Stats › Gestion active, passive et flux › Long term funds
Europe deleted the 10,000 euro minimum and the ten per cent portfolio cap on its long term investment fund, and halved the share it must hold in eligible assets
| Paramètre | As enacted in 2015 | After 10 January 2024 | Article |
|---|---|---|---|
| Minimum in eligible investment assets | 70 per cent | 55 per cent | Art 13(1) |
| Single qualifying portfolio undertaking limit | 10 per cent | 20 per cent | Art 13(2) |
| Single real asset limit | 10 per cent | 20 per cent | Art 13(2) |
| Units of a single fund | 10 per cent, restricted to three fund types | 20 per cent, widened to include collective investment undertakings and European alternative funds | Art 13(2) |
| A further diversification limit | 5 per cent | 10 per cent | Art 13(2)(d) |
| Counterparty exposure | 5 per cent | 10 per cent | Art 13(4) |
| Borrowing | 30 per cent of capital | 50 per cent of net asset value for retail marketed funds, 100 per cent for professional only | Art 16(1)(a) |
| Market capitalisation ceiling for a listed portfolio undertaking | 500,000,000 euro | 1,500,000,000 euro | Art 11(1)(b)(ii) |
| Minimum initial investment | 10,000 euro | no provision | Art 30(3), replaced |
| Portfolio cap for investors with 500,000 euro or less | 10 per cent aggregate | no provision | Art 30(3), replaced |
Regulation (EU) 2015/760, which applied from 9 December 2015, and Regulation (EU) 2023/606, which applied from 10 January 2024. Article 30 was not amended but replaced in full.
Article 30 was replaced in full on 10 January 2024. The original barred a retail investor with a portfolio of 500,000 euro or less from putting more than ten per cent of it into these funds. The replacement contains neither limit.
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