On 22 May 2019 the European Commission adopted delegated regulation specifying different types of conflicts of interest of managers of European Venture Capital Funds (EuVECA) and the steps to be taken in terms of structures, organisational and administrative procedures.
Conflict of Interests (COI)GovernanceVenture CapitalOn 2 May 2019, the Danish Parliament adopted amendments to the Danish Companies Act, which implements part of the 5th EU Anti-Money Laundering Directive.
Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AMLOn 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 ManagementSustainabilityThe 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-MarketingOn 25 March 2019, the Danish Data Protection Agency submitted a notice to the Danish police regarding a Danish taxi company’s violation of GDPR for storage of customer phone numbers.
ComplianceDanish RegulationGDPROn 28 March 2019, the European Securities and Markets Authority (ESMA) issued a Consultation Paper on draft Regulatory Technical Standards (RTS) under article 25 of the ELTIF Regulation.
ESMAKID / PRIIPSManagement RemunerationRegulatory Technical StandardsOn 13 March 2019, the Danish Government presented a proposal for an amendment of various acts including the Danish Companies Act which implements part of the 5th EU Anti-Money Laundering Directive concerning the registration of ultimate beneficial owners.
Beneficial OwnershipComplianceDanish RegulationDisclosure RequirementsKYC / AMLOn 8 March 2019, the Danish Tax Agency published a draft guidance signal for public hearing. If implemented, the guidance signal will exclude certain alternative investment funds from VAT exemption on management fees.
Danish RegulationManagement RemunerationAn amendment to the delegated regulation (EU) 2015/35 was adopted by the European Commission 8 March 2019. The legislation includes changes to the risk-weight of certain alternative investments.
Risk ManagementSolvency IIVenture CapitalOn 27 February 2019, the Danish Government presented a proposal for an amendment of the Danish AIFM Act giving the Danish Financial Supervisory Authority competence to enforce the PRIIPs regulation.
ComplianceDanish RegulationDisclosure RequirementsKID / PRIIPSWhistleblowingThe CJEU judgments will likely have a big impact on international group structures and will also contribute to the interpretation of the anti-abuse principles of EU law and the "beneficial owner" concept.
Beneficial OwnershipDanish RegulationThe proposal specifies the type of conflict of interest referred to in the EuVECA directive and the steps that EuVECA fund managers must take.
Conflict of Interests (COI)GovernanceVenture CapitalThe report confirms that AIFMD has significantly contributed to creating a market for alternative investment funds by establishing a harmonised regulatory and supervisory framework.
AIFMDAIFMD reviewA new regime for the prudential treatment of investment firms: Following a Commission proposal from December 2017, the Council agreed on 7 January 2019 to endorse the Commission's legislative proposals for the prudential treatment of investment firms.
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