THE ANNUAL REVIEW 2010 - PEI Media

More documents

Recommendations

Info

page 84 private equity annual review 2010 re g u l a t i o n Regulations on the horizon Canada: RE RULES Canadian pension plans’ exposure to the real estate asset class could increase after the government finalised new regulations which scrapped previous caps on investment. The Canadian department of finance last summer ruled that it would eliminate previous regulations that limited public pensions to investing no more than 5 percent of its portfolio in a single parcel of real estate, and allocate no more than 25 percent of its portfolio to the asset class. The rules also apply to Canadian resource properties (real estate related to petroleum, natural gas or hydrocarbons extraction and operations) and abolished a cap on such investments exceeding 15 percent of a pension portfolio. US: SEC REGISTRATION The Dodd-Frank act will require private equity firms with $150 million or more in assets to register with the SEC by 21 July, 2011. The act also introduced the “Volcker rule” which will force banks to hold no more than 3 percent of a private equity fund’s capital. US: Carried INTEREST Efforts to change the tax treatment of carried interest failed following the Republicans reclaim over the House of Representatives late last November. But the tax debate is set to reignite thanks to a line in President Obama’s budget. US: Anti-trust Last August the Federal Trade Commission proposed new rules which will make it much tougher for private equity outfits to gain anti-trust clearance when attempting to acquire a rival business. Under the proposals firms will be subject to greater information requirements and reporting costs. The FTC is expected to issue its final rules sometime this year.
private equity annual review 2010 pa g e 85 Ireland: Non-RESIDENT TAX Irish revenue commissioners will no longer require outside investors to complete a non-resident tax declaration as part of the fund subscription process, easing administrative costs for private equity funds domiciled in the country. The change is the result of a new provision in the Irish Finance Act 2010, which says that in lieu of the declaration, the fund must put in place “equivalent measures” which satisfy the revenue commissioners. Prior to the change, outside investors who failed to declare themselves a non-resident were deemed to be Irish by default, meaning they were liable to pay Irish tax on their income and gains. UK: Bribery ACT Under the UK’s Bribery Act passed last year, a “commercial organisation” will become criminally liable should any “associated person” offer or conduct a bribe designed to provide a business advantage for the commercial organisation. Expected to come into force in April of this year, the act makes no distinction between bribes paid in the UK or anywhere else in the world, nor does it matter if foreign authorities do not interpret a UK firm’s activity in its home district as bribery. China: FOREIGN LPs Shanghai in the autumn received in-principle approval from China’s financial authorities to launch a pilot programme allowing foreign limited partners to invest in the country’s domestic private equity and venture capital markets. Under the programme, qualified foreign LPs will be able to convert foreign currency for investment into an onshore RMB-denominated fund established in Shanghai, as long as the aggregate quota for foreign-originated capital does not exceed 50 percent of the total size of the fund. Dubai: New HUB Dubai’s Financial Services Authority (DFSA) relaxed restrictions on fund managers in effort to solidify Dubai as a hub for international investment alongside London, New York and Hong Kong. The regulatory body for the Dubai International Financial Centre (DIFC), lowered the free trade zone’s fund manager application fee to $10,000 from $40,000 and expanded the scope for marketing of foreign funds in or from the DIFC. Under the old regime, DIFC-based fund managers were restricted from managing foreign funds. Similarly, foreign fund managers were restricted from acting as DIFC managers without first establishing a base in the DIFC and obtaining a DFSA license. Australia: Tax HIKE The Australian Tax Office has ruled that gains from asset sales by private equity firms would be taxed as income. The ruling specifically targeted private equity firms domiciled in international tax havens.
Page 1 and 2:
THE ANNUAL REVIEW 2010 PE portfolio
Page 3 and 4:
private equity annual review 2010 p
Page 5 and 6:
Passion for achievement. www.mvisio
Page 7 and 8:
1119 The answer, my friend, is blow
Page 9 and 10:
Actis is a private equity investor
Page 11 and 12:
ENGINEERING SUCCESS Kuwait Pakistan
Page 13 and 14:
page 10 private equity annual revie
Page 15 and 16:
This announcement appears as a matt
Page 18:
page 16 private equity annual revie
Page 21 and 22:
Page 23 and 24:
INSIDE THE LIMITED PARTNER A COMPEN
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
10 Ten Top Years for Clifford Chanc
Page 33 and 34:
Alex Cho Investment Solutions Asia,
Page 35 and 36: Winners Equity 2001, 2002, 2003, 20
Page 37 and 38: www.capvis.com 2010 Thank you! For
Page 40 and 41: page 38 private equity annual revie
Page 72 and 73: Capital purSuit! Putting the fun ba
Page 78 and 79: Lexington Partners is a leader and
Page 80: page 78 private equity annual revie
Page 83 and 84: private equity annual review 2010 p
Page 85: private equity annual review 2010 p
Page 91 and 92: 2010 North America themes 90 First
Page 101 and 102: 2010 Europe themes private equity a
Page 107 and 108: Gimv is a listed investment company
Page 109 and 110: 2010 Emerging markets themes 108 As
Page 122 and 123: page 120 private equity annual revi
Page 130: page 128 private equity annual revi
show all

THE ANNUAL REVIEW 2010 - PEI Media

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?