On 7 May 2020, a guidance signal which excludes certain alternative investment funds from VAT exemption on management fees entered into force.
Danish RegulationManagement RemunerationDue to the COVID-19 crisis, the European Commission has put forward a proposal for a directive that will defer certain time limits of DAC6, the EU directive regarding mandatory reporting in relation to arrangements with cross-border implications.
ComplianceDAC6A group of financial associations, including Invest Europe, has requested a deferral of the DAC6 reporting obligation until 2021 across all member states and the UK.
ComplianceDAC6To help fund managers address the consequences of the COVID-19 pandemic in portfolio company valuations, the International Private Equity & Venture Capital Valuation Guidelines Board has published special valuation guidance for estimating fair value.
covid19ValuationThe European Parliament and the Council have adopted a new regulation as a part of the European Commission’s action plan on sustainable finance and marks an important step in the Commission’s action plan.
SustainabilityThe Danish FSA has announced that they are strengthening their supervisory activities within anti-money laundering and counter terrorist financing by implementing a number of new measures.
KYC / AMLThe amendment act entered into force on 1 January 2020. According to the amendment act, carried interest is taxable as personal income not only where the carried interest originates from returns on shares but also where the carried interest originates from other sources of income.
Management RemunerationOn 7 November 2019 the Danish Tax Agency presented its guidance signal concerning the rules on VAT exemption for management fees for management of investment undertakings.
Danish RegulationManagement RemunerationOn 6 November 2019 the Danish government presented its proposal to transpose the EU directive regarding mandatory reporting in relation to arrangements with cross-border implications (“DAC6”) into Danish law.
ComplianceDAC6Disclosure RequirementsThe statement seeks to mitigate the risk of divergent application, by national competent authorities, for determining the type of bonds for which it is necessary to draw up a Key Information Document (KID).
Disclosure RequirementsESMAKID / PRIIPSOn 16 October 2019 ESA has issued a consultation paper on amendments to existing rules underpinning the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
Disclosure RequirementsESMAKID / PRIIPSESMA has issued updated statements in relation to its approach to the application of some key MiFID/MiFIR II provisions in case of a no deal Brexit.
BrexitThe Danish Government has presented a proposal for an amendment of various acts, including the Danish Tax Assessment Act and the Danish Act on Taxation of Capital Gains on Shares.
Management RemunerationOn 28 August 2019 the Danish FSA (in Danish: Finanstilsynet) published for consultation a draft proposal to change, among others, the Danish AIFM Act and the Danish AML Act.
ComplianceDanish RegulationKYC / AMLWhistleblowingOn 2 July 2019, ESMA has published the responses received to its consultation on draft regulatory technical standards under the ELTIF Regulation.
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