# 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), Article 7

Extent: E+W+S+N.I.

Managers of qualifying venture capital funds shall, in relation to the qualifying venture capital funds they manage:
(a) act honestly, fairly and with due skill, care and diligence in conducting their activities;
(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;
(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;
(d) apply a high level of diligence in the selection and ongoing monitoring of investments in qualifying portfolio undertakings;
(e) possess adequate knowledge and understanding of the qualifying portfolio undertakings in which they invest;
(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;
(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.

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Source: https://www.legislation.gov.uk/eur/2013/345/article/7 (the official version)
Page: https://openlegislation.uk/eu-regulation-2013-345/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.