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European Venture Capital Fund

European Venture Capital Fund

The Regulation, which is a voluntary regime and complementary to the Alternative Investment Fund Managers Directive 2011/61/EU, provides “smaller” fund Managers the benefit of a less burdensome marketing passport outside the onerous operating conditions and ongoing requirements of the AIFMD.

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In an effort to stimulate economic growth, prosperity and social advancement through the increase in investment and finance of small and medium sized enterprises (“SMEs”) within the EU, Regulation (EU) No 345/2013 of the European Parliament and of the Council on European Venture Capital Funds (the “Regulation”) came into effect on 22nd July 2013. The Regulation, which is a voluntary regime and complementary to the Alternative Investment Fund Managers Directive 2011/61/EU (the “AIFMD”), provides “smaller” fund Managers the benefit of a less burdensome marketing passport outside the onerous operating conditions and ongoing requirements of the AIFMD.

The aim of this common framework is to facilitate as well as improve the access of financing to SMEs, as an alternative to bank loans and listing for the purpose of enhancing their growth and development.

The Cyprus legal and regulatory framework is flexible enough to cater for the set up of European Venture Capital Funds (EuVECAs) in a most efficient manner while fulfilling the minimum requirements of the Regulation.This brochure sets out certain of the relevant considerations that need to be taken into account when setting up a Cyprus EuVECAs.

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