Part V of the Guidelines for Disclosure and Transparency in Private Equity (the “Guidelines”) sets out Sir David Walker’s final guidance on the enhanced disclosure obligations placed upon portfolio companies and private equity firms. This document sets out the full text of part V of the Guidelines incorporating amendments that have been implemented since the Guidelines were first issued in 2007, including those relating to the implementation of The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013. This document replaces part V and Annex D from the Guidelines issued in 2007.

The update Guidelines cover:

• 1.  Conformity with each of the Guidelines should be on a comply or explain basis.
• 2.  Definition of a private equity firm for the purpose of the Guidelines
• 3.  Definition of a portfolio company to be covered by enhanced reporting guidelines
• 4.  Content of enhanced disclosure by a portfolio company
• 5.  Form and timing of public reporting by a portfolio company
• 6.  Data input by a portfolio company to the industry association
• 7.  Communication by a private equity firm
• 8.  Reporting to limited partners
• 9.  Data input by private equity firms to the industry association
• 10.  Responsibility at a time of significant strategic change
• 11.  Interaction with the Alternative Investment Fund Managers Directive