This law updates Icelandic regulations on European Long-Term Investment Funds (ELTIFs) to align with new EU rules from 2023. The amendments simplify the legislation by removing unnecessary references and clarifying how Icelandic laws on insurance, accounting, anti-money laundering, and financial markets relate to the EU regulation. The law affects operators of long-term investment funds and financial firms that market such funds to Icelandic investors, both professional and retail. The goal is to ensure Icelandic legislation complies with the country's EEA obligations in this area.