{
  "url": "https://openlegislation.uk/eu-regulation-2013-345/article-2",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-345/article-2.json",
  "legislation": "eur/2013/345",
  "legislation_title": "Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2013-345",
  "path": "article/2",
  "kind": "article",
  "number": "2",
  "heading": null,
  "text": "1. This Regulation applies to managers of collective investment undertakings as defined in point (a) of Article 3 that meet the following conditions:\n(a) their assets under management in total do not exceed the threshold referred to in regulation 9(1)(a) of the AIFM Regulations;\n(b) they are established in the United Kingdom;\n(c) they are subject to registration with the FCA in accordance with regulation 10 of the AIFM Regulations; and\n(d) they manage portfolios of qualifying venture capital funds.\n2. Articles 3 to 6, Article 12, points (c) and (i) of Article 13(1), Articles 14a , 17, 18... 21 and 21a of this Regulation shall apply to managers of collective investment undertakings who have permission under Part 4A of FSMA to carry on the regulated activity specified by article 51ZC of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and who manage portfolios of qualifying venture capital funds and intend to use the designation ‘RVECA ’ in relation to the marketing of those funds in the United Kingdom.\n3. Where managers of qualifying venture capital funds are external managers and are registered in accordance with Article 14, they may additionally manage UK UCITS (which has the meaning given in section 237 of FSMA).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Art. 2(1)(a) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Art. 2(1)(b) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Art. 2(1)(c) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(a)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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)."
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Art. 2(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in Art. 2(2) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in Art. 2(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in Art. 2(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(b)(iv) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Word in Art. 2(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(b)(v) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in Art. 2(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(b)(vi) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in Art. 2(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 3(2)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/345/article/2",
    "retrieved_at": "2026-11-01T14:48:43.606834+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}