Public consultation on the review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) regulations – 30.09.2015
The objective of this consultation is to collect further information on the performance of the current legislation and identify measures the Commission could propose to increase take-up of the of EuVECA and EuSEF fundraising passports for venture capital and social entrepreneurship funds.
This consultation takes up the replies received in the CMU consultation and requests more details as to where and how the regulations could be changed to increase the take up of these funds without reducing the existing levels of investor protection.
Regulation on European Social Entrepreneurship Funds
The regulation sets out a new ”European Social Entrepreneurship Fund“ label, so investors can easily identify funds that focus on investing in European social businesses. The approach is simple: once the uniform requirements defined in the proposal are met, managers of social entrepreneurship funds will be able to use the new label and market their funds across the whole of Europe. Every fund using the label will have to prove that a high percentage of investments (70% of the capital received from investors) are spent in supporting social businesses. Uniform rules on disclosure will ensure that investors get clear and effective information on these investments.
Text of the regulation as adopted by the European Parliament and the Council (17.04.2013)
Implementing regulation (EU) No 594/2014 – 03.06.2014
On 3 June 2014 the Commission adopted implementing technical standards for Regulation (EU) No 346/2013 on European social entrepreneurship funds (EuSEF). The implementing regulation deals with the format of the notification according to Article 17(1) concerning events related to the passport of the managers of qualifying social entrepreneurship funds and to article 22(3) concerning removal of a manager of a EuSEF from the register.