The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 No. 333

PART 2 U.K. Amendment of the European Venture Capital Funds Regulation

Supervision and administrative cooperation U.K.

5.—(1) In Article 14—

(a) in paragraph 1—

(i) for “EuVECA” substitute “ RVECA ”;

(ii) for “competent authority of their home Member State” substitute “ FCA ”;

(iii) omit point (d);

(b) in paragraphs 2, 4 and 6, for “competent authority of the home Member State”, in each place it occurs, substitute “ FCA ”;

(c) in paragraph 3—

(i) for “entire territory of the Union” substitute “ United Kingdom ”;

(ii) for “EuVECA” substitute “ RVECA ”;

(iii) for “throughout the Union” substitute “ in the United Kingdom ”;

(d) in paragraph 5, for “Article 3(3) of Directive 2011/61/EU” substitute “ regulation 10(1) of the AIFM Regulations ”;

(e) in paragraph 6, in the second subparagraph—

(i) in the second sentence, for “competent authority” substitute “ FCA ”;

(ii) in the third sentence, for “relevant competent authority” substitute “ FCA ”;

(f) for paragraphs 7 and 8 substitute—

“7.   The FCA may make technical standards to specify further the information to be provided to it in the application for registration as set out in paragraph 1 and to specify further the conditions as set out in paragraph 2.

8.   The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in the application for registration set out in paragraph 1 and the conditions set out in paragraph 2.”;

(g) omit paragraph 9.

(2) In Article 14a—

(a) in paragraph 1—

(i) for “authorised under Article 6 of Directive 2011/61/EU” substitute “ who have permission under Part 4A of FSMA to carry on the regulated activity specified by article 51ZC of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (managing an AIF) ”;

(ii) for “EuVECA” substitute “ RVECA ”;

(b) in paragraph 2—

(i) in the opening words, for “competent authority of the qualifying venture capital fund” substitute “ FCA ”;

(ii) omit point (d);

(c) omit paragraph 3;

(d) in paragraph 4, for “Directive 2011/61/EU” substitute—

“the law of the United Kingdom which was relied on immediately before [F1 IP completion day] to implement Directive 2011/61/EU and its implementing measures—

(a) as they have effect on [F1 IP completion day], in the case of rules made by the FCA or by the PRA under FSMA, and

(b) as amended from time to time, in all other cases.”;

(e) in paragraph 5—

(i) omit “and having received any clarification and information referred to in paragraph 3”;

(ii) for “competent authority of the qualifying venture capital fund” substitute “ FCA ”;

(f) in paragraph 6, for “competent authority of the qualifying venture capital fund” substitute “ FCA ”;

(g) in paragraph 7—

(i) for “entire territory of the Union” substitute “ United Kingdom ”;

(ii) for “throughout the Union” substitute “ in the United Kingdom ”;

(iii) for “EuVECA” substitute “ RVECA ”;

(h) for paragraphs 8 and 9 substitute—

“8.   The FCA may make technical standards to specify further the information to be provided to it in accordance with paragraph 2.

9.   The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in accordance with paragraph 2.”;

(i) omit paragraph 10.

(3) Omit Articles 14b, 15, 16 and 16a.

(4) In Article 17—

(a) in paragraph 1—

(i) for “ESMA” substitute “ The FCA ”;

(ii) for “EuVECA” substitute “ RVECA ”;

(iii) omit “, as well as the countries in which those funds are marketed”;

(b) in paragraph 2, for “ESMA” substitute “ the FCA ”.

(5) In Article 18—

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

(b) omit paragraphs 1a, 1b, 2 and 3.

(6) Omit Articles 19 and 20.

(7) In Article 21—

(a) in paragraphs 1(c), (d), 2(b) and 4, for “EuVECA”, in each place it occurs, substitute “ RVECA ”;

(b) in paragraphs 1 and 2, in the opening words, for “competent authority” substitute “ FCA ”;

(c) omit paragraph 3;

(d) in paragraph 4—

(i) for “Union” substitute “ United Kingdom ”;

(ii) for “competent authority” substitute “ FCA ”;

(e) omit paragraph 5.

(8) In Article 21a, for “competent authorities in accordance with Directive 2011/61/EU” substitute “ the FCA in respect of AIFMs (as defined in regulation 4(1) of the AIFM Regulations M1 ) under FSMA or the AIFM Regulations ”.

(9) Omit Article 22.

(10) In Article 23—

(a) in paragraph 1—

(i) for “competent authorities or for ESMA” substitute “ FCA ”;

(ii) for “competent authorities or by ESMA”, substitute “ FCA ”;

(b) omit paragraph 2;

(c) for paragraph 3, substitute—

“3.   Where the FCA receives confidential information under this Regulation, the FCA may use it only in the course of its duties and for the purpose of administrative and judicial proceedings.”

(11) Omit Article 24.

Textual Amendments

F1 Words in reg. 5(2)(d) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 20(b)

Commencement Information

I1 Reg. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(1)

Marginal Citations

M1 S.I. 2013/1773.