Publications
& Policy

The EU Insolvency Directive is important for the convergence of restructuring laws in Europe. In short, the rules stipulate what must be done when a portfolio company is struggling financially. The EU last updated insolvency rules during the last parliament as part of the Capital Markets Union project.

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.

As the economy becomes increasingly global, so the response to tax avoidance is also moving onto an international stage, with the OECD emerging as the leading organisation for creating new standards. Supporting its position, the EU is also taking action to address aggressive tax avoidance and improve global tax good governance.

The European Union has established three supervisory authorities (ESAs) in the financial sector: the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) as well as a macroprudential supervisor, the European Systemic Risk Board (ESRB).

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.

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 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 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.

A detailed briefing for Invest Europe members on regulation affecting the private equity industry.

In this paper, the PAE welcomes the opening of interinstitutional negotiations on the insolvency file and puts forward several suggestions including on the cross-class cram down, voting procedure for approval of restructuring plans, debt-discharge period for entrepreneurs and the stay on enforcement of actions.

In this response we stress the industry's support to the creation of a new category of long term equity exposures subject to a lower risk-weight, while explaining why the criteria proposed by the Commission to determine which investments fall into this category are inappropriate from our perspective.