aonaid nó scaireanna ELTIF, EuVEC agus EuSEF amháin nó roinnt ELTIFanna, EuVECAnna agus EuSEFanna eile ar choinníoll nach mbeidh na hELTIFanna, na hEuVECAnna agus na hEuSEFanna sin tar éis níos mó ná 10 % dá gcaipiteal a infheistiú in ELTIFanna;
units or shares of one or several other ELTIFs, EuVECAs and EuSEFs provided that those ELTIFs, EuVECAs and EuSEFs have not themselves invested more than 10 % of their capital in ELTIFs;
Chun teacht timpeall ar na rialacha sin a chosc agus chun a áirithiú go gcomhlíonann ELTIFanna ar bhonn punainne comhiomláin Rialachán (AE) 2015/760, ba cheart sócmhainní agus suíomh iasachtaíochta airgid ELTIFanna a chomhcheangal le sócmhainní agus suíomh iasachtaíochta airgid na ngnóthas comhinfheistíochta ina bhfuil infheistíocht déanta ag ELTIFanna chun measúnú a dhéanamh an bhfuil na ceanglais maidir le comhdhéanamh agus éagsúlú punainne, agus na teorainneacha iasachtaíochta, á gcomhlíonadh ag ELTIFanna.
In order to prevent circumvention of those rules and to ensure that ELTIFs comply on an aggregate portfolio basis with Regulation (EU) 2015/760, the assets and cash borrowing position of ELTIFs should be combined with those of the collective investment undertakings in which ELTIFs have invested in order to assess ELTIFs’ compliance with the portfolio composition and diversification requirements, and with the borrowing limits.
I bhfianaise cineál neamhleachtach agus neamhghnách sócmhainní infheistíochta incháilithe áirithe a bhíonn i bpunanna ELTIFanna, is féidir leis a bheith dian agus costasach ar bhainisteoirí ELTIFanna leachtacht ELTIFanna a bhainistiú, iarrataí ar fhuascailt a chomhlíonadh, socruithe iasachtaíochta a dhéanamh, agus forghníomhú a dhéanamh ar eilimintí eile straitéisí infheistíochta ELTIFanna a bhaineann le sócmhainní infheistíochta incháilithe den sórt sin a aistriú, a luacháil agus a chur i ngeall.
Given the illiquid and idiosyncratic nature of certain eligible investment assets within ELTIFs’ portfolios, however, it can prove difficult and costly for managers of ELTIFs to manage the liquidity of ELTIFs, honour redemption requests, enter into borrowing arrangements, and execute other elements of ELTIFs’ investment strategies pertaining to the transfer, valuation and pledging of such eligible investment assets.
Ba cheart do bhainisteoirí ELTIFanna na rialacha céanna a leanúint ar fud an Aontais ionas go gcothófar muinín infheisteoirí in ELTIFanna agus go n — áiritheofar iontaofacht sheasmhach an ainmniúcháin “ELTIF”.
Managers of ELTIFs should follow the same rules across the Union in order to enhance the confidence of investors in ELTIFs and ensure enduring trustworthiness of the ‘ELTIF’ designation.
Ba cheart feidhm a bheith ag rialacha aonfhoirmeacha maidir le hAIFanna AE uile ar mian leo iad féin a chur ar an margadh mar ELTIFanna.
Uniform rules should apply to all EU AIFs that wish to market themselves as ELTIFs.
Chun a áirithiú go gcomhlíonann ELTIFanna na rialacha comhchuibhithe maidir le gníomhaíocht na gcistí sin, is gá a cheangal ar údaráis inniúla ELTIFanna a údarú.
In order to ensure the compliance of ELTIFs with the harmonised rules governing the activity of these funds, it is necessary to require competent authorities to authorise ELTIFs.
Chun a áirithiú go ndíríonn ELTIFanna ar infheistíochtaí fadtéarmacha agus go rannchuidíonn siad le fás inbhuanaithe gheilleagar an Aontais a mhaoiniú, ba cheart é bheith ina cheanglas i rialacha maidir le punann ELTIFanna go sainaithneofar go soiléir catagóirí na sócmhainní atá incháilithe d'infheistíocht ag ELTIFanna agus na coinníollacha faoinar cheart iad a bheith incháilithe.
In order to ensure that ELTIFs target long-term investments and contribute to the financing of a sustainable growth of the Union's economy, rules on the portfolio of ELTIFs should require the clear identification of the categories of assets that are eligible for investment by ELTIFs, and of the conditions under which they should be eligible.
Chun nach gcaolófar na hinfheistíochtaí i ngnóthais phunainne cháilitheacha, níor cheart cead a bheith ag ELTIFanna infheistiú in ELTIFanna eile, in EuVECAnna agus in EuSEFanna ach ar choinníoll nár infheistigh na hELTIFanna sin iad féin níos mó ná 10 % dá gcaipiteal in ELTIFanna eile.
To prevent dilution of the investments in qualifying portfolio undertakings, ELTIFs should only be permitted to invest in other ELTIFs, EuVECAs, and EuSEFs provided that they have not themselves invested more than 10 % of their capital in other ELTIFs.
Chun teorainn a chur le dul i riosca ag ELTIFanna, tá sé bunriachtanach riosca contrapháirtí a laghdú trí phunann ELTIFanna a chur faoi réir ceanglas soiléir dibhéirsithe.
In order to limit risk-taking by ELTIFs, it is essential to reduce counterparty risk by subjecting the portfolio of ELTIFs to clear diversification requirements.
OIBLEAGÁIDÍ MAIDIR LE BEARTAIS INFHEISTÍOCHTA ELTIFanna
OBLIGATIONS CONCERNING THE INVESTMENT POLICIES OF ELTIFs
Beartas fuascailte agus saolré ELTIFanna
Redemption policy and life of ELTIFs
MARGÚ AONAD AGUS SCAIREANNA ELTIFanna
MARKETING OF UNITS OR SHARES OF ELTIFs
Próiseas measúnaithe inmheánach d'ELTIFanna arna margú le hinfheisteoirí miondíola
Internal assessment process for ELTIFs marketed to retail investors
Ceanglais shonracha maidir le dáileadh ELTIFanna ar infheisteoirí miondíola
Specific requirements concerning the distribution of ELTIFs to retail investors
Ceanglais bhreise maidir le hELTIFanna a mhargú le hinfheisteoirí miondíola
Additional requirements for marketing ELTIFs to retail investors
Aonaid agus scaireanna ELTIFanna a mhargú
Marketing of units or shares of ELTIFs
a mhéid a mhargaítear ELTIFanna san Aontas, lena n-áirítear an spéis a d'fhéadfadh a bheith ag AIFManna a thagann faoi réim Airteagal 3(2) de Threoir 2011/61/AE i margú ELTIFanna;
the extent to which ELTIFs are marketed in the Union, including whether AIFMs falling under Article 3(2) of Directive 2011/61/EU might have an interest in marketing ELTIFs;
Is gá cur le tarraingteacht ELTIFanna do bhainisteoirí sócmhainní agus an raon straitéisí infheistíochta atá ar fáil do bhainisteoirí ELTIF a leathnú chun teorannú míchuí a sheachaint maidir le raon feidhme na hincháilitheachta a bhaineann le sócmhainní agus gníomhaíochtaí infheistíochta de chuid ELTIFanna.
It is necessary to increase the attractiveness of ELTIFs for asset managers and broaden the range of investment strategies available to managers of ELTIFs so as to avoid any undue limitation of the scope of the eligibility of assets and investment activities of ELTIFs.
Dá bhrí sin, ba cheart, i gcoitinne, an fhéidearthacht a bheith ann do ELTIFanna comhinfheistiú mionlaigh a dhéanamh i ndeiseanna infheistíochta.
ELTIFs should therefore, in general, have the possibility of conducting minority co-investment in investment opportunities.
Dá bhrí sin, dá n-ísleofaí an teorainn le haghaidh sócmhainní infheistíochta incháilithe, chuirfí ar a gcumas do bhainisteoirí ELTIFanna bainistiú níos fearr a dhéanamh ar leachtacht ELTIFanna.
Lowering the limit for eligible investment assets would therefore enable managers of ELTIFs to better manage the liquidity of ELTIFs.
Níor cheart ach sócmhainní infheistíochta incháilithe ELTIFanna, seachas gnóthais chomhinfheistíochta, agus sócmhainní infheistíochta incháilithe gnóthas comhinfheistíochta ina bhfuil infheistíocht déanta ag ELTIFanna a chomhcheangal chun a mheas an gcomhlíonann na ELTIFanna sin an teorainn infheistíochta le haghaidh sócmhainní infheistíochta incháilithe.
Only eligible investment assets of ELTIFs other than collective investment undertakings and eligible investment assets of collective investment undertakings in which ELTIFs have invested should be combined for the purpose of assessing compliance by those ELTIFs with the investment limit for eligible investment assets.
Chun laghdú a dhéanamh ar chostais idirbheartaíochta agus riaracháin do ELTIFanna agus, ar deireadh thiar, dá gcuid infheisteoirí, ba cheart, dá bhrí sin, do ELTIFanna a bheith in ann dul i mbun straitéisí infheistíochta níos comhchruinnithe agus ar an gcaoi sin neamhchosaintí ar níos lú sócmhainní incháilithe a bheith acu.
To reduce transaction and administrative costs for ELTIFs, and ultimately their investors, ELTIFs should therefore be able to pursue more concentrated investment strategies and thus have exposures to fewer eligible assets.
Leis an tsolúbthacht bhreise sin i gcomhdhéanamh punainne ELTIFanna agus an laghdú sna ceanglais maidir le héagsúlú, níor cheart difear ábhartha a dhéanamh do chumas ELTIFanna luaineacht sa mhargadh a sheasamh, toisc gurb iondúil go n-infheistíonn ELTIFanna i sócmhainní gan luachan margaidh a bhfuil fáil éasca air a bheith acu, a d’fhéadfadh a bheith thar a bheith neamhleachtach, agus ar minic dóibh a mbíonn aibíocht fhadtéarmach nó tréimhse ionchais níos faide acu.
That additional flexibility in the portfolio composition of ELTIFs and the reduction in the diversification requirements should not materially affect the capacity of ELTIFs to withstand market volatility, since ELTIFs typically invest in assets that do not have a readily available market quotation, that might be highly illiquid, and that frequently have long-term maturity or a longer time horizon.
Dá bhrí sin, ba cheart cead a bheith ag ELTIFanna a gcuid sócmhainní a chomhthiomsú agus úsáid a bhaint as struchtúir mháistir-fothaire trí infheistiú i máistir-ELTIFanna.
ELTIFs should therefore be allowed to pool their assets and make use of master-feeder structures by investing in master ELTIFs.
Chun deiseanna infheistíochta níos leithne a sholáthar do ELTIFanna, ba cheart do ELTIFanna a bheith in ann iasachtaí a fháil san airgeadra ina bhfuil bainisteoir an ELTIF ag súil leis an tsócmhainn a fháil.
To provide ELTIFs with wider investment opportunities, ELTIFs should be able to borrow in the currency in which the manager of the ELTIF expects to acquire the asset.
Dá bhrí sin, ba cheart d’ELTIFanna a neamhchosaint airgeadra a fhálú go hiomchuí.
ELTIFs should therefore appropriately hedge their currency exposure.
Ba cheart do ELTIFanna a bheith in ann a gcuid sócmhainní a chur faoi eire chun a straitéis iasachtaíochta a chur chun feidhme.
ELTIFs should be able to encumber their assets to implement their borrowing strategy.
In ainneoin na féidearthachta sin, is ar éigean a bhain bainisteoirí ELTIFanna, chomh maith le hinfheisteoirí agus rannpháirtithe sa mhargadh, úsáid as an sásra trádála tánaisteach chun aonaid nó scaireanna ELTIFanna a thrádáil.
Despite that possibility, managers of ELTIFs, as well as investors and market participants, have hardly used the secondary trading mechanism for the trading of units or shares of ELTIFs.
Faoi láthair, ceanglaítear le Rialachán (AE) 2015/760 ar bainisteoirí ELTIF saoráidí áitiúla a bhunú i ngach Ballstát ina mbeartaíonn siad ELTIFanna a mhargú.
At present, Regulation (EU) 2015/760 requires managers of ELTIFs to set up local facilities in each Member State where they intend to market ELTIFs.
Chun na cásanna sin a chumhdach, le Rialachán (AE) 2015/760, ceanglaítear, faoi láthair, ar bhainisteoirí ELTIFanna próiseas measúnaithe inmheánach a fhorbairt le haghaidh ELTIFanna a mhargaítear le hinfheisteoirí miondíola.
To cover those cases, Regulation (EU) 2015/760 at present requires managers of ELTIFs to develop an internal assessment process for ELTIFs marketed to retail investors.
Le Rialachán (AE) 2015/760, ceanglaítear freisin ar bhainisteoirí nó dáileoirí ELTIFanna comhairle infheistíochta iomchuí a sholáthar agus ELTIFanna á margú le hinfheisteoirí miondíola.
Regulation (EU) 2015/760 also requires distributors or managers of ELTIFs to provide appropriate investment advice when marketing ELTIFs to retail investors.
Aonaid nó scaireanna ELTIFanna a fhuascailt
Redemption of units or shares of ELTIFs
An coinníoll i dtaca le híostréimhse sealbhaíochta dá dtagraítear i bpointe (a) den chéad fhomhír, ní bheidh feidhm aige maidir le ELTIFanna fothaire atá ag infheistiú ina máistir-ELTIFanna.
The condition of a minimum holding period referred to in point (a) of the first subparagraph shall not apply to feeder ELTIFs investing in their master ELTIFs.
Próiseas measúnaithe inmheánach le haghaidh ELTIFanna ar féidir iad a mhargú le hinfheisteoirí miondíola
Internal assessment process for ELTIFs that can be marketed to retail investors
Ceanglais shonracha maidir le dáileadh ELTIFanna ar infheisteoirí miondíola agus maidir le ELTIFanna a mhargú le hinfheisteoirí miondíola
Specific requirements concerning the distribution and marketing of ELTIFs to retail investors
a mhéid a mhargaítear ELTIFanna san Aontas, lena n-áirítear an spéis a d’fhéadfadh a bheith ag na AIFManna dá dtagraítear in Airteagal 3(2) de Threoir 2011/61/AE i margú ELTIFanna;
the extent to which ELTIFs are marketed in the Union, including whether the AIFMs referred to in Article 3(2) of Directive 2011/61/EU might have an interest in marketing ELTIFs;
Athbhreithniú ar ghnéithe inbhuanaitheachta ELTIFanna
Review of sustainability aspects of ELTIFs
ar cheart oibleagáid ghinearálta a bheith ar ELTIFanna an prionsabal “gan dochar suntasach a dhéanamh” de réir bhrí Airteagal 2a de Rialachán (AE) 2019/2088 a chomhlíonadh ina gcinntí infheistíochta, nó ar cheart an oibleagáid sin a bheith teoranta do ELTIFanna a mhargaítear mar ELTIFanna atá inbhuanaithe ó thaobh an chomhshaoil de nó mar ELTIFanna glasa, i gcás ina meastar go bhfuil ainmniú roghnach den sórt sin indéanta;
whether there should be a general obligation for ELTIFs to comply in their investment decisions with the principle of “do no significant harm” within the meaning of Article 2a of Regulation (EU) 2019/2088, or whether that obligation should be limited to ELTIFs marketed as environmentally sustainable or green ELTIFs, in the eventuality that such an optional designation is considered feasible;
an bhfuil aon deis ann feabhas a chur ar an gcreat le haghaidh ELTIFanna trí rannchuidiú ar bhealach níos suntasaí le cuspóirí an Chomhaontaithe Ghlais don Eoraip, gan an bonn a bhaint de chineál na ELTIFanna.
whether there is any potential to improve the framework for ELTIFs by contributing more significantly to the objectives of the European Green Deal, without undermining the nature of ELTIFs.
Tá sé sár-riachtanach go n-áiritheofar go mbeidh na rialacha ar oibriú ELTIFanna, go háirithe maidir le comhdhéanamh a bpunainne agus na hionstraimí infheistíochta is ceadmhach dóibh a úsáid, infheidhme go díreach maidir le bainisteoirí ELTIFanna agus, dá bhrí sin, ní mór na rialacha nua seo a ghlacadh mar Rialachán.
It is essential to ensure that the rules on the operation of ELTIFs, in particular regarding the composition of their portfolio and the investment instruments that they are allowed to use, be directly applicable to the managers of ELTIFs and, therefore, these new rules need to be adopted as a Regulation.
D'fhonn an chosaint atá ar fáil d'infheisteoirí miondíola a neartú, foráiltear leis an Rialachán seo freisin i dtaca le hinfheisteoirí miondíola nach mó a bpunann, atá comhdhéanta de thaiscí in airgead tirim agus ionstraimí airgeadais ach gan ionstraimí airgeadais a tugadh mar chomhthaobhacht a chur san áireamh, ná EUR 500000, gur cheart do bhainisteoir an ELTIF nó d'aon dáileoir, tar éis dóibh tástáil oiriúnachta a dhéanamh agus tar éis dóibh comhairle infheistíochta iomchuí a sholáthar, a áirithiú nach ndéanfaidh an t-infheisteoir miondíola méid comhiomlán is mó ná 10 % de phunann an infheisteora a infheistiú in ELTIFanna ar choinníoll nach lú ná EUR 10000 an méid tosaigh a infheistíodh i gceann amháin nó níos mó de na hELTIFanna.
With a view to strengthening the protection of retail investors, this Regulation in addition provides that for retail investors whose portfolio, composed of cash deposits and financial instruments excluding any financial instruments that have been given as collateral, does not exceed EUR 500 000, the manager of the ELTIF or any distributor, after having performed a suitability test and having provided appropriate investment advice, should ensure that the retail investor does not invest an aggregate amount exceeding 10 % of the investor's portfolio in ELTIFs and the initial amount invested in one or more ELTIFs is not less than EUR 10 000.
Ós rud é nach féidir leis na Ballstáit cuspóirí an Rialacháin seo, eadhon, a áirithiú go mbeidh na ceanglais maidir le hinfheistíochtaí agus coinníollacha oibríochta ELTIFanna ar fud an Aontais aonfhoirmeach, agus á chur san áireamh go hiomlán an gá atá le cothromaíocht a bhaint amach idir sábháilteacht agus iontaofacht ELTIFanna, ar an taobh amháin, agus le hoibríocht éifeachtúil an mhargaidh do mhaoiniú fadtéarmach agus leis an gcostas i gcás a gheallsealbhóirí éagsúla, ar an taobh eile, a ghnóthú go leordhóthanach ach gur féidir, de bharr a bhfairsinge agus a n-éifeachtaí, iad a ghnóthú níos fearr ar leibhéal an Aontais, féadfaidh an tAontas bearta a ghlacadh, i gcomhréir le prionsabal na coimhdeachta, a leagtar amach in Airteagal 5 den Chonradh ar an Aontas Eorpach.
Since the objectives of this Regulation, namely to ensure uniform requirements on the investments and operating conditions for ELTIFs throughout the Union, while taking full account of the need to balance safety and reliability of ELTIFs with the efficient operation of the market for long-term financing and the cost for its various stakeholders, cannot be sufficiently achieved by the Member States but can rather, by reason of their scale and effects, be better achieved at Union level, the Union may adopt measures in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union.
I gcás nach mó ná EUR 500000 punann ionstraime airgeadais infheisteora miondíola ionchasaigh, déanfaidh bainisteoir an ELTIF nó aon dáileoir, tar éis an tástáil oiriúnachta dá dtagraítear in Airteagal 28(1) a dhéanamh agus tar éis comhairle infheistíochta iomchuí a sholáthar, a áirithiú ar bhonn na faisnéise a bheidh curtha isteach ag an infheisteoir miondíola ionchasach nach ndéanfaidh an t-infheisteoir miondíola ionchasach méid comhiomlán is mó ná 10 % de phunann ionstraime airgeadais an infheisteora sin a infheistiú in ELTIFanna agus gurb ionann an t-íosmhéid tosaigh a dhéantar a infheistiú in ELTIF amháin nó níos mó agus EUR 10000.
Where the financial instrument portfolio of a potential retail investor does not exceed EUR 500 000, the manager of the ELTIF or any distributor, after having performed the suitability test referred to in Article 28(1) and having provided appropriate investment advice, shall ensure, on the basis of the information submitted by the potential retail investor, that the potential retail investor does not invest an aggregate amount exceeding 10 % of that investor's financial instrument portfolio in ELTIFs and that the initial minimum amount invested in one or more ELTIFs is EUR 10 000.
Chun próifíl leachtachta níos fearr a sholáthar do ELTIFanna, ba cheart, dá bhrí sin, caipitliú margaidh na ngnóthas punainne cáilitheach liostaithe inar féidir le ELTIFanna infheistíocht a dhéanamh a mhéadú ó uasmhéid EUR 500000000 go dtí uasmhéid EUR 1500000000.
In order to provide ELTIFs with a better liquidity profile, the market capitalisation of the listed qualifying portfolio undertakings in which ELTIFs can invest should therefore be increased from a maximum of EUR 500000000 to a maximum of EUR 1500000000.
Maidir leis an teorainn ard infheistíochta sin le haghaidh sócmhainní infheistíochtaí incháilithe i bpunanna ELTIFanna, bunaíodh i dtosach í i bhfianaise fhócas ELTIFanna ar infheistíochtaí fadtéarmacha agus an rannchuidithe a bhíothas ag súil leis a dhéanfadh infheistíochtaí den sórt sin maidir le maoiniú fhás inbhuanaithe gheilleagar an Aontais.
That high investment limit for eligible investment assets in ELTIFs’ portfolios was initially established in view of the focus of ELTIFs on long-term investments and the contribution such investments were expected to make to the financing of sustainable growth of the Union’s economy.
Chun úsáid níos fearr a bhaint as saineolas bhainisteoirí ELTIFanna agus mar gheall ar bhuntáistí an éagsúlaithe, i gcásanna áirithe is féidir leis dul chun tairbhe do ELTIFanna gach sócmhainn nó beagnach gach sócmhainn dá gcuid a infheistiú i bpunann éagsúlaithe de chuid mháistir-ELTIF.
In order to better use the expertise of managers of ELTIFs and because of the benefits of diversification, in certain cases it can be beneficial for ELTIFs to invest all or almost all of their assets in the diversified portfolio of a master ELTIF.
Ós rud é go bhfuil iasacht airgid thirim teoranta faoi láthair i Rialachán (AE) 2015/760 go 30 % de luach chaipiteal ELTIFanna, d’fhéadfadh sé nach mbeadh bainisteoirí ELTIFanna in ann straitéisí infheistíochta áirithe a shaothrú go rathúil, lena n-áirítear i gcás infheistíochtaí i sócmhainní réadacha, i gcás inar gnáthchleachtas tionscadail é leibhéil níos airde giarála a úsáid nó inar gá ar shlí eile sin a dhéanamh chun fáltais tharraingteacha riosca-choigeartaithe a bhaint amach.
Since the borrowing of cash is at present limited in Regulation (EU) 2015/760 to 30 % of the value of the capital of ELTIFs, managers of ELTIFs might be unable to successfully pursue certain investment strategies, including in the case of investments in real assets, where using higher levels of leverage is an industry norm or is otherwise required to achieve attractive risk-adjusted returns.
I bhfianaise an mhéadaithe ar na teorainneacha uasta chun airgead tirim a bheith á fháil ar iasacht ag ELTIFanna agus toisc gur baineadh teorainneacha áirithe ar airgead tirim a fháil ar iasacht in airgeadraí eachtracha, ba cheart faisnéis níos cuimsithí a bheith ag infheisteoirí maidir leis na straitéisí agus teorainneacha iasachtaíochta a úsáideann ELTIFanna.
Given the increase of the maximum limits for the borrowing of cash by ELTIFs and the removal of certain limits on the borrowing of cash in foreign currencies, investors should have more comprehensive information on the borrowing strategies and limits employed by ELTIFs.
I bhfianaise threoshuíomh fadtéarmach na ELTIFanna agus na próifíle sócmhainní neamhghnáiche neamhleachtaí is minic a bhaineann le punanna ELTIFanna, is féidir le teidlíocht aon infheisteora nó aon ghrúpa infheisteoirí chun foirceann ELTIF a iarraidh a bheith díréireach agus dochrach d’fhorghníomhú rathúil straitéis infheistíochta an ELTIF agus do leasanna infheisteoirí eile agus grúpaí infheisteoirí eile araon.
Given the long-term orientation of ELTIFs and the often idiosyncratic and illiquid asset profile of ELTIFs’ portfolios, the entitlement of any investor or group of investors to request the winding down of an ELTIF can be disproportionate and detrimental to both the successful execution of the ELTIF’s investment strategy and the interests of other investors or groups of investors.
Ós rud é gur ionstraimí airgeadais iad aonaid agus scaireanna ELTIFanna, tá feidhm ag na rialacha maidir le rialachas táirgí atá i dTreoir 2014/65/AE ó Pharlaimint na hEorpa agus ón gComhairle i gcás ina ndéantar ELTIFanna a mhargú trí sheirbhísí infheistíochta a sholáthar.
Since units and shares of ELTIFs are financial instruments, the product governance rules of Directive 2014/65/EU of the European Parliament and of the Council apply where ELTIFs are marketed with the provision of investment services.