HM Treasury has published drafts of the following UK regulations required for the UK to continue to manage after Brexit UK European Long Term Investment Funds (ELTIFs), European Venture Capital Funds (EuVECAs) and European Social Entrepreneurship funds (EuSEFs):

  • the Venture Capital Funds (Amendment) (EU Exit) Regulations 2018; 
  • the Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2018; and  
  • the Long-term Investment Funds (Amendment) (EU Exit) Regulations 2018.   

These are to amend retained EU law in relation to these funds. They remove existing legislative provisions relating to co-operation and information sharing with EU authorities while maintaining existing investment rules for these types of funds domiciled in the UK. They also confirm that UK managers will be able to register or be authorised with the FCA to market qualifying funds in the UK under new labels (social entrepreneurship funds (SEF), registered venture capital funds (RVECA) and long-term investment funds (LTIF)). Existing UK managers already registered or authorised with the FCA will be automatically transferred to the new UK regime.

The Regulations are proposed to come into force on exit day.  

Read: The draft regulations herehere and here