irish domiciled funds.
If you would like to discuss the revised ELTIF framework in more detail, please contact ross.canning@dilloneustace.com or your usual contact in Dillon Eustace.
Footnotes:
[1] Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds
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