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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.
Private equity and venture capital could benefit from EU Capital Markets Union

The new European Commission President has spoken extensively about his plan for a "capital markets union" and last week's Green Paper puts some flesh on the bones, and marks the beginning of a broad consultation.

Competition authorities crack down on cartels

The UK’s Competition and Markets Authority is enhancing the scale and sophistication of its enforcement activities, including its ability to identify and intervene in cartels.

Anti-corruption rules in the UK

In 2010 the UK introduced a far-reaching new law designed to prevent bribery and corruption, and many private equity and venture capital firms took further steps to mitigate the perceived increased liability risk. But if UK companies thought that the Bribery Act was the government's last word on the subject, they were wrong.

A new funds vehicle in France?

The past few years have seen many attempts by European jurisdictions to make themselves more attractive for private equity and venture capital funds. And it seems that France is following suit with the possible introduction of a limited partnership with legal personality.

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.

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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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