Proposals for the Regulation of Venture Capital and Private Equity after the Financial Crisis

Table of Contents

List of Figures

List of Attachments

List of Abbreviations

1.0 Introduction

2.0 Impacts of the Global Financial Crisis on Private Equity and Venture Capital

3.0 Overview of the Present Regulatory Activity
3.1 Germany
3.1.1 The „Unternehmensbeteiligungsgesellschaft (UBG)“
3.1.2 The Capital Investment Company and the „Investmentaktien­gesellschaft nach dem Investmentgesetz (InvG)“
3.2Europe
3.2.1 The Markets in Financial Instruments Directive (MiFID)
3.2.2 The Alternative Investment Fund Managers Directive (AIFMD)
3.3 United States
3.3.1 The Investment Company Act (ICA)
3.3.2 The Investment Advisors Act (IAA) and the Securities and Exchange Commission (SEC)
3.3.3 The Securities Act and the Securities Exchange Act
3.3.4 The Dodd-Frank Wall Street Reform

4.0 Proposals for the Regulation of Private Equity and Venture Capital after the Financial Crisis
4.1 Germany
4.1.1 Regulatory Interest Groups
4.1.2 Regulatory Framework
4.2 Europe
4.2.1Regulatory InterestGroups
4.2.2 Regulatory Framework: The AIFM Directive
4.2.2.10versightandControl
4.2.2.2 Operating Conditions
4.2.2.3 Disclosure to Regulators
4.3 United States
4.3.1 Regulatory Interest Groups
4.3.2 Regulatory Framework
4.3.2.1 Establishment of a Systemic Risk Regulator
4.3.2.2 Interdiction of Investment in PE Funds by Banks
4.3.2.3 Taxation of Private Equity Firms

5.0 Estimation of the Alternative Investment Fund Management

Directive by the European Private Equity and Venture Capital Association (EVCA) , the “Bundesverband Deutscher Kapital­beteiligungsgesellschaften (BVK)” and the International Press

6.0 Evaluation and Assessment
6.1 Evaluation ofPresent Regulation
6.1.1 Germany: The “Unternehmensbeteiligungsgesellschaft(UBG)” and the “Investmentgesellschaft nach dem Investmentgesetz (InvG)”
6.1.2 Europe: The Markets in Financial Instruments Directive (MiFID)
6.1.3 United States: The Frank-Dodd Wall Street Reform
6.2 Evaluation ofProposed Options
6.2.1 Germany: Self-Regulation, Skill-enhancement, Acting in Concert and the “Risikobegrenzungsgesetz”
6.2.2 Europe: The AIFM Directive
6.2.3 United States: Skill-Enhancement, Protective Mechanisms, the Financial Services Oversight Council, Interdiction of Investment in PE Funds by Banks, Taxation and the Regulationof Banks

7.0 Executive Summary

Appendix

List of References