Publications
& Policy

This letter, shared with Executive Vice-President Vestager and Commissioner Breton, stresses the industry’s concerns about state aid eligibility in some core markets, in particular trying to ensure that industry-backed SMEs are not excluded from any measures that are being put in place by national governments

Invest Europe has written to the European Commission to request a deferral of the DAC 6 application deadline.

This letter, addressed to ESMA and to DG FISMA (European Commission), asks for supervisory flexibility and a deferral of the AIFMD regulatory reporting deadlines, particularly in light issues on valuations.

With this letter Invest Europe calls the European Commission Executive Vice-President to take actions to protect all businesses, in particular start-ups, from the impact of the coronavirus crisis. The same letter was sent to Executive Vice-President Margrethe Vestager and Commissioners Paolo Gentilioni & Thierry Breton.

With this letter Invest Europe calls four European Commissioners to take actions to protect all businesses, in particular start-ups, from the impact of the coronavirus crisis.

Solvency II, officially known as Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance, entered into force on 1st January 2016. It sets out management and supervisory rules for insurance companies.  

In this response we argue for a more appropriate interpretation of the risk of long-term equity investments, taking into their specificities and the role fund diversification plays in limiting the exposure of the insurers to the funds' underlying investments.

In this response we reiterated our general concerns with the scope of the Key Information Document Regulation (e.g. inclusion of sophisticated investors) and described the specificities of private equity (in particular on cost disclosure)

In this response, we detailed why the current treatment of "investments in private equity" and "investments in venture capital firms" as high risk exposures is inappropriate and how the future banking framework could better take into account the specificities of investments in unlisted equity funds.

Invest Europe, on behalf of the PAE and in conjunction with a global group of PE/VC associations, has responded to the OECD's consultation on the Global Anti-Base Erosion Proposal (“GloBE”) (Pillar Two).

In this response, we expressed concerns with the imposition, as part of the Market Abuse Regulation review, of overly cumbersome administrative and reporting requirements on infrequent recipients of market soundings such as private equity firms.

The EuVECA voluntary passport is becoming more and more popular for venture capital fund managers, most of whom operate below the required threshold for AIFMD compliance. 

The Markets in Financial Instruments Regulation (MiFIR) and Directive (MiFID II), referred to in this Guide as “MiFID”, are in force since January 2018.

In recent years, tax transparency has become a key issue for the EU and more broadly for international policymakers. There are several policy initiatives which are of particular relevance from a private equity perspective.

The idea of introducing a European Financial Transaction Tax (FTT) became popular in the aftermath of the 2008 financial crisis. However, a formal proposal in 2011 for a pan-European FTT failed to get unanimous backing from EU countries. Eleven member states decided to continue discussions on the project, although progress has been very slow. A new Franco-German push did generate headlines and new political momentum behind the European FTT plan in 2019.