George Osborne’s speech delivered some surprises but there was more to be discovered in the Budget papers released after he sat down. Below we pick out the key changes for private equity and venture capital announced in Summer Budget 2015. Carried interest tax increases UK investment managers are likely to...

Welcome to the first edition of Osborne Clarke’s private equity and venture capital update. We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in the next edition, please let one of...

AIM Regulation has published AIM Notice 44, in which it consults on changes to the AIM Rules for Companies required in light of the introduction of the Market Abuse Regulation from 3 July 2016. What is MAR? A reminder MAR is a European regulation which implements a harmonised EU-wide market...

Welcome to the latest edition of Osborne Clarke’s quoted company legal and regulatory news update. We hope that you find it interesting. If you would like to discuss any of the content, or have a subject that you would like us to cover in the next edition, please let one...

Fee Reporting Template On 29 January 2016 the Institutional Limited Partners Association (ILPA) published a new template to standardise the reporting of fund fees and expenses. This is the first publication of ILPA’s Fee Transparency Initiative (the Initiative), launched in May 2015, in an effort to establish consistent and robust...

Several fund managers of open-ended UK commercial property funds announced the temporary suspension of redemption from their funds in early July 2016. They took this action in response to receiving unusually high redemption requests from investors following the outcome of the UK referendum on remaining in or leaving the EU...

The EuVECA Regulations and EuSEF Regulations allow for the marketing of qualifying venture capital funds and qualifying social entrepreneurship funds to investors throughout the EEA member states by way of marketing passports. The passports are similar to those provided under AIFMD, with the following main differences: the passports allow for...

Glossary of terms AIF = an alternative investment fund (which includes most types of non-UCITS funds). AIFM = an alternative investment fund manager (the legal person appointed to manage one or more AIFs) AIFMD or the Directive = The Alternative Investment Fund Managers Directive 2011/61/EU EEA = the 28 Member...

The European Banking Authority (‘EBA’) published on 12 August 2016 its consultation paper ‘On the draft Regulatory Technical Standards (‘RTS’) specifying the requirements on strong customer authentication and common and secure communication under PSD2’(‘Consultation Paper’), which outlines the EBA’s draft RTS on this matter as required under Article 98 of...

In January 2020, the UK implemented the EU directive known as DAC6, which came into force on 1 July 2020 and required "intermediaries" (including law firms, accountants and tax advisors) to report to HMRC (from 1 January 2021) cross-border arrangements that met one of a number of "hallmarks" that could...