Funds Bulletin - February 2016

1. GLOBAL AND EU DEVELOPMENTS

1.1 EuSEF and EuVECA Regulations - European Commission's review

The European Commission has been reviewing the EU Social Entrepreneurship Funds and the EU Venture Capital Funds Regulations in order to improve the uptake of these funds. Proposed amendments include:

• removal of the minimum investment limit, which is currently EUR 100,000 (in order to increase the investor base);
• allowing authorised AIFMs to manage EuSEFs and EuVECAs. Currently, only sub-threshold AIFMs are able to manage EuSEFs and EuVECAs. The consultation has now closed and a response paper is due from the Commission.

1.2 UCITS Directive - ESMA's consolidated Q&As

The European Securities and Markets Authority (ESMA) has published a new Q&A document on the application of the UCITS Directive, as amended.