News/Regulation
BVCA hits back at Alexander tax attack
Following Danny Alexander’s call to close loopholes used by private equity at the Liberal Democrat conference yesterday, the BVCA has hit back.
EQT to appeal tax decision
As expected, EQT Partners will appeal the Swedish tax authority's decision to tax carried interest as income, presenting some of the firm's staff with a SEK 670m tax bill.
SS&C GlobeOp opens new Luxembourg office
Connecticut-headquartered fund administrator SS&C GlobeOp has opened a new office in Luxembourg.
EQT loses battle in income tax war
EQT and a number of its employees will receive a tax bill of SEK 670m, according to Swedish newspaper Dagens Industri.
FCA calls for AIFMD applications by January 2014
The FCA has advised firms managing alternative investment funds (AIFs) to submit applications by no later than 22 January 2014, ahead of the official 21 July 2014 deadline.
AIFMD adopted in Luxembourg
The AIFM directive has been adopted by the Luxembourg Parliament and will officially come into effect in the country’s law system on 16 July.
Markit moves into buyout valuations
Financial information services company Markit has launched Markit Portfolio Valuations – Private Equity, an independent valuation service for growth and buyout equity investments.
AIFMD could result in fewer fund managers, says survey
A new survey by German software company Data Room Services and real estate firm Knight Frank reveals uneasiness about the upcoming Alternative Investment Fund Managers Directive (AIFMD) across markets in Europe.
Regulation threatens present and future of industry
Private equity professionals included a tax neutral regime on their Brussels wish-list at the European Private Equity and Venture Capital Association (EVCA) Symposium in Istanbul yesterday.
Tax avoidance debate turns to private equity
Tax avoidance is top of the agenda for the G8 summit in Northern Ireland and part of that discussion will concern UK private equity’s treatment of corporation tax.
Uniqa to sell $665m private equity portfolio
Austrian insurance company Uniqa Versicherungen is planning to offload $665m of private equity positions ahead of Solvency II.
AIFMD passed into German federal law
Germany has passed legislation for the implementation of the Europe-wide AIFM Directive into federal law, following a year of intense campaigning by representatives of the private equity industry.
EU Commission contemplating stricter merger control laws
The EU Commission is thinking of introducing stricter controls on company mergers, threatening to lengthen processes for minority stake acquisitions.
Calls for calm over BoE private equity report
Private equity professionals should not panic over the latest Bank of England report on the private equity sector, according to the ICAEW.
ESMA publishes remuneration guidelines
The European Securities and Markets Authority (ESMA) has published guidelines for the remuneration of senior employees in alternative investment funds.
UK Treasury delays AIFMD until 2014
UK firms have been given an extra year to comply with AIFMD, as the Treasury sets out implementation in a new consultation paper.
European Commission adopts implementing rules for AIFMD
The European Commission has published the Level Two Delegated Acts for the Alternative Investment Fund Managers Directive (AIFMD), which will now have to be implemented on a national level by July 2013.
EU and Switzerland strike agreement on fund supervision
A new cooperation agreement between the Swiss and EU regulators allows information sharing regarding the cross-border operations of alternative investment funds.
Swedish authorities continue to press for tax change
Sweden's tax authorities are vehemently pushing for a change in the taxation of proceeds for private equity fund managers.
French VCs appeal to French president over budget
Representatives from a raft of French venture capital firms have joined entrepreneurs in sending an open letter to President François Hollande raising concerns over measures introduced in the country's new budget proposal.
AIFMD having little impact on fund marketing
More than half of GPs say the Alternative Investment Fund Managers' Directive (AIFMD) has had little impact on their marketing activities with just a year to go until implementation, according to a survey by IMS Group.
BVCA and UKTI launch venture partnership
UK Trade & Investment (UKTI) and the British Venture Capital Association (BVCA) have come to an agreement to work closely together to promote the UK as an international centre for venture capital and engage with overseas investors.
Depositary requirements detrimental to VC fundraising, says EVCA
EVCA has raised concerns that the proposed depositary requirement for venture capital funds could be detrimental to the fundraising environment in Europe.
EU relaxes VCT scheme requirements
The European Commission has enhanced its state aid approval for the UK's Venture Capital Trust (VCT) scheme, loosening both requirements and restrictions on maximum funding.