Updates

COVID-19: Special Valuation Guidance for Estimating Fair Value is Published

To help fund managers address the consequences of the COVID-19 pandemic in portfolio company valuations, the International Private Equity & Venture Capital Valuation Guidelines Board has published special valuation guidance for estimating fair value.

ESG Pays Off: Investors Recognize Environmental, Social and Governance Factors as Great Value Drivers

Sustainability Related Disclosure Requirements in the Financial Service Sector

The European Parliament and the Council have adopted a new regulation as a part of the European Commission’s action plan on sustainable finance and marks an important step in the Commission’s action plan.

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.

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.

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.

Proposal to Transpose DAC6 into Danish Law Presented in the Danish Parliament

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.

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).

ESA issues Consultation Paper on Amendments to the Existing PRIIPS Regulation

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).

ESMA Preparations for a No-Deal Brexit

ESMA has issued updated statements in relation to its approach to the application of some key MiFID/MiFIR II provisions in case of a no deal Brexit.

Proposal to Adjust the Danish Rules on Taxation of Carried Interest

The Danish Government has presented a proposal for an amendment of various acts, including the Danish Tax Assessment Act and the Danish Act on Taxation of Capital Gains on Shares.

Proposal to Increase Certain Requirements for Managers under the AIFM and AML Act Published for Consultation

On 28 August 2019 the Danish FSA (in Danish: Finanstilsynet) published for consultation a draft proposal to change, among others, the Danish AIFM Act and the Danish AML Act.

ESMA Publishes Responses to Regulatory Technical Standards under ELTIF

On 2 July 2019, ESMA has published the responses received to its consultation on draft regulatory technical standards under the ELTIF Regulation.

ESMA Updates Q&A on AIFMD

The Q&A document provides responses to questions posed by the general public and competent authorities in relation to the practical application of the AFIDM.

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.

Japan Deemed a Sector Specific, Safe Third Country by the Danish DPA

Transfer of personal data from Denmark to (private) organisations in Japan that are subject to the APPI will not require prior approval from the DPA.