UK - BVCA establishes review committee ahead of Walker results

The BVCA has announced the establishment of a new monitoring and review body to ensure its members comply with Sir David Walker's final guidelines, to be published tomorrow. Sir Mike Rake, chairman of BT, has been named as the first chairman of this group. The group will be five-strong, made up of two members from within private equity and two from outside the industry as well as an independent chair. Sir David's independent review was commissioned by the BVCA in March this year. He has established guidelines and recommendations on transparency and disclosure for the private equity industry. Private equity groups will have to 'comply or explain' with the rules. Many insiders believe these new guidelines discriminate against private equity above other private company owners such as sovereign wealth funds and entrepreneurs.