The European Securities and Markets Authority (“ESMA”) published on May 31st 2016 an update of its questions and answers document ESMA/2016/774 (“EuVECA-EuSEF Q&A”) on the Implementation of the Regulations No 345/2013 and No 346/2013 covering respectively European Venture Capital Funds (“EuVECA”) and European Social Entrepreneurship Funds (“EuSEF”).
The update of the EuVECA-EuSEF Q&A discusses whether EuVECA and EuSEF funds are allowed to use their designations “EuVECA” and “EuSEF” in the case where such funds are only marketed in the country of their establishment. ESMA confirmed that the designations “EuVECA” and “EuSEF” are granted to funds on the basis of their compliance with the qualitative requirements of the respective Regulations and that accordingly the place of marketing shall not be taken into account. As a result, such designations may be used even if there are no cross-border marketing activities.
The EuVECA-EuSEF Q&A is at the moment quite limited as it only contains four questions (the above update covering the fourth one) but it is expected that this document will be continually edited and updated as and when new questions are received. Additional questions to ESMA may be sent to the following email address: euvecaeusef [at] esma.europa.eu.