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venture capital contact

    (when a firm carries on regulated activities 10 with or for a person in the course of or as a result of carrying on venture capital business) that person in connection with that regulated activity 10 if:

      1. (a) the firm does not behave in a way towards that person which might reasonably be expected to lead that person to believe that he is being treated as a client; and
      1. (b) the firm clearly indicates to that person that the firm:
        1. (i) is not acting for him; and
        1. (ii) will not be responsible to him for providing protections afforded to clients of the firm or be advising him on the relevant transaction.1