EU Parliament Approves Final Compromise to Amend AIFMD
Published May 23rd, 2019
On 16 April 2019 the European Parliament approved the final compromise to amend the Alternative Investment Fund Managers Directive (AIFMD) with regard to cross border distribution of Alternative Investment Funds (AIFs).
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.
Next Steps: The European Council is expected to give their consent to the adopted text shortly.
See the text adopted by Parliament here.
Also tagged ‘AIFMD’
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.AIFMDDisclosure RequirementsGovernanceMarketing
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.AIFMDESMAGovernanceRegulatory Technical StandardsRisk ManagementSustainability
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
The report confirms that AIFMD has significantly contributed to creating a market for alternative investment funds by establishing a harmonised regulatory and supervisory framework.AIFMDAIFMD review
The Danish FSA (Finanstilsynet) Strengthens Supervision within Anti-money Laundering and Counter Terrorist Financing
The Danish FSA has announced that they are strengthening their supervisory activities within anti-money laundering and counter terrorist financing by implementing a number of new measures.KYC / AML
Amendments to the Danish Tax Assessment Act and the Danish Act on Taxation of Capital Gains on Shares are Adopted
The amendment act entered into force on 1 January 2020. According to the amendment act, carried interest is taxable as personal income not only where the carried interest originates from returns on shares but also where the carried interest originates from other sources of income.Management Remuneration
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
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
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
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