EUROPEAN UNION: ESMA publish updated Q&ampA on Application of the EuSEF and EuVECA

Tuesday November 11 2014

The European Securities and Markets Authority (ESMA) have published updated Questions and Answers regarding Regulation No 345/2013 on European Venture Capital Funds (EuVECA) and the Regulation 346/2013 on European Social Entrepreneurship Funds (EuSEF).

The purpose of this document is to promote common supervisory approaches and practices in the application of the EuSEF and EuVECA Regulations. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of these Regulations.

The content of this document is aimed at competent authorities under EuSEF and EuVECA Regulations to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, the answers are also intended to help EuSEF and EuVECA managers by providing clarity as to the content of the rules of the Regulations, rather than creating an extra layer of requirements.

The document includes answers to the following new questions;

• Can AIFMs above the threshold of Article 3(2)(b) of the AIFMD manage and market EuSEF and EuVECA?
• Which provisions should apply to AIFMs above the threshold of Article 3(2)(b) of the AIFMD that manage and market EuSEF and EuVECA?

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