On February 5, 2018, new U.K. secondary legislation was laid before Parliament to make the necessary minor technical changes to align U.K. legislation with recently introduced changes to EU legislation. An EU regulation amending the European Venture Capital Funds Regulation and European Social Entrepreneurship Funds Regulation took effect from November 30, 2017. The amending regulation made various changes to the EuSEF Regulation and EuVECA Regulation to extend the range of eligible managers for EuSEF and EuVECA funds, to extend the range of eligible assets and to prohibit registration fees and simplify the registration process.
This has necessitated new U.K. legislation in the form of the Alternative Investment Fund Managers (Amendment) Regulations 2018. These U.K. amending regulations make minor changes to the Alternative Investment Fund Managers Regulations 2013 in relation to the procedures to be followed when applying to register as a manager of a European social entrepreneurship fund or a European venture capital fund and for the refusal or revocation of such registration. The changes come into force in part on March 1, 2018 and in part on April 2, 2018.
The Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134) are available at: http://www.legislation.gov.uk/uksi/2018/134/pdfs/uksi_20180134_en.pdf and the explanatory memorandum is available at: http://www.legislation.gov.uk/uksi/2018/134/pdfs/uksiem_20180134_en.pdf.
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