The report covers types of goods, conflicts of interest, the measurement of social impact and the information managers should provide to investors.
ESMA published its final report on technical advice on the delegated acts of the European Social Entrepreneurship Funds (EuSEF) and European Venture Capital Funds (EuVECA) Regulations.
The Report is divided in five parts. The first deals with the advice on the types of goods and services, methods of production for goods and services and financial support embodying a social objective. The second and third parts deal with the advice on the conflicts of interest of EuSEF and EuVECA managers, respectively. The fourth part deals with the advice on the methods for the measurement of the social impact. The fifth part deals with the advice on the information that EuSEF managers should provide to investors. Each of these parts is divided in four sections: the first sets out the applicable legal framework; the second describes the mandate and indications from the European Commission; the third explains the proposed policy approach; finally, the fourth sets out the advice to the Commission.
ESMA will provide input to the Commission as necessary on the development of the delegated acts to be prepared on the basis of ESMA’s technical advice.
Full Report
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