1. Introductory Text

2. CHAPTER I GENERAL PROVISIONS

   1. Article 1. Subject matter and objective

   2. Article 2. Definitions

   3. Article 3. Authorisation and central public register

   4. Article 4. Designation and prohibition on transformation

   5. Article 5. Application for authorisation as an LTIF

   6. Article 6. Conditions for granting authorisation as an LTIF

   7. Article 7. Applicable rules and liability

3. CHAPTER II OBLIGATIONS CONCERNING THE INVESTMENT POLICIES OF LTIFs

   1. SECTION 1 General rules and eligible assets

      1. Article 8. Investment compartments

      2. Article 9. Eligible investments

      3. Article 10. Eligible investment assets

      4. Article 11. Qualifying portfolio undertaking

      5. Article 12. Conflict of interest

   2. SECTION 2 Provisions on investment policies

      1. Article 13. Portfolio composition and diversification

      2. Article 14. Rectification of investment positions

      3. Article 15. Concentration

      4. Article 16. Borrowing of cash

      5. Article 17. Application of portfolio composition and diversification rules

4. CHAPTER III REDEMPTION, TRADING AND ISSUE OF UNITS OR SHARES OF AN LTIF AND DISTRIBUTION OF PROCEEDS AND CAPITAL

   1. Article 18. Redemption policy and life of LTIFs

   2. Article 19. Secondary market

   3. Article 20. Issuance of new units or shares

   4. Article 21. Disposal of LTIF assets

   5. Article 22. Distribution of proceeds and capital

5. CHAPTER IV TRANSPARENCY REQUIREMENTS

   1. Article 23. Transparency

   2. Article 24. Additional requirements of the prospectus

   3. Article 25. Cost disclosure

6. CHAPTER V MARKETING OF UNITS OR SHARES OF ELTIFs

   1. Article 26. Facilities available to investors

   2. Article 27. Internal assessment process for LTIFs marketed to retail investors

   3. Article 28. Specific requirements concerning the distribution of LTIFs to retail investors

   4. Article 29. Specific provisions concerning the depository of an LTIF marketed to retail investors

   5. Article 30. Additional requirements for marketing LTIFs to retail investors

   6. Article 31. Marketing of units or shares of LTIFs

7. CHAPTER VI SUPERVISION

   1. Article 32. Supervision by the FCA

   2. Article 33. Powers of the FCA

   3. Article 34. Powers and competences of ESMA

   4. Article 35. Cooperation between competent authorities

8. CHAPTER VII FINAL PROVISIONS

   1. Article 36. Processing of applications by the Commission

   2. Article 37. Review

   3. Article 38. Entry into force

9. Signature