Publications
& Policy

In this letter to the European Commission, Invest Europe shares its views on the additional queries from the European Supervisory Authorities (ESAs) in relation to the SFDR and its interplay with the EU Taxonomy Regulation. A number of the ESAs’ questions raise foundational issues concerning the interpretation of the SFDR’s Level 1 text which has been effective since 10 March 2021.

In this response to the European Commission consultation on tax evasion and aggressive tax planning (SAFE proposal), Invest Europe stressed the importance to make a clear distinction between the two concepts and ensuring legal certainly given the criminal sanctions that apply when it comes to tax evasion. While the tax avoidance and evasion potentially pose a threaten to the public finances, it should also be explored further whether all measures and legislation already put in place does not create an adequate security.

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 a view to helping members assess how FDI screenings may impact their transactions.

This consultation was designed to allow the industry to give input to ESMA on the information that will have to be notified to national competent authorities when marketing cross-border, as a result of the new “CBDF” requirements. This response aimed at giving ESMA relevant details on various technical concerns our members have, among other things, with the notification templates.

Ensuring that European tax rules are fit for purpose in light of an increasingly globalised economy is key for venture capital and private equity funds, who have highly varied investment value-chains and diverse investments in companies in all parts of Europe and beyond.

In this consultation response, Invest Europe expresses its concerns about some of the approaches suggested by the Platform for Sustainable Finance in its Draft Report on Minimum Safeguards under the Taxonomy Regulation. Among others, we have stressed the importance of considering not only the need for proportionality, but also the significant impact that PE/VC investments have proven to create.

In this response to the European Commission consultation on its DEBRA proposal, Invest Europe commends the efforts made by the Commission in getting the balance right, but notes that further finetuning is needed, particularly of the articles on the interest limitation rules. It should also be explored further whether the suggested interest rate limitations aren't set to be skewed in a pro-cyclical way, ahead of years when equity investments will be direly needed.

This Guide covers the main provisions of the law and the latest guidance from the European Commission.

In this response Invest Europe commented on the negative impact existing withholding tax refund procedures can have the cross-border investment in the EU securities market and described which EU actions could make these procedures more efficient.

In this response Invest Europe comments on actions that could be taken to improve access of retail clients to financial markets, from financial literacy to suitability assessment, while warning against presenting over-harmonised comparisons. It also reiterated its call for a rethinking of the binary distinction between professional and retail investor, to better acknowledge the features of typical private equity investors.

Listen back to this webinar to get insight on the impact on your business of the sanctions imposed by the European Union on Russia following the outbreak of the war in Ukraine.

In this short comment piece Invest Europe shares various ideas on how to promote innovation across the continent through the support of private equity funds.