tailieunhanh - REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

The fair value of investments and other assets and liabilities in foreign currencies is translated into the Fund’s functional currency at the rates of exchange prevailing at the period-end date. Purchases and sales of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Foreign exchange gains (losses) on completed transactions are included in “Realized gain (loss) on sale of investments” and unrealized foreign exchange gains (losses) are included in “Change in unrealized appreciation (depreciation) in value of investments” in the Statement of Operations. Realized and unrealized foreign exchange gains (losses) on assets (other than investments) and liabilities are included in “Realized gain (loss) on. | EUROPEAN COMMISSION Brussels XXX COM 2011 860 2 2011 0417 COD Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Venture Capital Funds Text with EEA relevance SEC 2011 1515 sEc 2011 1516 EN EN EXPLANATORY MEMORANDUM 1. CONTEXT OF THE PROPOSAL Compared with competing global centres of high-tech and innovation most notably the United States the European venture capital industry is fragmented and dispersed. This fragmentation and dispersion leads to a statistically significant investor s reluctance to invest in venture capital fund Some Member States have dedicated venture capital fund regimes with rules on portfolio composition investment techniques and eligible investment target. However most Member States do not have such specific venture capital fund regimes they rather apply general rules on company law and prospectus obligations to the activities of all fund managers who wish to offer private placements of venture capital in their jurisdictions. As a consequence of regulatory fragmentation potential venture capital investors such as wealthy individuals pension funds or insurance companies find it difficult and costly to embark on channelling some of their investments toward venture capital. Regulatory fragmentation also impedes specialised venture capital funds from raising significant amount of capital from abroad. Closely linked to the problem described above is the issue whether Europe dedicates insufficient funds toward the financing of innovative start-up industries. While the United States in the period from 2003-2010 channelled approximately 131 billion into VCFs European VCFs only managed to raise 28 billion in this period. Potential investor s current preference is to prefer private equity over venture capital investments. In the reference period 2003-2010 funds dedicated to venture capital amounted to 64 billion out of a total of 437 billion invested in the wider field of private equity. Venture capital thus accounted

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