8 Amendments of Burkhard BALZ related to 2013/0214(COD)
Amendment 63 #
Proposal for a regulation
Recital 2
Recital 2
(2) On the demand side, ELTIFs can provide a steady income stream for pension administrators, insurance companies, foundations, municipalities and other entities that face regular and recurrent liabilities. While providing less liquidity than investments in transferable securities, ELTIFs can provide a steady income stream for individual investors that rely on the regular cash flow that an ELTIF can produce. ELTIFs can also offer good opportunities for capital appreciation over time for those investors not receiving a steady income stream.
Amendment 135 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2a. An ELTIF may be marketed to investors who are considered or treated to be professional clients and retail clients in accordance with Directive .../.../EU [MiFID], and to other investors that: (a) commit to invest a minimum of EUR 100 000; and (b) state in writing, in a separate document from the contract that is concluded for the commitment to invest, that they are aware of the risks associated with the envisaged commitment.
Amendment 173 #
Proposal for a regulation
Article 9 – paragraph 1 – point e a (new)
Article 9 – paragraph 1 – point e a (new)
(e a) indirect holdings, through a qualifying portfolio undertaking, of individual real assets that require up-front capital expenditure of at least EUR 10 million or its equivalent in the currency, and at the time, in which the expenditure is incurred;
Amendment 183 #
Proposal for a regulation
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2a. By way of derogation from paragraph 1, a qualifying portfolio undertaking may be a collective investment undertaking that exclusively finances qualifying portfolio undertakings referred to in the same Article or real assets referred to in Article 9.
Amendment 186 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
An ELTIF shall not invest in an eligible investment asset in which the manager has or takes a direct or indirect interest, other than by holding units or shares of the ELTIFs, EuSEFs, EuVECAs or collective investment undertakings referred to in Article 10 paragraph 2a it manages.
Amendment 205 #
Proposal for a regulation
Article 12 – paragraph 5 a (new)
Article 12 – paragraph 5 a (new)
5a. By way of derogation from paragraphs 2 to 5, the ELTIF may, in justified cases, be entitled to derive from the requirements on the portfolio composition and diversification under the conditions that the ELTIF is exclusively marketed for professional clients and other investors in accordance with Article 3 paragraph 2a, the deviation from the requirements is set out in the rules or instruments of incorporation and notified to the competent authority concerned.
Amendment 214 #
Proposal for a regulation
Article 15 – paragraph 1 – point c a (new)
Article 15 – paragraph 1 – point c a (new)
(ca) cease to apply where the ELTIF liquidates single assets before the end of the life of the ELTIF and distributes the capital appreciation and the capital commitment to the investors;
Amendment 243 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
(b) the capital appreciation realized after the disposal of an asset, but exincluding the original capital commitments made in case of Article 15 paragraph 1 point ca.