Article 21

fails to comply with the requirements that apply to portfolio composition, in breach of Article 5;

markets, in breach of Article 6, the units and shares of a qualifying venture capital fund to non-eligible investors;

uses the designation ‘F3RVECA’ but is not registered in accordance with Article 14, or the qualifying venture capital fund is not registered in accordance with Article 14a;

uses the designation ‘F4RVECA’ for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3;

has obtained registration through false statements or any other irregular means, in breach of Article 14 or Article 14a;

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 12 regarding the annual report;

repeatedly fails to comply with the obligation to inform investors in accordance with Article 13.

take measures to ensure that the manager of a qualifying venture capital fund concerned complies with Articles 5 and 6, points (a) and (b) of Article 7 and Articles 12 to 14a, as applicable;

prohibit the manager of the qualifying venture capital fund concerned from using the designation ‘F6RVECA’ and remove that manager, or the qualifying venture capital fund concerned, from the register.