On July 17, a British Private Equity and Venture Capital Association (BVCA) high-level industry working group issued a consultative document that makes recommendations about the need for self-regulation by the private equity industry. The working group, chaired by Sir David Walker, Senior Advisor at Morgan Stanley International (and a former Executive Director of the Bank of England and former Chairman of the Financial Services Authority’s predecessor regulator the Securities and Investments Board) was established in March 2007.

The document proposes that private equity firms should provide: (i) identification of the management company’s leadership team, (ii) a commitment to conform to proposed guidelines, (iii) conflicts of interest and corporate social responsibility policies; (iv) indications of funds’ performance, and (v) disclosure of the limited partners in their funds, including banks and private individuals.

The document also included disclosure proposals for portfolio companies and guidelines for the collection of fund data.

The consultation period for comments on the proposals runs until October 9.