Updates

EU Commission Completes Consultation on EU Green Bond Standard

The 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.

Rules Concerning the Tax Treatment of Equity Compensation to Employees in Startups

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.

ESMA Publishes Letter to the European Commission on the AIFMD Review

On 19 August 2020, ESMA published a letter to the Commission, outlining areas it should consider during the forthcoming review of the AIFMD.

Deferral of Certain DAC6-Related Time Limits

On 29 June 2020, the Danish minister of taxation issued an executive order which defers certain DAC6-related time limits.

ESA Consults on Fund Managers’ ESG Disclosure Obligations

The European Supervisory Authorities (ESA) has published draft technical standards setting out detailed rules on i.a. fund managers’ obligations under the ESG Disclosure Regulation.

Entry into Force: Guidance Signal Excluding Certain Alternative Investment Funds from VAT Exemption on Management Fees

On 7 May 2020, a guidance signal which excludes certain alternative investment funds from VAT exemption on management fees entered into force.

Commission Proposes Deferral of Certain DAC6-Related Time Limits

Due 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.

Call to Defer DAC6 Reporting

A 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.

COVID-19: Special Valuation Guidance for Estimating Fair Value is Published

To 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.

ESG Pays Off: Investors Recognize Environmental, Social and Governance Factors as Great Value Drivers

Sustainability Related Disclosure Requirements in the Financial Service Sector

The 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.

The Danish FSA (Finanstilsynet) Strengthens Supervision within Anti-money Laundering and Counter Terrorist Financing

The 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.

Amendments to the Danish Tax Assessment Act and the Danish Act on Taxation of Capital Gains on Shares are Adopted

The 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.

Guidance Signal Excluding Certain Alternative Investment Funds from VAT Exemption on Management Fees is Adopted by the Danish Tax Agency

On 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.

Proposal to Transpose DAC6 into Danish Law Presented in the Danish Parliament

On 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.