Updates
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.
KYC / AML
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.
Management RemunerationGuidance 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.
Danish RegulationManagement RemunerationProposal 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.
ComplianceDAC6Disclosure RequirementsESA 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).
Disclosure RequirementsESMAKID / PRIIPSESA 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).
Disclosure RequirementsESMAKID / PRIIPSESMA 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.
BrexitProposal 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.
Management RemunerationProposal 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.
ComplianceDanish RegulationKYC / AMLWhistleblowing
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.
AIFMDDisclosure RequirementsGovernanceMarketingJapan 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.
ComplianceDanish RegulationGDPRCouncil Approves Regulation on Cross-Border Distribution of AIFs
On 14 June 2019 the Council adopted the new regulation on facilitating cross-border distributions of AIFs.
Cross-BorderMarketingPre-MarketingVenture CapitalNew 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).
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture CapitalDanish Company Faces Prosecution and a Fine of DKK 1.5 mill. for GDPR Violation
On 11 June 2019, the Danish Data Protection Agency ("DPA") has reported a Danish furniture company to the Danish police for not deleting information on approx. 385,000 customers.
ComplianceDanish RegulationGDPRDAC6 Expected to be Transposed into Danish Law in Second Half of 2019
DAC6, the new EU directive regarding mandatory reporting in relation to arrangements with cross-border implications DAC6, will increase reporting requirements for arrangements that have cross-border implications.
ComplianceDAC6Disclosure RequirementsEU 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.
AIFMDCross-BorderMarketingPre-MarketingRetail Investors
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