A Variable Capital Company (VCC) is a company incorporated under the Companies Act which carries its activities through its sub-funds and Special Purpose Vehicles (SPVs). A VCC needs to be authorised by the Financial Services Commission (FSC).

A sub-fund of a VCC Fund, subject to the approval of the FSC, operates as a Collective Investment Scheme (CIS) or a Closed-End Fund (CEF) of any category, and may elect to have a separate legal personality from that of the VCC Fund. For example, a sub-fund can be approved to operate as a CIS and an Expert Fund. The sub-fund shall comply with all requirements under the legal framework listed below, and other relevant FSC Rules and Guidelines:

• The Financial Services Act 2007
• The Variable Capital Companies Act 2022
• The Securities Act 2005
• The Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008