tailieunhanh - Accompanying the document Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds

The Commission, in the Single Market Act 13 (SMA) undertook to put in train several measures to ensure investment funds focused on funding social undertakings can flourish. The current proposal on a European framework for social investment funds is one initiative that delivers on that commitment. The principal aim is to increase the effectiveness of the fundraising by social investment funds, and to achieve a high level of clarity as to the characteristics that distinguish social investment funds from the wider category of alternative investment funds. Only funds that comply with these characteristics shall be eligible to raise . | EUROPEAN COMMISSION Brussels XXX SEC 2011 1512 2 COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT Accompanying the document Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European Social Entrepreneurship Funds COM 2011 862 SEC 2o11 1513 EN EN Table of Contents 1. 2. Procedural Issues and Consultation of Interested . Overall . Public consultation and consultation of other . Related . Impact Assessment Steering . IAB opinion and remarks taken into 3. Key characteristics of social investment funds and their . SEF are a key financing tool for social . Investors are increasingly seeking social returns .12 . SEF are currently a small player in the investment fund . Majority of SEF are . SEF are thinly capitalised and clustered in only a few Member . The target undertakings of SEF are active in a wide range of 4. Problem . Challenges establishing an operational definition of social businesses. 18 . Social businesses access to investment capital . Investors targeting social businesses face . Key Driver 1 Investors face challenges identifying and understanding social investment . Key Driver 2 Measuring or assessing social returns is . The potential of SEFs are not fully . Key Driver 3 Existing rules are fragmentary and poorly tailored to the needs of SeFs. 23 . Summary of Consequent . Evolution of the market without EU . What is the added value of early EU action in relation to the above . EU s right to act and justification for 5. . General obj EN 2 EN . Specific . Operational obj 6. Identification of Policy . Options in

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