Marc Meyers

Ever since the European Securities and Markets Authority, Esma, published its final report on the draft regulatory technical standards, known as the RTS, on 19 December 2023, in particular the redemption policy, minimum holding period and mandatory liquidity management tools, or LMTs, of European Long-Term Investment Funds, or Eltifs, have been points of intense discussion.

Fund sponsors increasingly explore ways to facilitate access by retail investors to private assets. Part II UCIs have been instrumental in this development. This contribution discusses the increased success of the Part II UCI fund regime with private markets firms accessing the private wealth market.

On 19 January 2024, the Council of the European Union published the final compromise containing amendments to Directive 2009/138/EC (Solvency II). The text contains details of the modified “Long-term equity investments” (LTE) sub-model (with a favourable 22% capital charge) and a specific treatment for Eltifs and other “low risk” AIFs. This contribution sheds some light on the implications of these amendments for insurers in the fund context.

On 19 December 2023, the European Securities and Markets Authority, Esma, published its final report on the draft regulatory technical standards (Eltif 2.0 RTS) under Regulation 2023/606 (Eltif 2.0). Since Esma published its Consultation Paper, these have been the core focus of the discussion. This contribution sheds some light on the proposed “matchmaking mechanism” and offers some insights as to its impact on (closed-ended) Eltifs, if adopted in current form.