The EVCA further welcomes Rasmussen's commitment to establishing a level playing field for regulation and the need for greater differentiation between assets classes in finding 'the right diversification inside the directive on top of the basic rules.'

Jonathan Russell (pictured), chairman of the EVCA, says: 'There has been a lamentable lack of consultation throughout the short life of this legislation which - as it is currently drafted - penalises the private equity sector whilst excluding other owners of European businesses from oligarchs to foreign governments. We're delighted Mr Rasmussen has accepted the need for an impact assessment. We all want to see a level playing field, not least Mr Rasmussen. His role should therefore be to make sure the gaping holes are filled in before the game re-starts."