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Regulation 2015/760/EU of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (ELTIF Regulation) (Text with EEA relevance)RecitalsChapter I General provisions (arts. 1-7)Article 1 Subject matter and objectiveArticle 2 DefinitionsArticle 3 Authorisation and central public registerArticle 4 Designation and prohibition on transformationArticle 5 Application for authorisation as an ELTIFArticle 6 Conditions for granting authorisation as an ELTIFArticle 7 Applicable rules and liabilityChapter II Obligations concerning the investment policies of ELTIFs (8-17)Section 1 General rules and eligible assets (arts. 8-12)Article 8 Investment compartmentsArticle 9 Eligible investmentsArticle 10 Eligible investment assetsArticle 11 Qualifying portfolio undertakingArticle 12 Conflict of interestSection 2 Provisions on investment policies (arts. 13-17)Article 13 Portfolio composition and diversificationArticle 14 Rectification of investment positionsArticle 15 Concentration limitsArticle 16 Borrowing of cashArticle 17 Application of portfolio composition and diversification rulesChapter III Redeption, trading and issue of UNITS or shares of an ELTIF and distribution of proceeds and capital (arts. 18-22)Article 18 Redemption of units or shares of ELTIFsArticle 19 Secondary marketArticle 20 Issuance of new units or sharesArticle 21 Disposal of ELTIF assetsArticle 22 Distribution of proceeds and capitalChapter IV Transparency requirements (arts. 23-25a)Article 23 TransparencyArticle 24 Additional requirements of the prospectusArticle 25 Cost disclosureArticle 25a Accessibility of information on the European single access pointChapter V Margeting of UNITS or shares of ELTIFs (arts. 26-31)Article 26 Facilities available to investorsArticle 27 Internal assessment process for ELTIFs that can be marketed to retail investorsArticle 28 Specific requirements concerning the distribution of ELTIFs to retail investorsArticle 29 Specific provisions concerning the depositary of an ELTIF marketed to retail investorsArticle 30 Specific requirements concerning the distribution and marketing of ELTIFs to retail investorsArticle 31 Marketing of units or shares of ELTIFsChapter VI Supervision (arts. 32-35)Article 32 Supervision by the competent authoritiesArticle 33 Powers of competent authoritiesArticle 34 Powers and competences of ESMAArticle 35 Cooperation between competent authoritiesChapter VII Final provisions (arts. 36-38)Article 36 Processing of applications by the CommissionArticle 37 ReviewArticle 37a Review of sustainability aspects of ELTIFsArticle 38 Entry into forceDone at
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AI Summary of Article 29 Specific provisions concerning the depositary of an ELTIF marketed to retail investors

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 10 January 2024 - onwards
Version 4 of 4

Article 29 Specific provisions concerning the depositary of an ELTIF marketed to retail investors

1. By way of derogation from Article 21(3) of Directive 2011/61/EU, the depositary of an ELTIF marketed to retail investors shall be an entity of the type referred to in Article 23(2) of Directive 2009/65/EC.

2. By way of derogation from the second subparagraph of Article 21(13) and Article 21(14) of Directive 2011/61/EU, the depositary of an ELTIF marketed to retail investors shall not be able to discharge itself of liability in the event of a loss of financial instruments held in custody by a third party.

3. The liability of the depositary referred to in Article 21(12) of Directive 2011/61/EU shall not be excluded or limited by agreement where the ELTIF is marketed to retail investors.

4. Any agreement that contravenes paragraph 3 shall be void.

5. The assets held in custody by the depositary of an ELTIF shall not be reused by the depositary, or by any third party to whom the custody function has been delegated, for their own account. Reuse comprises any transaction involving assets held in custody including, but not limited to, transferring, pledging, selling and lending.

The assets held in custody by the depositary of an ELTIF are only allowed to be reused provided that:

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