in force 2024-01-10 MODIFIED+2,552 −391§
Amended by Regulation (EU) 2023/606 32023R0606 · Regulation (EU) 2023/2869 32023R2869
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2019-05-28
The provision is restructured into numbered paragraphs 1 and 2, with paragraph 1 setting out the categories of eligible assets and adding cross-references to Article 11 for qualifying portfolio undertakings, and paragraph 2 introducing new rules on how investments in other collective investment undertakings are counted for compliance with the limits in Articles 13 and 16(1).
The list of eligible asset categories is expanded and altered: point (d) now includes UCITS and EU AIFs managed by EU AIFMs alongside ELTIFs, EuVECAs and EuSEFs and changes the 10% threshold to assets invested in any other collective investment undertaking, point (e) is replaced with a simple reference to real assets without the prior EUR 10000000 value threshold, and new points (f) and (g) are added covering simple, transparent and standardised securitisations and bonds issued under a Regulation on European green bonds.
A new sentence is added stating that the limit in point (d) does not apply to feeder ELTIFs, and paragraph 2 adds provisions on combining assets and cash borrowing positions and on the frequency of information used to determine compliance.
Cited: Art. 10, v2 · Art. 10, v1
text before / after
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before (32015R0760)
Article 10 Eligible investment assets An asset referred to in point (a) of Article 9(1) shall be eligible for investment by an ELTIF only where it falls into one of the following categories: (a) equity or quasi-equity instruments which have been: (i) issued by a qualifying portfolio undertaking and acquired by the ELTIF from the qualifying portfolio undertaking or from a third party via the secondary market; (ii) issued by a qualifying portfolio undertaking in exchange for an equity or quasi-equity instrument previously acquired by the ELTIF from the qualifying portfolio undertaking or from a third party via the secondary market; (iii) issued by an undertaking of which the qualifying portfolio undertaking is a majority owned subsidiary, in exchange for an equity or quasi-equity instrument acquired in accordance with points (i) or (ii) by the ELTIF from the qualifying portfolio undertaking or from a third party via the secondary market; (b) debt instruments issued by a qualifying portfolio undertaking; (c) loans granted by the ELTIF to a qualifying portfolio undertaking with a maturity no longer than the life of the ELTIF; (d) units or shares of one or several other ELTIFs, EuVECAs and EuSEFs provided that those ELTIFs, EuVECAs and EuSEFs have not themselves invested more than 10 % of their capital in ELTIFs; (e) direct holdings or indirect holdings via qualifying portfolio undertakings of individual real assets with a value of at least EUR 10000000 or its equivalent in the currency in which, and at the time when, the expenditure is incurred.
after (02015R0760-20240110)
Article 10 Eligible investment assets 1. An asset as referred to in Article 9(1), point (a), shall only be eligible for investment by an ELTIF where it falls into one of the following categories: (a) equity or quasi-equity instruments which have been: (i) issued by a qualifying portfolio undertaking as referred to in Article 11 and acquired by the ELTIF from that qualifying portfolio undertaking or from a third party via the secondary market; (ii) issued by a qualifying portfolio undertaking as referred to in Article 11 in exchange for an equity or quasi-equity instrument previously acquired by the ELTIF from that qualifying portfolio undertaking or from a third party via the secondary market; (iii) issued by an undertaking in which a qualifying portfolio undertaking as referred to in Article 11 holds a capital participation in exchange for an equity or quasi-equity instrument acquired by the ELTIF in accordance with point (i) or (ii) of this point (a); (b) debt instruments issued by a qualifying portfolio undertaking as referred to in Article 11; (c) loans granted by the ELTIF to a qualifying portfolio undertaking as referred to in Article 11 with a maturity that does not exceed the life of the ELTIF; (d) units or shares of one or several other ELTIFs, EuVECAs, EuSEFs, UCITS and EU AIFs managed by EU AIFMs provided that those ELTIFs, EuVECAs, EuSEFs, UCITS and EU AIFs invest in eligible investments as referred to in Article 9(1) and (2) and have not themselves invested more than 10 % of their assets in any other collective investment undertaking; (e) real assets; (f) simple, transparent and standardised securitisations where the underlying exposures correspond to one of the following categories: (i) assets listed in Article 1, point (a)(i), (ii) or (iv), of Commission Delegated Regulation (EU) 2019/1851Commission Delegated Regulation (EU) 2019/1851 of 28 May 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards on the homogeneity of the underlying exposures in securitisation (OJ L 285, 6.11.2019, p. 1).; (ii) assets listed in Article 1, point (a)(vii) or (viii), of Delegated Regulation (EU) 2019/1851, provided that the proceeds from the securitisation bonds are used for financing or refinancing long-term investments; (g) bonds issued, pursuant to a Regulation of the European Parliament and of the Council on European green bonds, by a qualifying portfolio undertaking as referred to in Article 11. The limit laid down in point (d) of the first subparagraph shall not apply to feeder ELTIFs. 2. For the purpose of determining compliance with the investment limit laid down in Article 13(1), investments by ELTIFs in units or shares of ELTIFs, EuVECAs, EuSEFs, UCITS and EU AIFs managed by EU AIFMs shall only be taken into account to the extent of the amount of the investments of those collective investment undertakings in the eligible investment assets referred to in paragraph 1, first subparagraph, points (a), (b), (c), (e), (f) and (g), of this Article. For the purpose of determining compliance with the investment limit and the other limits laid down in Article 13 and Article 16(1), the assets and the cash borrowing position of an ELTIF and of the other collective investment undertakings in which that ELTIF has invested shall be combined. The determination of compliance with the investment limit and the other limits laid down in Article 13 and Article 16(1) in accordance with this paragraph shall be carried out on the basis of information updated on at least a quarterly basis and, where that information is not available on a quarterly basis, on the basis of the most recent available information.