Statistiche › Attivo, passivo e flussi › Loan fund rules
Europe caps an open ended loan originating fund at 175 per cent leverage and a closed ended one at 300, and requires it to keep five per cent of any loan it sells
| Rule | Figura | Provision |
|---|---|---|
| Leverage, open ended | 175 per cent | Art 15(4b) |
| Leverage, closed ended | 300 per cent | same |
| How leverage is expressed | the ratio between the fund's exposure, calculated on the commitment method, and its net asset value | same |
| Excluded from exposure | borrowing fully covered by contractual capital commitments | same |
| Carve out | funds originating only shareholder loans, up to 150 per cent of capital | same |
| Concentration limit | 20 per cent of the capital of the fund, aggregate notional, only where the borrower is an insurer, a fund or another collective undertaking | Art 15(4a) |
| When it must apply | no later than 24 months from first subscription | Art 15(4c) |
| Suspension on a capital change | maximum 12 months, extendable by a further 12 by the authority | Art 15(4d) |
| Retention on transfer | 5 per cent of the notional value of each originated loan subsequently transferred | Art 15(4i) |
| For how long | until maturity for loans up to eight years and for all consumer loans, and at least eight years otherwise | same |
| Definition of a loan originating fund | a strategy mainly to originate loans, or originated loans with a notional value of at least 50 per cent of net asset value | Art 4(1)(at) |
| Shareholder loan | defined at a 5 per cent holding | Art 4(1)(as) |
Directive (EU) 2024/927, read verbatim in the Official Journal text with the article mapping into the directive it amends confirmed paragraph by paragraph. Document date 13 March 2024, entry into force 15 April 2024.
A fund is loan originating where loans are mainly its strategy or reach half its net asset value. It must be closed ended unless the manager can demonstrate its liquidity system matches its redemption policy.
Solo per membri
Il resto di questa pagina è per i membri
Below this point there are 7 sections, 1 table and 7 named sources, roughly 950 words of it. Every figure carries the source it came from and the date the data is from.
Puoi continuare a consultare gratuitamente ogni statistica della libreria. L'introduzione e il riepilogo sono sempre accessibili.