The purpose of this page is to make sure that the application process is fully understood.
This section sets out:
- European Venture Capital Funds (“EuVECAS”) and European Social Entrepreneurship Funds (“EuSEF”)
- What would this registration allow you to do?
- How to register an EuVEC
European Venture Capital Funds (“EuVECAS”) and European Social Entrepreneurship Funds (“EuSEF”)
EuVeCa’s are funds which place a percentage of the investments supporting young and innovative companies.
EuSEF are funds that focus on investing in European social businesses.
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).
What would this registration allow you to do?
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.
- 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.
- 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 in.
How to register an EuVeCa and a EuSEF
If Fund Managers want to register as an EuVeCa or EuSEF, they are required to complete a registration form and submit this to the FSC. These can be found in the Forms tab.
Should you get an error when opening any of the forms, please check the FAQ tab for guidance on how to override this.
Service Level Standards
The current service level standards are:
- To provide initial feedback to an application within 5 weeks of a complete application being received.
- Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.
Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.
Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.
The purpose of this page is to set out:
- What is an extension?
- What do you need to submit?
What is an extension?
Firms or individuals that are already licensed by the FSC may apply to extend their authorisation/licence to provide additional financial or professional services.
If you are seeking a licence, authorisation or registration under a separate Act, please contact the Authorisation team so that we can determine what documents you are required to submit.
What do you need to submit?
An application pack is required to be submitted with all the relevant documents.
An application will not be considered complete if there are any outstanding documents.
The application pack must consist of:
- Application Fee (if applicable)
- Revised Business Plan
- Financial projections for the the next 3 years, clearly identifying the impact of the additional business
- Profit and loss account
- Balance sheet
- Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years)
- Individual Questionnaires (for any new individual holding a notifiable position)
- Body Corporate Questionnaires (for any new entity within the structure)
- Trust Questionnaire (if applicable)
Any other document the applicant considers the FSC should take into consideration as part of the application.
The licensee should consider and provide information on the following:
- What new licence/authorisation it requires
- The type of new business/activity
- Where the business will be sourced
- Resources to deal with the additional business
- The impact of the additional business on its capital requirements
- What changes are being effected to its systems and controls.