Article 26
1.
The Commission shall review this Regulation in accordance with paragraph 2. The review shall include a general survey of the functioning of the rules in this Regulation and the experience acquired in applying them, including:
(a)
the extent to which the designation ‘EuVECA’ has been used by managers of qualifying venture capital funds in different Member States, whether domestically or on a cross-border basis;
(b)
the geographical and sectoral distribution of investments undertaken by qualifying venture capital funds;
(c)
the appropriateness of the information requirements under Article 13, in particular whether they are sufficient to enable investors to take an informed investment decision;
(d)
the use of the different qualifying investments by managers of qualifying venture capital funds and, in particular, whether there is a need to adjust the qualifying investments in this Regulation;
(e)
the possibility of extending the marketing of qualifying venture capital funds to retail investors;
(f)
the effectiveness, proportionality and application of administrative penalties and other administrative measures provided for by Member States in accordance with this Regulation;
(g)
the impact of this Regulation on the venture capital market;
(h)
the possibility of allowing venture capital funds established in a third country to use the designation ‘EuVECA’, taking into account experience in applying the Commission Recommendation regarding measures intended to encourage third countries to apply minimum standards of good governance in tax matters;
(i)
the appropriateness of complementing this Regulation with a depositary regime;
(j)
an evaluation of any barriers that may have impeded investment into funds using the designation ‘EuVECA’, including the impact on institutional investors of other Union law of a prudential nature.
2.
The review referred to in paragraph 1 shall be conducted:
(a)
by 2 March 2022 as regards points (a) to (g), (i) and (j); and
(b)
by 22 July 2015 as regards point (h).
3.
Following the review referred to in paragraph 1, and after consulting ESMA, the Commission shall submit a report to the European Parliament and to the Council, accompanied, if appropriate, by a legislative proposal.
4.
In parallel with the review in accordance with Article 69 of Directive 2011/61/EU, in particular as regards managers registered under point (b) of Article 3(2) of that Directive, the Commission shall analyse:
(a)
the management of qualifying venture capital funds and the appropriateness of introducing changes to the legal framework, including the option of a management passport; and
(b)
the suitability of the definition of marketing for qualifying venture capital funds and the impact that that definition and differing national interpretations thereof have on the operation and viability of qualifying venture capital funds and on the cross-border distribution of such funds.
Following that review, the Commission shall submit a report to the European Parliament and to the Council, accompanied, if appropriate, by a legislative proposal.