Should the minimum percentage of liquid assets referred to in Annex II of the ELTIF Delegated Regulation solely comprise, as per Article 5(5) point b) of the ELTIF Delegated Regulation, the UCITS eligible assets, or should it also include, as it is the case for the purpose of the denominator of the percentage referred to in Article 18(2) point (d), the expected cash flow, forecasted on a prudent basis over 12 months?

Pursuant to Article 23(4) point (d) of the ELTIF Regulation, shall the ELTIF disclose in its rules or instruments of incorporation a minimum (and not only a maximum, as per the requirements of Article 18(2) point d) of the ELTIF Regulation) percentage of liquid assets referred to in article 9(1) point (b) to be used for redemption requests?

Do the requirements of Articles 16(4) and 17(1) of the ELTIF Regulation only apply to closed-ended ELTIFs?

If not, how may an open-ended ELTIF, as referred to in Article 18(2) of the ELTIF Regulation, reconcile its obligation to comply with the portfolio composition/diversification requirements, set out in Article 13 of the ELTIF Regulation, with the borrowing limits of the ELTIF Regulation, referred to in Article 16(1) of the ELTIF Regulation, if the suspension referred to in Article 17(1) point c) is to apply at each subscription/redemption?

Should it be understood from the requirements of Article 10(1) point (d) of the ELTIF Regulation that investing in non-EU AIFs is not compatible with the requirements of the ELTIF regulation?

Do underlying investment funds referred to in Article 10(1) point (d) of the ELTIF Regulation (ELTIFs, EuVECAs, EuSEFs, UCITS and EU AIFs managed by EU AIFMs) have to be invested only in “in eligible investments as referred to in Article 9(1) and (2)”? If not, how to interpret the abovementioned requirement according to which the underlying funds in which the ELTIF has invested must be invested “in eligible investments as referred to in Article 9(1) and (2)”?

Are the assets and the cash borrowing position of the “intermediary entities”, as referred to in recital 12 of the ELTIF Regulation, included when calculating the investment limit and the other limits laid down in Article 13 and Article 16(1) of the ELTIF Regulation?