in force 2024-01-10 MODIFIED+1,260 −413§
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: 2030-04-10 · dates removed: 2019-06-09
The review deadline of 9 June 2019 for starting the review has been removed, and the list of elements the Commission must analyse has been expanded from four items to ten, covering matters such as authorisation provisions, the central public register, conflicts of interest, transparency requirements, marketing provisions, and contribution to Union objectives like the European Green Deal.
Paragraph 2 now sets a specific deadline of 10 April 2030 for the Commission to submit its report following the review, a deadline not present in the earlier text.
Cited: Art. 37, v1 · Art. 37, v2
text before / after
texts differ too much for an inline diff; shown separately
before (32015R0760)
Article 37 Review 1. No later than 9 June 2019, the Commission shall start a review of the application of this Regulation. The review shall analyse, in particular: (a) the impact of Article 18; (b) the impact on asset diversification of the application of the minimum threshold of 70 % of eligible investment assets laid down in Article 13(1); (c) the extent to which ELTIFs are marketed in the Union, including whether AIFMs falling under Article 3(2) of Directive 2011/61/EU might have an interest in marketing ELTIFs; (d) the extent to which the list of eligible assets and investments should be updated, as well as the diversification rules, portfolio composition and limits regarding the borrowing of cash. 2. Following the review referred to in paragraph 1 of this Article, and after consulting ESMA, the Commission shall submit to the European Parliament and to the Council a report assessing the contribution of this Regulation and of ELTIFs to the completion of the Capital Markets Union and to the achievement of the objectives set out in Article 1(2). The report shall be accompanied, where appropriate, by a legislative proposal.
after (02015R0760-20240110)
Article 37 Review 1. The Commission shall review the application of this Regulation and shall analyse at least the following elements: (a) the extent to which ELTIFs are marketed in the Union, including whether the AIFMs referred to in Article 3(2) of Directive 2011/61/EU might have an interest in marketing ELTIFs; (b) the application of provisions on the authorisation of ELTIFs, as set out in Articles 3 to 6; (c) whether the provisions on the central public register of ELTIFs as laid down in Article 3 should be updated; (d) whether the list of eligible assets and investments, the portfolio composition and diversification requirements, the concentration rules and the limits regarding the borrowing of cash should be updated; (e) the impact of the application of the investment limit for eligible investment assets laid down in Article 13(1) on asset diversification; (f) whether the provisions concerning conflicts of interest laid down in Article 12 should be updated; (g) the application of Article 18 and the impact of that application on the redemption policy and the life of ELTIFs; (h) whether the transparency requirements laid down in Chapter IV are appropriate; (i) whether the provisions concerning the marketing of units or shares of ELTIFs laid down in Chapter V are appropriate and ensure an effective protection of investors, including retail investors; (j) whether ELTIFs have made a significant contribution to achieving Union objectives such as those set out in the European Green Deal and in other priority areas. 2. Based on the review referred to in paragraph 1 of this Article, the Commission shall by 10 April 2030, and after consulting ESMA, submit to the European Parliament and to the Council a report assessing the contribution of this Regulation and of ELTIFs to the completion of the capital markets union and to the achievement of the objectives set out in Article 1(2). The report shall be accompanied, where appropriate, by a legislative proposal.