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- Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71) 2022/07/04
- Committee report tabled for plenary, 1st reading/single reading 2022/06/29
- Committee report tabled for plenary, 1st reading 2022/06/29
- Vote in committee, 1st reading 2022/06/20
- Committee decision to open interinstitutional negotiations with report adopted in committee 2022/06/20
- Amendments tabled in committee 2022/04/25
- Economic and Social Committee: opinion, report 2022/03/23
Progress: Awaiting Parliament's position in 1st reading
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | HOOGEVEEN Michiel ( ECR) | POLFJÄRD Jessica ( EPP), GUALMINI Elisabetta ( S&D), KOVAŘÍK Ondřej ( Renew), GRUFFAT Claude ( Verts/ALE), BECK Gunnar ( ID), GUSMÃO José ( GUE/NGL) |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
PURPOSE: increase the attractiveness of European Long-Term Investment Funds (ELTIFs) for investors and enhance their role as a complementary source of financing for EU companies.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: Regulation (EU) 2015/760 of the European Parliament and of the Council on European long-term investment funds (ELTIF Regulation) is a European framework for alternative investment funds (AIFs) that invest in long-term investments, such as social and transport infrastructure projects, real estate and SMEs. The ELTIF market is still relatively new, but it is evident that it has not scaled up to the extent originally envisaged, with only 57 authorised ELTIFs in four Member States as of October 2021. Amendments are necessary to improve the attractiveness and effectiveness of the framework for investment managers and investors.
CONTENT: this proposal aims to increase the uptake of ELTIFs across the EU . This, in turn, would support the continued development of the Capital Markets Union (CMU), which also aims to make it easier for EU companies to access more stable and diverse long-term financing.
The proposed amendments to the ELTIF Regulation are expected to:
- increase flexibility : the proposal introduces additional flexibility and alleviates the burden on fund managers who provide products tailored to the needs of professional clients. At the same time, removing the hurdles investors face in accessing ELTIFs (while maintaining current protections for investors) will reduce administrative burdens and make ELTIFs more attractive for asset managers and investors alike;
- improve accessibility : amendments to the proposal aim to reduce barriers to entry for retail investors, while still ensuring appropriate levels of investor protection. For example, removing the requirement for a minimum investment of EUR 10 000 and the 10% aggregate
investment limit for those retail investors whose financial portfolios are below EUR 500 000. At the same time, the suitability test will be aligned with the MiFID II framework to avoid any duplication;
- provide redemptions : the proposal introduces an additional liquidity window redemption mechanism that will make it possible for investors to exit an ELTIF investment earlier subject to certain conditions. It also seeks to ensure appropriate investor protection safeguards are in place.
Lastly, in order to give ELTIF managers sufficient time to adapt to the new requirements, including the requirements pertaining to the marketing of ELTIFs to investors, the proposed Regulation should start to apply six months after its entry into force.
Documents
- Committee report tabled for plenary, 1st reading/single reading: A9-0196/2022
- Committee report tabled for plenary, 1st reading: A9-0196/2022
- Amendments tabled in committee: PE731.593
- Economic and Social Committee: opinion, report: CES6507/2021
- Committee draft report: PE719.930
- Legislative proposal: COM(2021)0722
- Legislative proposal: EUR-Lex
- Document attached to the procedure: SEC(2021)0571
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0342
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0343
- Legislative proposal: COM(2021)0722 EUR-Lex
- Document attached to the procedure: SEC(2021)0571
- Document attached to the procedure: EUR-Lex SWD(2021)0342
- Document attached to the procedure: EUR-Lex SWD(2021)0343
- Committee draft report: PE719.930
- Economic and Social Committee: opinion, report: CES6507/2021
- Amendments tabled in committee: PE731.593
- Committee report tabled for plenary, 1st reading/single reading: A9-0196/2022
Activities
- Jonás FERNÁNDEZ
Plenary Speeches (0)
- Stanislav POLČÁK
Plenary Speeches (0)
- Paul TANG
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- Roberts ZĪLE
Plenary Speeches (0)
- Gunnar BECK
Plenary Speeches (0)
- Ondřej KOVAŘÍK
Plenary Speeches (0)
- Jessica POLFJÄRD
Plenary Speeches (0)
- Claude GRUFFAT
Plenary Speeches (0)
History
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European long-term investment funds: scope of eligible assets and investments, portfolio composition and diversification requirements, borrowing of cash and other fund rules and requirements pertaining to the authorisation, investment policies and operating conditionsNew
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