1.

The competent authority of the home Member State shall, while respecting the principle of proportionality, take the appropriate measures referred to in paragraph 2 where a manager of a qualifying social entrepreneurship fund: fails to comply with the requirements that apply to the portfolio composition, in breach of Article 5; markets, in breach of Article 6, the units and shares of a qualifying social entrepreneurship fund to non-eligible investors; uses the designation ‘EuSEF’ but is not registered in accordance with Article 15; uses the designation ‘EuSEF’ for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3(1); has obtained registration through false statements or any other irregular means in breach of Article 15; fails to act honestly, fairly or with due skill, care or diligence, in conducting their business, in breach of point (a) of Article 7; fails to apply appropriate policies and procedures for preventing malpractices, in breach of point (b) of Article 7; repeatedly fails to comply with the requirements under Article 13 regarding the annual report; repeatedly fails to comply with the obligation to inform investors in accordance with Article 14.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-31 · Text as adopted (Official Journal); later amendments are not incorporated in this text.