In a speech to the Capital Creation Conference on 16 September, Simon Walker, Chief Executive of the British Venture Capital Association (BVCA), reviewed the response of UK private equity firms to the Walker Guidelines, ten months after they were introduced.

Mr Walker concludes in his speech that the industry has risen to the challenge set in the Walker Report by moving towards greater transparency through enhanced disclosure. In support of this claim he points to the number of companies that have signed up to the voluntary guidelines (32 large buyout houses and 56 portfolio companies). He also points to the number of firms which are not even covered by the criteria that are choosing to voluntarily comply with the Guidelines or publish more information than they are required to.

On 10 September the European Parliament's Committee on Economic and Monetary Affairs adopted a report on hedge funds and private equity which is scheduled to be considered by the European Parliament in Plenary later in September 2008.

In his speech, Mr Walker outlines his opposition to a pan-European approach to regulation on disclosure by private equity firms; in particular that it would reduce the opportunity for different jurisdictions to compete. Instead he expresses hope that other Member States will follow the steps taken by the UK industry to achieve greater transparency, such as in Denmark where a code based on the Walker Guidelines, but adapted to local circumstances, has been introduced.

For more information on work at UK and European level on hedge funds and private equity, including information on the Walker Guidelines, see Practice note, Hot topics: Hedge funds and Practice note, Private equity and venture capital regulation.