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ESMA publishes updated EuSEF and EuVECA Q&A

31 May 2016

The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the European Social Entrepreneurship Funds (EuSEF) and the European Venture Capital Funds (EuVECA) Regulations.

The Q&A includes a new question and answer on the use of the designations of EuSEF and EuVECA funds when marketed only in their home Member State. The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the EuSEF and EuVECA Regulations.

The EuSEF Regulation supports the provision of finance to social businesses which are undertakings whose primary objective is to achieve social impacts rather than generate profits for shareholders and the EuVECA Regulation supports venture capital. The rules of these Regulations are very similar and provide for a voluntary passport mechanism for these funds.