12 Amendments of Alfred SANT related to 2021/0377(COD)
Amendment 78 #
Proposal for a regulation
Recital 4
Recital 4
(4) ELTIFs have a potential to facilitate long-term investments in the real economy. Long- term investments in projects, undertakings, and infrastructure projects in third countries can bring capital to ELTIFs and thereby benefit the economy of the Union. Such benefits can originate in multiple ways, including through investments that promote the development of border regions, enhance commercial, financial and technological cooperation and facilitate investments in environmental and sustainable energy projects. Investments in third country qualifying undertakings and eligible assets may bring substantial benefits to investors and ELTIF managers and to the economies, infrastructure, climate and environmental sustainability and citizens of such third countries. It and should therefore be allowed that the. However, the main objective of the ELTIF Regulation is to channel capital towards European long-term investments in the real economy, and therefore a majority of suchthe ELTIF assets and investments or the main revenue or profit generation of such assets and investments arshould be located in a third countrywithin the Union.
Amendment 82 #
Proposal for a regulation
Recital 7
Recital 7
(7) Investments in commercial property, in facilities or installations for education, research, sports or development, or in housing, including in senior residents or social housing, should also be deemed to be eligible assets due to the capacity of such assets to contribute to the objectives of smart, sustainable and inclusive growth. To enable real investment strategies in areas where direct investments in real assets are not possible or uneconomical, eligible investments in real assets should also comprise investments in water rights, forest rights, building rights and mineral rights. Eligible investment assets should exclude speculative investment assets, such as art, manuscripts, jewellery or other similar types of investment assets, which do not represent long-term investments in the Union's real economy.
Amendment 89 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) The objective of Regulation (EU) 2015/760 is to channel capital towards long-term investments in the Union's real economy. To ensure that ELTIFs channel capital flows towards projects that put the Union economy on a path towards smart, sustainable and inclusive growth, an ELTIF should be required to invest at least 37% of its investments in environmentally sustainable economic activities in accordance with Regulations (EU) 2020/852 and 2019/2088.
Amendment 97 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) To ensure alignment with other Union legislative acts that promote long- term sustainable investments and equitable economic development, including Regulation (EU) 2020/852, ELTIFs should have measures in place to protect social rights and minimum social safeguards.
Amendment 113 #
Proposal for a regulation
Recital 16
Recital 16
(16) Unlike retail investors, professional investors may, in certain circumstances, have a longer time horizon, distinct financial returns objectives, more expertise, possess higher risk tolerance to adverse market conditions and higher capacity to absorb losses. Such professional inverstors thus require lessa different set of investor protection measure thans as compared to retail investors. It is therefore appropriate to remove the diversification requirements for ELTIFs that are solely marketed to professional investors.
Amendment 115 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18 a) To avoid an excessive concentration of a client's financial instrument portfolio in ELTIFs, the manager of the ELTIF or the distributor should issue a clear written alert that informs the client that investing an aggregate amount exceeding 10 % of the client's financial instrument portfolio in ELTIFs could constitute excessive risk taking.
Amendment 144 #
Proposal for a regulation
Recital 31
Recital 31
(31) Article 19(1) of the current version of Regulation (EU) 2015/760 requires that the rules or instruments of incorporation of an ELTIF do not prevent units or shares of the ELTIF from being admitted to trading on a regulated market or on a multilateral trading facility. Despite that possibility, ELTIF managers, investors and market participants have hardly used the secondary trading mechanism by for the trading of shares or units of ELTIFs. To promote the secondary trading of ELTIF units or shares, it is appropriate to allow ELTIF managers to put in place a possibility for an early exit of ELTIF investors, before the end of the ELTIF’s life. In order to ensure an effective functioning of such a secondary trading mechanism, such an early exit should be possible only where the manager of the ELTIF has put in place a policy for matching potential investors and exit requests. That policy should, among others, specify the transfer process, the role of the ELTIF manager and the ELTIF administrator, the duration of the liquidity window during which the units or shares of the ELTIF could be exchanged, the execution price, pro-ration conditions, disclosure requirements, fees, costs and charges and other conditions pertaining to such a liquidity window mechanism. In order to avoid any misperception by retail investors regarding the legal nature of, and the liquidity that is potentially created by, the policy for matching under the optional liquidity window mechanism, the manager of the ELTIF or the distributor should issue a clear written alert to the retail investor that the availability of such a matching policy does not guarantee a match or entitle retail investors to exit or redeem their units or shares of the ELTIF concerned.
Amendment 147 #
Proposal for a regulation
Recital 34
Recital 34
(34) Adequate disclosure of fees and charges is critically important for the evaluation of the ELTIFs as a potential investment target by investors. Such disclosure is also important where the ELTIF is marketed to retail investors in the case of master-feeder structures. It is therefore appropriate to require the ELTIF manager to include in the annual report of the feeder ELTIF a statement on the aggregate charges of the feeder ELTIF and the master ELTIF. In order to protect investors from being charged unjustified additional costs, there should be a prohibition on master ELTIFs charging feeder ELTIFs subscription and redemption fees.
Amendment 191 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) 2015/760
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
2 a. Eligible investment assets shall be subject to the minimum safeguards referred to in Article 18 of Regulation (EU) 2020/852 of the European Parliament and of the Council.
Amendment 266 #
Amendment 268 #
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) 2015/760
Article 30 – paragraph 1
Article 30 – paragraph 1
1. The units or shares of an ELTIF may onlyshall be marketed to a retail investor whereonly if the following conditions are fulfilled: (a) an assessment of suitability in accordance with Article 25, paragraphs 1, 2 and 5, Article 25(6), second and third subparagraph, and Article 25(7) of Directive 2014/65/EU has been ca(2) of Directive 2014/65/EU has been carried out, and its result has been communicated, with respect to that investor; (b) in all cases, the seller of the ELTIF has ascertained, on the basis of the assessment referried out with respect to thatto in point (a) of this paragraph, that the ELTIF is suitable for that retail investor.
Amendment 269 #
Proposal for a regulation
Article 1 – paragraph 1 – point 20
Article 1 – paragraph 1 – point 20
Regulation (EU) 2015/760
Article 30 – paragraph 2 a (new)
Article 30 – paragraph 2 a (new)
2 a. The manager of the ELTIF or the distributor shall issue a clear written alert to the retail investor that investing an aggregate amount exceeding 10 % of the retail investor’s portfolio of financial instruments in ELTIFs may constitute excessive risk taking.