Regulation 9

For the purposes of section 206(1A) of the Companies Act (as applied by section 109(1) of the Act), the prescribed circumstances where a VCC must undertake a review of the fees, expenses and emoluments of its auditor to determine whether the independence of the auditor has been compromised, are that the total amount of the fees paid to the auditor for non‑audit services in any financial year of the VCC exceeds 50% of the total amount of the fees paid to the auditor in that financial year.