Data & Intelligence

Legal & Regulatory Bulletin – Issue No. 18, Summer 2016

Our summer Bulletin provides insights and perspectives on legal and regulatory changes and trends impacting, and of immediate interest to, practitioners in the emerging market private equity, venture capital and infrastructure investment community.

We anticipate that some of these matters will continue to resonate and interest attendees at EMPEA and the Financial Times' EMPE Week in London including the inaugural Sustainable Investing in Emerging Markets summit, 25 October and the 8th Private Equity Africa summit, 26 October. They will also be addressed in the curriculum of the 2nd EMPEA-ILI course designed for government officials as well as representatives from regulatory bodies and development institutions, Practical Solutions for Building an Effective PE Sector and Policy Environment, 19 to 23 September in Washington, D.C.

In this Bulletin our contributors focus on:

  • Debt investment in India and whether Mauritius is now and will in future be a preferred investment route: Reviewing a protocol amending the agreement between India and Mauritius in relation to double taxation and challenges presented by India’s General Anti-Avoidance Rules, the treatment on conversion of quasi-debt instruments, the determination of places of effective management and other treaty negotiations.
  • New forex regime in Nigeria and likely impact on private equity investments: highlighting that recent measures adopted by the Central Bank of Nigeria and the introduction of an interbank market are unlikely to impact Nigerian private equity investments negatively.
  • Liquidity options in permanent capital vehicles: as the appetite for raising permanent capital translates into a more frequent use of permanent capital vehicle structures, considering how liquidity concerns are taken into account and best balanced when structuring deals.
  • Laws and legal reforms against corruption are approved in Mexico: describing laws and reforms approved recently by the Congress of the Union and the legal framework for fighting corruption in Mexico.

EMPEA Regulatory Affairs Resources:

  • EMPEA Guidelines set out key legal and tax regimes optimal for the development of private equity and are now available in seven languages including Arabic, Burmese. Chinese (simplified character), Portuguese and Spanish on the EMPEA website.
  • EMPEA Legal & Regulatory Council draws on deep subject matter expertise in the emerging markets practice to address trending concerns.
  • EMPEA Legal & Regulatory Bulletin publishes key perspectives and insights of in-house legal officers and leading practitioners into the current challenges and concerns of the emerging markets community.
  • EMPEA education courses and resources for emerging market regulators, pension and policy oversight officials highlight the foundational issues relating to the development and regulation of private equity in developing economies.

I look forward to seeing many of you in London and invite you to share your thoughts with Ann Marie Plubell, EMPEA VP, Regulatory Affairs at

Best wishes for the summer season to you all,

Mark Kenderdine-Davies
General Counsel and Company Secretary, CDC Group plc
Chair, EMPEA, Legal & Regulatory Council


EMPEA has served as a useful reference platform for CDPQ by helping to define the eligible universe of fund managers in growth markets. Membership provides background data and a...

Rashad Kaldany | Executive Vice-President and Growth Markets, CDPQ

The developed markets have no equivalent to the role EMPEA is playing as a convener and source of trusted information in the emerging markets.

David Rubenstein | Co-Founder and Managing Director, The Carlyle Group