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Private Equity Comment

Bring it on: UK private equity supports enhanced disclosure under the Walker Guidelines

The British private equity community has declared itself willing to take on enhanced disclosure requirements on a par with the latest rules for listed companies in its response to the GMG's recent consultation on the Walker Guidelines.
ELTIF proposal offers private equity the prospect of accessing retail investors

The European Commission unveiled a proposal in 2013 for a new type of fund: the European Long Term Investment Fund, or ELTIF - a final text was agreed which paves the way for implementation of the new regime which will be of interest to private equity.

Luxembourg abolishes bearer shares

Luxembourg has developed its legal, tax and regulatory environment to become an important destination for private equity and venture capital funds. The recent change to the law regarding bearer shares is further evidence of this endeavour.

The taxation of Luxembourg limited partnerships

For many years, the Luxembourg authorities have worked hard to attract funds and fund managers to base themselves there – most notably by the creation of corporate and partnership structures which mitigate double taxation. Last week a further and very helpful clarification of the domestic tax treatment of Luxembourg limited partnerships will further enhance its attraction.

The 2015 legislative agenda

The European venture capital and private equity industry has seen unparalleled levels of legal, tax and regulatory change since the financial crisis. There is still a great deal to expect from ongoing initiatives in 2015, many of which will affect the sector even though not aimed directly at it.

Thirteen ways to avoid and resolve disputes

The private equity community – along with any other active participant in the financial services industry in the post-financial crisis world – faces risk from all sides So it is timely that this month saw the publication of a book on Dispute Resolution in Private Funds (edited by Hilton Mervis, a partner at King & Wood Mallesons).

Structuring management team incentives in France

France’s Supreme Court (the Conseil d’Etat) has recently ruled on two cases concerning management team incentives. The cases – which reach some surprising conclusions – are instructive in themselves, but they should also remind fund managers that courts across Europe are likely to continue to scrutinise such arrangements carefully.

The UK’s Guidelines Monitoring Group publishes disclosure and transparency report

The UK’s Guidelines Monitoring Group, the semi-independent body formed to oversee the Walker Guidelines which cover large private equity firms, has issued its seventh annual report summarising the industry's conformity with the Guidelines.

The UK's Autumn Statement 2014

A special edition of PE Comment, focussing on The Chancellor of the Exchequer's 2014 Autumn Statement.

US acts to stop "tax inversions"

The US rules on tax inversions - where a US corporation is acquired by a non-US company and the headquarters of the new group are established outside the US, thereby reducing its US tax bill – have been tightened up by the US government.

Marketing non-EU funds to EU investors - is there light at the end of the tunnel?

In theory, the main benefit to the industry which was delivered by AIFMD is a “passport” which allows EU-based fund managers to manage or market their EU-based funds across the EU. In practice, this "passport" might not be as straightforward as policy-makers in Brussels would have you believe.

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Private equity

Private Equity Comment

Topical and incisive commentary on legal and tax developments for the European Private Equity community

Featured Author

Shaistah Akhtar

Shaistah Akhtar is a regular contributor to our Business Litigation Alert, primarily focusing on fraud, bribery and sanctions issues in Europe and around the world.

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