Mazanti Pulse

Delivering news, insights and free legal documents to players in the Danish venture capital and private equity industry.

7 Nov 2019Taxation / VATUpdates

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.

Danish RegulationManagement Remuneration
6 Nov 2019Taxation / VATUpdates

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.

ComplianceDAC6Disclosure Requirements

Mazanti Pulse

Delivering news, insights and free legal documents to players in the Danish venture capital and private equity industry.

5 Nov 2019Financial RegulationUpdates

ESA issues Joint Supervisory Statement on the Application of Scope of the PRIIPs Regulation to Bonds

The 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 / PRIIPS
4 Nov 2019Financial RegulationUpdates

ESA issues Consultation Paper on Amendments to the Existing PRIIPS Regulation

On 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 / PRIIPS
15 Oct 2019Financial RegulationUpdates

ESMA Preparations for a No-Deal Brexit

ESMA 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.

Brexit
2 Oct 2019Taxation / VATUpdates

Proposal to Adjust the Danish Rules on Taxation of Carried Interest

The 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 Remuneration
24 Sep 2019Financial RegulationUpdates

Proposal to Increase Certain Requirements for Managers under the AIFM and AML Act Published for Consultation

On 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 / AMLWhistleblowing

Cross-Border Contributions

23 May 2019AIFs

EU Parliament Approves Final Compromise to Amend AIFMD

Highlights include a definition of pre-marketing, rules on de-notification in countries with no investor interests and rules on facilities made available to retail investors.

AIFMDCross-BorderMarketingPre-MarketingRetail Investors
16 Apr 2019AIFsArticlesEuVECA

Cross-Border Distribution of Collective Investments Undertakings

On 16 April 2019, the European Parliament adopted the European Commission's initiatives to improve the efficiency of cross-border distribution of Alternative Investment Funds (AIFs) and EuVECA funds by increasing transparency and harmonising diverging national rules.

AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture Capital
16 Apr 2019AIFsEuVECA

EU Parliament Approves Final Compromise on Proposed Regulation on Cross-Border Distribution of AIFs

The new regulation establishes uniform rules on i.a. fees and charges, and it amends the EuVECA regulation to include a pre-marketing definition.

Cross-BorderMarketingPre-Marketing

Document Generator

1. Articles of Association

The rules for the company defining i.a. the responsibilities of the management, the kind of business to be undertaken, and how the shareholders exert control over the company. The articles of association may be altered during the lifetime of the company by the general meeting.

2. Memorandum of Association

The resolution made by the founders to form the company. The memorandum is not altered during the lifetime of the company.

3. Rules of Procedure of the Board of Directors

The internal regulations of the company's board of directors in conducting its business.

4. Shareholders’ Register

The company’s register of its shareholders and the allocation of the share capital and votes between them.

1. Term Sheet

A (non-binding) commercially negotiated agreement setting forth the basic terms and conditions under which an investment will be made. It serves as a template to develop more detailed legally binding documents.

2. Investment Agreement (coming soon)

An agreement establishing the terms of an investment specifying such things as the amount of the investment and the rights and obligations of the investor, the founders and the target company.

3. Minutes of General Meeting (coming soon)

Minutes of the shareholders' meeting enacting the new articles of association and the new members of the board of directors elected by the shareholders.

4. Shareholders’ Agreement (coming soon)

An agreement amongst the shareholders of the company setting forth how the company should be operated and regulates shareholders' rights and obligations.

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