Nº 2 / 2015 - abril-junio
The SME venture capital entities pursuant to the Law 22/2014, of November 12th, on Venture Capital
On 14 November, 2014 entered into force the Law 22/2014, of November 12th, regulating the venture capital entities, other closed-end collective investment entities and managers of closed-end collective investment entities and amending the Law 35/2003 of November 4th, on Collective Investment Institutions (the “Law ECR”).
The new legal concept incorporated by the ECR LAW, the so called venture capital SMEs (“ECR SMEs”) will allow improved access to finance for small and medium size companies with latent potential for high growth and expansion, especially in the earliest stages of development that tend to represent one of the major turning points for their survival in the market, thus correcting the imbalance provided by the repealed Law 25/2005, of November 24th, regulating venture capital entities and their managers, which favored the LBO and private equity, leaving in the background the venture capital.
Keywords: SME, SME ECR, Collective Investment Institutions.
DIRECCIÓN REVISTA ESPAÑOLA DE CAPITAL RIESGO
Catedrático de Derecho Mercantil
Universidad de Valencia
DIRECCIÓN BOLETÍN DE ACTUALIDAD DEL MERCADO ESPAÑOL DE CAPITAL RIESGO
Instituto de Capital Riesgo (INCARI)