Rules and best practice in relation to Alternative Investment Funds (AIFs) and Alternative Investment Fund Managers (AIFMs), including the Alternative Investment Fund Managers Directive (AIFMD) and delegated regulations, and marketing and cross-border distribution of funds.
The EU Commission has, as part of its strategy for retail investors, completed a consultation process that, among others, invited the industry to share its views on the existing professional investor categorization, including the introduction of a new category of professional investors, in MiFID II.
MarketingThe new pre-marketing regime provided by the Cross-Border Directive has by 1 July 2021 been transposed into Danish law.
AIFMDCross-BorderPre-MarketingOn 11 May 2021, the European Commission launched a public consultation on a retail investment strategy for Europe.
AIFMDMarketingPre-MarketingRetail InvestorsFrom 10 March 2021, fund managers are required to make certain ESG disclosures available on their website and in their pre-contractual disclosures to investors.
AIFMDComplianceDisclosure RequirementsSustainabilityESMA has launched a consultation on guidelines on marketing communications under the cross border distribution of funds regulation.
AIFMDEU 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.
AIFMDOn 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.
AIFMDAIFMD reviewOn 19 October 2020, the European Commission launched a public consultation on the European Long Term Investment Fund (“ELTIF”) legal framework.
AIFMDAIFMD reviewOn 19 August 2020, ESMA published a letter to the Commission, outlining areas it should consider during the forthcoming review of the AIFMD.
AIFMDAIFMD reviewESMATo 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.
covid19ValuationThe Q&A document provides responses to questions posed by the general public and competent authorities in relation to the practical application of the AFIDM.
On 14 June 2019 the Council adopted the new regulation on facilitating cross-border distributions of AIFs.
Cross-BorderMarketingPre-MarketingVenture CapitalOn 14 June 2019 the Council adopted the new directive amending i.a. the Alternative Investment Fund Managers Directive (AIFMD).
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture CapitalHighlights 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 InvestorsThe 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-MarketingThe report confirms that AIFMD has significantly contributed to creating a market for alternative investment funds by establishing a harmonised regulatory and supervisory framework.
AIFMDAIFMD reviewDelivering news, insights and free legal documents to players in the Danish venture capital and private equity industry.
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