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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

venture capital business

    the business of carrying on any of:

      1. (a) investing in, advising on investments which are, managing investments which are, arranging (bringing about) transactions in, or making arrangements with a view to transactions in venture capital investments;
      1. (b) advising on investments or managing investments in relation to portfolios, or establishing, operating or winding up collective investment schemes or managing AIFs,16 where the portfolios or funds16 (apart from funds awaiting investment) invest only in venture capital investments;
      1. (c) any custody activities provided in connection with the activities in (a) and (b);
      1. (d) any related ancillary activities.1