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ESMA calls for input on ELTIF regime

by Matthias Plötz 23 May 2023

ESMA has called for consulting opinions as it finalises its draft on regulatory technical standards under the revised ELTIF regulation.

These standards should clarify requirements revised under the amendments made to the ELTIF regulation. In particular, the regulator will look at the redemption policy and matching mechanism, it said in a statement.

To this end, ESMA has requested views on the compatibility of the ELTIF structure with the lifecycle of individual assets, as well as different features of the redemption policy. Further, the regulator asked for information regarding the matching mechanism and how existing investors might be traded out for potential future investors. Finally, ESMA issued a query regarding costs.

While the ELTIF structure has the possibility to open up private equity to retail investors through master feeder and fund-of-fund structures, which could address operational challenges for small- and mid-cap firms, concerns remain around the timeframe for which capital is locked up.

The regulator said it will consider feedback it receives before 24 August 2023. A final report should be published and submitted to the European Commission by 10 January 2024.

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