European venture capital funds

 

SUMMARY OF:

Regulation (EU) No 345/2013 on European venture capital funds

WHAT IS THE AIM OF THE REGULATION?

KEY POINTS

EuVECA label

Conflicts of interest

Amending legislation

FROM WHEN DOES THE REGULATION APPLY?

It has applied since 22 July 2013 except for Article 9(5), concerning conflicts of interest, which has applied since 15 May 2013.

BACKGROUND

The EU’s economic growth is largely dependent on its 23 million SMEs, which have also provided 80% of all new jobs in recent years. As traditional bank loans become harder to access, many SMEs now turn to venture capitalists to fund their research, product development or enter new markets.For further information, see:

KEY TERMS

Collective investment undertakings. Investment vehicles that pool investors’ capital and invest that capital collectively through a portfolio of financial instruments such as stocks, bonds and other securities.
Pre-marketing. Information or communication, direct or indirect, on investment strategies or investment ideas by a manager of a qualifying venture capital fund, or on its behalf, to potential investors domiciled or with a registered office in the EU in order to test their interest in a qualifying venture capital fund which is not yet established, or in a qualifying venture capital fund which is established, but not yet notified for marketing in accordance with Article 15 of Regulation (EU) No 345/2013, in that Member State where the potential investors are domiciled or have their registered office, and which in each case does not amount to an offer or placement to the potential investor to invest in the units or shares of that qualifying venture capital fund.

MAIN DOCUMENT

Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (OJ L 115, 25.4.2013, pp. 1–17).

Successive amendments to Regulation (EU) No 345/2013 have been incorporated in the original text. This consolidated version is of documentary value only.

RELATED DOCUMENTS

Commission Delegated Regulation (EU) 2019/820 of 4 February 2019 supplementing Regulation (EU) No 345/2013 of the European Parliament and of the Council with regard to conflicts of interest in the area of European venture capital funds (OJ L 134, 22.5.2019, pp. 8–11).

Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (OJ L 115, 25.4.2013, pp. 18–38).

See consolidated version.

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, pp. 1–73).

See consolidated version.

last update 09.11.2021