In this response we stress our concerns with the proposed Delegated Regulation defining the conditions for use of the different approaches to determine the market risk of a bank's investment in private equity.
On behalf of the PAE, Invest Europe responded to the consultation on the 'Unified Approach' under Pillar One of the OECD's digital tax work.
Read more about the private equity industry's key policy priorities for 2019 to 2024 in our Manifesto.
On behalf of the PAE, Invest Europe responded to the ESMA consultation on undue short-term pressure from the financial sector on corporations.
On behalf of the PAE, Invest Europe responded to the European Commission consultation on the State Aid Modernisation package.
A two-page document describing all of Invest Europe's policy achievements over the last legislative term.
This voluntary best practice guide aims to help private equity firms identify and address material ESG risks and opportunities, both prior to investment and during the ownership period. It also includes a comprehensive questionnaire covering a wide range of ESG issues.
In this response, we express our support for ESMA’s proposed high-level principles-based approach, avoiding overly prescriptive rules, which could increase the risk of regulatory arbitrage. We also support ESMA’s recognition that any changes introduced should be applied by firms with the proportionality principle in mind, taking into account the size, nature, scale and complexity of their activities.
In this response, we stress the need for ESMA to stick to a high-level principles-based approach, recognising the diversity among market practitioners and allowing a certain level of flexibility in implementation (according to the proportionality principle). In addition, it is important to avoid treating ESG as a standalone or overriding risk category in the deal process, but rather to consider it as a category of direct business risks, which should be incorporated in existing functions and processes.
In this joint AIC/Invest Europe response, the private equity industry welcomes the two-step approach taken by IOSCO in determining consistent measures of leverage globally and advises the international regulator to explicitely exclude fund's exposures backed by uncalled commitments from the leverage calculation.
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