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

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.

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).

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.

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.

CSRD has been Passed by the European Parliament

The European Parliament has passed the Corporate Sustainability Reporting Directive (“CSRD”). CSRD replaces the Non-Financial Reporting Directive (“NFRD”), and introduces higher requirements of more detailed reporting, and a mandatory EU sustainability reporting standard.

Prohibition of Products Made with Forced Labour on the EU market

The European Commission has proposed a prohibition on making products made with forced labour available on the EU market as well as exporting such products from EU. The proposal shall be seen in connection with the proposal for a Directive on Corporate Sustainability Due Diligence (CSDD) adopted by the European Commission in February.

Invest Europe ESG Reporting Guidelines: Setting the Industry Standard for ESG Reporting

Invest Europe has published a set of ESG reporting guidelines with the aim of providing user-friendly and advanced guidelines on sustainability reporting within the European private capital sector.

Review of SFDR Article 9 Funds by the Swedish FSA

The Swedish Finansinspektionen has reviewed 30 Swedish-registered UCITS- and special funds with sustainable investment as their goal (SFDR article 9 funds). Finansinspektionen analyzed how fund managers met the requirements for providing sustainability-related information to investors.

The Application of New Rules on KID’s Postponed to 1 January 2023

On 6 September 2021, The EU Commission amended the EU delegated regulation for the presentation of the Key Information Document (“KID”).

New Guide on SFDR and EU Taxonomy Regulation

Invest Europe has published a comprehensive members guide on EU ESG reporting requirements for fund managers to clarify grey areas that exist around the day-to-day application of the regulation.