The Commission services launched a consultation on new European rules for venture capital funds. Venture capital is an important source of financing and support for innovative SMEs that encounter difficulties in accessing bank loans or listing on stock exchanges. The development of venture capital funds will improve SMEs' access to finance, and thus their opportunities to grow and expand, as outlined in the Single Market Act.

Once the passport had been obtained (upon registration in one Member State), the fund manager would then be able operate throughout the EU without having to register in each Member State where it wanted to raise capital, as is often the case today.

The consultation asks for stakeholders' input on this initiative. The results, together with the impact assessment, will serve as a basis for an initiative on European rules for venture capital.

Deadline for comments is 10 August.

Full consultation document