Gibraltar EuVECAS and EuSEF Funds

European Venture Capital Funds (EuVeCa’s) are funds which place a percentage of the investments supporting young and innovative companies. European Social Entrepreneurship Funds (EuSEF) are funds that focus on investing in European social businesses.

The applicable legislation is the Financial Services (Alternative Investment Fund Managers) Regulations 2013 and Financial Services (Collective Investment Schemes) Act 2011.

The EuVeCa and EuSEF regimes is available to managers of undertakings for Collective Investment established in the European Economic Area falling below the Alternative Investment Fund Managers (AIFM) Directive threshold of €500 million applicable to managers managing unleveraged, closed-ended alternative investment funds (AIF). EuVeCa and EuSEF regimes are allowed to passport and raise capital across Europe in return for complying with the investment rules, registration and minimum regulatory capital.

EuVeCa – Every fund wanting to use this label will have to evidence that a high percentage of investments (a minimum of 70% of the capital received from investors) will be spent in supporting young and innovative companies.
EuSEF – Every fund wanting to use this label will have to prove that a high percentage of investments (a minimum of 70% of the capital received from investors) will be spent in supporting social businesses. The fund will need to evidence that the achievement of measurable positive social impact will be the primary objective of each of the undertakings the Fund invests sin.

Legal Requirements

Sr.

No

ElementRequirement(s)
Entity RequirementsThe entity making the application is Gibraltar:

  1. Limited Company
  2. PCC (Protected Cell Company)
  3. Unit trust
  4. Limited partnership
Director’s RequirementsThe licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance OfficerThe Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Fund AdministratorThe Applicant must employ a fund administrator with no local requirement

Administrator of an EuVECAS and EuSEF must be domiciled and regulated in Gibraltar or,

If not so authorised, be established in a jurisdiction where it is regulated in accordance with a legislative and regulatory regime that provides at least equivalent protection to the regime in Gibraltar.

The appointment of fund administrators established outside of Gibraltar requires the Commission’s consent and is also subject to the consent of the Minister with responsibility for financial services.

Fund ManagerAny licensed fund manager as approved by the GFSC.
Custodian
  • The applicant must have a custodian approved by the GFSC.
  • The Licensed custodian can be either of the below:
  1. Financial institution licensed under the Financial Institutions Act, 2004 or
  2. Trustee services provider licensed under the International Corporate Services Providers Act, 2003 or
  3. Any other person as the authority may approve
Local OfficeYes
AuditorThe Licensee must have a Qualified local auditor or

Foreign auditor if fund is structured as a domestic company

InsuranceThe applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator
Minimum Capital Requirements100,000 Euros
Application Fee£ 2,500
License Fee£ 2,500

Ongoing Obligations

  1. License are to be renewed annually. On application for renewal of a Licence, GFSC , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal licence fee
  2. Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

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