On 21 August 2020, the Danish Ministry of Taxation published for consultation a draft proposal according to which previously adopted amendments to the Danish Tax Assessment Act concerning the tax treatment of equity compensation to employees in “start-ups” will enter into force on 1 January 2021.
Danish RegulationVenture CapitalOn 19 August 2020, ESMA published a letter to the Commission, outlining areas it should consider during the forthcoming review of the AIFMD.
AIFMDAIFMD reviewESMAOn 29 June 2020, the Danish minister of taxation issued an executive order which defers certain DAC6-related time limits.
ComplianceDAC6The European Supervisory Authorities (ESA) has published draft technical standards setting out detailed rules on i.a. fund managers’ obligations under the ESG Disclosure Regulation.
AIFMDComplianceDisclosure RequirementsSustainabilityOn 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 / PRIIPSDelivering news, insights and free legal documents to players in the Danish venture capital and private equity industry.
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