Following the presentation of the draft regulations on the establishment and supervision of Research and Technology Funds, and considering the direct impact these regulations could have on the future operations of the funds, an urgent meeting of the Research and Technology Funds Commission of the Iran Venture Capital Association was held, hosted by the Karmayeh financing platform.
The proposed regulations come at a time when recent approaches have emphasized strengthening the financial capacity of the funds, improving governance, and moving toward a new generation of Research and Technology Funds. Accordingly, Commission members stressed that achieving these objectives requires regulatory and supervisory frameworks to be aligned with the actual nature and operational requirements of the funds.
A New Generation of Funds Requires a New Generation of Regulation
During the expert review of the draft regulations, Commission members raised a range of legal, operational, technical, and regulatory considerations. Key issues discussed included the procedures for issuing and maintaining operating licenses, the scope of authority and responsibilities of the supervisory body, the boundary between supervision and intervention in fund management, corporate governance requirements, the volume and scope of reporting obligations, data confidentiality and security, technical requirements for supervisory systems, as well as procedures for handling violations and related enforcement mechanisms.
While emphasizing the importance of transparency, accountability, and effective supervision, Commission members also highlighted the need to maintain a clear distinction between regulatory oversight and the managerial and operational independence of the funds. In the Commission’s view, moving toward a new generation of Research and Technology Funds requires a new generation of governance and regulation—one that, alongside effective supervision, preserves and strengthens agility, innovation, professional independence, and the development capacity of the funds.
The meeting also emphasized that increasing operational and reporting obligations, expanding the scope of supervisory intervention, and introducing new requirements without sufficient consideration of technical infrastructure and implementation costs could result in greater bureaucracy and reduced agility for the funds. Such an outcome would not be aligned with the objective of strengthening their financial capacity and advancing the development of a new generation of Research and Technology Funds.
Proposal for Expert Review Prior to Final Approval
Given the broad legal and operational implications of the proposed regulations and their significance for the future activities of Research and Technology Funds, Commission members stressed the importance of providing sufficient time for expert review and meaningful participation by sector stakeholders before final approval.
Accordingly, it was agreed that the Commission’s consolidated observations and proposed amendments would be formally submitted to the relevant authorities as soon as possible and prior to any final decision, with the aim of safeguarding the position and effectiveness of Research and Technology Funds. It was also proposed that the review of the drafts continue with the participation of an expert team and specialized representatives from the sector, so that the final regulations can both fulfill supervisory objectives and create an enabling environment for the growth and development of the funds.
The Association’s Research and Technology Funds Commission will continue to follow up on this matter in pursuit of higher-quality governance and regulation, the protection of the professional interests of the funds, and the creation of an appropriate framework for the development of the next generation of Research and Technology Funds.
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