Clare Burrows
Australian regulators have accepted a revised Billabong takeover bid, having rejected its previous proposal that included a 20% break-up fee.
The Companies Bill is expected to make it easier for GPs to enforce contracts with promoters, although some details still await clarification, according to industry sources.
Private equity funds in Asia will be impacted by US regulations that allow firms to publicly advertise investment products, but some local regulations still impose limits on solicitation.
Although China’s State Commission Office has revealed that the CSRC will be the primary regulator of private equity, the industry remains in the dark on what regulations it is likely to implement.
India's securities regulator plans to allow foreign investors to invest in local assets through a quasi-debt instrument, a change that may make portfolio companies more attractive to buyers.
As the NDRC and CSRC battle to become the chief regulator for private equity funds in China, GPs lack clarity on where to register their funds.
Discovering fraud in potential investee companies is becoming more difficult, meaning many China GPs are steering clear of take-private deals, delegates heard at the HKVCA China Summit 2013.
New proposals from the Hong Kong Securities and Futures Commission will make it harder for private equity to raise money from high net-worth individuals.
Laws in China can hinder firms trying to make operational changes or detect fraud in private equity portfolio companies, although this could be changing, according to industry specialists.
The Australian LP is questioning its fund managers about issues relating to corporate governance as investors become increasingly diligent about their investments.
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