emendrixAccount

Provision history · ELTIF

Art. 12 · Conflicts of interest

European Long-Term Investment Funds Regulation · 32015R0760 · every version of this act · on EUR-Lex

1 change recorded across 1 version, newest first.

Follow this provision (Atom) · Watch it from CI · Watch this provision

Version in force Modified +497 −23

Amended by Regulation (EU) 2023/606 32023R0606 on EUR-Lex · Regulation (EU) 2023/2869 32023R2869 on EUR-Lex

Applies from: no date changed

Explanation, written by a model and checked against the cited text

The heading changed from the singular 'Conflict of interest' to the plural 'Conflicts of interest', and the single unnumbered paragraph was restructured into numbered paragraphs 1 and 2.

Paragraph 1 expands the list of exempted holdings from units or shares of ELTIFs, EuSEFs or EuVECAs that the manager manages to also include UCITS and EU AIFs, and rephrases the reference to the manager managing those vehicles.

A new paragraph 2 was added allowing an EU AIFM managing an ELTIF, undertakings in the same group as that AIFM, and their staff to co-invest in the ELTIF and alongside it in the same asset, subject to the manager having organisational and administrative arrangements to identify, prevent, manage and monitor conflicts of interest and to those conflicts being adequately disclosed.

Cited: Art. 12, v1 · Art. 12, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

texts differ too much for an inline diff; shown separately

Previous version 32015R0760

Article 12
Conflict of interest
An ELTIF shall not invest in an eligible investment asset in which the manager of the ELTIF has or takes a direct or indirect interest, other than by holding units or shares of the ELTIFs, EuSEFs or EuVECAs that it manages.

this version, in force 10 January 2024 02015R0760-20240110

Article 12
Conflicts of interest
1. An ELTIF shall not invest in an eligible investment asset in which the manager of the ELTIF has or takes a direct or indirect interest, other than by holding units or shares of the ELTIFs, EuSEFs, EuVECAs, UCITS or EU AIFs that the manager of the ELTIF manages.
2. An EU AIFM managing an ELTIF and undertakings that belong to the same group as that EU AIFM, and their staff, may co-invest in that ELTIF and co-invest with the ELTIF in the same asset provided that the manager of the ELTIF has put in place organisational and administrative arrangements designed to identify, prevent, manage and monitor conflicts of interest and provided that such conflicts of interest are adequately disclosed.