On 5 February 2025, the Danish FSA published a new and updated version of its report detailing its practice regarding the fitness assessment of board members, executive management members and key persons in financial businesses.
Danish RegulationGovernanceThe Danish FSAOn 15 January 2025, the European Commission issued a recommendation urging EU Member States to review investments out of EU for risks of enabling technology transfers/leakage into third countries (‘outbound investments’).
Cross-BorderOn 6 February 2025, the bills for implementing the NIS2 Directive and the CER Directive were presented by the Danish government to the Danish Parliament.
CERCybersecurityNIS229 January 2025, the EU Commission published its Competitiveness Compass which sets out a compass that will guide the work in the coming five years and lists priority actions to reignite economic dynamics in Europe, according to the communication.
CSDDDCSRDDisclosure RequirementsSFDRSustainabilityAccording to two new advance tax rulings from the Danish Tax Assessment Council (SKM2025.46.SR and SKM2025.47.SR), under certain circumstances, investments directly in portfolio companies owned by a private equity or venture capital fund may also be subject to taxation under the carried interest taxation scheme.
Venture CapitalIn the end of 2024, the European Commission President Ursula von der Leyen indicated that existing and future EU ESG reporting obligations may be consolidated into an “omnibus” regulation with the purpose of reducing reporting requirements.
CSRDDisclosure RequirementsSustainabilityOn 23 January 2025, a draft bill regarding amendments to the Danish Act on the Central Business Register, the Danish Companies Act, and various other laws was submitted for consultation.
Venture CapitalThe European Securities and Markets Authority has published a consultation paper seeking stakeholders’ view on how the European Single Electronic Format can be applied to sustainability reporting for the purpose of easing the burden associated with financial reporting.
ESMARegulatory Technical StandardsSustainabilityESMA has published Q&As for Guidelines on funds’ names using ESG or sustainability-related terms.
ESMASustainabilityThe Platform on Sustainable Finance has published a report on Investing for Transition Benchmarks proposing two voluntary benchmark labels.
SustainabilityThe EU Platform on Sustainable Finance has published a briefing note for the EU Commission outlining how a categorisation system for sustainable finance products could be set up and calibrated.
SFDRSustainabilityOn 19 December 2024, the Danish Parliament has adopted the amendment acts L71 and L72 regarding amendments to the Danish Companies Act and other Danish laws.
Venture CapitalOn 19 December 2024, amendments to the Danish Corporation Tax Act, the Danish Capital Gains Tax Act and the Danish Personal Tax Act, as well as other Danish tax laws, were adopted by the Danish Parliament.
Venture CapitalOn 17 December 2024, the Danish Financial Supervisory Authority (Danish FSA) published a guiding statement regarding the inclusion of leverage by alternative investment fund managers (AIFMs) in unlisted companies and issuers.
AIFMDDanish RegulationESMAThe Danish FSAThe Danish Financial Supervisory Authority (“FSA”) has published a short press release regarding their role in relation to the sustainability reporting in 2025.
CSRDThe Danish Parliament has presented a proposal for legislation on independent providers of audit services regarding sustainability reporting.
CSRDInvest Europe has launched an enhanced ESG reporting template to drive convergence and support early-stage investors developed with Venture ESG.
CSRDSFDROn 29 November 2024, the Danish FSA published a new and updated version of its guidelines on requirements in the financial legislation regarding the suitability and integrity of board members, executive management members and key persons in financial companies, known as the fit & proper guidelines.
Danish RegulationGovernanceThe Danish FSAThe Danish FSA has appointed a number of IT suppliers as operators of financial digital infrastructure to which NIS2 applies.
CybersecurityDORANIS2The Danish FSAOn 14 November 2024, the European Securities and Markets Authority (“ESMA”) announced that ESMA, together with the national competent authorities, has launched a comprehensive data collection exercise focusing on the costs linked to investments in Alternative Investment Funds (“AIFs”) and Undertakings for the Collective Investment in Transferable Securities (“UCITS”).
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