This instrument will amend retained EU law related to ELTIFs to ensure the legislation continues to operate effectively in a no deal scenario after exit day, specifically so that it only applies to qualifying long-term investment funds established within the UK. This instrument creates a UK version of the ELTIF Regulation, which will only apply to UK AIFMs and funds established in the UK. The label for these funds will be changed to “Long-term Investment Funds” (LTIFs). Existing managers of UK ELTIFs that are authorised with the FCA before exit day will automatically be transferred to and authorised as managers of an ‘LTIF’ under the new UK regime.
Also see EU Exit SI tracker