We have published forms for fund managers to register as European Social Entrepreneurship Fund managers (EuSEF managers), European Venture Capital fund managers (EuVECA managers) and for those managers to notify the FCA of the persons who conduct their business.
We have further information to help answer questions concerning previous convictions.
Small registered UK AIFMs seeking EuSEF or EuVECA registration will also need to complete the EuSEF & EuVECA tab on the following spreadsheet:
Registering as a EuSEF or EuVECA manager will allow firms to market qualifying social entrepreneurship funds and qualifying venture capital funds throughout the EU to certain categories of investors under the EuSEF and EuVECA ‘label’. Registration as a EuSEF or EuVECA manager has in the past only been available to managers that had assets under management below the threshold in Article 3(2)(b) of AIFMD. However, the recent overhaul to the regulations has opened up EuSEF and EuVECA to fund managers of all sizes.
To use the EuSEF label for a fund, the manager will have to demonstrate that a high percentage of investments in the fund (70% of the capital received from investors) is invested in undertakings whose primary objective is to:
- provide services or goods which generate a social return;
- employ a method of production of goods or services that embodies its social objective; or
- provide financial support exclusively to social undertakings as defined in the first two indents.
To use the EuVECA label for a fund the manager will have to demonstrate that a high percentage of investments in the fund (70% of the capital received from investors) is invested in small and medium sized enterprises that meet the definition of a qualifying portfolio undertaking as per article 3 of Regulation 2017/1991.
Under the amended EuSEF and EuVECA regulations, both internally managed EuVECA/ EuSEF and external managers of EuVECA/ EuSEF must have an initial capital of EUR 50 000. Own funds shall at all times amount to at least one eighth of the fixed overheads incurred by the manager in the preceding year. Other conditions also apply for both types of fund.
The central database of managers of Social Entrepreneurship Funds (EuSEF) and European Venture Capital Funds (EuVECA) registered in the Member States of the EU can be found on the ESMA website.
Completing and submitting your applications
To help process your applications we ask for:
- electronic versions of all forms and supporting documentation;
- a signed paper copy of the form
You should complete all sections of each form, using ‘N/A’ where appropriate. Answers should be clear, concise and accurately reference the relevant parts of any supporting documents.
Please submit your forms, together with supporting documents, in a zip file or a file structure that allows us to easily identify the contents. Please note that our mailbox servers will not accept any emails larger than 35mb. If the email exceeds this, please split it and send it as multiple emails.
All file names should begin with your firm’s FRN (or firm name for new applications), followed by the form and/or document title. Clear and simple labelling will help us assess your application and reduce delays.
How to submit your data securely
Please email your completed application to [email protected].
The subject line of your email should contain your FRN (or firm name for new applications) followed by the words ‘AIFMD EuSEF/EuVECA Application’.
You must send your data encrypted, by using either our PGP Key (preferable) or a password protected WinZip file.
You can also provide the data on a CD or USB (password protected – we will request the password when we receive the application).
If you have any queries regarding the secure submission of your data, please contact us, including ‘AIFMD’ in the subject line if you choose to email us.