EUROPE: ESMA Publish Consultation paper on the implementing measures of the Regulations on EuSEF and EuVECA

Friday September 26 2014

The European Securities and Markets Authority (ESMA) have published a Consultation Paper ESMA’s Technical Advice to the European Commission on the implementing measures of the Regulations on European Social Entrepreneurship Funds (EuSEF) and European Venture Capital Funds (EuVECA).

The consultation paper is divided in five parts. The first part deals with advice on the types of goods and services, methods of production for goods and services and financial support embodying a social objective. The second and third parts deal with the advice on the conflicts of interest of EuSEF and EuVECA managers, respectively. The fourth part deals with the advice on the methods for the measurement of the social impact. The fifth part deals with the advice on the information that EuSEF managers should provide to investors. Each of these parts is divided in five sections: the first sets out the applicable legal framework; the second describes the mandate and indications from the European Commission; the third explains the proposed policy approach; the fourth sets out the proposed advice to the Commission; finally, the fifth presents a number of questions to the participants in this consultation.

A number of annexes facilitate the reading of this document with supplementary information. Annex I compiles the questions of the different parts of this consultation. Annex II reproduces the text of the mandate for technical advice submitted by the European Commission to ESMA. Annex III sets out a cost benefit analysis of the different policy options considered. Finally, Annex IV reproduces the proposed text of the draft advice to the Commission.

ESMA will consider the feedback it receives to this consultation with a view to submitting the technical advice to the European Commission before the end of April 2015.

Click on the above link for further details.