Regulatory Alerts2013-12-26
General Decision of the Financial Markets Council No. 20 of December 26, 2013 on the Establishment and Liquidation Procedures for Venture Capital Funds and Seed Funds, as well as Related Modifications and Information Obligations
The Financial Markets Council issued General Decision No. 20 of December 26, 2013 to establish standardized procedures for the establishment and liquidation of venture capital funds (FCPR) and seed funds, while defining related modifications and information obligations. The decision mandates management companies to submit detailed approval applications, updated internal regulations, and prospectuses adhering to specific annex models, ensuring unitholders receive timely information on lock-up periods, fees, and risk profiles. It further requires quarterly and annual statistical reporting, real-time net asset value filings, and clear protocols for both approved and non-approved fund modifications to protect investor interests.
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