Last week we reported that the rapporteur for the AIFM directive, Jean-Paul Gauzès MEP, has confirmed that the Plenary vote in the European Parliament has been postponed until September. Further to this update that appeared in your July BVCA Newsletter, the team at the BVCA have produced an updated background document that examines the various restriction and curbs that the Directive in its present form would impose on our industry: namely the disproportionate burden the disclosure regime would place on SMEs, the third country issue and the implication article 27a would have on management buy-outs. Negotiations are ongoing, however this document aims to bring BVCA members and their investors up to speed with the most recent developments. I commend this to you as a valuable read.
The two-page background document can be read here.
The BVCA campaign on the BVCA will not lose momentum during the quieter summer months and we will continue to reiterate our concerns to all key influencers, including Mark Hoban MP, the new Financial Secretary who was guest of honour yesterday evening at a dinner hosted by the Lord Mayor for 300 of our industry peers. In his speech after dinner, it was reassuring to hear Mr Hoban confirm to us that he is attentive to industry concerns and will continue to make the case for private equity in Brussels.
