On November 20, the Walker Working Group established by the British Venture Capital Association (BVCA) published its final guidelines and recommendations on transparency and disclosure for the private equity industry.

In July 2007, Sir David Walker was appointed by the BVCA and a group of private equity firms to carry out an independent review of the adequacy of disclosure and transparency and to devise guidelines for the private equity industry, as described in the July 20, 2007 edition of Corporate and Financial Weekly Digest.

The final report emphasizes the need for greater openness and transparency in the private equity industry and sets out voluntary guidelines to be applicable to FSA authorized firms that manage or advise funds which own or control at least one UK company to either comply with the “voluntary” guidelines or explain areas of non-compliance. The report also includes recommendations on data gathering, processing and reporting on an industry-wide basis. In particular, private equity firms should publish certain recommended information either in a printed annual review or through a regularly updated website.