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Capital Markets Law Journal Advance Access originally published online on December 18, 2007
Capital Markets Law Journal 2008 3(1):18-31; doi:10.1093/cmlj/kmm038
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© The Author (2007). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Private equity: the UK regulatory response

Iain MacNeil*
*Iain MacNeil, Alexander Stone Professor of Commercial Law, University of Glasgow, Glasgow, Scotland, UK.

The first 150 words of the full text of this article appear below.


Key points

  • Rapid growth in private equity in recent years has generated a public debate over the possibility of regulation. The Financial Services Authority (FSA), British Venture Capital Association (BVCA), Treasury and the Treasury Select Committee have all been active on this front in recent months.
  • This briefing note provides an overview of the current state of play in the UK, taking account of the final guidelines published by Sir David Walker and the changes to capital gains tax that have been announced by the Treasury.
  • The BVCA guidelines will bring within its enhanced disclosure regime around 65 portfolio companies and will operate on a ‘comply or explain’ basis.
  • The FSA has indicated that it will focus on the risks of market abuse and conflicts of interest arising from private equity transactions, but it does not envisage a discrete regulatory regime for the sector.

 


   1. Introduction
 
The rapid growth in private equity . . . [Full Text of this Article]


   2. The regulatory debate
 

   3. The FSA response––risk
 

   4. The FSA response—regulation?
 

   5. The industry response
 

   6. The Treasury Select Committee Report
 

   7. Conclusion
 

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