Regulatory Alerts2025-06-25
COSOB Instruction No. 25-02 of June 25, 2025 Fixing the Elements Constituting the File Attached to the Approval Application for Venture Capital Collective Investment Undertakings
The Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB) issued Instruction No. 25-02 to define the mandatory documentation required for the approval of Venture Capital Collective Investment Undertakings (OPCR). The instruction specifies distinct submission requirements for Risk Capital Investment Companies (SICAR) and Risk Capital Common Investment Funds (FCPR), including founder vetting, governance structures, and contracts with external evaluators and depositaries. It further establishes that the Commission's two-month review period is suspended upon requests for additional information and mandates that approved entities complete their constitution within three months of receiving approval.
Share