ERU, Alm.del - 2020-21 - Bilag 189: Orientering om regeringens svar på Kommissionens offentlige høring om gennemgangen af forordningen om europæiske langsigtede investeringsfonde, fra erhvervsministeren

Erhvervsudvalget 2020-21
ERU Alm.del Bilag 189
Offentligt

EUROPEAN COMMISSION

Directorate-General for Financial Stability, Financial Services and Capital Markets Union

CONSULTATION DOCUMENT

PUBLIC CONSULTATION ON THE REVIEW OF THE EUROPEAN LONG-

TERM INVESTMENT FUNDS (ELTIF) REGULATORY FRAMEWORK

Disclaimer

This document is a working document of the Commission services for consultation and

does not prejudge the final decision that the Commission may take.

The views reflected on this consultation paper provide an identification on the approach

the Commission services may take but do not constitute a final policy position or a formal

proposal by the European Commission.

ERU, Alm.del - 2020-21 - Bilag 189: Orientering om regeringens svar på Kommissionens offentlige høring om gennemgangen af forordningen om europæiske langsigtede investeringsfonde, fra erhvervsministeren

Interested parties are invited to provide feedback on the questions raised in this

consultation

by 19 January 2021

at the latest through the

online questionnaire

available

on the following webpage:

https://ec.europa.eu/info/publications/finance-consultations-2020-eltif-review_en

Views are welcome from anyone.

If you are representing Member States, national competent authorities and/or ESMA,

market participants, such as asset managers, investment firms, credit institutions, financial

intermediaries, stock exchanges, institutional and retail investors, consumer and investor

organisations, manufacturers and distributors of financial products and services, financial

and legal advisers or other services providers, as well as academics and policy think-tanks,

you are kindly requested to disclose your affiliation below.

We invite you to add any documents and/or data that you would deem useful to your replies

on this website. Please always use this questionnaire even if you would like to submit

additional documents.

Please explain your responses and, as far as possible, illustrate them with concrete

examples and substantiate them numerically with supporting data and empiric evidence.

Where appropriate, provide specific operational suggestions to questions raised. This will

allow further analytical elaboration.

You are not required to answer every questions and you may respond to only those

questions that you deem the most relevant.

Please note that in order to ensure a fair and transparent consultation process

only

responses received through the online questionnaire will be taken into account and

included in the report summarising the consultation submissions.

This consultation follows the standard rules of the European Commission for public

consultations. Responses will be published unless respondents indicate otherwise in the

online questionnaire.

Responses authorised for publication will be published online following the expiration of

the public consultation.

You are requested to read the

privacy statement attached to this consultation

for

information on how your personal data and contribution will be dealt with.

Consultation questions

HOOSE YOU QUESTIONNAIRE

Please indicate whether you wish to respond to the short version (6 questions) or full

version (42 questions) of the questionnaire.

The short version only covers the general aspects of the ELTIF regime.

The full version comprises 36 additional questions addressing more technical features.

Note that only the questions that are part of the short version are also available in French

and German.

☐

I want to respond only to the

short version of the questionnaire

(6 questions)

I want to respond to the

full version of the questionnaire

(42 questions)

SHORT VERSION OF THE QUESTIONNAIRE

DK additionally responds to specifics questions 4 to 6 of the short version

of the questionnaire.

NTRODUCTORY QUESTIONS

Question 4. Which provisions and requirements pertaining to the eligibility of investments

and investment assets set out in the ELTIF Regulation need to be updated to improve the

functioning of the ELTIF framework? Please rate as follows:

(no policy

action

needed)

(policy

action could

considered)

(policy

action

desirable)

(policy

action

needed)

(policy

action

very

strongly

needed)

Don't

know -

opinion -

Not

applicable

A minimum

size eligibility

requirement

for real assets

investments

A condition

for an

exposure to

real estate

through a

direct holding

or indirect

holding

through

qualifying

portfolio

undertakings

of individual

real assets

Limitation on

eligible

investment

assets to

ELTIFs,

EuVECAs

and EuSEFs

Inability to

invest in a

“financial

undertaking”

EUR 500

000 000

threshold for

investing in

listed issuers

Rules related

investments

in third-

country

undertakings

Other

conditions and

requirements

related to

eligible

investment

assets and

qualifying

portfolio

undertakings

Please specify what are the other conditions and requirements related to eligible investment

assets and qualifying portfolio undertakings you refer to in your response to question 4:

Question 4.1 Please explain your position on your answer to question 4:

Question 5. Should any of the following provisions of the ELTIF legal framework be

amended, and if so how, to improve the participation and access of retail investors to

ELTIFs?

Minimum entry ticket for retail investors and net worth requirements

□

Yes

☐

□

Don’t know / no opinion / not

relevant

Please explain your answer to question 5.a and your suggested approach if you responded

yes:

Denmark believes that the current regulation setting up minimum entry ticket for retail

investors and net worth requirements is appropriate. This ensures that only more financial

robust retail investors may invest due to the risk and illiquidity of the products.

Suitability test

□

Yes

☐

□

Don’t know / no opinion / not

relevant

Please explain your answer to question 5.b and your suggested approach if you responded

yes:

Withdrawal period of two weeks

□

Yes

□

☐

Don’t know / no opinion / not relevant

Please explain your answer to question 5.c and your suggested approach if you responded

yes:

Possibility to allow more frequent redemptions for retail investors

□

Yes

☐

□

Don’t

know / no opinion / not relevant

Please explain your answer to question 5.d and your suggested approach if you

responded yes:

Procedures and arrangements to deal with retail investors complaints

□

Yes

□

☐

Don’t know / no opinion / not relevant

Please explain your answer to question 5.e and your suggested approach if you responded

yes:

Provisions related to the marketing of ELTIFs

□

Yes

□

☐

Don’t know / no opinion / not relevant

Please explain your answer to question 5.f and your suggested approach if you responded

yes:

Other provisions and requirements related to retail investors

☐

Yes

□

Don’t know / no opinion / not

relevant

Please explain your answer to question 5.f and your suggested approach if you responded

yes:

Denmark believes that the requirements related to retail investor protection should

be equivalent with the requirements in the MiFID regulation

Question 6. You are kindly invited to make additional comments on this consultation if

you consider that some areas have not been adequately covered above.

Please elaborate, more specifically, which amendments of the ELTIF framework could be

beneficial in providing additional clarity and practical guidance in facilitating the pursuit

of the ELTIF strategy?

Please include examples and evidence on any issues, including those not explicitly

covered by the questions raised in this public consultation:

No opinion