in force 2024-01-10 MODIFIED+421 −915§
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 removed: 2013-06-26
The minimum share of capital an ELTIF must invest in eligible investment assets was lowered from 70% to 55%, and the individual concentration limits in paragraph 2 were raised, with the single-issuer limit for real assets, portfolio undertakings, and fund units increased to 20% and the limit for assets under Article 9(1)(b) increased to 10%, with the range of eligible fund types in point (c) also expanded to include UCITS and EU AIFs managed by an EU AIFM.
Paragraph 3 changed from capping the aggregate value of units or shares of ELTIFs, EuVECAs and EuSEFs to instead capping the aggregate value of simple, transparent and standardised securitisations, and the counterparty risk exposure cap in paragraph 4 was raised from 5% to 10%.
The former paragraph 5 derogation allowing the 10% limits in points (a) and (b) to rise to 20% subject to a 40% aggregate cap was removed, the remaining derogation for covered bonds was renumbered and its cross-reference and percentages adjusted, and a new paragraph 7 was added stating that the limits in paragraphs 2 to 4 do not apply where ELTIFs are marketed solely to professional investors and that the limit in paragraph 2, point (c), does not apply where an ELTIF is a feeder ELTIF.
Cited: Art. 13, v1 · Art. 13, v2
text before / after
32015R0760 → 02015R0760-20240110
Article 13
Portfolio composition and diversification
1. An ELTIF shall invest at least 70 55 % of its capital in eligible investment assets.
2. An ELTIF shall invest no more than:
(a) 10 20 % of its capital in instruments issued by, or loans granted to, any single qualifying portfolio undertaking;
(b) 10 20 % of its capital directly or indirectly in a single real asset;
(c) 10 20 % of its capital in units or shares of any single ELTIF, EuVECA EuVECA, EuSEF, UCITS or EuSEF; EU AIF managed by an EU AIFM;
(d) 5 10 % of its capital in assets referred to in Article 9(1), point (b) of Article 9(1) (b), where those assets have been issued by any single body.
3. The aggregate value of units or shares of ELTIFs, EuvECAs simple, transparent and EuSEFs standardised securitisations in an ELTIF portfolio shall not exceed 20 % of the value of the capital of the ELTIF.
4. The aggregate risk exposure to a counterparty of the ELTIF stemming from OTC over-the-counter (OTC) derivative transactions, repurchase agreements, or reverse repurchase agreements shall not exceed 5 10 % of the value of the capital of the ELTIF.
5. By way of derogation from points (a) and (b) of paragraph 2, point (d), an ELTIF may raise the 10 % limit referred to therein to 20 %, provided that the aggregate value of the assets held by the ELTIF in qualifying portfolio undertakings and in individual real assets in which it invests more than 10 % of its capital does not exceed 40 % of the value of the capital of the ELTIF.
6. By way of derogation from point (d) of paragraph 2, an ELTIF may raise the 5 % limit referred to therein to 25 % where bonds are issued by a credit institution which that has its registered office in a Member State and that is subject by law to special public supervision designed to protect bond-holders. In particular, sums deriving from the issue of those bonds shall be invested in accordance with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attaching to the bonds and which, in the event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest.
7. 6. Companies which are included in the same group for the purposes of consolidated accounts, as regulated by Directive 2013/34/EU of the European Parliament and of the Council
Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19). or in accordance with recognised international accounting rules, shall be regarded as a single qualifying portfolio undertaking or a single body for the purpose of calculating the limits referred to in paragraphs 1 to 6. 5 of this Article.
7. The investment limits set out in paragraphs 2 to 4 shall not apply where ELTIFs are marketed solely to professional investors. The investment limit set out in paragraph 2, point (c), shall not apply where an ELTIF is a feeder ELTIF.