1. When directly offering or placing units or shares of an ELTIF to a retail investor, the manager of the ELTIF shall obtain information regarding the following:
(a) the retail investor's knowledge and experience in the investment field relevant to the ELTIF;
(b) the retail investor's financial situation, including that investor's ability to bear losses;
(c) the retail investor's investment objectives, including that investor's time horizon.
Based on the information obtained under the first subparagraph, the manager of the ELTIF shall recommend the ELTIF only if it is suitable for that particular retail investor.
2. Where the life of an ELTIF that is offered or placed to retail investors exceeds 10 years, the manager of the ELTIF or the distributor shall issue a clear written alert that the ELTIF product may not be suitable for retail investors that are unable to sustain such a long-term and illiquid commitment.