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Private equity-investeringar genom fond och investmentbolag - en jämförelse av investerarskyddet för institutionella placerare

Widman, Emma LU (2012) JURM02 20122
Department of Law
Abstract (Swedish)
En ny lag ska införas i Sverige för att bland annat reglera private equity-investeringar – alltså investeringar i onoterade andelar. Lagen avser investeringar som sker genom att ansvaret för investerarnas medel överlåts till förvaltare för sådana förvärv. Lagstiftningen, som ställer nya krav på förvaltarna, har sin grund i de speciella risker som investeringarna kan medföra. Genom uppsatsen ska befintliga och föreslagna regler för förvaltare i två olika placeringsalternativ undersökas; private equity-fonder och investmentbolag. Syftet är att analysera investerarnas skydd mot tre identifierade risker. Arbetet är en jämförelse mellan skyddet i de två placeringsalternativen.

Den första risken berör att administrativa hinder kan begränsa... (More)
En ny lag ska införas i Sverige för att bland annat reglera private equity-investeringar – alltså investeringar i onoterade andelar. Lagen avser investeringar som sker genom att ansvaret för investerarnas medel överlåts till förvaltare för sådana förvärv. Lagstiftningen, som ställer nya krav på förvaltarna, har sin grund i de speciella risker som investeringarna kan medföra. Genom uppsatsen ska befintliga och föreslagna regler för förvaltare i två olika placeringsalternativ undersökas; private equity-fonder och investmentbolag. Syftet är att analysera investerarnas skydd mot tre identifierade risker. Arbetet är en jämförelse mellan skyddet i de två placeringsalternativen.

Den första risken berör att administrativa hinder kan begränsa investerarnas möjligheter att omsätta andelarna genom överlåtelse eller inlösen. I investmentbolaget finns flera chanser för befintliga ägare, att genom avtal eller bolagsordning begränsa investerarnas rätt att överlåta andelarna. Någon rätt att lösa in andelar i bolaget finns inte, förutsatt att inget annat angivits i bolagsordningen. Investerarna i fonden har däremot som utgångspunkt rätt att lösa in onoterade andelar med stöd i lag. Fondandelsägarna skyddas även mot att förvaltare genom avtal försöker hindra att andelarna överlåts. På så sätt kan skyddet mot den administrativa risken i fonden sägas vara starkare än i investmentbolaget.

Den andra risken adresserar intressekonflikter som kan uppstå genom att förvaltarna prioriterar sina egna intressen framför investerarnas. Genom sin konstruktion erbjuder investmentbolaget insyn och inflytande. Som ägare i investmentbolaget kan investerarna delta vid bolagets stämma och bevaka sina intressen. Den möjligheten saknar andelsägarna i fonden. Skyddet mot intressekonflikter synes därför vara bättre i investmentbolaget. Ny lagstiftning bör föreslås för att ge investerarna i fonden ökat inflytande och möjlighet att hävda sina intressen.

Slutligen ska investerarnas skydd mot den finansiella risken nämnas. Generellt erbjuder fonden ett mer detaljerat skydd än investmentbolaget mot finansiella risker. Fonden har särskilt utformade regler för riskspridning. Den skatterättsliga och aktiebolagsrättsliga reglering som styr investmentbolaget medför inte lika höga krav.

Mycket tyder på att skyddet mot administrativa och finansiella risker är mindre långtgående i investmentbolaget. Därför är det anmärkningsvärt att de nya regler som föreslås för private equity-investeringar, inte med säkerhet omfattar bolagen. Lagstiftaren bör förtydliga att förvaltare av investmentbolag innefattas av de nya kraven. I annat fall riskerar skillnaderna mellan investeringsalternativen att öka. Det kan i sin tur leda till en snedvriden konkurrens mellan alternativen. (Less)
Abstract
A new law is to be enforced in Sweden in order to regulate investments in private equity – that is investments in unlisted companies. The law concerns investments which are placed through a trustee. It is motivated by the fact that the investor takes a special risk when the trustee places the capital of the investor in unlisted companies. In this essay I will investigate current and coming regulations, regarding only private equity-funds and investment trust companies. The purpose is to examine differences in the protection that the investor is offered when investing in funds, compared to when investing in the companies. I will proceed from three types of risks.

The first risk is that administrative obstacles can be used to limit the... (More)
A new law is to be enforced in Sweden in order to regulate investments in private equity – that is investments in unlisted companies. The law concerns investments which are placed through a trustee. It is motivated by the fact that the investor takes a special risk when the trustee places the capital of the investor in unlisted companies. In this essay I will investigate current and coming regulations, regarding only private equity-funds and investment trust companies. The purpose is to examine differences in the protection that the investor is offered when investing in funds, compared to when investing in the companies. I will proceed from three types of risks.

The first risk is that administrative obstacles can be used to limit the investor´s right to transmit or redeem the unit. For instance there are several opportunities for one investor in the investment trust company to reduce another investor´s right to transmit the unit. It is possible to do this by contract or by regulation in the articles of the association. The investor has no right to redeem the unit, if it is not specially regulated in the articles of the association. In opposed to the investor in the investment trust company the fund investor has a right, which is directly regulated by law, to redeem an unlisted unit. In addition to that, the fund investor is also protected against any attempts from the trustee trying to limit the right to transmit the units by contract. The administrative protection in the fund is for these reasons probably better than the protection in the investment trust company.

The second risk concerns the danger that there will be a conflict of interests. A conflict may rise from the fact that the trustee gives priority to it´s own interests. The investment trust company, unlike the fund, offers the investor right to influence how the company is managed. The investor has, as an owner of the company, a right to participate at the owner´s general meeting, and thereby take part in the decisions. It is my opinion that legislation should be suggested to increase the fund investor´s right to participate in the management of the fund as a way of avoiding conflicts of interests.

Finally, the third risk is financial. The fund offers, in general, a better protection against financial risks than the investment trust company, because the fund is governed by special rules about risk diversification.

Since much implies that the protection against administrative and financial risks in a comparison might be vague in the investment trust company, it is remarkable that the new rules are not certain to be applied on the companies. The legislator should clarify that the investment trust companies are covered by the rules – or otherwise the differences between the two alternatives might increase. That could in return lead to a distorted competition between the fund and the investment trust company. (Less)
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author
Widman, Emma LU
supervisor
organization
alternative title
Private equity-investments by funds and investment trust companies
course
JURM02 20122
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
investmentbolag, specialfond, institutionell investerare, kapitalmarknadsrätt, bolagsrätt
language
Swedish
id
3327936
date added to LUP
2013-02-04 07:21:46
date last changed
2013-02-04 07:21:46
@misc{3327936,
  abstract     = {A new law is to be enforced in Sweden in order to regulate investments in private equity – that is investments in unlisted companies. The law concerns investments which are placed through a trustee. It is motivated by the fact that the investor takes a special risk when the trustee places the capital of the investor in unlisted companies. In this essay I will investigate current and coming regulations, regarding only private equity-funds and investment trust companies. The purpose is to examine differences in the protection that the investor is offered when investing in funds, compared to when investing in the companies. I will proceed from three types of risks. 

The first risk is that administrative obstacles can be used to limit the investor´s right to transmit or redeem the unit. For instance there are several opportunities for one investor in the investment trust company to reduce another investor´s right to transmit the unit. It is possible to do this by contract or by regulation in the articles of the association. The investor has no right to redeem the unit, if it is not specially regulated in the articles of the association. In opposed to the investor in the investment trust company the fund investor has a right, which is directly regulated by law, to redeem an unlisted unit. In addition to that, the fund investor is also protected against any attempts from the trustee trying to limit the right to transmit the units by contract. The administrative protection in the fund is for these reasons probably better than the protection in the investment trust company. 

The second risk concerns the danger that there will be a conflict of interests. A conflict may rise from the fact that the trustee gives priority to it´s own interests. The investment trust company, unlike the fund, offers the investor right to influence how the company is managed. The investor has, as an owner of the company, a right to participate at the owner´s general meeting, and thereby take part in the decisions. It is my opinion that legislation should be suggested to increase the fund investor´s right to participate in the management of the fund as a way of avoiding conflicts of interests. 

Finally, the third risk is financial. The fund offers, in general, a better protection against financial risks than the investment trust company, because the fund is governed by special rules about risk diversification. 

Since much implies that the protection against administrative and financial risks in a comparison might be vague in the investment trust company, it is remarkable that the new rules are not certain to be applied on the companies. The legislator should clarify that the investment trust companies are covered by the rules – or otherwise the differences between the two alternatives might increase. That could in return lead to a distorted competition between the fund and the investment trust company.},
  author       = {Widman, Emma},
  keyword      = {investmentbolag,specialfond,institutionell investerare,kapitalmarknadsrätt,bolagsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Private equity-investeringar genom fond och investmentbolag - en jämförelse av investerarskyddet för institutionella placerare},
  year         = {2012},
}