FinanceDublin.com - Ireland well-positioned to benefit from European Commission’s green light on open-ended ELTIFs

The adoption of the regulatory technical standards by the European Commission is an important and welcome step towards the finalising of the regulatory framework for open-ended ELTIFs, writes Dillon Eustace’s Cillian Bredin. He details the RTSs and identifies why Ireland is well-positioned to become the domicile of choice for asset managers establishing ELTIFs.

Background
European long-term investment funds (ELTIFs) are the only type of funds dedicated to long-term investments that can be distributed across borders in the EU to both professional and retail investors.

The revised ELTIF Regulation¹ which entered into force earlier this year re-designs the EU regulatory framework to make ELTIFs more attractive by removing a number of existing regulatory obstacles which had hindered the use of the product since it w....

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Cillian Bredin is Partner in the Asset Management and Investment Funds Group at Dillon Eustace.

For an in-depth analysis of the key features of an Irish ELTIF access the firm’s guide here.
¹Regulation (EU) 2015/760 as amended
²Qualifying portfolio undertakings are those undertakings which, subject to certain exceptions, meet the following criteria:
• They are not financial undertakings (i.e. a bank, insurance company, fund management company, MiFID investment firm or a financial holding company for example);
• Their shares are not listed or traded on an EU regulated market, or if their shares are listed on an EU regulated market, they have a market capitalisation of no more than €1.5 billion (subject to certain exceptions) unlisted;
• They are located in a jurisdiction which is not a high-risk country under AML law and which does not appear on the EU tax blacklist