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By Marc MEYERS* Dr. Sebastiaan Niels HOOGHIEMSTRA**
Ever since the European Securities and Markets Authority (“ESMA”) published its Final Report on the Draft regulatory technical standards (the “RTS”) on 19 December 2023 (“Final Report”), in particular, the redemption policy, minimum holding period and mandatory liquidity management tools (“LMTs”) of European long-term investment funds (“ELTIFs”) have been points of intense discussion. On 8 March 2024, ESMA received a letter from the European Commission (“EC”) in which it informed ESMA that it intends to adopt the RTS with amendments and invited ESMA to submit a new draft that would cater for the “individual characteristics of different ELTIFs”. ESMA responded to this in an “Opinion” on 22 April 2024...
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