Impact of the draft ATAD III guidelines on private equity funds

With the unshell initiative, the European Commission aims to curb the use of shell companies for tax purposes. To this end, the European Commission published a draft directive on ATAD3 at the end of 2021. In May 2022, the Committee on Economic and Monetary Affairs of the European Parliament formulated proposals for amendments to the draft directive in the so-called Pereira Report. The impact of the draft directive and the Pereira Report on the structuring of private equity funds and their portfolio investments is explained by Jan Schulz in his article.