The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is due to leave the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on AIFMs and EuVECAs, see Practice Notes: Brexit—impact on financial services, Impact of Brexit: AIFMD—quick guide and 10 key steps asset managers and investment funds should be taking to prepare for the end of the Brexit transition period.
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 Directive (2011/61/EU) (AIFMD). 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.
The EuVECA Regulation was introduced alongside Regulation (EU) 346/2013 on European social entrepreneurship funds (the EuSEF Regulation). The EuSEF Regulation, as amended, is beyond the scope of this Practice Note, but is covered in Practice Note: European Social Entrepreneurship Funds (EuSEF) Regulation.
On 1 March 2018, Regulation (EU) 2017/1991 amending the EuVECA Regulation and the EuSEF Regulation (the
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