The summer issue of EMPEA's Legal & Regulatory Bulletin explores developments in treatment of non-EU funds and managers under the European AIFM Directive and the changing landscape of fund structures, and includes in-depth looks at the legal and regulatory realities facing investors in Sub-Saharan Africa and Colombia.
Legal & Regulatory Issues
During the last decade, stable economic growth, high-impact political and economic reforms together with impressive improvements in security and investor protections have drawn the spotlight to Colombia. From a legal perspective, Colombia’s private equity regulations are well developed and are contributing to the development of a robust domestic industry.
The European Securities and Markets Authority (“ESMA”) announced on 18 July 2013 that it has approved global supervisory cooperation arrangements between the securities regulators of the European Union and their third country counterparts. The arrangements were negotiated by ESMA on behalf on the EU Member States, the additional three countries which make up the European Economic Area (Iceland, Liechtenstein and Norway) and Croatia, whose accession process completed on 1 July 2013 making it the EU’s 28th Member State.
The pillars of the conventional fund model in emerging markets remain largely unchanged, however the wave of regulation globally and continuing evolution in LP-GP dynamics are yielding some important shifts in fund terms and structures with implications for governance and operations at the fund level. On 25 June 2013, EMPEA co-hosted a Professional Development Webcast with Debevoise & Plimpton on The Changing Landscape of Private Equity Fund Formation. This summary highlights some of the trends in fund terms, structures and regulatory developments discussed by Debevoise Partners Marwan Al-Turki, Jennifer Burleigh and Peter Furci.
Private equity is a longstanding component of Africa’s economic landscape. However, strong growth, an expanding middle class, and a global trend that is seeing more investors seeking growth from a broader and more varied range of markets is driving an increased interest in the region. With the increase of both investor appetite and capital flows towards the continent, it bears mentioning that firms looking to invest in Africa face a set of unique challenges in identifying and completing deals. This article explores one such challenge: the regulatory issues faced by international investors when completing and/or enforcing deals in Africa.
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