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Regs & Compliance

AIFMD evaluation: watch this space

The European Commission’s recent evaluation of the directive leaves the industry unsure as to what will happen next

JFSC to develop shared KYC tool

The shared tool enables users to verify customers’ identities

Guernsey introduces fund migration regs

The Limited Partnerships (Migration) Regulations 2020 allows limited partnerships to relocate to Guernsey quickly and easily

LIBOR limbo

While it might seem as though there’s plenty of time for managing the transition, if left too late, GPs will have to accept whatever replacement rate they’re given

Steadying the ship

Can a solid operating platform provide much needed certainty in an increasingly uncertain world?

MUFG selects Broadridge’s loan tracking tech

Partnership comes off the back of strong growth in the private debt, credit and direct lending market

Domicile watch: July 2020

Key takeaways from the major PE domiciles: including how Luxembourg, Guernsey and Jersey are adjusting their practices as Covid-19 country lockdowns are eased while Cayman highlights a fraudulent due diligence email being circulated

Jersey expects increased fund migration following new LP rules

The amendment makes it easier for managers to migrate structures from elsewhere in a quick, cost-effective manner.

DAC 6 tax reporting regime sparks debate

The legislation requires certain cross-border arrangements to be reported to tax authorities by taxpayers and/or their advisers

Post Brexit rules come to light

The FCA announced replacement rules for investment firms, namely a new prudential regime that may hit PE houses

DMS Group acquires Oligo

The acquisition enhances DMS’ European product offering to provide Swiss fund services and bespoke solutions to clients

Hong Kong passes Limited Partnership fund regime

The new bill "makes impressive strides" in attracting investment funds, including private equity and venture capital

LP expert Graye joins forces with qashqade

LP expert and industry advocate Lorelei Graye joins qashqade’s executive advisory

Jersey seeks feedback on LP continuance fees

The proposed fees will only affect foreign limited partnerships wanting to migrate to Jersey

Jersey’s PE funds increase by 11%

Latest figures show private equity assets serviced in Jersey increased from £136bn to £150.5bn in Q1 2020

Jersey increases fund fees

The new rates form part of the regulator’s 2020 business plan

5 minutes with… Matthew Crisp, Wheelhouse

The CEO of Wheelhouse Advisors discusses the firm’s spinout from ACA Compliance and the key tax, regulatory and compliance developments PE firms need to be aware of

European Commission evaluates impact of AIFMD

The survey assessed whether specific rules are considered effective, efficient, coherent and relevant by stakeholders

Guernsey launches fast-track licencing for overseas funds

The regime aims to enable simultaneous consideration of a migration into the Bailiwick of Guernsey and licencing of the manager within a 10-day period

CFOs must cope with lack of recognition

Despite the broadening and increasing complexity of their roles, private equity CFOs lack adequate recognition, according to Investec's latest report

Comment: Considerations for hiring tax talent

As the importance of having internal tax resources grows, what needs to be considered when hiring this type of talent?

Domicile watch: June 2020

Key takeaways from the major PE domiciles: including how Luxembourg, Guernsey and Jersey are adjusting their practices as Covid-19 country lockdowns are eased while Cayman highlights a fraudulent due diligence email being circulated

LPs to sharpen focus on valuations

Coller Capital's Global Private Equity Barometer Summer 2020, found almost half (48%) of LPs require or will require their GPs to perform independent valuations

Comment: A decade of fund finance in Luxembourg

More competition plus an increasingly complex regulatory environment requires greater sophistication and specific LPA provisions, writes Wildgen's Michael Mbayi

ESMA outlines plans for fund fees and expenses

The guidance responds to calls for improving convergence across national regulators in their approach to fund costs

GPs see digitisation as a growth enabler

The Intertrust PE Report Summer 2020 survey, found technology and digital functionalities are key in helping firms to achieve greater transparency

Apex expands Throgmorton in Switzerland

The new office provides accounting and tax compliance services, company secretarial and governance as well as payroll services to businesses operating locally

Special sauce

The Drawdown caught up with some of the UK's leading special situations investors to find out how they've been reacting to the crisis

ESMA updates MiFID II compliance guidelines

The final draft replaces the 2012 guidelines and provides more clarity on implementation and supervision of new MiFID II compliance function requirements

ESMA proposes cloud outsourcing guidelines

The guidelines aim to mitigate any potential risks firms may face as a result of outsourcing cloud services and ensure they are handled appropriately

Guernsey launches guidance on green PE principles

The aim is to bring climate risks and resilience into the heart of private equity decision making

Comment: Bringing tax resource in-house

PE firms ought to think seriously about bringing tax expertise in-house, says Simon Bowden, search director, March Consultants

Comment: Secondaries legal issues and risks

Jonathan Blake, Stephen Newby and Shantanu Naravane at Herbert Smith Freehills consider investor liquidity in private funds, GP-led secondaries, principal legal issues and key risks

Join us: CFOs & FD networks

Part one of our mini series on networks in PE: this instalment considers CFO & FD networks and finds they can be more hindrance than help

Domicile watch

A round-up of key takeaways from major PE fund domiciles, including a Jersey Finance survey, ESG and climate change initiatives as well as regulatory updates

Palatine-backed SMP buys RBC’s corporate services HK

As part of the deal, RBC’s clients and employees of this division will transfer to SMP

CSC expands fund services into Ireland

The firm was granted a licence to provide its offering there by the Central Bank of Ireland

Proposed ESG disclosures open for consultation

This is the next step in increasing clarity around ESG reporting, and gives some idea of what might be expected of firms going forward

ESMA, FCA extend annual reporting deadlines

The guidance is for private fund managers following the Alternative Investment Fund Managers Directive

WFH best practice: Regulators and financial reporting

​The third article in our mini-series provided by 3LDC focuses on reporting, financial and regulatory commitments during lockdown. It aims to remind and provide brief guidance on what firms should be doing.

Liquidity in lockdown: Lenders

How are GPs working with their lenders to access more liquidity? What can be done if covenant breaches occur?

The operating committee

A number of large private equity houses are setting up operating committees in response to the major tasks now faced by non-deal team members

COVID-19: Economic substance adjustments

Could temporary measures drive global consensus on economic substance requirements?

Hazard warning: valuations in the midst of volatility

Key considerations for valuing portfolio companies in current conditions

IPEV releases statement on fair value

LPs have a critical need at 31 March 2020 for their GPs to report underlying investments at fair value on a timely, consistent and rigorously determined basis.

Luxembourg adapts to temporary substance requirements

The jurisdiction enacted emergency legislation to protect investment funds and companies against the global pandemic

Guernsey and Jersey adjust substance requirements

Guernsey and Jersey have collectively adjusted their requirements for economic substance amid the outbreak of Covid-19, to help reduce the spread of the virus

5 minutes with… Troy Pospisil, InCloudCounsel

InCloudCounsel founder and CEO Troy Pospisil discusses the advantages of digitising legal contracts

The increasingly public world of private equity

In late January, the IPEM conference in Cannes brought together almost 3,000 delegates, spanning all corners of the industry. The key takeaway was that private equity is an increasingly public affair

Budget 2020 and private equity

While tax treatment for fund executives remains the same, there will be a review of overseas fund structures

PE faces tighter remuneration rules

Bank-style regulation continues to extend to private capital markets, says Linklaters

Comment: Making tax digital

Louise Scholey, associate director at Grant Thornton provides a practical guide to taking tax into the digital age

Face value

A group of venture capital CFOs sat down with The Drawdown to discuss challenges of valuing pre-revenue companies and implications of the new IPEV guidelines

Tomorrow’s CFO leads

They will be expected to take on a leadership role as it adapts to the numerous regulation and technology changes going forward

Comment: Respecting risk management

There’s no reward without risk but where's the reward in risk management?

Valuations what’s new, what’s not and what matters

A round-up of recent regulatory developments for private equity valuation practices

The Profile: Jason Howard, Headway Capital

Headway’s CFO Jason Howard looks back at the important lessons learned throughout his career, which now act as intrinsic guides for his current role, where meeting the needs of clients is key.

Take the risk

The cultural shift towards robust risk management is finding its way to private equity, and with it, the potential to unravel entrenched structures.

Craic on

Reforms to Ireland’s LP structure will likely be legislated in early 2020, however, after years of promises, what will actually be legislated and will PE care?

Lithuania seeks to attract fund managers

Recent regulatory amendments aim to position the country as an attractive domicile