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Document 32023R0606R(01)

Corrigendum to Regulation 2023/606 of the European Parliament and of the Council of 15 March 2023 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules (OJ L 80, 20.3.2023)

ABl. L, 2024/90509, 17.9.2024, ELI: http://data.europa.eu/eli/reg/2023/606/corrigendum/2024-09-17/oj (EN)

ELI: http://data.europa.eu/eli/reg/2023/606/corrigendum/2024-09-17/oj

European flag

Official Journal
of the European Union

EN

L series

2024/90509

17.9.2024

Corrigendum to Regulation 2023/606 of the European Parliament and of the Council of 15 March 2023 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules

( Official Journal of the European Union L 80 of 20 March 2023 )

On page 17, Article 1(11)(b):

for:

‘2a.   The rules or instruments of incorporation of an ELTIF may provide for the possibility, during the life of the ELTIF, of full or partial matching of transfer requests of units or shares of the ELTIF by exiting investors with transfer requests by potential investors, provided that all of the following conditions are fulfilled:

(a)

the manager of the ELTIF has a policy for matching requests which clearly sets out all of the following:

(i)

the transfer process for both existing and potential investors;

(ii)

the role of the manager of the ELTIF or the fund administrator in conducting transfers and in matching requests;

(iii)

the periods of time during which existing and potential investors are able to request the transfer of units or shares of the ELTIF;

(iv)

the rules determining the execution price;

(v)

the rules determining the pro-ration conditions;

(vi)

the timing and the nature of the disclosure of information with respect to the transfer process;

(vii)

the fees, costs and charges, if any, related to the transfer process;

(b)

the policy and procedures for matching the requests of the ELTIF’s exiting investors with those of potential investors ensure that investors are treated fairly and that, where there is a mismatch between existing and potential investors, matching is carried out on a pro rata basis;

(c)

the matching of requests allows the manager of the ELTIF to monitor the liquidity risk of the ELTIF and the matching is compatible with the long-term investment strategy of the ELTIF.’

read:

‘2a.   The rules or instruments of incorporation of an ELTIF may provide for the possibility, during the life of the ELTIF, of full or partial matching of transfer requests of units or shares of the ELTIF by exiting investors with transfer requests by potential investors, provided that all of the following conditions are fulfilled:

(a)

the manager of the ELTIF has a policy for matching requests which clearly sets out all of the following:

(i)

the transfer process for both exiting and potential investors;

(ii)

the role of the manager of the ELTIF or the fund administrator in conducting transfers and in matching requests;

(iii)

the periods of time during which exiting and potential investors are able to request the transfer of units or shares of the ELTIF;

(iv)

the rules determining the execution price;

(v)

the rules determining the pro-ration conditions;

(vi)

the timing and the nature of the disclosure of information with respect to the transfer process;

(vii)

the fees, costs and charges, if any, related to the transfer process;

(b)

the policy and procedures for matching the requests of the ELTIF’s exiting investors with those of potential investors ensure that investors are treated fairly and that, where there is a mismatch between exiting and potential investors, matching is carried out on a pro rata basis;

(c)

the matching of requests allows the manager of the ELTIF to monitor the liquidity risk of the ELTIF and the matching is compatible with the long-term investment strategy of the ELTIF.’

ELI: http://data.europa.eu/eli/reg/2023/606/corrigendum/2024-09-17/oj

ISSN 1977-0677 (electronic edition)

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