Uitvoeringsbesluit wijzigingsverordening Europese langetermijnbeleggingsinstellingen

The Implementing Decree no. 2023002190 amending European long-term investment funds has been published in the Official Dutch Gazette on 24 november 2023.
This Decree implements Regulation (EU) 2023/606, which amends Regulation (EU) 2015/760 regarding the requirements related to investment policies and conditions for the business operations of European Long-Term Investment Funds (ELTIFs). The regulation aims to encourage long-term investments in companies and projects and promote non-professional investors‘ engagement in ELTIFs.
The changes introduced by Regulation (EU) 2023/606 include expanding the allowable investment assets, easing fund rules on risk diversification, allowing the use of leverage financing, and investing in master-feeder structures. To protect non-professional investors, ELTIF managers or distributors must conduct a suitability assessment before non-professional investors can acquire participation rights. The manager must also comply with rules on the product development process.
The implementing decision focuses on adjustments to Annex 1 and Annex 2 of the Decree implementing EU financial market regulations, specifically concerning Regulation (EU) No. 2015/760. The competent authority can impose an administrative fine or an order subject to periodic penalty payments in case of non-compliance with the amended articles.
This Decree shall enter into force on 10 January 2024, aligning it with the effective date of the amended ELTIF Regulation.