EU Court of Justice Issues Ruling in Danish Beneficial Ownership Cases
Published 26 February 2019
Category: Taxation / VAT
On 26 February 2019, the EU Court of Justice (CJEU) issued judgments containing preliminary rulings in the Danish beneficial ownership cases.
The CJEU states in the judgments that there is a general principle of anti-abuse in EU law which applies even where there are no domestic or agreement-based provisions providing for such anti-abuse rules. Proof of an abusive practice requires the presence of objective circumstances (e.g. achieving an unfair advantage, such as an unfair tax advantage) and a subjective element (e.g. the fact that a structure has been put in place mainly to achieve such unfair advantage).
Next step: The CJEU judgments will likely have a big impact on international group structures and will also contribute to the interpretation of the anti-abuse principles of EU law and the “beneficial owner” concept.
See the CJEU judgment in the dividend cases here.
See the CJEU judgment in the interest cases here.
Also tagged ‘Beneficial Ownership’
Danish Parliament Strengthens Registration Requirements of Ultimate Beneficial Owners
On 2 May 2019, the Danish Parliament adopted amendments to the Danish Companies Act, which implements part of the 5th EU Anti-Money Laundering Directive.
Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AMLProposal to Strengthen the Registration of Ultimate Beneficial Owners
On 13 March 2019, the Danish Government presented a proposal for an amendment of various acts including the Danish Companies Act which implements part of the 5th EU Anti-Money Laundering Directive concerning the registration of ultimate beneficial owners.
Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AMLOther updates
Danish implementation of AIFMD II adopted
On 11 June 2025, the Danish Parliament adopted the bill (L 193B) for implementing the AIFM Directive II into Danish law.
AIFMDAIFMD reviewCross-BorderDanish RegulationRisk ManagementProposal on Danish implementation of AIFMD II
On 9 April 2025, the Danish Government presented a proposal for amendments in the Danish financial regulation, including the Danish Alternative Investment Fund Managers (“AIFM”) Act.
AIFMDAIFMD reviewCross-BorderDanish RegulationRisk ManagementMain recommendations from the report on advancing sustainable finance
The work performed by the Platform on Sustainable Finance has focused on developing technical criteria for new economic activities and reviewing activities included in the Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852.
SustainabilityThematic review of engagement information
The Danish Financial Supervisory Authority (the “DFSA”) has conducted a thematic review of six pension companies and investment managers and their engagement information (active ownership).
SFDRSustainabilityAn update on the stop-the-clock proposal and the ESRS simplification mandate
On 29 April 2025, a majority of the Danish Parliament agreed on the “stop-the-clock” directive which will go to a formal vote in the fall to adopt the proposal into Danish legislation.
CSDDDCSRDSustainabilityAIFMs: Marketing under increased regulatory focus
The Danish Financial Supervisory Authority (FSA) has published a thematic report on how managers of alternative investment funds and investment management companies market their investment funds.
KID / PRIIPSMarketingThe Danish FSA