EuSEF and EuVECA funds: ECON Committee votes on amendments

The ECON Committee has voted to support EU Commission's proposals to extend the range of managers eligible to set up EuVECA and EuSEF funds, extend the range of companies that can be invested in by EuVECA funds and reduce the complexity and cost of the cross border marketing of funds. The measures are intended to improve the uptake of both types of funds.

Moreover, the ECON Committee has adopted additional targeted amendments to the Commission's proposal with a view to facilitating investment in EuSEF funds:

• broadening the definition of positive social impact of the qualifying investment to 'services and goods generating social return'; and
• lowering minimum investment in EuSEF from EUR 100,000 to EUR 50,000 in order to remove barriers to small investors.

MEPs also voted to:

• set an initial capital requirement for both types of funds at EUR 30,000 and agreed that own funds should always amount to at least one eighth of the fixed costs from the preceding year;
• enhance the supervisory role of ESMA; and
• adopt a mandate to open trilogue negotiations on the final shape of the rules.+