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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 2 of 2

Article 22

1. While respecting the principle of proportionality, the FCA shall take the appropriate measures referred to in paragraph 2, as applicable, where the manager of the qualifying social entrepreneurship fund:

(a) fails to comply with the requirements that apply to the portfolio composition, in breach of Article 5;

(b) markets, in breach of Article 6, the units and shares of a qualifying social entrepreneurship fund to non-eligible investors;

(c) uses the designation "SEF" but is not registered in accordance with Article 15, or the qualifying social entrepreneurship fund is not registered in accordance with Article 15a;

(d) uses the designation 'SEF' for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3(1);

(e) has obtained registration through false statements or any other irregular means, in breach of Article 15 or Article 15a;

(f) fails to act honestly, fairly or with due skill, care or diligence, in conducting their business, in breach of point (a) of Article 7;