European Private Equity and Venture Capital Association (EVCA)

Summary of the initiative

European Private Equity and Venture Capital Association (EVCA)
The EVCA reporting guidelines set general conditions: timing, fund reporting, portfolio reporting, capital account, fees and carried interest, reporting template and performance measurement guidance. In March 2000, the European Private Equity and Venture Capital Association (EVCA) issued its first Reporting Guidelines. These Guidelines have been widely adopted across the private equity industry. Following the endorsement by EVCA of the International Private Equity and Venture Capital Valuation Guidelines in March 2005, a special task force was set up in September 2005 to update the previous Reporting Guidelines to bring them into line with the new valuation principles and to reflect the evolution of common reporting practices within the industry. The reporting guidelines are part of a package of guidelines which have been developed by EVCA in cooperation with their members with the involvement of their clients/investors (though they are not formally "endorsed" in any way by clients/investors). This set of guidelines includes valuation guidelines, reporting guidelines industry governing principles and corporate governance principles.
This initiative is now superseded by the “EVCA Professional Standards Handbook”, bringing together all the professional standards documents that had previously existed separately.

Description of the Initiative

Obsolete case


    Contact Point - Commission
    FISMA C4

    Self/Co-Regulation Basic Act

    Title of Act
    EVCA Reporting Guidelines

    Geographical Coverage

    Global coverage
    Participating Countries


    Problems that lead to the introduction of Self/Co-Regulation and the adoption of the Founding Act
    Asymmetry in information provided to clients of investors in venture capital/private equity; Insider dealing.
    Target Group(s)
    Venture capital/private equity business
    Type of Instrument(s)
    Guidelines contain:
    Requirements that must be applied to enable a fund manager to claim compliance with the Guidelines;
    Recommendations whose adoption is left to the discretion of the fund manager (the latter are either intended to ease the reporting and monitoring processes of the investors or are considered not to be key in nature).
    Type of Financing
    Type of Monitoring
    Conduct an initial survey of compliance capacity of future regulateesConduct regular visits and spot checksInitiate complaints proceduresMaintain database of those bounded by the normsProduce regular reportsReceive complaints and verify if norms were breached or notReflexive dialogue with the - stakeholdersOther
    European Commission
    National public authority
    International public authority
    Private regulator (code owner)yes
    Private independent party with a mandate (e.g. auditors)yes
    Self-appointed private parties (e.g. NGOs)
    Succinct description of the type of Monitoring
    The conduct of the members is monitored by the EVCA and a special professional standards committee designated by the EVCA.
    Type of Enforcement
    Faming, shaming and blamingJudicial sanctionsMembership suspension/exclusionPrivate finesOther
    Private Regulator
    Private independent party with a mandate (e.g. auditors)
    Court system
    Alternative dispute resolution (ADR) / Online dispute resolution (ODR)
    Succinct description of the type of Enforcement
    EVCA members will abide all rulings and regulations of the Professional Standards Committee.

    Results of Commission Monitoring

    Link / Reference of Evaluation


    SMO self- and co-regulation database - private code 75