Article 14

United Kingdom

Managers of qualifying venture capital funds that intend to use designation ‘F1RVECA’ for the marketing of their qualifying venture capital funds shall inform the F2FCA of their intention and shall provide the following information:

(a)

the identity of the persons who effectively conduct the business of managing qualifying venture capital funds;

(b)

the identity of the qualifying venture capital funds, the units or shares of which are to be marketed and their investment strategies;

(c)

information on the arrangements made for complying with the requirements of Chapter II;

F3(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The F5FCA shall only register the manager of a qualifying venture capital fund if the following conditions are met:

(a)

the persons who effectively conduct the business of managing qualifying venture capital funds are of sufficiently good repute and are sufficiently experienced also in relation to the investment strategies pursued by the manager of a qualifying venture capital fund;

(b)

the information required under paragraph 1 is complete;

(c)

the arrangements notified according to point (c) of paragraph 1 are suitable for complying with the requirements of Chapter IIF6.

(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Registration under this Article shall be valid in the F7United Kingdom and shall allow managers of qualifying venture capital funds to market qualifying venture capital funds under the designation ‘F8RVECA ’ F9in the United Kingdom.

F104.

The F11FCA shall inform the manager as referred to in paragraph 1 whether it has been registered as a manager of a qualifying venture capital fund no later than two months after it has provided all the information referred to in that paragraph.

A registration in accordance with this Article shall constitute a registration for the purposes of F12regulation 10(1) of the AIFM Regulations in respect of the management of qualifying venture capital funds.

A manager of a qualifying venture capital fund as referred to in this Article shall notify the F13FCA of any material changes to the conditions for its initial registration in accordance with this Article before such changes are implemented.

If the FCA decides to impose restrictions or reject the changes referred to in the first subparagraph, it shall inform the manager of the qualifying venture capital fund, within one month of receipt of notification of those changes. The F14FCA may extend that period by up to one month where it considers this to be necessary due to the specific circumstances of the case, after having notified the manager of the qualifying venture capital fund. The changes may be implemented if the F15FCA does not oppose the changes within the relevant assessment period.

F167.

The FCA may make technical standards to specify further the information to be provided to it in the application for registration as set out in paragraph 1 and to specify further the conditions as set out in paragraph 2.

The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in the application for registration set out in paragraph 1 and the conditions set out in paragraph 2.

F179.

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Annotations

Textual amendments

F1: Word in Art. 14(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(a)(i) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2: Word in Art. 14(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(a)(ii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3: Art. 14(1)(d) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(a)(iii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4: Deleted by Regulation (EU) 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (Text with EEA relevance).
F5: Word in Art. 14(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(b) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6: Substituted by Regulation (EU) 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (Text with EEA relevance).
F7: Words in Art. 14(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(c)(i) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F8: Word in Art. 14(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(c)(ii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F9: Words in Art. 14(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(c)(iii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10: Inserted by Regulation (EU) 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (Text with EEA relevance).
F11: Word in Art. 14(4) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(b) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F12: Words in Art. 14(5) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(d) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F13: Word in Art. 14(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(b) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F14: Word in Art. 14(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(e)(i) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F15: Word in Art. 14(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(e)(ii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F16: Art. 14(7)(8) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(f) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F17: Art. 14(9) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(g) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)