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: