On 26 June 2013, the European Commission published a provisional version of a legislative proposal for a Regulation on European long-term investment funds. It appears that these private European long-term investment funds (ELTIFs) will only invest in businesses that need money to be committed to them for long periods of time, must only be sold by managers who are authorised under the AIFMD, and will benefit from an EU passport for marketing to retail and professional investors (unlike the AIFMD passport which covers marketing to professional investors only).