EVCA has written to EP raising concerns about the new requirement, approved in plenary by EP on 31 May, for a third party depository to verify ownership and maintain a record of assets in respect of investments made by EVCF. It complains that currently no third party depository services to venture capital funds exist and that forcing this regime would not provide any additional investor protection. Were this new requirement to go ahead, venture capital funds would have to move to another jurisdiction to comply with the regime. Practically, it means they are unlikely to use the regime and so will not benefit from the business possibilities it is supposed to provide. (Source: EVCA Letter to EU)
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EVCA criticises EVCF depository plans
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