European regimes - EuVECA, EuSEF and ELTIF
A manager of one or more venture capital and/or social entrepreneurship funds who falls under the registration regime may be eligible for the VC and SEFs regime. The VC and SEFs regime means that venture capital and social entrepreneurship funds (within the meaning of the VC and SEFs regulations) can apply for a specific label. Using this label, units can be marketed elsewhere in the EU without the manager having an AIFM licence. You can apply for the VC and/or SEF label via our Portal.
Registration of EuVECA or EuSEF label (for licensed AIFMs)
Managers of one or more investment fund(s) that are subject to the AIFMD licence requirement can apply for a EuVECA or EuSEF label for one or more funds they manage, subject to certain conditions.The label can be used to market units of a venture capital or social enterprise fund managed by them in certain other member states.
To apply for a EuVECA or EuSEF label, you must use the form 'EuVECA' or 'EuSEF'. These forms supplement the notification form for investment funds.
The costs of the notification of the intention to market a new eligible Venture Capital or Social Entrepreneurship Fund are €1,000.
The AFM must take a decision within two months of receipt of the complete notification for the management of a Venture Capital or Social Entrepreneurship Fund.
Registration of EuVECA or EuSEF label (exempt managers)
Managers that fall within the AIFMD registration regime may apply for a EuVECA or EuSEF label for one or more funds managed by them, subject to certain conditions.The label can be used to market units of a venture capital or social enterprise fund managed by them in certain other member states.
Excluded managers of a qualifying Venture Capital or Social Enterprises Fund must inform the AFM of material changes to the conditions submitted to the AFM prior to the initial registration.
To apply for a EuVECA or EuSEF label, you must use the form 'EuVECA' or 'EuSEF'. These forms are an addition to the exempt manager notification form.
The costs of registering as a manager of an eligible Venture Capital or Social Entrepreneurship Fund are €4,400.
The costs of the notification of the intention to market a new eligible Venture Capital or Social Entrepreneurship Fund are €1,000.
The AFM must take a decision within two months of receipt of the complete notification for the management of a Venture Capital or Social Entrepreneurship Fund. The AFM will decide on a material change within one month of receipt of the notification. This period may be extended by one month.
ELTIF licence application with internal manager
Pursuant to Article 5 of Regulation (EU) 2015/760, managers of alternative investment funds need a licence from the AFM to market European long-term investment funds. To be eligible for a licence, you must have a concrete intention to carry out activities that require a licence.
Costs and Term
The AFM charges €200 per hour for AFM activities up to a maximum of €100,000.
The AFM must take a decision within 3 months of receipt of the licence application. As soon as the AFM requests further data or information to supplement the licence application, the decision period will be suspended until the AFM has received the requested information. If the AFM does not receive a (sufficient) supplement to the application within the period set by it, it may decide to disregard or dismiss the licence application.
ELTIF licence application with external manager
Pursuant to Article 5 of Regulation (EU) 2015/760, managers of alternative investment funds need a licence from the AFM to market European long-term investment funds. To be eligible for a licence, you must have a concrete intention to carry out activities that require a licence.
Costs and term
The AFM must take a decision within 2 months of receipt of the licence application. As soon as the AFM requests further data or information to supplement the licence application, the decision period will be suspended until the AFM has received the requested information. If the AFM does not receive a (sufficient) supplement to the application within the period set by it, it may decide to disregard or dismiss the licence application.
Withdrawal of ELTIF licence
The information you must provide with an application for licence withdrawal depends in part on the reason for the cessation of activities as a manager. You must always motivate your request for withdrawal and demonstrate, among other things, that the manager will no longer carry out any activities requiring a licence with regard to the ELTIF after the withdrawal of the licence for the management of an ELTIF.
With the ELTIF licence withdrawal request, you must upload at least the following documents:
- statement manager
- statement depositary
- cover letter
A licence withdrawal is free of charge.