Data & Intelligence

EMPEA Guidelines

Key Elements of Legal and Tax Regimes Optimal for the Development of Private Equity The EMPEA Guidelines identify elements of legal and tax regimes that experience from other markets has demonstrated will help attract robust international and local private equity and venture capital investment. The Guidelines are intended to serve as a general framework for constructive dialogue amongst all stakeholders – policymakers, regulators and investors – to strike a balance between effective protections and overly restrictive regulatory approaches that stymie investment flows. Already a part of conversations with policy makers and regulators in Africa and Asia, the Guidelines represent another step in EMPEA's efforts to inform regulatory approaches that will increase private equity flows and spur economic development.

Updates from the Road: Putting the Guidelines to Work

To respond to and shape the changing currents in the global regulatory landscape, EMPEA is working to introduce the Guidelines as a framework for dialogue with regulators. We continue to explore oppportunities to grow the asset class throuch such dialogue.  Morocco, March 2013: In March 2013, the Guidelines served as a starting point for discussion led by the Moroccan PE and VC Association, AMIC, with Moroccan government officials, regulators and local industry stakeholders about potential reforms that could enhance the environment for private equity and help to create a central hub of financial activity for the North and West African region. World Bank Group's Financial and Private Sector Development (FPD) Forum 2012, November 2012:  Last November, EMPEA presented the Guidelines to a standing room-only crowd at the World Bank Group's Financial and Private Sector Development (FPD) Forum 2012. With our partners within the Non-Bank Financial Institutions Group, we continue to explore ways integrate the Guidelines and thinking behind them into future World Bank projects and products.

EMPEA Guidelines: Key Elements

The guidelines comprise 10 specific topics important to private investment and should be read in conjunction with the detail and supporting materials that follow.
  1. Effective, clear and flexible corporate and securities laws, with the ability to negotiate rights in capital structures.
  2. Conformity to international standards of business integrity and anti-corruption.
  3. Clear, consistent and internationally competitive taxation.
  4. Reliable and consistent approach to dispute resolution and enforcement.
  5. Non-discriminatory treatment of cross-border investment.
  6. Efficient, transparent and fair regulatory environment.
  7. Transparent and reliable rules for expropriation.
  8. Stable and fair framework for property rights.
  9. Flexibility in insolvency proceedings and fairness for stakeholders.
  10. Ability to contract freely, with minimum prescription by statute.


Additional Resources

EMPEA Guidelines: A Legal and Regulatory Framework for Global Private Equity EMPEA Professional Development Webcast Join EMPEA’s Legal and Regulatory Council in a public dialogue about the EMPEA Guidelines. Council members provide an in-depth look at how private equity firms, local counsel and other industry advisors can put the Guidelines to work as reference material in their discussions with regulators, policymakers and investors. In addition to addressing audience questions about the Guidelines, this interactive discussion also delves into practical considerations regarding engagement on these issues. Be a part of this public dialogue shaping your industry’s next steps in the development of private equity. Watch Webcast Recording »
As a Founding Member Firm of EMPEA , I am proud of what the organization achieved. I look forward to playing an active role on the Board of Directors as we enter our next phase.

Drew Guff | Managing Director and Founding Partner, Siguler Guff & Company

I’m honored to join fellow industry pioneers in the leadership of an unparalleled network, filled with first movers, shaping the future of industries and communities.

Dr. Andrew Kuper | Founder and CEO, LeapFrog Investments

EMPEA's market and industry intelligence opens doors to new sources of capital.  I look forward to the future success of EMPEA and its members

Torbjorn Caesar | Senior Partner and Actis

While there are certainly challenges for the industry, the opportunities abound in our target markets and globally, making a global association like EMPEA more relevant than ever.

Drew Guff | Managing Director & Founding Partner and Siguler Guff & Company

The developed markets have no equivalent to the role EMPEA is playing as a convener and source of trusted information in the emerging markets.

David Rubenstein | Co-Founder and Managing Director, The Carlyle Group