Regulation

The former Park Hill partner - who pleaded guilty to defrauding investors of $38.5 million – has been permanently banned from working in the private equity industry.

The vote follows threats from the Obama administration to veto the Investment Advisers Modernization Act.

The AB-2833 bill, which imposes more requirements on California-based public pensions to disclose private equity fees, was introduced in February, and passed last week.

Ludovic Phalippou, a finance professor at Oxford’s Said Business School, says the FCA is failing in its fiduciary duty to ensure investors get a fair deal.

UK private equity firms in fundraising mode should expect investors to quiz them on the potential impact of Brexit on their structure, investment strategy, and returns, and prepare accordingly, lawyers say.

A $2.3m penalty enforced by the SEC this week follows some $11.8m in management fees and interest that the firm has already returned to investors.

The New York-based investment bank has to meet Volcker Rule standards, which requires banks reduce their private investment interests to 3% of their tier 1 capital by the new July 2017 deadline.

The American Investment Council criticised the Republican presidential nominee’s plan to end favourable tax treatment of carried interest, saying it shows a ‘lack of understanding’.

GAMMA has secured authorisation from the FCA and becomes the first Icelandic financial player to operate in the UK since the 2008 financial crisis.

Chinese regulators revoking licences of over 10,000 domestic private funds will mean fewer and ‘more competitive’ private equity players, says the HKVCA.