On May 27, the Council of the EU published a compromise proposal (10215/14), dated May 23, 2014, in respect of the European Commission’s proposed Regulation on European Long-Term Investment Funds (ELTIF Regulation).

The ELTIF Regulation seeks to create a new type of investment fund available for retail and professional investors (an ELTIF).  ELTIFS will be used as long term collective investment vehicles to invest in infrastructure projects and un-listed companies that issue equity or debt securities for which there is no readily identifiable buyer.  ELTIFS will be subject to various investment constraints, such as a prohibition on short selling of assets and a prohibition on taking exposure to commodities.  The ELTIF Regulation (2013/0214(COD)).  Compromise Proposal.  ELTIF Regulation.