Article 37
Review
1.
The Commission shall review the application of this Regulation and shall analyse at least the following elements:
(a)
the extent to which ELTIFs are marketed in the Union, including whether the AIFMs referred to in Article 3(2) of Directive 2011/61/EU might have an interest in marketing ELTIFs;
(b)
the application of provisions on the authorisation of ELTIFs, as set out in Articles 3 to 6;
(c)
whether the provisions on the central public register of ELTIFs as laid down in Article 3 should be updated;
(d)
whether the list of eligible assets and investments, the portfolio composition and diversification requirements, the concentration rules and the limits regarding the borrowing of cash should be updated;
(e)
the impact of the application of the investment limit for eligible investment assets laid down in Article 13(1) on asset diversification;
(f)
whether the provisions concerning conflicts of interest laid down in Article 12 should be updated;
(g)
the application of Article 18 and the impact of that application on the redemption policy and the life of ELTIFs;
(h)
whether the transparency requirements laid down in Chapter IV are appropriate;
(i)
whether the provisions concerning the marketing of units or shares of ELTIFs laid down in Chapter V are appropriate and ensure an effective protection of investors, including retail investors;
(j)
whether ELTIFs have made a significant contribution to achieving Union objectives such as those set out in the European Green Deal and in other priority areas.
2.
Based on the review referred to in paragraph 1 of this Article, the Commission shall by 10 April 2030, and after consulting ESMA, submit to the European Parliament and to the Council a report assessing the contribution of this Regulation and of ELTIFs to the completion of the capital markets union and to the achievement of the objectives set out in Article 1(2). The report shall be accompanied, where appropriate, by a legislative proposal.