European passport for venture capital fund managers approved

The European Union’s Council of Ministers formally approved the European Venture Capital Funds Regulation (EVCFR) on March 21st.

The EVCA called on the Council to follow the European Parliament in endorsing the EVCFR, which will act as a voluntary EU-wide passport for venture capital fund managers and simplify cross-border fundraising.

While there are certain technical issues to be finalised by the European Commission, the EVCA expects this to pose no significant obstacle to the EVCFR becoming law.

As the EVCFR is a regulation, it does not need to be transposed into national law like a directive. It should come into effect on 22 July 2013, in line with the Alternative Investment Fund Managers Directive (AIFMD).

A review is scheduled in two years which could see the regulation expanded to non-EU established funds. Until the review is over, only EU funds can benefit from the regulation.

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