12. Circumstances to be considered for determining whether umbrella VCC is carrying on business in relation to sub-fund

For the purposes of section 33A(2) of the Act, the circumstances to which the Registrar may have regard in determining whether there is reasonable ground to believe that an umbrella VCC is not carrying on business in relation to a sub‑fund are —

whether the umbrella VCC has failed to respond to any correspondence sent by the Registrar relating to the sub‑fund by registered post, where a response is required; and

whether credible information has been received by the Registrar indicating that the umbrella VCC is not carrying on business in relation to the sub‑fund.