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Technical Bulletin BVCA
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Technical Bulletin May 2016, Introduction, Welcome to the BVCA Technical Bulletin a collection of in depth articles by members of our. three technical committees Legal Technical Taxation and Regulatory Our goal is to keep. Simon Witney, BVCA members informed of the key topics on the committees agendas how these impact the. private equity and venture capital industry and how the BVCA and committee members are Chair. Legal Technical Committee, engaging with policymakers The Bulletin is published twice a year. Over the last six months there have been developments on a number of important topics affecting. the tax legal and regulatory landscape The three technical committees have continued to monitor. these and when necessary engage with policymakers in order to shape any emerging regulation We. also strive to keep our members informed of important developments and explain their impact Key. policymakers include, Sheenagh Egan, Our stakeholders BIS Department of Business Innovation and Skills. FCA Financial Conduct Authority Regulatory Committee. FRC Financial Reporting Council, HMRC HM Revenue Customs.
HMT HM Treasury, OECD Organisation for Economic Co Operation and Development. David Nicolson, What s inside, Taxation Committee, 07 Carried interest The new CGT regime Mark Baldwin Macfarlanes. 11 Carried interest Incomised carry Mark Baldwin Macfarlanes. 16 Common Reporting Standard update Jennifer Wheater Duane Morris. Regulatory Gurpreet Manku, 19 The Market Abuse Regulation James Smethurst Freshfields and Christopher. Crozier Permira Director, Technical Regulatory Affairs. 22 The Securities Financing Transactions Regulation Tim Lewis Travers Smith BVCA. 27 The Office of Financial Sanctions Implementation John Decesare 3i. 28 Capital Markets Union an update Michael Johnson BVCA. Legal Technical, 32 Limited partnership reform in the UK Latest update Geoff Kittredge and Sally.
Gibson Debevoise Plimpton, 36 The end of CRC Doug Bryden Travers Smith. 38 EU audit reform and the impact on the private equity industry Iain Bannatyne. KPMG Jane Fowler BDO and Sundip Jadeja BVCA, 42 Case Law round up 2015 2016 Dorothy Murray and Matthew Wild King. Wood Mallesons, 46 The Walker Guidelines Remaining relevant in the age of transparency. Sundip Jadeja BVCA, 48 BVCA template Request for proposals for the provision of fund. administration services Sophie House BVCA, Technical Bulletin May 2016.
The changes introduced to the taxation of carried interest by the Chancellor in the Summer Budget 2015. required extensive engagement with HMT and HMRC to ensure the industry was fairly represented and. not impacted in ways which were not intended Members of the Taxation Committee have been and. continue to be very active in engaging with HMRC and Mark Baldwin has produced a further article. on the legislation ahead of the anticipated accompanying guidance following the Royal Assent of the. Finance Bill 2016 as well as a separate piece on incomised carried interest. The BVCA and the Taxation Committee have sought to ensure the impact on the industry of the. OECD s BEPS project is taken into consideration as the OECD implements its proposals focusing on. action points 4 Interest Deductions and 6 Treaty Abuse As detailed in the last edition of the Bulletin. the OECD published its final reports on Action Points 4 and 6 in October 2015 and since then the UK. Government has announced it will introduce a general restriction that limits corporation tax deductions. for net interest expense to 30 of a group s UK EBITDA Our points on a higher de minimis 2 million. the 30 limit from a range of 10 30 and a group ratio rule which could help groups with high. levels of external debt had been taken on board when implementing the OECD s recommendations. Despite some of the recommendations gaining traction concerns remain due to the short amount. of time before implementation is expected 1 April 2017 and the lack of grandfathering We will be. responding to the recent HMT consultation that examines the finer detail Regarding action point 6. the OECD had committed to explore solutions for non CIV funds and a consultation on the Treaty. Entitlement of Non CIV funds was published at the end of March and our detailed response is available. on the BVCA website1 Our aim when responding to this action point is to emphasise that structures. in the private equity industry are not used for treaty shopping and the OECD has now acknowledged. it needs to do more to find solutions for alternative funds Despite a deadline of December 2015 the. project is now expected to continue throughout 2016. The Taxation Committee has also been continuing work on another OECD initiative the Common. Reporting Standard CRS The BVCA has been in dialogue with HMRC regarding the standard and. Jennifer Wheater has written an article to provide an update on the implementation of the regime what. is meant by controlling persons and in the interplay with non participating jurisdictions In addition. the BVCA expects to launch standard form documents for CRS compliance in the coming weeks. which will be available on our website, On the regulatory front the updated rules for the new Market Abuse Regulation which come into. force in July 2016 have been set out in an article by James Smethurst Christopher Crozier The. article details how the new regime s rules differ from current practice and the impact of these changes. An article by Tim Lewis addresses the Securities Financing Transactions Regulation which aims to. increase transparency and consequently reduce risk in securities financing transactions. In his note John Decesare explains the function of the newly established Office of Financial Sanctions. Implementation and the difference between the new body and its predecessor The proposed new. financial sanctions enforcement legislation is also explored which if passed will include a range of. new penalties and an increase in custodial sentencing Michael Johnson will draw on the most recent. announcements regarding the European Commission s Capital Markets Union CMU project led by. President Jean Claude Juncker and the UK s Commissioner Lord Hill The article provides an update. on how the aims of the CMU are being shaped into actions and what this will mean for the private. equity and venture capital industry, The recent Budget highlighted some positive outcomes for the industry the Government published its. response to the consultation on limited partnership reform and as a result of the considerable efforts. of the Legal and Technical Committee and our broader working group s sustained engagement with. HMT we were pleased to see that many of our suggested amendments have been accepted The. finer detail of the amendments will be further explored in the update by Geoff Kittredge and Sally. Gibson Another welcome announcement was the abolition of the Carbon Reduction Commitment. Energy Efficiency Scheme effective from 2019 and a result of a consultation last year on reforming. the business energy efficiency tax landscape There will be a period of transition and Doug Bryden will. cover this and the introduction of a single business energy tax in an article on what the future holds for. the energy efficiency space, http www bvca co uk Portals 0 library Files Government 20Submissions 160422 20BVCA 20response 20. to 20AP6 20consultation pdf, Technical Bulletin May 2016. Another longstanding agenda item for the committee is EU audit reform the requirements and impact. of which have been detailed in an article by Iain Bannatyne Jane Fowler and Sundip Jadeja This details. the actions firms should be taking to comply with the requirements coming into effect for accounting. periods commencing on or after 17th June 2016 A summary of case law from the last year has been. prepared by Dorothy Murray and Matthew Wild which covers informative cases relevant to private equity. Over the past year the BVCA has increased the ways in which it communicates our work to members. One example of this is the webinar on the new UK Modern Slavery Act hosted in conjunction with. Environmental Resource Management and representatives from the technical committees Alison. Hampton and Doug Bryden The webinar2 outlines the criteria and the timetable years ending 31st. March onwards for compliance which is applicable to LPs and LLPs as well as traditional corporates. Those within scope are obliged to publish an annual statement explaining the measures taken to. guarantee the absence of two elements slavery and human trafficking or the movement of forced. labour in supply chains Transparency within the supply chain is moving up the agendas of lenders. investors and LPs and therefore compliance will also be important from a public relations perspective. Additionally a detailed briefing3 was recently written by Amy Mahon to communicate the particulars of. the persons of significant control PSC register The implementation of the Small Business Enterprise. and Employment Act which has been a subject extensively covered in previous Technical Bulletins. was a significant piece of work for the Legal Technical Committee The deadline for UK companies. and LLPs to establish a PSC register has now passed 6th April 2016 and we would encourage. firms to read the briefing to establish steps to take before returns are due at Companies House from. 30th June 2016 Details are also provided on the requirements of the EU Fourth Money Laundering. Directive which comes into force on 26th June 2017 as the PSC Register requirements overlap with. the Directive however they do not serve to cover them entirely and therefore the BVCA will remain. engaged in this area, Continuing the theme of transparency and reporting the Guidelines Monitoring Group was rebranded as.
the Private Equity Reporting Group4 in September 2015 and next year marks the 10th anniversary since. the original guidelines were published In light of this Sundip Jadeja s article sets out the evolving nature. and continuing relevance of the Guidelines to the accountability of the industry The article also ties into the. broader theme of transparency which has been prevalent in the political and financial spheres in recent. times Finally a short note has been prepared to showcase the most recent standard form template. published by the BVCA on a request for proposal for the provision of fund administration services5. Our committee members, The BVCA is immensely grateful for the time dedication and expertise of members of the technical. committees as their work is crucial to our political engagement and advocacy activities. We would like to thank all members that have served on the technical committees including those who. have recently stepped down for their considerable contributions We would also like to welcome new. members to our committees, http www bvca co uk ResearchPublications StandardIndustryDocuments ModernSlaveryActWebinar aspx. http www bvca co uk Portals 0 library Files Legal 20 20Technical2 160330 20BVCA 20Technical 20. briefing 20March 202016 20 E2 80 93 20Introduction 20of 20the 20PSC 20Register pdf. http privateequityreportinggroup co uk, http bvca co uk ResearchPublications Publications StandardIndustryDocumentsandGuidance aspx. Technical Bulletin May 2016, New members on our committees Members who stepped down. Legal Alastair Richardson 3i, Technical Duncan Tennant Permira.
Committee John Atherton Adveq, Robin Bailey Pantheon. Sally Roberts Accel, Regulatory James Smethurst Freshfields Tim Spence Graphite Capital. Taxation Alexandra Hone ICG Caspar Noble EY, Committee Marius Draghici Carlyle Paul Megson Deloitte. Abigayil Chandra Deloitte, Paul Warn EY, We would also like to extend our thanks to the excellent secretariat at the BVCA who support the work of. our three committees so well, If you have any questions or would like to get more involved in the work of the committees and their working.
groups please feel free to get in touch with any of us or with Gurpreet. With best wishes, Simon Witney David Nicolson Sheenagh Egan Gurpreet Manku. Chair Legal Chair Taxation Chair Regulatory Director Technical. Technical Committee Committee Committee Regulatory Affairs BVCA. Technical Bulletin May 2016, Legal Technical Committee Regulatory Committee Taxation Committee. Simon Witney Chair Sheenagh Egan Chair David Nicolson Chair. King Wood Mallesons Livingbridge Bridgepoint, Alison Hampton Vice Chair Alice Nisbet Abigayil Chandra. HgCapital LDC Deloitte, Alastair Richardson Amandeep Johal Adam Frais. 3i Triton Partners BDO, Amy Mahon Christopher Crozier Alexander Cox.
Clifford Chance Permira Ashurst, David Higgins Ed Kingsbury Alexandra Hone. Freshfields Bruckhaus Deringer Dechert ICG, Duncan Tennant Fidelis Wangata Anthony Stewart. Permira Advisers LLP Pantheon Ventures Clifford Chance. Ed Griffiths Ida Levine Clare Copeland, DLA Piper Capital International European Capital. Garrath Marshall James Read Craig Vickery, Deloitte Macquarie Exponent PE. Geoff Kittredge James Smethurst Dominic Spiri, Debevoise Plimpton Freshfields Bruckhaus Deringer Terra Firma.
Godfrey Davies John Decesare Fiona Cooper, 3i Starwood. Graham Hislop Louise Dumican Gareth Miles, Montagu Carlyle Slaughter and May. Iain Bannatyne Mark Howard Graham Iversen, KPMG KKR Greenberg Traurig Maher. John Atherton Oliver Morris James Markham, Adveq KPMG Graphite Capital. Technical Bulletin May 2016 2 Introduction Welcome to the BVCA Technical Bulletin a collection of in depth articles by members of our three technical committees

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