Policy, Regulation and Private Equity: A Rich Research Agenda? (Book Chapter)

Gibson, S. & Witney, S., "Policy, regulation and private equity: a rich research agenda?" in Wright, M., Amess, K., Bacon, N. & Siegel, D. (eds) 2017. The Routledge companion to management buyouts. London: Routledge (Forthcoming)

11 Pages Posted: 17 May 2017

See all articles by Simon Witney

Simon Witney

London School of Economics & Political Science (LSE), Students

Sally Gibson

affiliation not provided to SSRN

Date Written: April 1, 2017

Abstract

Effective from 2013, the Alternative Investment Fund Managers Directive (or AIFMD) fundamentally altered the regulatory environment for European private equity funds, establishing – for the first time – a set of pan-EU rules for private equity and venture capital funds with assets under management that exceeded certain thresholds. For many fund managers this has entailed considerable change that has permeated most aspects of their business, including additional capital requirements, stricter conduct of business rules, enhanced disclosures to regulators, investors and the outside world and, for some, has even required amendments to remuneration policies.

It is not easy to discern a clear policy objective for many of these changes, and it is therefore hard to assess whether they achieved their aims. Certainly, in relation to many of the new rules, there is scant evidence that investors wanted them, nor that they will benefit from them; it is also unclear how the rules will alleviate systemic risk, particularly insofar as they apply to private equity funds. This Chapter reviews the rules that were included in AIFMD, seeks to identify their policy objectives, and suggests a research agenda that could assist policy-makers in future reviews of the Directive and further regulatory interventions in the sector.

Suggested Citation

Witney, Simon and Gibson, Sally, Policy, Regulation and Private Equity: A Rich Research Agenda? (Book Chapter) (April 1, 2017). Gibson, S. & Witney, S., "Policy, regulation and private equity: a rich research agenda?" in Wright, M., Amess, K., Bacon, N. & Siegel, D. (eds) 2017. The Routledge companion to management buyouts. London: Routledge (Forthcoming), Available at SSRN: https://ssrn.com/abstract=2965091 or http://dx.doi.org/10.2139/ssrn.2965091

Simon Witney (Contact Author)

London School of Economics & Political Science (LSE), Students ( email )

London, WC2A 2AE
United Kingdom

Sally Gibson

affiliation not provided to SSRN

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