Many GPs are drawn to the idea of forming an RMB fund. LPs looking for RMB exposure or an uncorrelated growth capital investment may also be attracted to RMB funds. The NDRC has emerged as the national regulator, releasing a series of disclosure and best practice requirements in January… Read More
The National Development and Reform Commission (NDRC) of China issued a Notice on Further Regulating the Development and Filings of Equity Investment Enterprises in Pilot Areas on 31 January 2011. The Notice, which was publicly released and took effect in late February 2011, applies to funds and fund managers… Read More
In this issue AIFM Directive (EUROPEAN UNION) The Missing Link – AIFMD and Third Countries SJ Berwin European Regulation of Fund Managers: AIFM Directive Agreed and Adopted Shearman & Sterling LLP u.s. financial reform (dodd-frank act) Dodd-Frank Act: The Impact of US Financial Services Regulatory… Read More
In January 2011, Shanghai launched the Pilot Program of Foreign-Invested Equity Investment Enterprises (the QFLP Program), an important step in the Chinese government's effort to gradually loosen restrictions on offshore funds investing in China. While the QFLP Program does not yet offer funds with significant foreign investment equal treatment… Read More
In late December 2010, Shanghai authorities issued comprehensive regulations that clarify how foreign PE fund managers and investors can participate under the pilot QFLP (Qualified Foreign Limited Partner) program first announced in 2008 and launched in 2009. These new rules offer a stronger regulatory framework for the launch and… Read More
Over the course of the past year China has introduced several noteworthy regulatory changes concerning RMB funds. Weil's commentary summarizes these developments, addresses ongoing impediments to the further development of RMB funds, and proposes a legal and tax wish list. This list includes allowing more local capital to be… Read More
In this issue Articles Exit via IPO in China (Ergo Study Excerpt) Inside Perspectives: An Interview with Baring Private Equity Asia’s Jean Eric Salata Regulatory Update (AIFM Directive) The Impact of the Dodd-Frank Act on Investment Adviser Registration in the U.S. Industry Data EMPEA Industry Statistics… Read More
By virtue of its sheer size and incredible growth over the last decade, China presents one of the most compelling destinations for portfolio and direct investment. Yet for all its promise, private equity as an asset class faces a number of challenges in China, particularly when it comes to… Read More
Following the publication in the third quarter of 2009 of the article, RMB Funds—The Current State and Way Forward: A Legal and Tax Wish List, in the EMPEA Quarterly Review, there have been several noteworthy PRC regulatory developments concerning RMB private equity funds. In this article, John Fadely and… Read More
International investors and managers have demonstrated increasing levels of interest in RMB funds as vehicles for investing into China. This article reviews the differences between foreign-funded and purely domestic RMB funds and offers insight into recent regulatory changes that have established the QFLP program and allowed investment by insurance… Read More
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