The European Central Bank’s formal Opinion on the proposed changes to the European Venture Capital and Social Entrepreneurship Regulations has been published in the Official Journal.

The ECB:

  • supports the aims of the proposed regulation“, which “should make it easier for investors, fund managers and portfolio undertakings qualifying for such investments to benefit from European venture capital [EuVECA] funds and European social entrepreneurship [EuSEF] funds“;
  • considers that the information to be provided by managers when registering such funds should … include the global LEI for identifying the funds and their authorized manages [and the] ISIN … to identify the units of, or shares in, the funds to be marketed“;
  • proposes that the same information should be included in the publicly accessible database, which the European Securities and Markets Authority will establish.

It’s not yet clear how European law and policy makers will respond. More to follow …