5.

The assets held in custody by the depositary of an ELTIF shall not be reused by the depositary, or by any third party to whom the custody function has been delegated, for their own account. Reuse comprises any transaction involving assets held in custody including, but not limited to, transferring, pledging, selling and lending. The assets held in custody by the depositary of an ELTIF are only allowed to be reused provided that: the reuse of the assets is executed for the account of the ELTIF; the depositary is carrying out the instructions of the manager of the ELTIF on behalf of the ELTIF; the reuse is for the benefit of the ELTIF and in the interests of the unit- or shareholders; and the transaction is covered by high quality and liquid collateral received by the ELTIF under a title transfer arrangement. The market value of the collateral referred to in point (d) of the second subparagraph shall at all times amount to at least the market value of the reused assets plus a premium.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.