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In order to benefit from the advantages attached to the registration as European Venture Capital Fund (“EuVECA”) manager and the EuVECA fund label, Alternative Investment Fund Managers (“AIFMs”) and the venture capital funds they manage must comply with the specific requirements laid down by the Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (“EuVECA Regulation”). The use of the EuVECA fund label is also open to authorised AIFMs, which continue to be subject to the requirements of the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (“AIFMD”) while complying with certain provisions of the EuVECA Regulation.
Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings and amending the EuVECA Regulation (the “CBDF Regulation”) provides the conditions and notification procedure for pre-marketing in the European Union by EuVECA managers.
Luxembourg EuVECA managers engaging in pre-marketing in the European Union, should consult the section “Pre-marketing by AIFMs” on this website and use the Pre-Marketing Notification Letter as provided under Part I) of such section.
The Pre-Marketing Notification Letter or any amendment thereto shall be sent to the CSSF in accordance with the practical procedures described in Circular CSSF 22/810.
Thereafter, the CSSF shall promptly inform the competent authorities of the Member State(s) in which the Luxembourg EuVECA manager is or was engaged in pre-marketing.
The CBDF Regulation provides the conditions and notification procedure for marketing in the European Union by EuVECA managers.
Luxembourg EuVECA managers marketing funds in Luxembourg or in another Member State in accordance with article 16(1) of Regulation (EU) 345/2013 must send a notification to the CSSF.
Details of the practicalities of the notification procedure are provided in Circular CSSF 22/810. Luxembourg EuVECA managers marketing funds in Luxembourg or in another Member State are invited to consult this circular in order to take into consideration the practical instructions and technical details to be respected as regards the submission of the notification file to the CSSF, the documentation composing the notification file and the processing of the notification file.