1.1 This Guidance is issued under section 15(2) of the Financial Services and Markets Regulations 2015 (“FSMR”). It should be read in conjunction with FSMR, the relevant Rulebooks of the Financial Services Regulatory Authority (“the Regulator”) and the Guidance & Policies Manual of the Regulator.
1.2 The Guidance is relevant to an applicant for a Financial Services Permission (“FSP”) to carry on the Regulated Activity of Managing a Collective Investment Fund, as defined in FSRA Fund Rules (“FUNDS”), where the Fund Manager operates a Venture Capital (“VC”) Fund. This Guidance applies only to Fund Managers of VC Funds (“VC Managers”), not to their management of other types of funds other than VC Funds or additional Regulated Activities that are not related to co-investments by third parties in VC Funds.
1.3 The Guidance sets out the Regulator’s approach to an application for an FSP to operate under the framework outlined here for VC Managers (the “VC Manager Framework”), in addition to the existing requirements in relation to the Threshold Conditions as set out in the FS...