On July 24, the British Venture Capital Association (BVCA) published two legal bulletins to help private equity firms understand the new regulatory capital reporting requirements due to be introduced by the UK Financial Services Authority (FSA) with effect from September. The requirements are set out in SUP 16.12 of the FSA’s Rules. The bulletins provide an overview of the changes to the FSA's regulatory capital reporting regime related to private equity firms that are not subject to the EU Markets in Financial Instruments Directive and private equity firms that are categorized as “Exempt CAD firms.”