On September 26, 2014, ESMA published a consultation paper on draft technical advice to the European Commission due under the European Social Entrepreneurship Funds (“EuSEF”) Regulation and the European Venture Capital Funds (“EuVECA”) Regulation. The consultation paper covers the following topics: (i) the types of good and services, methods of production for goods and services and financial support representing a social objective; (ii) conflicts of interest of EuSEF and EuVECA managers; (iii) methods for measurement of the social impact; and (iv) information that EuSEF managers should provide to investors. The consultation is open until December 10, 2014. ESMA intends to submit its final technical advice to the European Commission by the end of April 2015.
The consultation paper is available at: