regulation
Korea’s Woori sale fails yet again as no bidders materialize
The South Korean government’s latest attempt to exit its controlling stake in Woori Finance Holdings has failed after no one submitted a preliminary bid. The country’s financial regulator subsequently said “it would be difficult to mount another...
China allows insurers to double private equity exposure
The China Insurance Regulatory Commission (CIRC) has allowed insurers to invest up to 10% of their total assets in private equity. Investment in the asset class was previously capped at 5%. The move is expected to see $50 billion of fresh capital injected...
Chinese insurers to outsource investment management
The China Insurance Regulatory Commission (CIRC) will allow insurance companies to outsource their investment management businesses to brokerages and fund houses as part of efforts to diversify investment channels.
Indonesia caps foreign ownership of local banks at 40%
Foreign ownership of Indonesian banks will be capped at 40%, although exceptions will be made for listed banks with strong financial health and high levels of tier-one capital. On this basis, it appears that DBS Group’s $7.2 billion bid for Bank Danamon...
PE financing to be targeted in Australia takeover law review
Private equity firms that launch takeover bids for companies without clear financing packages are likely to be targeted in the Australian Securities and Investments Commission’s (ASIC) review of takeover legislation.
IVCA expresses concern over proposed tax law changes
The Indian Private Equity and Venture Capital Association (IVCA) has expressed its concern that the draft guidelines on India’s proposed anti-avoidance legislation are too vague.
PE and FATCA: Complain but comply
Asian GPs have lagged behind other regional institutions in getting to grips with the Foreign Account Tax Compliance Act. The time has come to face the impact these rules could have on local firms
SEC registration: Are Asian GPs taking it seriously?
Three months after US regulators introduced new rules for reporting and registration of private investment advisers, PE firms are changing the way they do business – but much less so in Asia than in the US
China considers new rules for private funds
Chinese legislators are reviewing a draft amendment to the Securities Investment Funds Law that would impose new regulations on private equity vehicles. The changes are designed to restrict illegal fundraising and insider trading.
Indian microfinance: Back from the brink
The dust is finally starting to settle on the suicide scandals that rocked Indian microfinance in late 2010. Is the industry still an attractive proposition for private equity?
China to expand insurers' investment scope
The China Insurance Regulatory Commission (CIRC) is likely to announce a new set of rules allowing insurers to expand their investment scope in order to diversify portfolios. As part of the move, the ceiling for domestic private equity investments will...
Lone Star to pursue arbitration over KEB exit
Lone Star Funds plans to initiate arbitration proceedings against the South Korean government regarding its $3.5 billion exit of Korea Exchange Bank (KEB) to Hana Financial. The US private equity firm claims the government interfered with its rights as...
China encourages private investment in banking sector
China will allow private capital to invest in banks on an equal footing to other forms of capital. The move, which in theory will see substantial barriers to PE involvement in the industry, comes as the government opens up certain state-controlled and...
China Life injects $315m into CITIC PE's RMB fund
China Life Insurance has injected RMB2 billion ($315 million) into CITIC Private Equity's renminbi-denominated fund. It comes after the insurance giant invested RMB1.5 billion in Hony Capital's most recent vehicle, a source close to the fundraising activity...
India funds given six months to comply with new regulations
Indian private equity funds have been given a six-month window to comply with new rules governing alternative investment funds (AIFs). While existing vehicles are free to complete their investment cycles, they will not be able to raise fresh capital until...
Regulatory delays add $300m to MBK’s CNS price tag
MBK Partners' exit from Taiwanese cable television business CNS could collapse because the prospective buyer is unhappy at how delays in regulatory approvals have added up to NT$10 billion (US$341 million) to the original price tag.
India postpones anti-avoidance rules, cuts capital gains tax for PE
India has postponed the implementation of anti-avoidance legislation, which impacts the tax treatment of offshore structures used to channel capital into the country, and reduced the tax rate on capital gains arising from private equity transactions....
China securities regulator to rein in IPO pricing
The China Securities Regulatory Commission (CSRC) has revised guidelines on new share issuance, requiring the selling party to disclose additional and detailed information if it prices its IPO at a price-to-earnings (P/E) ratio 25% higher than the average...
Foreign RMB funds to be classified as overseas entities
China’s National Development and Reform Commission (NDRC) has decreed that all the capital in renminbi-denominated funds raised by foreign PE firms must come from local investors if they are to be considered domestic entities. Failure to comply means...
China to include private equity in QFII program
The China Securities Regulatory Commission (CSRC) is seeking to include private equity and hedge funds in the country’s Qualified Foreign Institutional Investor (QFII) program.
Carlyle backs China Forestry despite damning report
The Carlyle Group believes troubled portfolio company China Forestry Holdings still holds value despite the firm admitting last week that it was only able to account for 1% of its historical sales. Hong Kong-listed China Forestry has been suspended from...
China consider capital gains tax for PE funds
China's central government is planning to impose a 35-40% capital gains tax on investments made by private equity and venture capital funds, as part of the effort to streamline its taxation system for such vehicles.
Comply or die? GPs, technology and reporting standards
Fund managers are dealing with the challenges of an increasingly demanding LP base. Asian GPs looking for institutional money must invest in compliance or rely on their track records to carry them through
India considers capital gains tax cut for PE investors – report
India’s Finance Ministry is reportedly considering a move to halve the long-term capital gains tax imposed on private equity investors to 10%. It is seen as an effort to shore up PE interest at a time when there is considerable uncertainty about the...