AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

You are:

European Long Term Investment Fund Regulation

In June 2013, the European Commission proposed a new European Long-Term Investment Funds Regulation as a new “investment fund framework designed for investors who want to put money into companies and projects for the long term.”  The regulation is an overlay to the Alternative Investment Fund Managers Directive (‘AIFMD’), requiring that at its base each ELTIF is an alternative investment fund (‘AIF’) with an authorised alternative investment fund manager (‘AIFM’).  This product regulation offers AIFMs the opportunity to have their AIFs designated as ELTIFs, which would also mean that the fund could be potentially sold to retail investors via a passport, provided the specific investment restrictions and liquidity, leverage, diversification, and redemption limitations are all met.  The proposal is progressing at the European level. 

Proposed Texts

ELTIF - Council text agreed as general approach (25 June 2014)

ELTIF - ECON text agreed in Plenary (17 April 2014)

Consultation documents

Informal questionnaire on private long term investment funds – issued by the Asset Management Unit of the Directorate General Internal Market and Services (DG MARKT) of the European Commission (January 2013)

AIMA Documents

Position Paper - Hedging risks under the European Long-Term Investment Fund (ELTIF) Regulation (January 2014)

Position Paper - European Long-Term Investment Funds (September 2013)

Main Menu

  1. Home
  2. About
    1. Our Core Objectives
    2. AIMA's Policy Principles
    3. Meet the team
    4. AIMA Council
    5. Global Network
    6. Sponsoring Members
    7. Global Partners
    8. FAQs
    9. Opportunities at AIMA
  3. Join AIMA
    1. Benefits of Membership
    2. Membership Fees
    3. Application form
  4. Members
    1. AIMA DDQs
    2. AIMA Annual Reports
    3. AIMA Governance
    4. AIMA Logo
      1. Policy note
    5. AIMA Members' List
    6. AIMA Review of the Year
    7. Committees and Working Groups
    8. Weekly News
    9. Update Profile
  5. Investors
    1. AIMA Investor Services
    2. AIMA Members' List
    3. Investor Steering Committee
    4. Update Profile
  6. Regulation
    1. Asset Management Regulation
      1. EU Asset Management Regulation
        1. AIFMD
        2. European Capital Markets Regulation
        3. MiFID / MiFIR
        4. UCITS
        5. European Venture Capital Directive
        6. Shareholder Rights Directive
        7. European Long Term Investment Fund Regulation
        8. Loan Origination Funds
        9. Capital Raising
        10. AIFMD-Related Events
      2. US Hedge Fund Adviser Regulations
        1. Registration and Reporting
        2. Incentive-Based Compensation
        3. JOBS Act
      3. Asia Pacific Asset Management regulation
      4. Other Jurisdictions’ Asset Management Regulation
      5. Systemically Important Financial Institutions ('SIFIs')
      6. Remuneration
        1. UK
        2. United States
        3. CRD IV and CRR
        4. AIFMD
        5. MiFID
      7. Shadow Banking
      8. Volcker Rule
      9. Other
      10. Systemic Risk Reporting
      11. Dealing Commision
      12. Corporate Governance
    2. Markets Regulation
      1. Bank/Capital Regulation
        1. Capital Requirements Directive
        2. EU Bank Structural Reforms
      2. Derivatives/Clearing
        1. EMIR
        2. MiFID / MiFIR
        3. MAD / MAR
        4. Dodd-Frank Act Title VII
        5. Hong Kong
        6. IOSCO
        7. Singapore
      3. High Frequency Trading
        1. ESMA Guidelines
        2. MiFID / MiFIR
        3. MAD / MAR
        4. Flash Crash
        5. IOSCO
        6. Germany
        7. CFTC Automated Trading
      4. Insurance Regulation
        1. Solvency II
      5. Market Abuse
        1. MAD / MAR
        2. Indices as Benchmarks
      6. Position Limits
        1. MiFID / MiFIR
        2. CFTC Position Limits
      7. Resolution of Financial Institutions
        1. Europe
          1. EU Bank Recovery and Resolution Directive
          2. EU Non-Bank Recovery and Resolution
        2. CPSS-IOSCO
        3. Financial Stability Board
        4. UK
        5. USA
      8. Short Selling
        1. EU Short Selling Regulation
        2. Hong Kong Short Selling Regulation
        3. US Short Selling Regulation
        4. Short Selling Bans
      9. Securities Settlement
      10. Shadow Banking
        1. International Shadow Banking
        2. EU Shadow Banking
      11. Trading
        1. MiFID / MiFIR
        2. Dodd-Frank Act
        3. MiFID Portal
    3. Tax Affairs
      1. Automatic Exchange of Information (AEOI)
        1. FATCA
        2. EU - AEFI
        3. OECD - Global Standard on AEFI
      2. Australia - Investment Manager Regime (IMR)
      3. Base Erosion - Profit Shifting (BEPS)
      4. FAIFs and FINROFs
      5. FIN 48 and IAS 12
      6. Financial Transaction Tax (FTT)
      7. UK Investment Management Exemption (IME)
      8. UK Offshore Funds Regime
      9. Other
    4. AIMA's Policy Principles
    5. Search
    6. Resources
      1. Guidance Notes
      2. Jurisdictional Guides
      3. Noticeboard
        1. AIFMD
        2. BEPS
        3. CFTC Registration and Exemptions
        4. Corporate Governance
        5. Dealing Commission
        6. Derivatives
        7. FATCA
        8. FTT
        9. High Frequency Trading
        10. MiFID / MiFIR
        11. Other Hot Asset Management Topics
        12. Other Hot Markets Topics
        13. Other Hot Tax Topics
        14. Position Limits
        15. UK Partnership Tax Review
        16. Trading
        17. Volcker Rule
      4. Hedge Fund Manager Training
      5. Quarterly Regulatory Update
      6. Webinar Programme
      7. Regulatory Compliance Association
        1. About the Regulatory Compliance Association
        2. RCA Curricula and initiatives for alternative investment firms
        3. Meet the regulators and Sr. Fellows
  7. Education
    1. "The Case for Hedge Funds"
      1. Global Hedge Fund Industry Paper: The value of our industry
      2. The Value of the Hedge Fund Industry to Investors, Markets and the Broader Economy: Research commissioned by AIMA and KPMG
      3. The Evolution of an Industry: KPMG/AIMA Global Hedge Fund Survey
      4. Contributing to Communities: A global review of charitable and philanthropic activities by the hedge fund industry
      5. Beyond 60-40: The evolving role of hedge funds in institutional investor portfolios
      6. The Cost of Compliance: Global hedge fund survey by AIMA, MFA and KPMG
      7. Capital Markets and Economic Growth: Long-term trends and policy challenges
      8. Apples and Apples: How to better understand hedge fund performance
      9. The Extra Mile: Partnerships between hedge funds and investors
      10. Key articles by AIMA on the case for hedge funds
    2. AIMA Journal
      1. Recent issues
      2. Search AIMA Journal articles
      3. AIMA Journal Archive
    3. AIMA Guides to Sound Practices
    4. AIMA guides for institutional investors
    5. CAIA Association pages
      1. FAI
    6. Regulatory Compliance Association pages
      1. About the Regulatory Compliance Association
      2. RCA Curricula and initiatives for alternative investment firms
      3. Meet the regulators and Sr. Fellows
    7. Certified Investment Fund Director programme
    8. Services to Start-up Managers
    9. Useful Websites
    10. Glossary
  8. Events
    1. AIMA Events
    2. AIMA webinars
    3. Industry events
  9. Media
    1. Press Releases & Statements
    2. AIMA's blog
    3. Media Coverage
      1. Articles by AIMA
        1. Archive
      2. AIMA in the news
      3. Video interviews
      4. Industry news
    4. Media Contact
    5. Press Materials

Sub Menu

  1. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
      5. European Venture Capital Directive
      6. Shareholder Rights Directive
      7. European Long Term Investment Fund Regulation
      8. Loan Origination Funds
      9. Capital Raising
      10. AIFMD-Related Events
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Systemically Important Financial Institutions ('SIFIs')
    6. Remuneration
      1. UK
      2. United States
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    7. Shadow Banking
    8. Volcker Rule
    9. Other
    10. Systemic Risk Reporting
    11. Dealing Commision
    12. Corporate Governance
  2. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
        1. EMIR Level 1
        2. EMIR Level 2
        3. EMIR UK Implementation
        4. ESMA technical advice on equivalence
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
      7. Singapore
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
      2. CPSS-IOSCO
      3. Financial Stability Board
      4. UK
      5. USA
    8. Short Selling
      1. EU Short Selling Regulation
        1. SSR Docs
          1. SSR Level 1 - Consultations, legislative process and releated AIMA documents
          2. SSR Level 2 consultations, legislative process and related AIMA documents
          3. SSR Review
      2. Hong Kong Short Selling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Securities Settlement
    10. Shadow Banking
      1. International Shadow Banking
      2. EU Shadow Banking
    11. Trading
      1. MiFID / MiFIR
        1. MiFIDII MiFIR Level 1 Consultations, legislative process and related AIMA documents
        2. MiFIDII MiFIR Level 2 Consultations, legislative process and related AIMA documents
      2. Dodd-Frank Act
      3. MiFID Portal
        1. AIMA MiFID Portal - General
        2. AIMA MiFID Portal - Algorithmic Trading, HFT and Market Microstucture
        3. AIMA MiFID Portal - Derivatives and STP
        4. AIMA MiFID Portal - Transparency and Reporting
        5. AIMA MiFID Portal - Commodities
        6. AIMA MiFID Portal - Investor Protection
        7. AIMA MiFID Portal - Third Countries
        8. AIMA MiFID Portal - MiFID I
        9. External resources
  3. Tax Affairs
    1. Automatic Exchange of Information (AEOI)
      1. FATCA
      2. EU - AEFI
      3. OECD - Global Standard on AEFI
    2. Australia - Investment Manager Regime (IMR)
    3. Base Erosion - Profit Shifting (BEPS)
    4. FAIFs and FINROFs
    5. FIN 48 and IAS 12
    6. Financial Transaction Tax (FTT)
    7. UK Investment Management Exemption (IME)
    8. UK Offshore Funds Regime
    9. Other
  4. AIMA's Policy Principles
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. AIFMD
      2. BEPS
      3. CFTC Registration and Exemptions
      4. Corporate Governance
      5. Dealing Commission
      6. Derivatives
      7. FATCA
      8. FTT
      9. High Frequency Trading
      10. MiFID / MiFIR
      11. Other Hot Asset Management Topics
      12. Other Hot Markets Topics
      13. Other Hot Tax Topics
      14. Position Limits
      15. UK Partnership Tax Review
      16. Trading
      17. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme
    7. Regulatory Compliance Association
      1. About the Regulatory Compliance Association
      2. RCA Curricula and initiatives for alternative investment firms
      3. Meet the regulators and Sr. Fellows