On 8 January 2020, the Private Funds Bill, 2020 was published
(the "Bill"). We expect the Bill will
become law by the end of January 2020. While the timetable for
implementation of the Bill and certain other key questions are
still to be confirmed, this advisory summarises its key features
and its likely impact on closed-ended funds and their
managers.
This advisory is based on the Bill as published, and many of the
practical details of the regime it introduces will need to be
confirmed in due course in regulations and guidance. While we do
not expect the text of the final law to differ in any material
respect from the Bill, this advisory is necessarily a preliminary
summary of how we expect the Bill to affect closed-ended funds.
Walkers has been a leading part of the industry consultations and
will remain closely involved in any consultations on ancillary
regulations and guidance. As any of the matters discussed in this
advisory develop in the coming months, we will publish additional
advisories and guidance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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