Treasury Committee press notice no.05

Session 2007-08, 20 November 2007: For Immediate Release

Treasury Committee announces a resumed inquiry into Private Equity

The Treasury Committee invites written evidence as part of its resumed inquiry into Private Equity and also announces the first oral evidence session for the next phase of the inquiry. The Committee invites written evidence on three key areas: transparency (covering Sir David Walker’s proposals), taxation, and a selection of other issues (including market abuse and conflicts of interest, investor preferences, private equity and pensions, TUPE). Written evidence should reach the Treasury Committee by 12 noon on Monday 17 December. Suggested areas which written evidence might address in relation to each of these topics are given later in this press notice.

The Committee is not seeking further written evidence on economic risk and financial stability because the Committee is covering this area within the context of its on-going inquiry into Financial Stability and Transparency.

The Treasury Committee will take its first evidence session for this phase of the inquiry as follows:

Tuesday 11 December
9.45 am
Sir David Walker

Further evidence sessions will be announced in due course.

The Committee would welcome, in particular, written evidence that relates to the topics set out below. Further information for those submitting written evidence is given in the notes below.

1. Transparency

»Sir David Walker’s proposals for improving the transparency of the private equity industry; including;

»the structure and effectiveness of the recently established BVCA panel for monitoring, and encouraging compliance with, the code of conduct;

»the appropriateness of the proposed level and type of disclosure for the various stakeholders in private equity-owned businesses;

»proposals for a respected capability for providing comprehensive, industry-wide data on the private equity industry;

»the private equity-owned companies to be covered by the code.

2. Taxation

»the tax treatment of debt and equity;

»the Memorandum of Understanding between the BVCA and HMRC;

»options for further reforms of shareholder debt and employment-related securities;

»the appropriateness of the tax regime for private equity, in the light of recent changes to capital gains tax.

3. Other issues

»why investors make different demands of public companies compared with private equity-owned companies;

»the implications of private equity-funded takeovers for company pension funds;

»the operation of TUPE in private equity takeovers;

»market abuse and conflicts of interest in private equity transactions.

Those wishing to attend the meeting should check the venue by contacting the House of Commons Public Information Office on 020 7219 4272 on the day before the hearing.

Written evidence, of not more than 5,000 words, should be in Word or rich text format—not PDF format—and sent by e-mail to [email protected] The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from. The deadline is Monday 17 December 2007 at 12.00 noon.

Submissions should be in the format of a self-contained memorandum. Paragraphs should be numbered for ease of reference, and the document must include an executive summary. Further guidance on the submission of evidence can be found at

Submissions should be original work, not previously published or circulated elsewhere. Once submitted, your submission becomes the property of the Committee and no public use should be made of it unless you have first obtained permission from the Clerk of the Committee. Please bear in mind that Committees are not able to investigate individual cases.

The Committee normally, though not always, chooses to publish the written evidence it receives, either by printing the evidence, publishing it on the internet or by making it publicly available through the Parliamentary Archives. If there is any information you believe to be sensitive you should highlight it and explain what harm you believe would result from its disclosure; the Committee will take this into account in deciding whether to publish or further disclose the evidence.

For data protection purposes, it would be helpful if individuals wishing to submit written evidence send their contact details in a covering letter. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.

Committee Membership is as follows: Rt Hon John McFall (Chairman), Nick Angier,  Mr Graham Brady, Mr Colin Breed, Jim Cousins, Mr Philip Dunne, Mr Michael Fallon (Sub-Committee Chairman), Ms Sally Keeble, Mr Andrew Love, Mr George Mudie, Mr Siôn Simon, John Thurso, Mr Mark Todd, Peter Viggers.