Activities of Gunnar BECK related to 2021/0377(COD)
Plenary speeches (1)
Amendments to the European Long-Term Investment Funds (ELTIFs) Regulation (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2015/760 as regards the scope of eligible assets and investments, the portfolio composition and diversification requirements, the borrowing of cash and other fund rules and as regards requirements pertaining to the authorisation, investment policies and operating conditions of European long-term investment funds
Amendments (20)
Amendment 101 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) The capital approach set out in Regulation (EU) 2015/760 does not always accurately reflect the evolution of the value of units or shares of ELTIFs. Defining the diversification and borrowing limits through a net asset value approach would be more accurate.
Amendment 106 #
Proposal for a regulation
Recital 13
Recital 13
(13) Due to concerns that fund-of-funds strategies can give rise to investments that would not fall within the scope of eligible investment assets, Regulation (EU) 2015/760 currently contains restrictions on investments in other funds throughout the ELTIF’s life. Fund-of-fund strategies are, however, a common and very effective way of obtaining rapid exposure to illiquid assets, in particular in respect of real estate and in the context of fully paid-in capital structures. It is therefore necessary to give ELTIFs the possibility to invest in other funds, because that would enable ELTIFs to ensure a faster deployment of capital. Facilitating fund-of-fund investments by ELTIFs would also allow reinvestment of excess cash into funds as different investments with distinct maturities may lower the cash drag of the ELTIF. It is therefore necessary to expand the eligibility of funds-of-funds strategies for ELTIF managers beyond investments in European venture capital funds (EuVECAs) or European social entrepreneurship funds (EuSEFs). The scope of collective investment undertakings in which ELTIFs can invest should thus be broadened to undertakings for collective investment in transferable securities (UCITS) and to EU alternative investment funds (EU AIFs) managed by EU AIF managers. However, in order to ensure effective investor protection, it is also necessary to set out that where an ELTIF invests in other ELTIFs, in European venture capital funds (EuVECAs), in European social entrepreneurship funds (EuSEFs), in UCITS and EU AIFs managed by EU AIFMs, those collective investment undertakings should also invest in eligible investments and have not themselves invested more than 10 % of their capitalnet asset value in any other collective investment undertaking.
Amendment 130 #
Proposal for a regulation
Recital 25
Recital 25
(25) Leverage is frequently used to enable the day-to-day operation of an ELTIF and to carry out a specific investment strategy. Moderate amounts of leverage can amplify returns, and, where controlled adequately, without incurring or exacerbating excessive risks. In addition, leverage can frequently be used by a variety of collective investment undertakings to gain additional efficiencies or operational results. Since the borrowing of cash threshold is currently limited to 30% of the capital of the ELTIF, ELTIF managers may be unable to successfully pursue certain investment strategies, including in the case of investments in real assets, where using higher levels of leverage is an industry norm or is otherwise required to achieve attractive risk-adjusted returns. It is therefore appropriate to increase the flexibility of managers of ELTIFs to raise further capital during the life of the ELTIF. In view of the possible risks that leverage can entail, ELTIFs marketed to retail investors should be permitted to borrow cash amounting to up to 50 % of the value of the capitalnet asset value of the ELTIF. The 50 % threshold is appropriate given the overall borrowing of cash limits common for funds investing in real assets with a similar liquidity and redemption profile. As for ELTIFs marketed to professional investors, however, a higher leverage threshold should be permitted, because professional investors have a higher risk-tolerance than retail investors. The borrowing of cash threshold for ELTIFs that are marketed to professional investors only should therefore be extended to 100 % of the ELTIF capitalnet asset value of the ELTIF.
Amendment 136 #
Proposal for a regulation
Recital 27
Recital 27
Amendment 159 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d – introductory part
Article 1 – paragraph 1 – point 2 – point d – introductory part
Regulation (EU) 2015/760
Article 2 – point 20
Article 2 – point 20
(d) the following points (20) and (21) areis added:
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point d
Article 1 – paragraph 1 – point 2 – point d
Regulation (EU) 2015/760
Article 2 – point 21
Article 2 – point 21
Amendment 163 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2015/760
Article 3 – paragraph 3 – subparagraph 1
Article 3 – paragraph 3 – subparagraph 1
3. The competent authorities of the ELTIFs shall, on a monthquarterly basis, inform ESMA of authorisations granted or withdrawn pursuant to this Regulation and of any changes to the information about an ELTIF that is set out in the central public register referred to in the second subparagraph.
Amendment 178 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) 2015/760
Article 10 – paragraph 1 – point e
Article 10 – paragraph 1 – point e
(e) real assets with a value of at least EUR 1 000 000 or its equivalent in the currency in which, and at the time when, the expenditure is incurred;
Amendment 195 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b
Article 1 – paragraph 1 – point 6 – point b
Regulation (EU) 2015/760
Article 11 – paragraph 1 – point b – point ii
Article 11 – paragraph 1 – point b – point ii
(ii) is admitted to trading on a regulated market or on a multilateral trading facility and has a market capitalisation of no more than EUR 13 000 000 000 at the time of the initial investment;;
Amendment 202 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) 2015/760
Article 13 – paragraph 1
Article 13 – paragraph 1
1. An ELTIF shall invest at least 60 % of its capitalnet asset value in eligible investment assets.
Amendment 208 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) 2015/760
Article 13 – paragraph 2 – point a
Article 13 – paragraph 2 – point a
(a) 20 % of its capitalnet asset value in instruments issued by, or loans granted to, any single qualifying portfolio undertaking;
Amendment 210 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) 2015/760
Article 13 – paragraph 2 – point b
Article 13 – paragraph 2 – point b
(b) 20 % of its capitalnet asset value directly or indirectly in a single real asset;
Amendment 213 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) 2015/760
Article 13 – paragraph 2 – point c
Article 13 – paragraph 2 – point c
(c) 20 % of its capitalnet asset value in units or shares of any single ELTIF, EuVECA, EuSEF, UCITS or EU AIF managed by an EU AIFM;
Amendment 218 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) 2015/760
Article 13 – paragraph 2 – point d
Article 13 – paragraph 2 – point d
(d) 10 % of its capitalnet asset value in assets as referred to in Article 9(1), point (b), where those assets have been issued by any single body.
Amendment 223 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) 2015/760
Article 13 – paragraph 3
Article 13 – paragraph 3
Amendment 231 #
3a. The aggregate value of simple, transparent and standardised securitisations in an ELTIF portfolio shall not exceed 20% of the value of the capitalnet asset value of the ELTIF.;
Amendment 233 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point c
Article 1 – paragraph 1 – point 8 – point c
Regulation (EU) 2015/760
Article 13 – paragraph 4
Article 13 – paragraph 4
4. The aggregate risk exposure to a counterparty of the ELTIF stemming from OTC derivative transactions, repurchase agreements, or reverse repurchase agreements shall not exceed 10 % of the value of the capitalnet asset value of the ELTIF.;
Amendment 245 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point a – point i
Article 1 – paragraph 1 – point 10 – point a – point i
Regulation (EU) 2015/760
Article 16 – paragraph 1 – point a
Article 16 – paragraph 1 – point a
(a) it represents no more than 50 % of the value of the capitalnet asset value of the ELTIF, and no more than 100 % of the value of the capitalnet asset value of the ELTIF for ELTIFs marketed solely to professional investors;
Amendment 261 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15 – point a
Article 1 – paragraph 1 – point 15 – point a
Regulation (EU) 2015/760
Article 23 – paragraph 3a – point g
Article 23 – paragraph 3a – point g
Amendment 282 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
Regulation (EU) 2015/760
Article 38 – paragraph 1 – subparagraph 2
Article 38 – paragraph 1 – subparagraph 2
It shall apply from [entry into force + 6 months]. ELTIFs established before the entry into force of this Regulation shall not be required to comply with its provisions.