Last update: 30 May 2025

EuVECA and EuSEF

Summary

    In order to benefit from the advantages associated with the registration as a EuVECA/EuSEF manager and the EuVECA/EuSEF fund labels, Alternative Investment Fund Managers (“AIFMs”) and the venture capital/social entrepreneurship funds they manage, must comply with the specific requirements of the relevant Regulation1.

    The use of the EuVECA/EuSEF fund labels 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 (“AIFM Directive or “AIFMD”) while complying with certain provisions of the EuVECA/EuSEF Regulations.

    Pre-marketing by EuVECA/EuSEF Managers

    Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “CBDF Regulation”) provides the conditions and notification procedure for pre-marketing in the European Union by EuVECA/EuSEF managers.

    Luxembourg EuVECA/EuSEF 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 in Part I of this 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/EuSEF manager is or has been engaged in pre-marketing.

    Marketing by EuVECA/EuSEF Managers

    The CBDF Regulation provides the conditions and notification procedure for marketing in the European Union by EuVECA/EuSEF managers.

    Luxembourg EuVECA/EuSEF managers marketing funds in Luxembourg or in another Member State must send a notification to the CSSF2.

    Details of the practicalities of the notification procedure are provided in Circular CSSF 22/810. Luxembourg EuVECA/EuSEF 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.

    1 Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (“EuVECA Regulation”) and Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (“EuSEF Regulation”).

    2 In accordance with Article 16(1) of Regulation (EU) 345/2013 for EuVECA and Article 17(1) of Regulation (EU) 346/2013 for EuSEF.

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    • 12 May 2022

      Circular CSSF 22/810

      Notification and de-notification procedures to be observed by Luxembourg undertakings for collective investment and investment fund managers for pre-marketing and cross-border marketing

      PDF (115.73Kb)
      PDF (113.31Kb)

    • 31 January 2022

      Circular CSSF 22/795

      Application of the Guidelines of the European Securities and Market Authority on marketing communications (ESMA34-45-1272) under Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and…

      PDF (234.42Kb)
      PDF (117.27Kb)

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