art_21__para_1

1. The competent authority of the home Member State shall, while respecting the principle of proportionality, take the appropriate measures referred to in paragraph 2 where a manager of a qualifying venture capital fund: fails to comply with the requirements that apply to portfolio composition, in breach of Article 5; markets, in breach of Article 6, the units and shares of a qualifying venture capital fund to non-eligible investors; uses the designation ‘EuVECA’ but is not registered in accordance with Article 14; uses the designation ‘EuVECA’ for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3; has obtained registration through false statements or any other irregular means, in breach of Article 14; fails to act honestly, fairly or with due skill, care or diligence, in conducting their business, in breach of point (a) of Article 7; fails to apply appropriate policies and procedures for preventing malpractices, in breach of point (b) of Article 7; repeatedly fails to comply with the requirements under Article 12 regarding the annual report; repeatedly fails to comply with the obligation to inform investors in accordance with Article 13.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-01 · Text as adopted (Official Journal); later amendments are not incorporated in this text.