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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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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 9 December 2015 - onwards
Version 3 of 3

Article 20 Issuance of new units or shares

1. An ELTIF may offer new issues of units or shares in accordance with its rules or instruments of incorporation.

2. An ELTIF shall not issue new units or shares at a price below their net asset value without a prior offering of those units or shares at that price to existing investors in the ELTIF.

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