Friday 22 February 2019

UK: The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019

The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 were made on Wednesday (the 20th) and come into force on exit day: see here or here (pdf). They are accompanied by an explanatory memorandum and impact assessment: see, respectively, here (pdf) and here (pdf). A shorter explanatory note is available here. The purpose of the instrument is, to quote directly from the explanatory memorandum (paras. 2.2 and 2.3): address the deficiencies in retained EU law in relation to European Venture Capital Funds (EuVECAs), arising from the withdrawal of the United Kingdom (UK) from the European Union (EU), ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU.

This instrument relates to the EuVECA Regulation (Regulation (EU) No 345/2013 of the European Parliament and of the Council on European venture capital funds), which covers a sub-category of an Alternative Investment Fund (AIF) that focus on start-ups and early stage companies".

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