Article 21 — Disposal of ELTIF assets
- An ELTIF shall adopt an itemised schedule for the orderly disposal of its assets in order to redeem investors' units or shares after the end of the life of the ELTIF, and shall disclose this to the competent authority of the ELTIF at the latest one year before the date of the end of the life of the ELTIF.
- The schedule referred to in paragraph 1 shall include:
- an assessment of the market for potential buyers;
- an assessment and comparison of potential sales prices;
- a valuation of the assets to be divested;
- a time-frame for the disposal schedule.
- ESMA shall develop draft regulatory technical standards specifying the criteria to be used for the assessments in point (a) and the valuation in point (c) of paragraph 2.
ESMA shall submit those draft regulatory technical standards to the Commission by 9 September 2015.