Updates

Commission Proposes Tax Incentive for Equity

On 11 May 2022, the European Commission has presented a proposal for a directive providing for a debt-equity bias reduction allowance, or DEBRA, to help businesses access the financing they need and to become more resilient.

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.

ESMA Provides Guidelines for Funds’ Use of ESG Related Terms

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing which provides guidance on sustainability risks and disclosures in investment management.

Higher Corporate Tax Rate for Danish Financial Companies and Deductibility Cap on Salary Expenses

On 6 April 2022, the Danish Government presented a proposal for an amendment of, among others, the Danish Corporation Tax Act.

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 EU Commission Proposes Amendments to the Regulation of European Long-Term Investment Funds

On 25 November 2021, the European Commission published its proposal to amend the Regulation of European Long-Term Investment Funds (ELTIFs) as part of a new Capital Markets Union (CMU) legislative package.

IPEV Board has Started Review Process for the IPEV Valuation Guidelines

The IPEV Board has started the 2021 review process for the IPEV Valuation Guidelines.

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.

Rolf Kjærgaard: Sustainability is Essential to Vækstfonden’s Investments

The Pitchbook Q3 EU Venture and Private Equity Reports

Pitchbook has published its European Venture Report for Q3 2021. as well as it European Private Equity Breakdown for Q3 2021. Get an outline of the highlights here.

Pitchbook Q3 Global M&A Report

Pitchbook has released its report on the Global M&A market in Q3 2021. In line with the VC and the PE market, the market for M&A has been recovering well from a slower year in 2020 and is seeing a lot of activity.

ESMA has Issued Guidelines on Marketing Communication

The guidelines apply to all marketing communication addressed to investors or potential investors for AIFs, including amongst others when they are set up as EuVECAs.

Proposal for Stronger EU AML/CFT Rules

On 21 July 2021, the European Commission presented a package of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules.

Insurance Companies Encouraged to Invest in Long-Term Equity by way of Capital Relief

The EU Commission has published a proposal to amend the EU insurance directive (known as "Solvency II") so that insurance companies can scale up long-term investments.

The EU Commission Contemplates Amendments to the Criteria Required to Qualify as a Professional Investor

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.

New Rules for the Calculation and Presentation of Risks, Rewards and Costs in Key Information Documents

The EU Commission has amended the EU delegated regulation for the presentation and the content of the Key Information Document (KID) that sets out information on risks, rewards and costs to be given to retail investors (i.e. non-professional investors) in good time before they invest in alternative investment funds etc.