New regulatory framework for private equity

Draft Bill for the transposition of the Directive on Alternative Investment Fund Managers

On 18 July 2014 the Official Gazette published the Draft Bill regulating Private Equity and Venture Capital Funds (the “Draft Bill”). It constitutes a further landmark in the transposition of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers.

Without prejudice to a more detailed analysis of the act when finally approved after the summer, this Client Briefing summarizes the main new developments introduced by the Draft Bill:

• Abolition of the prior authorisation regime for the incorporation of externally managed private equity entities
• New entities and nomenclature
• Marketing, cross-border management and depositaries
• Other relevant new developments

More information :

Javier Amantegui, Private Equity Partner, Clifford Chance, Madrid