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The European Commission requested the advice of ESMA on 27 May 2014. The consultation paper is divided in five parts. The first one 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 five 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; the fourth sets out the proposed advice to the Commission; finally, the fifth presents a number of questions to the participants in this consultation.
Next steps
ESMA will consider the feedback it receives to this consultation with a view to submitting the technical advice to the European Commission before the end of April 2015.