ESMA_QA_2479
Topic
ELTIF
14/03/2025
Subject Matter
Matching mechanism
Question
While anti-dilution levies are referred to in Article 5(9) of the ELTIF Delegated Regulation, can the matching price, as referred to in Article 19(2a) of the ELTIF Regulation, of the secondary market include an anti-dilution levy?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2478
Topic
ELTIF
14/03/2025
Subject Matter
Redemption policy
Question
Given the requirements set out in Article 17(1) point a) and 18(2) point a) of the ELTIF Regulation, as well as in Article 3 of the ELTIF Delegated Regulation, is the minimum holding period, referred to in Article 18(2) point a) of the ELTIF Regulation, assessed in relation to the launch date of the ELTIF for all investors, or is it applied at each new subscription and on the basis of the date of each capital contribution if there is more than one investment by an individual investor?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2477
Topic
ELTIF
14/03/2025
Subject Matter
Redemption policy
Question
Is a daily redemption and daily valuation compatible with the requirements of the ELTIF Regulation and Delegated Regulation, as referred to, in particular, in Article 5, Annex I and II of the ELTIF Delegated Regulation?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2476
Topic
ELTIF
14/03/2025
Subject Matter
Redemption policy
Question
Can an ELTIF use borrowings, as referred to in Article 16(1) of the ELTIF Regulation, to meet redemptions?

Can confirmed but undrawn credit lines be considered as “expected cash flows”, as referred to in Article 5(6) of the ELTIF Delegated Regulation, and thus be taken into account in the maximum limit referred to in Article 18(2), point (d) of the ELTIF Regulation?

What are the criteria to assess the “prudent” nature of the expected cash flows forecasted […] over 12 months, as referred to in Article 5(6) of the ELTIF Delegated Regulation that could be added to the maximum size of redemption at a given redemption date?

For private debt ELTIFs, what elements should be taken into account in the abovementioned "expected cash flows"?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2475
Topic
ELTIF
14/03/2025
Subject Matter
Redemption policy
Question
Should the ELTIF comply with the minimum liquid asset requirements referred to in Annex II of the Delegated Regulation at all times, and if not, which types of “necessary measures”, as referred to in Article 5(7) of the ELTIF Delegated Regulation, and within which time frame, are expected to be implemented by the ELTIF manager?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760