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.
Solvency IIThe 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 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.
KID / PRIIPSThe EU Platform on Sustainable Finance has published its draft reports on the merits and potential design of a social taxonomy.
SustainabilityThe Commission has postponed the date of application of the detailed regulatory technical standards (RTS) under the ESG Disclosure Regulation and the Taxonomy Regulation by six months from 1 January 2022 to 1 July 2022.
ComplianceCross-BorderDanish RegulationThe Commission has answered a number of questions from the European Supervisory Authorities (ESAs) regarding the ESG Disclosure Regulation.
ComplianceCross-BorderDanish RegulationThe International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) has merged to form the Value Reporting Foundation.
SustainabilityVenture CapitalThe 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 InvestorsOn 19 and 20 April 2021, the Danish tax authorities published two rulings from the Tax Assessment Council (in Danish: Skatterådet) regarding reclassification of tax transparent entities
Danish RegulationOn 25 October 2020, the European Commission launched a public consultation on a possible EU-level regulatory initiative dedicated to foster long-term sustainable and responsible corporate behavior.
SustainabilityFrom 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 RequirementsSustainabilityMany investors (from business angels to mature stage investor) focus on how to develop and implement responsible investment practices specifically for their own organisation. We believe it’s key for investors to first consider what they want to achieve as well as why and how. That mission should be reflected throughout the investment process and portfolio management.
SustainabilityESMA has launched a consultation on guidelines on marketing communications under the cross border distribution of funds regulation.
AIFMDAs of 1 January 2021 a new employee share scheme applies. This new employee scheme entails that certain new and small companies can award employees with shares, options and warrants up to 50% of the employee's annual salary while the employee will be subject to taxation as share income (up to 42% taxation) instead of personal income (up to approx. 55% taxation).
While most investors are still working within the field of ESG risk mitigation and/or ESG opportunity seeking, we see more investors becoming impact aware and start moving towards the right end of the spectrum.
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