BVCA Introduces New Registration Rights Agreement

In February 2023, the British Private Equity and Venture Capital Association (the "BVCA") published updated model documents for early-stage capital investments. The aim of the update was to promote industry standard legal documents in the UK and align these documents more closely with their US counterparts published by the National Venture Capital Association ("NVCA"). We analysed the key changes to the updated documents in our previous article.

We continue to see the influence of the US capital markets here in the UK. Recently, the BVCA published a model Registration Rights Agreement ("RRA") (based on the NVCA's Investor Rights Agreement) and this briefing note will focus on its key terms.