Diario Oficial de la Unión Europea del 20/3/2023 - Sección Legislación
Text version What is this?Dateas is an independent website not affiliated with any government agency. The source of the PDF documents that we publish is the official agency stated in each of them. The text versions are non official transcripts that we do to provide better tools for accessing and searching information, but may contain errors or may not be complete.
Source: Diario Oficial de la Unión Europea - Sección Legislación
EN
20.3.2023
Official Journal of the European Union
L 80/1
I
Legislative acts
REGULATIONS
REGULATION EU 2023/606 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 15 March 2023
amending Regulation EU 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules Text with EEA relevance
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the European Economic and Social Committee 1, Acting in accordance with the ordinary legislative procedure 2, Whereas:
1
Since the adoption of Regulation EU 2015/760 of the European Parliament and of the Council 3 only a few European long-term investment funds ELTIFs have been authorised. The aggregate size of net assets of those funds was estimated at approximately EUR 2 400 000 000 in 2021.
2
The available market data indicate that the development of the ELTIF segment has not scaled up as expected, despite the Unions focus on promoting long-term finance in the Union.
3
Certain characteristics of the ELTIF market, including the low number of funds, the small net asset size, the low number of jurisdictions in which ELTIFs are domiciled and a portfolio composition that is skewed towards certain eligible investment categories, demonstrate the concentrated nature of that market, both geographically and in terms of investment type. Moreover, there appears to be a lack of awareness and financial literacy, as well as, most importantly, low levels of trust and reliability as regards the finance industry, that need to be overcome in order to make ELTIFs more accessible and popular among retail investors. It is therefore necessary to review the functioning of the legal framework for the operation of ELTIFs in order to ensure that more investments are channelled to businesses in need of capital and to long-term investment projects.
1 OJ C 290, 29.7.2022, p. 64.
2 Position of the European Parliament of 15 February 2023 not yet published in the Official Journal and decision of the Council of 7 March 2023.
3 Regulation EU 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds OJ L 123, 19.5.2015, p. 98.
