EU Parliament Approves Final Compromise to Amend AIFMD

AIFMD 2.0 published in the OJEU

On 26 March 2024, directive 2024/927 amending the directives 2011/61/EU (AIFMD) and 2009/65/EC (UCITSD), also known as AIFMD 2.0, has been published in the EU Official Journal.

Authorised AIFMs’ Integration of Sustainability Factors and Risks Applies from 1 August 2022

Authorized AIFMs shall from 1 August 2022 ensure that their systems, processes, and internal controls reflect relevant sustainability risks as defined in the SFDR.

Final Regulatory Technical Standards for SFDR and Taxonomy Regulation are Published

The RTS will define the new standard for sustainability-related disclosures in the financial services sector in the EU and supplements provisions of the SFDR and of the Taxonomy Regulation.

Invest Europe to set ESG Reporting Standards

In November 2021, Invest Europe released its Climate Ambition in which the association committed to contribute to the EU becoming climate-neutral by 2050 and pledged to help the P/E and VC industry move towards net zero. 

The European Commission’s AIFMD Review is Out

 On 25 November 2021, the European Commission published its long-awaited proposal to amend the AIFMD as part of a new Capital Markets Union (CMU) legislative package.

The Danish FSA: Significant Room for Improvement for SFDR Disclosures

The Danish FSA has assessed the quality of 4 pension companies and eight credit institutions' website disclosures with regards to information about their policies on the integration of sustainability risks in the investment decision-making process.

Danish FSA Clarifies New Pre-Marketing Rules

The pre-marketing rules provided by the Cross Border Directive was transposed into Danish law on 1 July 2021.

Application of SFDR Level 2 Obligations Delayed (Again)

The European Commission has once again delayed the application of the level 2 obligations of the Sustainable Finance Disclosure Regulation (SFDR) until January 2023.

New Rules Preclude Sub-Threshold Fund Managers and Semi-Professional Investors from Pre-Marketing

On 1 July 2021, new rules governing pre-marketing activities of managers of alternative investment funds entered into force in Denmark. The new legislation incorporates the pre-marketing definition and requirements of the Cross-Border Directive into Danish law.

New Pre-Marketing Regime has been Transposed into Danish law

The new pre-marketing regime provided by the Cross-Border Directive has by 1 July 2021 been transposed into Danish law.

European Commission has Launched a Public Consultation on a Retail Investment Strategy

On 11 May 2021, the European Commission launched a public consultation on a retail investment strategy for Europe.

ESA Publishes Joint Supervisory Statement on the Interpretation on Fund Managers’ ESG Disclosure Obligations

From 10 March 2021, fund managers are required to make certain ESG disclosures available on their website and in their pre-contractual disclosures to investors.

ESMA Consults on Guidelines for Marketing Communications for Cross Border Distributions of AIFs

ESMA has launched a consultation on guidelines on marketing communications under the cross border distribution of funds regulation.

New Requirements to Marketing of Non-EU AIFS in Denmark

EU 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.

The European Commission Publishes Consultation on the Review of the AIFMD

On 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.

Consultation on EU Rules for Long-Term Investment Funds

On 19 October 2020, the European Commission launched a public consultation on the European Long Term Investment Fund (“ELTIF”) legal framework.

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.

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.

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.

New Sustainability-Related Disclosure Requirements for Fund Managers

Pre-marketing of AIFs and EuVECA Funds

Following the recent amendments to the AIFM Directive (“AIFMD”) and the EuVECA Regulation, this article discusses the new rules on pre-marketing covering both AIF and EuVECA Funds.

The EU Technical Expert Group on Sustainable Finance publishes their Taxonomy Technical Report

The report is part of the EU Commission’s overall effort to create a unified standard for sustainable economic activities in the European Union, which is expected to significantly impact the private equity and venture capital industry.

New Directive to Amend AIFMD has been Adopted

On 14 June 2019 the Council adopted the new directive amending i.a. the Alternative Investment Fund Managers Directive (AIFMD).

ESMA Submits Report on Sustainability Risks and Factors in the AIFMD and UCITS Directive

On 30 April 2019, the European Securities and Markets Authority (ESMA) published its final report on integrating sustainability risks and factors relating to environmental, social and good governance considerations in the AIFMD and UCITS Directive.

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.

Commision Releases Report on the Operation of AIFMD

The report confirms that AIFMD has significantly contributed to creating a market for alternative investment funds by establishing a harmonised regulatory and supervisory framework.

ESMA announces European Common Enforcement Priorities for corporate reporting

The European Securities and Markets Authority (“ESMA”) has issued its annual European Common Enforcement Priorities Statement for corporate reporting.

Non-financial reporting under the EU taxonomy – Theme inspection by the Danish FSA

The Danish FSA has completed a theme inspection regarding financial market participants and companies reporting under the EU taxonomy.

New ESG template for SMEs

In September 2024, the Danish Business Authority published a new ESG template targeted at SMEs.

Guidelines on consolidated sustainability reporting expanded

The Danish Business Authority has expanded their Guidelines on consolidated sustainability reporting with an updated version 2.

The NIS2 Directive now applies to designated IT suppliers to financial companies as appointed by the Danish FSA

As of today, the NIS-2 Directive (“NIS2”) applies to the most important IT suppliers to the financial sector.

National versions of guidelines on funds’ names now published

On 21 August 2024, the European Securities and Markets Authority (“ESMA”) published their guidelines on funds’ names (the “Guidelines”) in versions translated into all the official EU-languages.