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Alternative Market Briefing

Launch of European Long-Term Investment Funds may be delayed beyond 2015

Thursday, May 15, 2014

Benedicte Gravrand, Opalesque Geneva:

In June 2013, the European Union’s Commission proposed a harmonized pan-European regime for European long-term investment funds (ELTIF). ELTIF invest primarily in infrastructure companies and projects that need long-term capital. The ELTIF regime is designed to offer European institutional and retail investors longer term investment opportunities in qualifying assets, rather than focusing on short term gains. According to Ernst & Young, ELTIF will be classified as an alternative investment fund (AIF), with a design that positions the fund as a hybrid between an institutional AIF and a retail UCITS product. ELTIF must be managed by authorized AIFMs.

The EC proposal was amended in March 2014 by the Economic and Monetary Affairs Committee of the European Parliament, and a bit later, a Council of the EU made a compromise proposal. So there are two sets of amendments and they do not match on some important points. Members of the European Parliament will vote on the ELTIF rules after the European Parliament elections in May, but according to some, there are some doub......................

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