EuVECA

A Delegated Regulation Supplementing EuVECA Regulation Regarding Conflicts of Interest is Published in OJ

 

On May 22, the Commission Delegated Regulation (EU) 2019/820 supplementing the European Venture Capital Funds (EuVECA) Regulation (345/2013) with regards to conflicts of interest EuVECAs was published in the Official Journal of the EU (OJ).

The Delegated Regulation, which was not objected to by the European Parliament on May 15, 2019 and presumably has not been rejected by the Council of the EU, sets out:

  • The types of conflict of interest for the purposes of Article 9(2) of the EuVECA Regulation.
  • Conflicts of interest policy requirements.
  • Procedures and measures to prevent, manage and monitor conflicts of interest.
  • Management of consequences of conflicts of interest.
  • Strategies for the exercise of voting rights to prevent conflicts of interest.
  • Disclosure of conflicts of interest.

The Delegated Regulation comes into force on June 11, 2019 and applies from December 11, 2019.

European Commission Adopts Delegated Regulation Supplementing EuVECA Regulation

 

On February 4, the European Commission adopted a Delegated Regulation supplementing the European Venture Capital Funds (“EuVECA“) Regulation (345/2013) with regard to conflicts of interest (C(2019) 664 final).

The Delegated Regulation specifies the types of conflicts of interest, referred to in Article 9 of the EuVECA Regulation, and the steps that managers of EuVECA funds need to take to identify, prevent, manage, monitor and disclose conflicts.

The Delegated Regulation will enter into force 20 days after its publication in the Official Journal of the EU. It will apply six months after its entry into force. The next step is for the Delegated Regulation to be considered by the European Parliament and Council of the EU. Delegated Regulation.

Compromise Proposal on the Regulation Amending EuVECA Regulation and EuSEF Regulation

On October 13 2016, the Presidency of the Council of European Union published a compromise proposal (13168/16) in relation to the proposed Regulation amending the European Venture Capital Funds Regulation (Regulation 345/2013).

Additions to the previous compromise proposal published in September 2016 are highlighted by bold underline, and deletions are highlighted in strikethrough.