Version in force , Modified +46 −57§
Amended by Regulation (EU) 2023/606 32023R0606 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2023/2869 32023R2869 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraph 3 now refers to a disposal of an asset occurring during the life of the ELTIF, rather than before the end of the life of the ELTIF.
The wording on the manager's consideration of investors' interests has also been rephrased, stating that the disposal is duly considered by the manager to be in the investors' interests, instead of stating that the disposal is duly considered to be in the investors' interests by the manager.
Cited: Art. 22, v1 (external, EUR-Lex) · Art. 22, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version 32015R0760 → this version, in force 10 January 2024 02015R0760-20240110
Article 22
Distribution of proceeds and capital
1. An ELTIF may regularly distribute to investors the proceeds generated by the assets contained in its portfolio. Those proceeds shall comprise:
(a) proceeds that the assets are regularly producing;
(b) capital appreciation realised after the disposal of an asset.
2. The proceeds shall not be distributed to the extent that they are required for future commitments of the ELTIF.
3. An ELTIF may reduce its capital on a pro rata basis in the event of a disposal of an asset before the end of during the life of the ELTIF, provided that such a disposal is duly considered to be in the investors' interests by the manager of the ELTIF. ELTIF to be in the investors’ interests.
4. The rules or instruments of incorporation of an ELTIF shall specify the distribution policy that the ELTIF will apply during its life.