Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

AIFMD Targeted Consultation on the EU Venture and Growth Capital Funds Reform On 15 January 2026, the European Commission (Commission) published two consultations to collect evidence and stakeholder feedback on the barriers to achieve scale and operate across the EU single market that arise from the application of the European Venture Capital Funds Regulation (EuVECA), the Alternative Investment Fund Managers Directive (AIFMD), and national legal frameworks for investment funds, as well as on possible policy measures addressing such barriers. The Commission says that, despite growth in recent years, the EU venture and growth capital ecosystem remains underdeveloped, and small and mid size fund managers face significant barriers to achieve scale and operate across the EU single market. Preliminary analysis, notably from an external study commissioned by Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), points at market fragmentation issues and unnecessary regulatory requirements. The consultations are comprised of a targeted consultation addressing key stakeholders such as fund managers, businesses, institutional investors as well as public authorities and supervisors, and a public consultation where anybody can contribute. The Commission says that input from the consultations will support its policy work under the Savings and Investments Union (SIU) and the startup and scaleup strategy, in particular the efforts to improve access to finance for innovative companies in the EU. The Commission says it envisages a review of the European Venture Capital Fund (EuVECA) Regulation under its SIU strategy, planned for adoption in the third quarter of 2026. With a view to maximising the impact on EU competitiveness and growth, the Commission says it is also considering a possible broader policy initiative beyond the EuVECA framework, which would cover a wider range of venture and growth capital fund managers. The period for both consultations is open until 12 March 2026. Link to Targeted Consultation here Link to Public Consultation here Investor Services Bite-Sized Global Trustee and Fiduciary Services QUICK LINKS Issue 2 | 2026 AIFMD BENCHMARKS REGULATION CRYPTOASSETS FINTECH FUND LIQUIDITY MIFID II/MIFIR MONEY MARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM