Article 14
1.
Managers of qualifying social entrepreneurship funds shall, in relation to the qualifying social entrepreneurship funds that they manage, inform their investors, prior to the investment decision of the latter, in a clear and understandable manner, of the following:
(a)
the identity of that manager and of any other service providers contracted by that manager in relation to their management, and a description of their duties;
(b)
the amount of own funds available to that manager for maintaining the adequate human and technical resources necessary for the proper management of its qualifying social entrepreneurship funds;
(c)
a description of the investment strategy and objectives of the qualifying social entrepreneurship fund, including:
(i)
the types of qualifying portfolio undertakings in which it intends to invest;
(ii)
any other qualifying social entrepreneurship fund in which it intends to invest;
(iii)
the types of qualifying portfolio undertakings in which any other qualifying social entrepreneurship fund, as referred to in point (ii), intends to invest;
(iv)
the non-qualifying investments which it intends to make;
(v)
the techniques that it intends to employ; and
(vi)
any applicable investment restrictions;
(d)
the positive social impact being targeted by the investment policy of the qualifying social entrepreneurship fund, including, where relevant, projections of such outcomes as may be reasonable, and information on past performance in this area;
(e)
the methodologies to be used to measure social impacts;
(f)
a description of the assets other than qualifying portfolio undertakings and the process and the criteria which are used for selecting these assets unless they are cash or cash equivalents;
(g)
a description of the risk profile of the qualifying social entrepreneurship fund and any risks associated with the assets in which the fund may invest or the investment techniques that may be employed;
(h)
a description of the qualifying social entrepreneurship fund’s valuation procedure and of the pricing methodology for valuing assets, including the methods used for valuing qualifying portfolio undertakings;
(i)
a description of how the remuneration of the manager of a qualifying social entrepreneurship fund is calculated;
(j)
a description of all relevant costs and of the maximum amounts thereof;
(k)
where available, the historical financial performance of the qualifying social entrepreneurship fund;
(l)
the business support services and the other support activities the manager of a qualifying social entrepreneurship fund is providing or arranging through third parties in order to facilitate the development, growth or in some other respect the ongoing operations of the qualifying portfolio undertakings in which the qualifying social entrepreneurship fund invests, or, where these services or activities are not provided, an explanation of that fact;
(m)
a description of the procedures by which the qualifying social entrepreneurship fund may change its investment strategy or investment policy, or both.
2.
All of the information referred to in paragraph 1 shall be fair, clear and not misleading. It shall be kept up-to-date and reviewed regularly where relevant.
3.
Where the manager of a qualifying social entrepreneurship fund is required to publish a prospectus in accordance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading (
4
) or in accordance with national law in relation to the qualifying social entrepreneurship fund, the information referred to in paragraph 1 of this Article may be provided separately or as a part of the prospectus.
4.
The Commission shall be empowered to adopt delegated acts in accordance with Article 26 specifying:
(a)
the content of the information referred to in points (c) to (f) and (l) of paragraph 1 of this Article;
(b)
how the information as referred to in points (c) to (f) and (l) of paragraph 1 of this Article can be presented in a uniform way in order to ensure the highest possible level of comparability.
( 4 ) OJ L 345, 31.12.2003, p. 64.