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Venture Capital Funds May Get Passport to Invest Across EU
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Venture-capital funds in the European Union may be granted a “passport” to invest anywhere in the EU under proposals to advance the region’s single market and spur economic growth.
Funds established in one member state would be allowed “to invest in any another member state,” the European Commission, the 27-nation EU’s executive arm, said in an e-mailed statement.
The EU agreed last year to give private equity managers access to investors across the region with a single registration in return for signing up to transparency rules. Today’s proposals would create a similar passport for funds supporting businesses at an early stage of development to invest freely in different countries.
“A clearer cross-border regulatory framework for making venture capital investments would lower operating costs and risks,” Ross Butler, a spokesman for the European Private Equity and Venture Capital Association, said in an e-mailed statement. This would lead to “more capital” flowing into innovative small businesses, he said.
Financial Services Commissioner Michel Barnier is seeking to put in place measures by the end of 2012 to improve the free movement of goods, services and capital in the EU. Other proposals today include plans to simplify accounting standards and modernize public procurement rules, the commission said.
The venture capital passport would involve creating a “common statute” for funds which is recognized across the EU, the commission said. This would make it easier for small businesses to get financing at an “attractive price.”
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