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HMRC internal manual

Venture Capital Schemes Manual

VCT: VCT approval: listing condition

From 6 April 2011 a VCT’s ordinary share capital must be admitted to trading on an EU regulated market throughout the relevant period. Prior to that date the requirement was that its ordinary share capital must be included in the official UK list.

Directive 2004/39/EC introduced a new directive on markets in financial instruments. Title 3 of that directive laid down certain minimum standards for a market to be regulated. The competent authorities in each EU jurisdiction are responsible for designating markets as EU regulated markets that comply with the definition of ‘regulated market’ and to notify the EU Commission accordingly.

The Commission issues a list indicating the titles of the individual markets which are recognised by national competent authorities as complying with the definition of ‘regulated market’. In addition, it indicates the entity responsible for managing these markets and the competent authority responsible for issuing or approving the rules of the market.

The list includes all member states as well as EEA members Iceland and Norway. The list may be accessed at 

A VCT being admitted to trading on an EU regulated market will need to identify the market concerned and confirm that it has been designated as such by the competent authority of the country concerned. In most instances this will be easily confirmed by reference to the published list. However, the list may not be regularly updated. Any dispute as to whether a market has been designated can be resolved by reference to the competent authority of the country concerned (included in the above mentioned list).