As investors in innovative and high-growth companies and start-ups, we find it crucial that a tax regime for the 21st century encourages and supports the innovation and research needed for the green and digital transition and the recovery of the European economy after the COVID-19 crisis.
In this response, we have shared our views on the European Commission’s initiative to increase convergence of national insolvency laws to encourage cross-border investment. From an investors’ perspective, we believe that harmonised rules offer transparency and clarity across the EU market and should be the goal in the long term.
As the Foreign Direct Investment (FDI) screening landscape across Europe is rapidly evolving, Invest Europe has prepared a country-by-country overview to map different existing regimes and keep-track of latest developments with view to helping members assess how FDI screenings may impact their transactions.
The long-term equity (LTE) category (Article 171a of Solvency II Delegated Acts) is particularly relevant for exposures to private equity and venture capital funds. As the Solvency II Directive only looks at the equity risk from a volatility angle, this position paper explains why this category is an essential element of the framework and how to make existing criteria more workable.
Guidelines on sound variable remuneration will apply to all MiFID investment firms, although some rules will be waived below a defined threshold. In this response we reiterate the importance of protecting the carried interest model while flagging some technical concerns we have with some sections of the Guidelines, including on the definition of the thresholds.
Maaike van der Schoot (AlpInvest Partners), Erwann Le Ligné (Eurazeo), Patrick Sheehan and Rob Genieser (ETF Partners), and Cilia Holmes Indahl (EQT) joined our launch webinar on 15 March to shed more light on the new Invest Europe Climate Change Guide. The recording of the webinar is available in the Members' Policy Call section of the website.
As investors in innovative and high-growth companies and start-ups we believe it was necessary to position ourselves on the issue. We support and welcome the EC’s ambitions and 2030 digital targets, and we want to make sure that the PE/VC industry is seen as key enabler of the digital transformation. Moreover, we want to ensure that the EC makes creating the right policy and tax environment to allow the digital transformation one of its priorities as these will be essential in achieving the 2030 digital targets.
In our response we highlight the need for the collection of financial and environmental data in a harmonised way whilst ensuring that this is of the highest quality and foremost reliable. Moreover, we also point out the need of correctly assessing the costs for data providers. We believe is necessary to ensure that no further administrative burden or duplication of information requirements arise as a result of the establishment of the ESAP.
In this letter, Invest Europe expresses its concerns about the draft RTS under SFDR that were published by the European Supervisory Authorities (ESAs) on 4 February. In particular, we shed light on issues of potential overreach by the ESAs and/or divergence from the Level 1 legislation.
Adinah Shackleton (Permira Advisers), Maaike van der Schoot (AlpInvest Partners) and Philip Bartram (Travers Smith) joined on 15 February a call to discuss the new SFDR rules in light of the forthcoming application date on 10 March 2021. In addition to the Known Unknowns, the call, whose recording is available on the Member Policy Calls' section of the website, also touched upon the recently published Regulatory Technical Standards (RTS) under SFDR.
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Sofia Garrido Perez
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