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

Conditions for the use of the designation “RVECA”

4.—(1) In Article 4—

(a) for “EuVECA” substitute “RVECA”;

(b) for “Union” substitute “United Kingdom”.

(2) In Article 6, in paragraph (1)—

(a) for “Section I of Annex II to Directive 2004/39/EC” substitute “Part 2 of Schedule 1 to the Markets in Financial Instruments Regulation 2014(1)”;

(b) for “Section II of Annex II to Directive 2004/39/EC” substitute “Part 3 of Schedule 1 to the Markets in Financial Instruments Regulations 2014”.

(3) In Article 9, in paragraph 5, for “Commission shall be empowered to adopt delegated acts in accordance with Article 25 specifying” substitute “Treasury may by Regulations specify”.

(4) In Article 10—

(a) in paragraphs 3 and 5, for “competent authority of the home Member State” in each place it occurs, substitute “FCA”;

(b) in paragraph 5—

(i) for “a Member State” substitute “the United Kingdom”;

(ii) for “Union law” substitute “the law of the United Kingdom”.

(5) In Article 12—

(a) in paragraph 1, for “competent authority of the home Member State” substitute “FCA”;

(b) in paragraph 3, for the words from “Article 4” to “market” substitute “rule 4.1.3 of the Disclosure Guidance and Transparency Rules sourcebook”;

(c) omit paragraph 4.

(6) In Article 13, in paragraph 3, for the words from “Directive 2003/71/EC” to “admitted to trading” substitute “Part 6 of FSMA”.

(1)

Schedule 1 is inserted into the Markets in Financial Instruments Regulation 2014 by the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.