http://www.legislation.gov.uk/eur/2013/345/chapter/IIIRegulation (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)Regulation (EU) No 345/2013 of the European Parliament and of the CouncilRegulation (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)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0345-20180301texttext/xmlen2026-01-27Expert Participation2026-01-19 CHAPTER III <Strong>SUPERVISION AND ADMINISTRATIVE COOPERATION</Strong> Article 141Managers of qualifying venture capital funds that intend to use designation ‘RVECA’ for the marketing of their qualifying venture capital funds shall inform the FCA of their intention and shall provide the following information:athe identity of the persons who effectively conduct the business of managing qualifying venture capital funds;bthe identity of the qualifying venture capital funds, the units or shares of which are to be marketed and their investment strategies;cinformation on the arrangements made for complying with the requirements of Chapter II;d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2The FCA shall only register the manager of a qualifying venture capital fund if the following conditions are met:athe persons who effectively conduct the business of managing qualifying venture capital funds are of sufficiently good repute and are sufficiently experienced also in relation to the investment strategies pursued by the manager of a qualifying venture capital fund;bthe information required under paragraph 1 is complete;cthe arrangements notified according to point (c) of paragraph 1 are suitable for complying with the requirements of Chapter II.d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Registration under this Article shall be valid in the United Kingdom and shall allow managers of qualifying venture capital funds to market qualifying venture capital funds under the designation ‘RVECA ’ in the United Kingdom.4The FCA shall inform the manager as referred to in paragraph 1 whether it has been registered as a manager of a qualifying venture capital fund no later than two months after it has provided all the information referred to in that paragraph.5A registration in accordance with this Article shall constitute a registration for the purposes of regulation 10(1) of the AIFM Regulations in respect of the management of qualifying venture capital funds.6A manager of a qualifying venture capital fund as referred to in this Article shall notify the FCA of any material changes to the conditions for its initial registration in accordance with this Article before such changes are implemented.If the FCA decides to impose restrictions or reject the changes referred to in the first subparagraph, it shall inform the manager of the qualifying venture capital fund, within one month of receipt of notification of those changes. The FCA may extend that period by up to one month where it considers this to be necessary due to the specific circumstances of the case, after having notified the manager of the qualifying venture capital fund. The changes may be implemented if the FCA does not oppose the changes within the relevant assessment period.7The 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 2.8The 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 2.9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 14a1Managers of collective investment undertakings 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) shall apply for registration of the qualifying venture capital funds for which they intend to use the designation ‘RVECA’.2The application for registration referred to in paragraph 1 shall be made to the FCA and shall include the following:athe rules or instruments of incorporation of the qualifying venture capital fund;binformation on the identity of the depositary;cthe information referred to in Article 14(1);d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .For the purposes of point (c) of the first subparagraph, the information on the arrangements made for complying with the requirements of Chapter II shall refer to the arrangements made for complying with Articles 5 and 6 and points (c) and (i) of Article 13(1).3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4Managers as referred to in paragraph 1 shall not be required to provide information or documents which they have already provided under the law of the United Kingdom which was relied on immediately before IP completion day to implement Directive 2011/61/EU and its implementing measures—aas they have effect on IP completion day, in the case of rules made by the FCA or by the PRA under FSMA, andbas amended from time to time, in all other cases.5Having assessed the documentation received in accordance with paragraph 2 ..., the FCA shall register a fund as a qualifying venture capital fund if the manager of that fund meets the conditions laid down in Article 14(2).6The FCA shall inform the manager as referred to in paragraph 1 whether that fund has been registered as a qualifying venture capital fund no later than two months after that manager has provided all the documentation referred to in paragraph 2.7Registration under this Article shall be valid in the United Kingdom and shall allow the marketing of those funds in the United Kingdom under the designation ‘RVECA’.8The FCA may make technical standards to specify further the information to be provided to it in accordance with paragraph 2.9The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in accordance with paragraph 2.10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 14b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 16a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 171The FCA shall maintain a central database that is publicly accessible on the internet and that lists all managers of qualifying venture capital funds that use the designation ‘RVECA’ and the qualifying venture capital funds for which they use that designation ....2On its website, the FCA shall provide weblinks to the relevant information regarding third countries that fulfil the applicable requirement under point (d)(iv) of the first paragraph of Article 3. Article 181The FCA shall supervise compliance with the requirements laid down in this Regulation.1a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 211While respecting the principle of proportionality, the FCA shall take the appropriate measures referred to in paragraph 2, as applicable, where the manager of a qualifying venture capital fund:afails to comply with the requirements that apply to portfolio composition, in breach of Article 5;bmarkets, in breach of Article 6, the units and shares of a qualifying venture capital fund to non-eligible investors;cuses the designation ‘RVECA’ but is not registered in accordance with Article 14, or the qualifying venture capital fund is not registered in accordance with Article 14a;duses the designation ‘RVECA’ for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3;ehas obtained registration through false statements or any other irregular means, in breach of Article 14 or Article 14a;ffails to act honestly, fairly or with due skill, care or diligence, in conducting their business, in breach of point (a) of Article 7;gfails to apply appropriate policies and procedures for preventing malpractices, in breach of point (b) of Article 7;hrepeatedly fails to comply with the requirements under Article 12 regarding the annual report;irepeatedly fails to comply with the obligation to inform investors in accordance with Article 13.2In the cases referred to in paragraph 1, the FCA shall, as appropriate:atake measures to ensure that the manager of a qualifying venture capital fund concerned complies with Articles 5 and 6, points (a) and (b) of Article 7 and Articles 12 to 14a, as applicable;bprohibit the manager of the qualifying venture capital fund concerned from using the designation ‘RVECA’ and remove that manager, or the qualifying venture capital fund concerned, from the register.3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4The right to market one or more qualifying venture capital funds under the designation ‘RVECA’ in the United Kingdom shall expire with immediate effect from the date of the decision of the FCA referred to in point (b) of paragraph 2.5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 21aThe powers conferred on the FCA in respect of AIFMs (as defined in regulation 4(1) of the AIFM Regulations) under FSMA or the AIFM Regulations, including those related to penalties, shall also be exercised with respect to the managers referred to in Article 2(2) of this Regulation. Article 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Article 231All persons who work or who have worked for the FCA, as well as auditors and experts instructed by the FCA, are bound by the obligation of professional secrecy. No confidential information which those persons receive in the course of their duties shall be divulged to any person or authority whatsoever, save in summary or aggregate form such that managers of qualifying venture capital funds and qualifying venture capital funds cannot be individually identified, without prejudice to cases covered by criminal law and proceedings under this Regulation.2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Where 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. Article 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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).Inserted 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).Deleted 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).Word in Art. 14(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(a)(i) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(a)(ii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14(1)(d) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(a)(iii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(b) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(4) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(b) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(b) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(e)(i) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(e)(ii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(c)(i) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(c)(ii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(c)(iii) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14(5) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(d) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14(7)(8) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(f) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14(9) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(1)(g) (with regs. 7, 8) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14a(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(a)(i) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14a(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(a)(ii) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14a(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(b)(i) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14a(2)(d) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(b)(ii) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14a(3) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(c) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14a(4) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(d) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(b)(e) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14a(5) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(e)(i) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14a(5) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(e)(ii) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14a(6) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(f) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14a(7) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(g)(i) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 14a(7) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(g)(ii) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 14a(7) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(g)(iii) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14a(8)(9) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(h) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14a(10) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(2)(i) (with reg. 9) (as amended by S.I. 2020/1310, regs. 1, 3, Sch. para. 20(c)-(e) with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 14b omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 15 omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 16 omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 16a omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 17(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(4)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 17(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(4)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 17(1) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(4)(a)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 17(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 18(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(5)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 18(1a) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 18(1b) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 18(2) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 18(3) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(5)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 19 omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 20 omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(1)(c) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(1)(d) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(2)(b) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(2) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(4) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 21(4) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(d)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 21(4) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 21(3) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 21(5) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(7)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 21a substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(8) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 22 omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(9) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 23(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Word in Art. 23(1) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 23(2) omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 23(3) substituted (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(10)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Art. 24 omitted (31.12.2020) by virtue of The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 5(11) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)