EUROPE: ESMA publishes Q and A on application of the EuSEF and EuVECA Regulations for AIFMD

Thursday March 27 2014

The European Securities and Markets Authority has published an updated Q & A on the application of the EuSEF and EuVECA Regulations.

Regulation No 345/2013 on European Venture Capital Funds (EuVECA) and the Regulation 346/2013 on European Social Entrepreneurship Funds (EuSEF) became applicable on 22 July 2013. These Regulations provide for a common EU framework for the managers of EuVECA and EuSEF that are registered with the competent authorities, so that they can benefit from the EU passport in order to manage and market funds in the Union with the specific EuSEF and EuVECA labels.

The Q and A document covers the following:

• Whether EuSEF and EuVECA managers that subsequently exceed the threshold of Article 3(2)(b) of the AIFMD can set up new EuSEF and EuVECA funds once the threshold is exceeded
• Whether EuSEF and EuVECA managers should register with their national competent authorities twice i.e. once under the AIFMD and once under the EuSEF and EuVECA Regulations
• Whether EuSEF and EuVECA managers can manage and market AIFs

Questions on the practical application of the AIFMD may be sent to the following email address: euvecaeusef@esma.europa.eu

Click on the above link for the Q and A.