Regulatory Alerts2023-12-13
Guidance on Regulatory Framework for Venture Capital Fund Managers
The Abu Dhabi Global Market’s Financial Services Regulatory Authority issues this guidance to establish a streamlined, risk-based authorization and ongoing regulatory framework specifically for Venture Capital Fund Managers. The framework relaxes traditional governance, capital, and custody requirements by waiving mandatory independent custodians, valuations, administrators, and base capital thresholds, while capping authorization fees at USD 10,000. It mandates the appointment of key Approved Persons with substantial industry or fund management experience, requires robust compliance and money laundering reporting functions, and permits co-investment advisory activities under a single Financial Services Permission.
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