{
  "url": "https://openlegislation.uk/eu-regulation-2013-345/article-7",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-345/article-7.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/7",
  "kind": "article",
  "number": "7",
  "heading": null,
  "text": "Managers of qualifying venture capital funds shall, in relation to the qualifying venture capital funds they manage:\n(a) act honestly, fairly and with due skill, care and diligence in conducting their activities;\n(b) apply appropriate policies and procedures for preventing malpractices that can reasonably be expected to affect the interests of the investors and the qualifying portfolio undertakings;\n(c) conduct their business activities in such a way as to promote the best interests of the qualifying venture capital funds they manage, the investors therein and the integrity of the market;\n(d) apply a high level of diligence in the selection and ongoing monitoring of investments in qualifying portfolio undertakings;\n(e) possess adequate knowledge and understanding of the qualifying portfolio undertakings in which they invest;\n(f) treat their investors fairly. This shall not preclude more favourable treatment of private investors than of a public investor, provided that such treatment is compatible with State aid rules, in particular Article 21 of Commission Regulation (EU) No 651/2014 , and is disclosed in the fund’s rules or instruments of incorporation;\n(g) ensure that no investor obtains preferential treatment, unless such preferential treatment is disclosed in the rules or instruments of incorporation of the qualifying venture capital fund.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "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": "footnote",
      "label": "f1",
      "text": "Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty ( OJ L 187, 26.6.2014, p. 1 )."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/345/article/7",
    "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."
}