ESMA_QA_2481
Topic
ELTIF
14/03/2025
Subject Matter
Nationality-related eligibility restrictions on ELTIFs stemming from national law
Question
Shall Article 1(3) of the ELTIF Regulation be understood as not allowing a national law, regulation or administrative practice, either generally for all ELTIFs or specifically for some ELTIFs/specific situations, to require the master ELTIF to be established in the same Member State as the feeder ELTIF?


May an ELTIF be required by national law, regulation or administrative practice to be authorised or established in a particular Member State when packaged in insurance products or embedded in pension/savings plans in order to be eligible as target investment?


May any other provision or option provided for in the ELTIF Regulation be restricted by a national law, regulation or administrative practice for ELTIFs packaged in insurance products or embedded in pension/savings plans?

Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2480
Topic
ELTIF
14/03/2025
Subject Matter
Dividend entitlement date
Question
May an ELTIF define a minimum period before which the shares cannot benefit from distributions of the ELTIF?

May the setting of a minimum holding period during which investors cannot benefit from the distributions of the ELTIF be considered as a “fee" or a “cost”, as per the requirements of Article 25 of the ELTIF Regulation?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
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