- capital
means aggregate capital contributions and uncalled committed capital, calculated on the basis of amounts investible after deduction of all fees, charges and expenses that are directly or indirectly borne by investors;
- competent authority of the ELTIF
means the competent authority of the EU AIF within the meaning of point (h) of Article 4(1) of Directive 2011/61/EU;
- competent authority of the manager of the ELTIF
means the competent authority of the home Member State of the AIFM within the meaning of point (q) of Article 4(1) of Directive 2011/61/EU;
- equity
means ownership interest in a qualifying portfolio undertaking, represented by the shares or other forms of participation in the capital of the qualifying portfolio undertaking issued to its investors;
- feeder ELTIF
means an ELTIF, or an investment compartment thereof, which has been approved to invest at least 85 % of its assets in units or shares of another ELTIF or investment compartment of an ELTIF;
- financial instrument
means a financial instrument as specified in Section C of Annex I to Directive 2014/65/EU;
- financial undertaking
means any of the following:
- group
means a group as defined in Article 2, point (11), of Directive 2013/34/EU of the European Parliament and of the Council;
- home Member State of the ELTIF
means the Member State where the ELTIF is authorised;
- manager of the ELTIF
means the authorised EU AIFM approved to manage an ELTIF, or the internally managed ELTIF where the legal form of the ELTIF permits internal management and where no external AIFM has been appointed;
- master ELTIF
means an ELTIF, or an investment compartment thereof, in which another ELTIF invests at least 85 % of its assets in units or shares.
- multilateral trading facility
means a multilateral trading facility as defined in point (22) of Article 4(1) of Directive 2014/65/EU;
- professional investor
means an investor which is considered to be a professional client, or may, on request, be treated as a professional client in accordance with Annex II to Directive 2014/65/EU;
- quasi-equity
means any type of financing instrument where the return on the instrument is linked to the profit or loss of the qualifying portfolio undertaking and where the repayment of the instrument in the event of default is not fully secured;
- real asset
means an asset that has an intrinsic value due to its substance and properties;
- regulated market
means a regulated market as defined in point (21) of Article 4(1) of Directive 2014/65/EU;
- repurchase transaction
means a repurchase transaction as defined in point (83) of Article 4(1) of Regulation (EU) No 575/2013;
- retail investor
means an investor who is not a professional investor;
- short selling
means an activity as defined in point (b) of Article 2(1) of Regulation (EU) No 236/2012 of the European Parliament and of the Council;
- simple, transparent and standardised securitisation
means a securitisation that complies with the conditions set out in Article 18 of Regulation (EU) 2017/2402 of the European Parliament and of the Council;