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With the financial support of the European Union
EVPA is kindly supported by:
EU Webinar Series | #1
– The EuSEF Regulation –
25 June 2014
With the financial support of the European Union
EVPA is kindly supported by:
GoToWebinar | Tips & Tricks (1)
2
Getting Started You are able to Open and Hide your Control Panel
Note: the control panel will collapse automatically when not in use by a participant. To keep it open participants can click the “View” menu and uncheck “Auto-hide Control Panel”.
To Join Audio:
Choose “Mic & Speakers” to use the VoIP. Choose “Telephone” to receive the PIN for the
webinar and dial using the information provided in the invitation.
Note: if you are using the telephone rather than VoIP, you must choose “Telephone” to receive the pin to access the audio.
With the financial support of the European Union
EVPA is kindly supported by:
GoToWebinar | Tips & Tricks (2)
3
Question Time During Q&A please raise your hand if you have a
question relating to the topic of the webinar.
We will unmute you and ask you to go ahead with the question.
If you have a technical issue while connected to
the Webinar please submit a text question or comment to the organisers using the Questions panel.
If you have technical issues accessing the Webinar please call Carine Valette in the EVPA Brussels office on +32 (0)2 513 21 31.
With the financial support of the European Union
EVPA is kindly supported by:
4
EuSEF Webinar | Welcome to Our Panelists
With the financial support of the European Union
EVPA is kindly supported by:
5
EuSEF Webinar | Programme
1.1 Dr. Lisa Hehenberger
(EVPA Research and Policy Director)
An Introduction to EVPA
1.2 Elinor de Pret
(EVPA Public Affairs Manager)
An Introduction to the Social Business Initiative
(SBI)
2.1 Katarina Melichercikova
(European Commission)
Presentation of the European Social
Entrepreneurship Funds (“EuSEF”) Regulation
2.2 Esther Wandel
(FCA)
A view from the UK national regulator
2.3 Jochen Herdrich
(BonVenture)
The experience of BonVenture, one of the first
“EuSEF labelled” impact investing funds in the
EU
2.4 Luciano Balbo
(Oltre)
The Italian case: situation and challenges of the
EuSEF Regulation
3.
Q&A SESSION
1. I
NTR
O
2. E
uSE
F EX
PER
TS
With the financial support of the European Union
EVPA is kindly supported by:
EVPA is a membership association made up of organisations interested in or practicing venture philanthropy and social investment (VP/SI) across Europe. EVPA currently gathers over 170 members from 24 countries.
MISSION
• To be the natural home as well as the highest-value catalytic network of a growing number of VP/SIs.
OBJECTIVES
• EVPA is about increasing the effectiveness of VP/SI practitioners in Europe.
• EVPA is also about increasing the resources dedicated to VP/SI in Europe.
1.1 | An Introduction to EVPA
6
by Dr. Lisa Hehenberger EVPA Research and Policy Director
Our Community-Based Approach
With the financial support of the European Union
EVPA is kindly supported by:
1.1 | EVPA & the VP Spectrum
7
“Matching the Soul of Philanthropy with the Spirit of Investing”
With the financial support of the European Union
EVPA is kindly supported by:
1.1 | EVPA’s Activities
8
Networking Events
Training for Key skills
Research & Publications
Country Meetings
Building the Sector in Developing
Markets
Annual EVPA Conference
Workshops, Webinars & Site
Visits
Sector News & Public Relations
CONNECTING
Cooperation with other Networks &
Stakeholders
Best Practice & Guidelines
Market Data
Representation at EU & National
Level
Best Practice & Guidelines
Thematic Groups
Capturing Concerns of
Members
FACILITATING LEARNING
PROMOTING
BUILDING
INSPIRING
With the financial support of the European Union
EVPA is kindly supported by:
• Social economy in the European Union:
– 10% of the European economy (GDP)
– More than 11 millions of workers, 4.5% of the active EU population
– 1 out of 4 new enterprises set-up every year in the EU is a social enterprise, and up to 1 out of 3 in Finland, France or Belgium
• A social business / social enterprise is an undertaking:
– whose primary objective is to achieve social impact rather than generating profit for owners and shareholders,
– which uses its surpluses mainly to achieve these social goals,
– which is managed by social entrepreneurs in an accountable, transparent and innovative way, in particular by involving workers, customers and stakeholders affected by its business activity.
1.2 | An Introduction to the SBI
9
by Elinor de Pret EVPA Public Affairs Manager
CO
NTE
XT
D
EFIN
ITIO
N
With the financial support of the European Union
EVPA is kindly supported by:
In that context, the European Commission launched the SBI
(Social Business Initiative) on 25 October 2011, which is a
cornerstone initiative to support social businesses and enterprises
across the European Union.
Common work of DG MARKT, DG EMPL and DG ENTR.
1.2 | An Introduction to the SBI
10
With the financial support of the European Union
EVPA is kindly supported by:
1.2 | SBI = 3 Priorities & 11 Key Actions
11
PRIORITY AREA KEY ACTION
I. Improve access to funding
1. EuSEF
2. Microcredit
3. Financial instrument (85 ml EUR < EaSI)
4. ERDF / ESF
II. Improve visibility
5. Mapping
6. Database of labels and certifications
7. Mutual learning and capacity-building
III. Improve legal environment
8. Platform for social enterprises
9. Statutes (EU foundations, mutual associations, EU cooperatives)
10. Public Procurement
11. State Aid
28 concrete actions supervised by the
“GECES”
With the financial support of the European Union
EVPA is kindly supported by:
1.2 | SBI = GECES & What’s Next?
12
GECES
• Informal consultative group set up for 6 years (2012-2017), which examines the progress of the measures envisaged in the SBI
• 87 participants meeting twice a year
• Breaking news: adoption in Heraklion of a standard to measure social impact (IP/14/696).
GECES Meetings
5 June 2012
Brussels 27 Nov. 2012
6 June 2013
28 Nov. 2013
10-11 June 2014 Heraklion
17-18 Nov. 2014 Rome
WHAT’S NEXT?
• “Social Entrepreneurs – Have your Say”, in Strasbourg on 16/17 January 2014 “Strasbourg Declaration”
• New European legislature, same momentum?
• Ongoing work of COM services and EESC
With the financial support of the European Union
EVPA is kindly supported by:
2.1 | Presentation of the EuSEF Reg.
13
by Katarina Melichercikova European Commission
European Social Entrepreneurship Fund (EuSEF)
Katarina Melichercikova, Policy Coordinator European Commission DG Internal Market and Services, Unit G4 – Asset Management EVPA – EuSEF Regulation webinar 25 June 2014
EuSEF
Regulation adopted by EP & Council in March 2013, in force as of 22 July 2013
WHY?
Facilitate access to funding of Social Entrepreneurs
&
Facilitate investing in Social Enterprises
15
EuSEF – HOW?
1. Creating a recognized EU brand for social entrepreneurship funds
2. Improving Investor Protection
3. Breaking down barriers to fundraising across Europe
=>EU-wide passport : uniform rules for fund marketing, portfolio composition, eligible investment instruments, conduct & transparency
16
EuSEF – Features
1. Product Rules
• 70% of fund capital to be invested in social enterprises (“eligible undertakings”)
• Max. 30% of fund capital invested non-qualifying investments
2. Manager Rules
1. Conduct of business
2. Disclosure
3. Reporting
4. Valuation of assets
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EuSEF - EU definition of social enterprise
18
social mission
entrepreneurial behaviour
profit
responsibility, transparency, participatory governance
shareholders
EuSEF – Features
1. EuSEF may invest through equity, quasi-equity, debt, loans, any other type of participation
2. EuSEF exposure limited to level of committed capital
3. EuSEF must have clear & transparent impact measurement procedure
(menu of possible aspects of impact to be measured, e.g. employment & job quality, social inclusion, equal opportunities, public health)
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EuSEF – and the EU Regulatory Fund Framework
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EuSEF EuVECA National fund regimes
AIFMD threshold EUR 500m
AIFMD
AUM
More information?
SBI http://ec.europa.eu/internal_market/social_business/index_en.htm
EuSEF http://ec.europa.eu/internal_market/investment/social_investment_funds/index_en.htm
GECES http://ec.europa.eu/internal_market/social_business/expert-group/index_en.htm
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With the financial support of the European Union
EVPA is kindly supported by:
2.2 | A View from the UK Regulator
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by Esther Wandel FCA
With the financial support of the European Union
EVPA is kindly supported by:
2.3 | An “EuSEF-labelled” Fund
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by Jochen Herdrich BonVenture
BonVenture Fund and Foundation for Social Responsibility
First EuSEF registered fund in Europe
Munich, 25th June 2014
Jochen Herdrich, BonVenture Management GmbH
25-06-2014
Page 26
Structure of the BonVenture Group
Profit-oriented portfolio companies and
non-profit organizations with a social purpose
Executive and
Control Body
Capital
contribu-
tions
Board of
Trustees Advisory Board
Donations
Contribu-
tions
Support Investment
Old
investments
Follow-on investment
BonVenture III
GmbH & Co.
KG (BV III)
BonVenture
gemeinnützige
GmbH
(BV gGmbH)
BonVenture
Management
GmbH
(BVM)
BonVenture I / II
GmbH & Co.
KG (BV I /
II)
Investors
25-06-2014
Page 27
BonVenture’s Registration process (1)
BonVenture’s registration needs:
• BonVenture I (BV I) fund: Investment phase ended before July 22nd 2013
no registration need
• BonVenture II (BV II) fund: Fund set up in 2009, investment phase will end
2014/15
full registration required
• BonVenture III (BV III) fund: Fundraising in 2014/15, first investment planned
in 2015
full registration required, set-up according to AIFMD
25-06-2014
Page 28
BonVenture’s Registration process (2)
Registration opportunities
• Special AIF: “Registration light”, lowest efforts and expenses
Minimum investment amount of EUR 200k per investor
• Public AIF: No minimum investment amount
Mandatory depositary bank (very expensive especially for small funds)
Highest efforts and expenses
• EuSEF: Suitable label for “good feeling”, but label not very beneficial for funds
operating in single countries
Minimum investment amount EUR 100k per investor
Increased requirements for EuSEF than EuVECA (SI reporting) and
tight definition of SE (e.g. profit realisation/appropriation)
• EuVECA: Lower requirements than EuSEF (SME)
No minimum investment amount EUR 100 k per investor
25-06-2014
Page 29
BonVenture’s Registration process (3)
EuSEF registration at BonVenture
• Great efforts for proposal preparation
Very high internal workload
Shifting in the investors’ structure and amendment of the statutes necessary
and realised
Very high lawyer’s fees (up to now approx. EUR 20k)
• BVM since May 13th first EuSEF registered fund manager in Europe
• Exorbitant and prohibitive fees for EuSEF registration
Fees for German BaFin (EUR 2,250) and European ESMA (EUR 11,250),
objection pending
EuSEF Registration at least too complicated and expensive for being beneficial
Registration efforts and costs could threaten the existence of SE funds
25-06-2014
Page 30
Contact
BonVenture Management GmbH
Pettenkoferstr. 37
D - 80336 München
www.bonventure.de
Jochen Herdrich
Investment-Manager
T: +49-89-2000125-42
With the financial support of the European Union
EVPA is kindly supported by:
2.4 | The Italian Situation
31
by Luciano Balbo Oltre
32
The origin of the change is the new European Regulation of Alternative
Asset (AIFMD)
This regulation obliges all the alternative asset (even the very small ones)
to be regulated:
This poses a serious cost burden on the small funds / holdings
Each country will follow a different path in terms of type of regulation: the
potential risk to "kill" the small funds is very high
The Regulation has been implemented in different ways in European countries
(France vs Italy)
EuSEF is a European passport to manage funds all over Europe, however
each fund has to follow the local regulation in any case
EuSEF rules (very broad) will prevail on the local ones if there is any
difference
THE NEW REGULATION
33
When to apply for EuSEF: before or after the local implementation of the
new AIFMD Regulation? Probably the two possibilities are viable
Investors (including EIF) do not care about EuSEF
EuSEF is useful for:
(i) Paneuropean funds; and
(ii) as an escape for the local Regulation if it is too heavy (for example the
issue of the minimum investment size for any investor)
To evaluate to use the alternative EuVeCa passport
OPEN QUESTIONS AND COMMENTS
With the financial support of the European Union
EVPA is kindly supported by:
Elinor de Pret
Public Affairs Manager
35
Dr. Lisa Hehenberger
Research and Policy Director
Don’t hesitate to contact us, should you have any follow-up question related to this webinar and / or to EVPA’s activities!
Thank You !