As of 1 January 2021 a new employee share scheme applies. This new employee scheme entails that certain new and small companies can award employees with shares, options and warrants up to 50% of the employee's annual salary while the employee will be subject to taxation as share income (up to 42% taxation) instead of personal income (up to approx. 55% taxation).
While most investors are still working within the field of ESG risk mitigation and/or ESG opportunity seeking, we see more investors becoming impact aware and start moving towards the right end of the spectrum.
SustainabilityThe consideration and assessment of Environmental, Social and Governance factors is becoming a key driver for investor’s decision-making. The challenge for both investors and companies lies in the substantial number of frameworks that already exists for ESG reporting.
SustainabilityPitchBook has published their Q3 2020 European VC Valuations Report giving a view of the current VC market.
On 23 October 2020, the Danish Tax Agency published a ruling from the Danish National Tax Board regarding taxation of a SAFE (Simple Agreement for Future Equity) issuable by a US company.
Cross-BorderVenture CapitalEU and non-EU AIFMs submitting an application for marketing of non-EU AIFs to professional investors in Denmark will be subject to new requirements. The Danish FSA has issued a new Executive Order, which enters into force on 1 January 2021.
AIFMDOn 22 October 2020, the European Commission published its consultation on the review of the AIFMD seeking the views from stakeholders on how to achieve a more effective and efficient functioning of the European AIF market.
AIFMDAIFMD reviewOn 19 October 2020, the European Commission launched a public consultation on the European Long Term Investment Fund (“ELTIF”) legal framework.
AIFMDAIFMD reviewThe Commission has completed a public consultation on the proposal for a EU Green Bond Standard. The consultation proposes to use the EU Taxonomy to define green bonds.
AIFMDSustainabilityOn 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.
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