Publications
& Policy

This is the response to the EBA consultation paper “Draft EBA Guidelines on limits on exposures to shadow banking entities which carry out banking activities outside a regulated framework under Article 395 para. 2 Regulation (EU) No. 575/2013”. In its response, the PAE encourages the EBA to reconsider its approach and recognise that private equity funds have neither the characteristics nor the level of risks to credit institutions that would justify their identification as shadow banks

The EVCA responded on behalf of the PAE to Consultation on Public Discussion Draft BEPS Action 6: Preventing the Granting of Treaty Benefits in Inappropriate Circumstances. This is the third and final written consultation on Treaty Abuse as part of the BEPS project, further explaining why and how private equity funds should not be disadvantaged under new proposed rules.

The letter describes the EVCA and PEGCC position on the proposed assessment methodologies for identifying non-bank non-insurer global systemically important financial institutions. It discusses the reasons that private equity firms and funds are not systemically important.

This is the EVCA-PAE response to the EBA Consultation Paper “Draft Guidelines on sound remuneration policies on CRD4/CRR. While the consultation applies to credit institutions, some firms within the private equity industry, that are primarily carrying out private equity activities that are outside the scope of the CRD framework, will also have subsidiaries or affiliates that carry out additional activities and are regulated as CRD IV investment firms.

A briefing paper on why global choice is vital for Europe’s investors.

The EVCA responded on behalf of the PAE to the European Commission consultation on the development of a Capital Markets Union over the next five years. The response contains the EVCA position on various issues such as AIFMD, EuVECA, institutional investors' legislation (Solvency II, IORP, Banking Structure), private placement regimes, ELTIFs, taxation, company law, role of the supervisory authorities and the idea of a venture capital fund-of-funds.

The EVCA response on behalf of the PAE to the European Commission consultation on the review of the Prospectus Directive stating that Prospectus requirements can create barriers or hurdles at the fundraising and exit stages and can therefore act as a disincentive for European private equity when investing into European companies. The EVCA also advocates for a full exemption from the Prospectus Regime for EuVECAs.

EVCA response to EIOPA’s Discussion Paper on Infrastructure Investments by Insurers. The Discussion Paper explores the possibility to introduce a specific standard formula treatment for infrastructure investments and ensure a more risk-sensitive treatment of the asset class.

Creating jobs and growth in European capital markets.

A closer look at marketing under national placement rules across Europe.

A study conducted by Greenwich Associates for the EVCA into European pension fund perceptions of private equity.

This table provides an overview of the applicable fees and charges for EU AIFMs intending to exercise marketing passport rights into the EEA and to market on a cross-border basis (“passport”) into the relevant jurisdictions.

EVCA-PAE Response to the broad consultation regarding Level 2 measures of the Markets in Financial Instruments Directive and Regulation, the EU framework legislation on securities markets (MIFID2/MIFIR).

The objective of the Capital Markets Union (CMU), the Financial Services Commissioner's Flagship Initiative, is to reduce Europe’s reliance on bank lending in order to drive investment and growth. The aim in the short term is to unlock the availability of credit and, in the longer term, to support a more diverse, competitive and free-flowing financial system. The Green Paper launches a Consultation.

This is a joint response issued by the PAE and Private Equity Growth Capital Council (PEGCC) to the OECD Base Erosion and Profit Shifting (BEPS) Consultation on Action 4- interest deductibility. The response outlines how interest deductions are carried out in a private equity context and explains why any limit on the current rules would be harmful for financing the real economy.