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Regulatory update

Invest Europe releases new ESG reporting guidelines

New guidelines aim to be user friendly and include a voluntary reporting template

Domicile watch: August 2022

Key takeaways from the major private equity domiciles, including: JFSC’s extension of its AIF reporting deadlines, the FCA’s new rules for its AR scheme as well as AMF’s consultation on PE funds’ end of life

Legal lowdown: Michael Halford, Goodwin

The partner, co-chair of global private investment funds discusses recent client challenges, thoughts on the FCA’s new AR rules and what he makes of PE’s reputation

FCA sets sights on conflicts of interest

The UK watchdog has highlighted conflicts of interest as a key area of focus in its latest portfolio letter

BOE interest rate hike to impact valuations

“I think we can expect to see the interest rate hike exert some downwards pressure on valuations, though how much is difficult to forecast given the broader market conditions.”

FCA sets out new rules for AR scheme

The new rules aim to improve oversight of appointed representatives, while placing more responsibility on principal firms

FCA consults on retail access to LTAFs

The regulator has proposed draft rules to open up access to a broader range of retail investors, while providing further investor protection

House of Lords slams PE for “financial engineering and tax avoidance”

Lord Sikka pointed to private equity fund and deal structures in Switzerland, Jersey and the Caribbean, created for the purpose of “asset stripping, profit shifting and tax avoidance”

FCA delays consultation on SDR

The FCA has delayed its internal consultation period from Q2 2022 to autumn 2022

Key reporting deadlines for Q3 2022

Need to know dates for private equity filings in the third quarter of 2022

Comment: ESG and PE in Asia: rules of attraction

Stephanie Keen, leader of Hogan Lovells’ corporate & finance practice in Asia Pacific and associate Amelia Lee detail regulatory developments putting ESG firmly on the map in Asia.

ESAs clarify SFDR and Taxonomy Regulation compliance

Recent statement aims to clear up confusion over the application of SFDR and the Taxonomy Regulation ahead of their adoption

Force of nature

The TCFD has put action to prevent climate change to the forefront of investing, now a new nature-related framework aims to put the spotlight on biodiversity

Domicile watch: May 2022

Key takeaways from the major PE domiciles: including JFSC’s fee increases, Jersey’s amendment to its Limited Partnership Law and GFSC joining TNFD

In the dog house

How effective are financial regulators when it comes to keeping private equity in check?

EU Commission publishes finalised RTS under SFDR

The Commission Delegated Regulation will come into force on 1 January 2023, when SFDR is expected to come into effect

Domicile watch: March 2022

Key takeaways from the major PE domiciles: including the FCA’s PRIIPs regulation, JFSC’s proposal to increase investment business fees and the latest addition to Guernsey’s blacklist

“C-Suite and non-competes in the age of the tweet” – restrictive covenants and social media

Proskauer Rose’s Dorothy Murray and Nicola Bartholomew discuss the increasingly blurred lines when it comes to non-competes and personal social media accounts

Key reporting deadlines for Q2 2022

Need to know dates for private equity filings in the second quarter of 2022

LISTEN: Lessons learned with Steve Darrington

Our latest podcast details his approach to risk management, walking the line between optimism and realism, and thinking the unthinkable.

5 minutes with… Global Regulatory Surveillance Services

We caught up with Joe Vittoria and Sarah Donnelly of GRSS to find out about the new firm and its surveillance system offering for regulated businesses

ESG outsourcing: who’s who?

We've compiled a directory of who does what when it comes to ESG outsourcing, to help get those boxes ticked.

ATAD 3: How will private equity measure up?

Andrew Howard, Ropes & Gray tax partner, outlines his thoughts on the likely impacts on private equity of the ‘ATAD 3’ EC proposal, designed to prevent the misuse of shell entities for tax purposes

Domicile watch: January 2022

Key takeaways from the major PE domiciles: including the FCA's approach to EU firms temporary UK operations, Central Bank of Ireland's outsourcing guidance, Jersey fee changes and The Bahamas removal from the EU's blacklist

Navigating new rules

Ropes & Gray partner, Eve Ellis, takes a look back at private equity fund regulations throughout 2021, and looks ahead to what's in store for 2022 and beyond

Key reporting deadlines for Q1 2022

Need to know dates for private equity filings in the first quarter of 2022

Majority of managers say greenwashing is a problem

Most managers support the FCA’s adoption of the TCFD reporting framework

Compliance calendar

Need to know dates for your diary as UK rules diverge post-Brexit, as well as upcoming key European regulations

European Commission puts AIFMD and ELTIF under review

The legislative proposals adopted include clarification on delegation rules

Kirkland & Ellis appoints Cox

Alexander Cox joins K&E's tax practice from Ashurst

Comment: New tax regime for UK asset holding companies

Ropes & Gray partner Brenda Coleman and associate Tim Waters detail the latest development for the UK funds industry

Profile: Jon Fredrik Vassengen, Argentum

The manager and compliance officer discusses how the fund-of-fund determines ESG criteria and the challenges of collecting quantitative ESG data

Taxation of partners: Changes expected

Alex Conway of Crowe UK details expected changes as to how partners will be taxed following the government’s current consultation

IPEM 2021: PE is ready

Claire Chabrier, president of France Invest discusses how the Covid pandemic has accelerated innovation, climate issues and social responsibility

Get ready for the new investment firms prudential regime

PE houses must familiarise themselves with the new requirements and ensure their forecasting practices are up to standard, writes Karen Allan of Haysmacintyre

Domicile watch: July 2021

Key takeaways from the major PE domiciles: including Denmark's ranking as most business-friendly domicile, increased fund fees for Jersey and Guernsey's proposal for increasing fees

EU delays SFDR application date

SFDR application has moved from 1 January 2022 to 1 July 2022 to ensure a smooth implementation of the standards

Lack of standardisation biggest threat to ESG

“Without one standardised framework for reporting standards, we will continue to see firms mixing and matching various guidelines, hindering long-term process in the area.”

A guide to Germany’s new pre-marketing rules

New pre-marketing obligations for German AIFs come into force this August, with a distinctive German twist

Domicile watch: June 2021

Key takeaways from the major PE domiciles: including Guernsey's updated code of corporate governance, Luxembourg's FAQ on MiFID application and Cyprus' new form related to cross-border activities

FCA proposes climate-related disclosures

The proposals aim to increase transparency while enabling clients to make considered choices while remaining proportionate for firms

LPs increasingly concerned by tax and regulatory changes

43% of LPs identified regulatory changes as the greatest risk to PE returns

Investcorp delists

The GP will delist from the Bahrain Bourse and become a closed shareholding company

WATCH: What do LPs do with all the data?

A recent webinar discussion explored the way in which data is being communicated, how technology is helping both GPs and LPs, and what LPs are doing with all the information

LISTEN: Do we even need standardisation? Episode 2

The second instalment of a recent podcast discussion examined industry body reporting efforts, and asked if standardised reporting is still necessary?

LISTEN: Do we even need standardisation? Episode 1

A recent podcast discussion explored technological advances in data transmission, and asked if standardised reporting is still necessary?

Green washing up

The SFDR aims to combat greenwashing, but what is actually expected from PE firms, and what do the new rules mean for operational leaders?

A guide to continuation funds

Jeffrey Bronheim, Daniel Mathias and James Mossetto of Cohen & Gresser detail key documentation considerations in where conflicts of interest may potentially arise, and why this trend is likely to continue

Protecting and enhancing value: Managing human rights risks across your portfolio

Sam Eastwood, James Ford, and Libby Reynolds of Mayer Brown predict greater focus on human rights due diligence processes

SFDR comes into effect

SFDR imposes new transparency obligations and periodic reporting requirements on financial market participants

Deeper Perspective: The UK Funds Regime

Benjamin Lamping, founder of Reframe Capital asks: Are we at risk of missing a potential watershed moment for the UK funds industry, and a genuine post-Brexit opportunity?

Domicile watch: February 2021

Key takeaways from the major PE domiciles: including Jersey's recommendations to adapt its framework, Guernsey's latest guidance on cyber security and countering financial crime and terrorist financing, as well as Luxembourg's response to OpenLux

Private equity and the trade and cooperation agreement

Brexit has shifted from political to economic, causing widespread disruption for private equity, writes Denzil Davidson of Global Counsel

GAAP in Lux

Avega Capital Management’s Nic Mueller discusses why the Grand Duchy’s new interpretation of accounting standards is important for private equity funds

Tangled up

Despite reaching a deal, the UK's departure from the EU leaves private equity firms caught up in an intricate web of rules and regulations

Spending power: Getting a handle on legal expenses

A recent webinar discussion looked under the bonnet of legal spending

Domicile watch: January 2021

Key takeaways from the major PE domiciles: including Jersey's new definition for AML legislation, changes to Guernsey's private fund regime and Ireland's prep for SFDR

Private Equity Service Provider Awards: Winners announced

Winners of the Private Equity Service Provider Awards revealed

ESMA reminds firms of MiFID II reverse solicitation rules

The regulator notes that since the UK’s Brexit transition period ended on 31 December 2020, some questionable practices by firms around reverse solicitation have emerged

ESMA and FCA agree MMoU on information exchange

The MMoU explains the FCA’s and EEA authorities’, “willingness to cooperate with each other to maintain confidence in the financial system and preserve financial stability in their respective financial markets