Publications
& Policy

EuropeanIssuers, the European Banking Federation and Invest Europe join forces to kindly request the European Commission an extension of the deadline for the consultation on the EU Listing Act, in line with the delays that have been approved for other CMU files. This would allow the industry to delivery a more thorough and data-driven response.

Invest Europe has provided input to the IPEV Board ahead of the upcoming review of IPEV Valuation Guidelines. In particular, we provide suggestions for how to incorporate ESG in the Guidelines.

Invest Europe provided feedback to the International Accounting Standards Board on the Post-implementation Review of IFRS 9 – Classification and Measurement.

In this latest letter to ESMA, Invest Europe expresses the industry’s outstanding concerns and uncertainties about the application of the SFDR/Taxonomy Regulation, and proposes some tailored, PE/VC specific questions and answers in light of the SFDR Q&A the European Supervisory Authorities are developing.

The review represents a real opportunity to make the ELTIF more attractive to closed-ended fund managers such as our members who are keen to market their funds to non-professional investors. In this paper Invest Europe suggests targeted changes to the text, including amendments to make it easier for fund-of-funds to become ELTIFs

In this paper the European private equity industry welcomed the comprehensive evaluation undertaken by the European Commission and wholeheartedly agrees with its conclusion that the AIFMD is working well, and that the review should focus on targeted improvements. It also suggests changes to delegation and reporting requirements for these to maintain strong standards on financial stability and investor protection while not impacting the ability of private equity firms to support businesses.

At the request of the European Supervisory Authorities, which are seeking evidence ahead of the upcoming review of the KID-PRIIPS framework, this response calls for specific changes to the scope of application of the Key Information Document (the "KID"), including, for example, the definition of what is considered “made available”.

During this Members' Policy Call European Commission Director Ugo Bassi shed light on the Commission's proposal to amend the Alternative Investment Fund Managers Directive (AIFMD).

In this response we call for adjustments to the EU State Aid Framework. We highlight concerns with the existing definitions of undertakings in difficulty and small and medium enterprises - which do not reflect specificities of private equity and venture capital backed businesses. We also call for specific adjustments to the risk finance aid framework.

Invest Europe CEO, Eric de Montgolfier, was a key guest at the Annual Conference of the European Capital Markets Institute on December 2nd, 2021. During the event, entitled “Private equity and the Capital Markets Union”, he spoke about the crucial role our industry plays in supporting European businesses, describing how EU regulation can help private equity support the twin digital and green transition. His intervention focused on the different legislative initiatives the European Commission could take to incentivise private capital, from the review of the AIFMD fund marketing passport to changes to be brought to the prudential legislation covering institutional investors such as insurers (Solvency II) and banks (CRR). He also called for a review of the MiFID investor categorisation rules and welcomed the review of the voluntary ELTIF passport aimed at opening the market to some types of retail investors.

In this speech Invest Europe CEO Eric de Montgolfier described which changes to the Capital Requirements framework are warranted to ensure that banks are allowed to invest into long-term and diversified funds such as private equity

In this new letter to the European Commission, Invest Europe expresses its concerns about the Final Report on SFDR from the European Supervisory Authorities (ESAs). In particular, we refer to the significant new legal risk that certain of the ESAs’ changes create for closed-end funds and ask the Commission to address this before putting forward its legislative proposal to the co-legislators.

In this response we provide ESMA with intelligence on the extent to which the private equity market is and could be opened to retail investors.

12 associations, including Invest Europe, have jointly written to the European Commission expressing their views on the planned initiative to fight the use of shell entities.