Under the Capital Markets and Services Act 2007 (CMSA), any person carrying on a business in any regulated activity must be appropriately licensed or registered by the SC. Corporations undertaking venture capital or private equity activity are registered persons under Schedule 4 of the CMSA.
To qualify as registered persons, Venture Capital Corporations (VCC), Venture Capital Management Corporations (VCMC), Private Equity Corporations (PEC) and Private Equity Management Corporations (PEMC) as specified in paragraph 2.01 of the Guidelines on Registration of Venture Capital and Private Equity Corporations and Management Corporations (Guidelines), must apply to be registered with the SC and comply with the provisions of these Guidelines.
At the time of registration, the applicant must have at least one responsible person for VCC or VCMC, and at least two responsible persons for PEC or PEMC, who shall be fit and proper for the position.