Venture Market Council affiliated with RVC in partnership with the Ministry of Economic Development was composed of ten leaders of venture funds, Russian companies and investor associations. This advisory body will ensure the interaction between RVC and the existing and potential venture investors of the Russian Federation, improve the quality of preparation of programs and initiatives of the development institute, and encourage investors to use the best practices of the innovative venture business.
The tasks of the advisory body members include the providing RVC with expert recommendations on the investment policy, determination of actual needs of the professional participants of the market and forming of initiatives on their actualisation, as well as expert support of RVC on the establishment of standards, regulation of relationship and supporting of the interests of venture investors in Russia. Besides, the Council will ensure the increasing of transparency of RVC activities for the venture investors and assist the attracting of additional sources of capital to the venture market.
The composition of the advisory body can be increased up to 30 participants. New candidates may be recommended by the actual members of the Council, two members recommendations are sufficient, subject to absence of veto from other members during the voting. The mail presidium composed of 10 members of the Council will be elected annually at the general voting.
In the nearest time, the Council is planning to conduct orientational expert meetings with the Bank of Russia, pension funds, corporations managing private capital (Wealth Management), in order to attract non-State pension funds, State companies and individuals as LP (limited liability investment partners) to the venture market.
Besides, the Council members will develop the mechanisms of GP (General Partners) certification and a new statistical analysis and information disclosure system . In particular, they will study the practices of information disclosure on venture markets of China and other countries, as well as the requirements of European Bank of Reconstruction and Development. Furthermore, they plan to form a unified base of transactions on the ground of the best practices of RAVI United Analytical Group and to promote the data of the Russian Federation within the international databases.
Actually, the Council prepares recommendations for corporations aimed at work with venture funds, as well as guidance materials on the issues related to the placement of information concerning transactions within the international databases.