Treasury has made the European Long Term Investment Funds (ELTIF) Regulations, which come into force on 3 December. The Regulations amend:
- the Financial Services and Markets Act and the Alternative Investment Fund Managers Regulations to take account of the EU ELTIF Regulation and to put in place the mechanism for applications for ELTIF authorisation;
- relevant financial promotion exemptions in respect of communications covered by the EU ELTIF Regulation;
- requirements on electing participants for the purposes of the FSCS to confirm EEA managers of UK-authorised ELTIFs will be covered by the FSCS;
- including appropriate reference to the EU ELTIF Regulation for the purposes of qualifying EU provisions to enable FCA to enforce directly applicable requirements arising from the EU ELTIF Regulation; and
- the Limited Partnerships Act 1907 to ensure the legal structure of an ELTIF cannot lead to any additional liability for limited partners beyond their initial capital commitment.
(Source: Treasury Makes ELTIF Regulations)