ESMA published a consultation paper on draft regulatory technical standards (RTS) under the Regulation on European Long-Term Investment Funds (ELTIF Regulation). In accordance with the ELTIF Regulation, ESMA is consulting on draft RTS to determine the criteria for establishing the following:

  • Circumstances in which the use of financial derivative instruments solely serves hedging purposes;
  • Circumstances in which the life of an ELTIF is considered sufficient in length;
  • Criteria to be used for certain elements of the itemised schedule for the orderly disposal of the ELTIF assets;
  • Costs disclosure;
  • Facilities available to retail investors.

The deadline for responses to the consultation is 14 October 2015. Responses to the consultation paper will be taken into account by ESMA when it finalises the draft RTS, which it will submit to the European Commission for endorsement.

Irish Funds is preparing a response and invites contributions from interested parties.