Eligibility criteria for venture capital fund registration require fit and proper status and no adverse securities-market litigation. Regulation 4 requires applicants for a venture capital fund certificate to have as their principal object the carrying on of venture capital activity and to comply with form-specific conditions: companies must have a memorandum reflecting the fund objective, be prohibited from public invitations, and have directors, principal officers and employees free from adverse securities-market litigation or convictions for moral turpitude or economic offences and be fit and proper; parallel registered-trust and body-corporate provisions impose equivalent trust-deed, trustee/director fitness, litigation and conviction conditions. Applicants previously refused certification or whose certificate was suspended or cancelled are barred.