Finansinspektionen - Cision News

RP 94/2013 rd - FINLEX

To date, there are only 45 registered EuVECA funds throughout the EU, six of which are based in Sweden. The EuVECA Regulation (EU) No. 345/2013) provides harmonised requirements for qualified venture capital funds that intend to invest at least 70% of their aggregate capital contributions and uncalled committed capital in assets that are ‘qualifying investments”. EuVECA funds can be internally or externally Going forward, the level for all EUVECA managers will be the greater of (1) one-eighth of fixed annual overheads from the previous year, and (2) €50,000. Although, once a manager’s AUM exceeds €250 million, this amount will increase accordingly. The first questions relate to the treatment of managers of EuVECA and EuSEF that subsequently exceed the thresholds set out in the alternative investment fund managers directive (“AIFMD”), whether such managers have to register twice (once under the AIFMD regulations and once under the relevant EuVECA or EuSEF regulation) and whether EuSEF and EuVECA managers can manage and market the designations ‘EuVECA’ or ‘EuSEF’ in the Union for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds respectively. Regulations (EU) No 345/2013 and (EU) No 346/2013 contain rules governing, in particular, qualifying investments, qualifying portfolio undertakings and eligible investors.

Euveca qualifying investments

The EuVECA Regulation introduced a “European Venture Capital Fund” label that qualifying funds supporting young and innovative companies were permitted to use and enabled these qualifying funds to be marketed cross-border without additional barriers in order to meet their investment needs. investor qualifying funds may target and on the internal organization of the managers that market such qualifying funds. The EuVECA regime will only be available to managers of Collective Investment Undertakings established in the European Union falling below the Alternative Investment Fund Managers Directive threshold of €500 EuVECA do not contribute to the development of systemic risks, and that such funds concentrate, in their investment activities, on supporting qualifying portfolio undertakings (as defined below). A qualifying investment3 is any of the following instruments: With the entry into force of AIFMD, the European distribution of funds for non-authorised managers has become a lot more complex.

Qualifying investments are equity or quasi-equity instruments in qualifying portfolio companies (see below) as well as (to a limited extend) shareholder loans to qualifying portfolio companies. The quasi-equity instruments can be acquired by new issuance or exchange of shares as well as acquisition of existing shares. Qualifying investments under EuVECA has been developed further since 2013.

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that wish to use in the Union the „EuVECA“ or „EuSEF“ designations for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds. Regulation (EU) No 345/2013 and Regulation (EU) No 346/2013 contain rules governing, in particular, qualifying investment, qualifying portfolio undertaking and eligible Expand the range of qualifying investments permitted under the EuVECA Regulation to allow investment in small mid-caps and small and medium-sized enterprises listed on SME growth markets.

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For a fund to qualify as a EuVECA fund, it must: (a) meet the definition of an alternative investment fund; AIFMs managing qualifying venture capital funds can elect to use the ‘EuVECA’ designation for these funds to market them to professional—and certain high net-worth investors throughout the EU under the EuVECA marketing passport.

Clearly, the EuVECA criteria provides less investor protection than AIFMD. The EuVECA regulatory framework This Practice Note provides an overview of the European Venture Capital Funds Regulation (EU) 345/2013 (the EuVECA Regulation) as amended by Regulation (EU) 2017/1991. The EuVECA Regulation is a specialist alternative investment fund (AIF) regime available to alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers … The European venture capital funds (EuVECA) Regulation provides for a type of Alternative Investment Fund (AIF) that directs investment into small and medium-sized enterprises.
Solidworks word

“Qualifying investments”, in turn, are: While both the EuVECA and EuSEF regulations and hence registrations are voluntary and not mandatory they in many cases provide the only opportunity for EU-based smaller managers of qualifying venture capital and/or social entrepreneurship funds to market these funds cross-border to European professional and semi-professional1 investors.

Venture capital investment is an important source of long-term financing to young and innovative companies. European social entrepreneurship funds Qualifying investments EuVECA funds can invest in “qualifying portfolio undertakings”, which is defined as unlisted companies with fewer than 250 employees and an annual turnover not exceeding mEUR 50 or a balance sheet of less than mEUR 43 (SMEs). The SME must be established in the EEA or in a non-EEA jurisdiction if certain criteria are met.
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Finansinspektionen - Cision News

Although, once a manager’s AUM exceeds €250 million, this amount will increase accordingly. The first questions relate to the treatment of managers of EuVECA and EuSEF that subsequently exceed the thresholds set out in the alternative investment fund managers directive (“AIFMD”), whether such managers have to register twice (once under the AIFMD regulations and once under the relevant EuVECA or EuSEF regulation) and whether EuSEF and EuVECA managers can manage and market the designations ‘EuVECA’ or ‘EuSEF’ in the Union for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds respectively. Regulations (EU) No 345/2013 and (EU) No 346/2013 contain rules governing, in particular, qualifying investments, qualifying portfolio undertakings and eligible investors. EuVECA definition • "Qualifying investments" are equity, or quasi equity instruments, secured or unsecured loans granted to a “qualifying portfolio undertaking”, shares of a qualifying portfolio undertaking and units or shares in other EuVECAs. • A “qualifying portfolio undertaking includes a company that is: Marketing Change Notification for EuVECA and EuSEF Managers January 2020 7 3.3 Please confirm that for the fund, at least 70% of the aggregate capital contributions and uncalled committed capital are intended to be invested in assets that are classified as qualifying investments, in line with article 3(1)(e) of the EuSEF regulation. 5.2 Please confirm that for the fund, at least 70% of the aggregate capital contributions and uncalled committed capital are intended to be invested in assets that are classified as qualifying investments, in line with Article 3(e) of the EuVECA regulation.