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Regs & Compliance

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

Romania approves New AIF Law

Updated law better aligns Romania with recent EU developments

EU introduces new ESG regulation

Rules apply from 10 March 2021

5 minutes with… Corvus Advisers

Newly-launched legal and regulatory consultancy aims to fill the grey space between law firms and compliance consultants

Crestbridge granted Luxembourg licence

New licence adds to existing offerings in UK, Jersey, Bahrain and Cayman

The data journey waits for no one

Private equity’s data journey may only just be setting off, but like any expedition, packing the best equipment and selecting the right companions make reaching the final destination a lot more enjoyable

Key regulatory developments in 2019

Latest developments come from Proskauer's 2019 Annual Review and Outlook

The Profile: Jackson Heddy, Northzone

Jackson Heddy discusses the particular challenges of running a venture back office; including the complexity of data analysis for young companies and troublesome valuation methods

AIFMD II: WTF? (What the fund, obvs)

Following a review of the AIFM Directive in 2017, where are we now, what has happened, will there be an AIFMD II?

Luxembourg’s AUM increased 20% year-to-year

Figure comes from ALFI's latest 2018 Luxembourg Private Equity and Venture Capital Investment Funds Survey

Views from the Summit

Highlights from two of the technical breakout sessions at this year's BVCA Summit in London

Fund structures are so last season

As new waves of regulation continue to hit private equity, managers are quietly shifting to the peaceful waters of deal-by-deal investing

Time to bite back

For too long operational leaders have been yes men, it's high time they became key men

Ocorian granted Luxembourg licence

The firm can act as a depositary to AIFs

ILPA unveils model LPA

The document is a standardised and accessible template use to aligning GPs and LPs

Standardisation: not the whole story

Aims to improve and create efficiencies for the reporting of fees and expenses are valiant but templates only tell part of the story

Chance of clear skies

A new approach to solving PE’s reporting conundrum

5 minutes with… Castalia Compliance

Tracy Diamond, founder of boutique consultancy Castalia Compliance reveals her top tips for handling growing regulatory burdens

Masters of the universe

Private equity’s legitimacy is under threat in the new world order shaped by citizen unrest

Private equity under populist rule

As the economy becomes a global chessboard, what does protectionism hold in store for GPs?

In or out? Tackling back office complexities

AltaReturn whitepaper details new approaches to running the back office

The enforcers: Autorité des Marchés Financiers

France’s bid for post-Brexit business opens our global series on regulators

Appetite mounts for standardised performance reporting

Compliance with GIPS rules can be factor in GP searches by consultants, survey shows

Using numbers to win hearts and minds

Citizens reject PE’s value creation credentials. Could data help GPs tell their story?

AnaCap’s Edwards on outsourcing and regulations

Final instalment of our discussion with AnaCap COO Michael Edwards explores outsourcing and regs

5 minutes with… Travers Smith

The Drawdown talks new LP operational due diligence strategies with Sam Kay

COO Profile: BGF’s Matthew Reed

The Drawdown speaks to Business Growth Fund COO Matthew Reed

Prepare yourself for the GDPR

The General Data Protection Regulation takes hold in May 2018 and private equity won't be unaffected

Guernsey private equity funds surpass £100bn NAV

Total assets of Guernsey PE funds grew by more than £25bn last year

ILPA opposes proposed SEC private equity regulations reforms

Financial CHOICE Act would remove SEC registration requirement for fund investment advisers