DAC6 Expected to be Transposed into Danish Law in Second Half of 2019

Published 23 May 2019

PrintCategory: Taxation / VAT

The new EU directive regarding mandatory reporting in relation to arrangements with cross-border implications (“DAC6”) is expected to be transposed into Danish law in second half of 2019, increasing reporting requirements for arrangements that have cross-border implications.

DAC6 will require that participants and intermediaries report information about arrangements with cross-border implications, including so-called “tax-driven” arrangements, when certain “hallmarks” are contained in the arrangement.

DAC6 will apply retrospectively to arrangements that have taken place in the transition period between DAC6’s entry into force (June 2018) and its transposition into national law (no later than 31 December 2019). It is therefore important to maintain records and prepare DAC6 relevant documentation for “old” arrangements from the transition period.

Next Steps: Transposition of DAC6 into Danish law no later than 31 December 2019.

See DAC6 here.

Tags:  ComplianceDAC6Disclosure Requirements


Also tagged ‘Compliance’

4 Sep 2023Impact and ESGUpdates

Memo from the Danish Financial Supervisory Authority on periodic reporting

On 30 August 2023, the Danish Financial Supervisory Authority (“DFSA”) published a memo describing the requirements in SFDR art. 11 for periodic reporting.

ComplianceDisclosure RequirementsSustainability
9 Jun 2023Impact and ESGUpdates

Updated guide on the SFDR and Taxonomy Regulation

The updated guide takes regulation and guidance from public consultations and Q&A’s since July 2022 into account. Further, it reflects the most recent market practice on the application of the regulations.

ComplianceDisclosure RequirementsSustainability
8 Mar 2023Impact and ESGUpdates

Thematic review of sustainability disclosures for funds with sustainable investment as the objective

On 3 February 2023, the Danish Financial Supervisory Authority (“DFSA”) published a thematic review of sustainability disclosures for eight funds with sustainable investments as their objective.

ComplianceDisclosure RequirementsSustainability
8 Mar 2023Impact and ESGUpdates

Public consultation on the update of the OECD Guidelines for Multinational Enterprises

In general, the Guidelines, last updated in 2011, are a set of non-binding recommendations to businesses for ensuring responsible business conduct in all areas where business interacts with society.

ComplianceGovernanceSustainability
21 Feb 2023Impact and ESGUpdates

ESMA consultation on the use of ESG or sustainability-related terms in fund names

On 20 February 2023, ESMA closed their consultation on Guidelines on funds' names using ESG or sustainability-related terms launched back in November 2022.

ComplianceESMASustainability
16 Feb 2023Impact and ESGUpdates

Opinions issued on the draft European Sustainability Reporting Standards

The European Financial Reporting Advisory Group (EFRAG) submitted a draft set of European Sustainability Reporting Standards (ESRS Set 1) to the EU Commission in November 2022.

ComplianceESMASustainability
9 Jan 2023Impact and ESGUpdates

Requirements for Gender Composition in Managements have Tightened

On 1 January 2023 new rules have imposed stricter requirements for targets and policies on the gender composition of managements. These rules cover both large Danish companies (covered by accounting class C), including state-owned and some listed companies (covered by accounting class D), as well as certain companies within the financial area

ComplianceDanish RegulationSustainability
6 Jan 2023Impact and ESGUpdates

Final Report on Minimum Safeguards

The European Commission expert group; Platform on Sustainable Finance, has published a final report on the minimum safeguards laid out in Article 3 and 18 of the Taxonomy Regulation. It replaces the draft report published in July 2022.

ComplianceSustainability
6 Jan 2023Impact and ESGUpdates

Final Adoption of the CSRD

The CSRD has now been finally adopted after the Council of the European Union on 28 November 2022 approved the European Parliament’s position. On 16 December 2022, the directive was published in the Official Journal. The date of entry into force is 20 days from the publication date.

ComplianceSustainability
21 Nov 2022Impact and ESGUpdates

CSRD has been Passed by the European Parliament

The European Parliament has passed the Corporate Sustainability Reporting Directive (“CSRD”). CSRD replaces the Non-Financial Reporting Directive (“NFRD”), and introduces higher requirements of more detailed reporting, and a mandatory EU sustainability reporting standard.

ComplianceSustainability
1 Aug 2022Impact and ESGUpdates

New Guide on SFDR and EU Taxonomy Regulation

Invest Europe has published a comprehensive members guide on EU ESG reporting requirements for fund managers to clarify grey areas that exist around the day-to-day application of the regulation.

ComplianceDisclosure RequirementsSustainability
22 Jun 2022Impact and ESGUpdates

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.

AIFMDComplianceDisclosure RequirementsSustainability
26 Apr 2022Impact and ESGUpdates

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.

AIFMDComplianceDisclosure RequirementsSustainability
24 Jan 2022Impact and ESGUpdates

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. 

AIFMDComplianceDisclosure RequirementsSustainability
15 Dec 2021AIFsFinancial RegulationImpact and ESGUpdates

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.

AIFMDComplianceDisclosure RequirementsSustainability
6 Dec 2021AIFsFinancial RegulationImpact and ESGUpdates

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.

AIFMDComplianceDisclosure RequirementsSustainability
9 Aug 2021Corporate RegulationImpact and ESGUpdates

Commission Delays Application Date for the ESG Disclosure and Taxonomy Regulations

The 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 Regulation
6 Aug 2021Corporate RegulationImpact and ESGUpdates

Commission Clarifies Questions of Interpretation Regarding ESG Disclosures

The Commission has answered a number of questions from the European Supervisory Authorities (ESAs) regarding the ESG Disclosure Regulation.

ComplianceCross-BorderDanish Regulation
10 May 2021ArticlesInvestors Regulation

New Danish Act on Screening of Foreign Direct Investments

The new act on control of foreign direct investments (the “Act”) was adopted on 4th May 2021. The Act introduces a new framework for government screening of foreign investments and certain types of agreements with Danish companies.

ComplianceCross-BorderDanish Regulation
8 Mar 2021AIFsUpdates

ESA Publishes Joint Supervisory Statement on the Interpretation on Fund Managers’ ESG Disclosure Obligations

From 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 RequirementsSustainability
5 Aug 2020Taxation / VAT

Deferral of Certain DAC6-Related Time Limits

On 29 June 2020, the Danish minister of taxation issued an executive order which defers certain DAC6-related time limits.

ComplianceDAC6
26 May 2020Impact and ESG

ESA Consults on Fund Managers’ ESG Disclosure Obligations

The European Supervisory Authorities (ESA) has published draft technical standards setting out detailed rules on i.a. fund managers’ obligations under the ESG Disclosure Regulation.

AIFMDComplianceDisclosure RequirementsSustainability
9 May 2020Taxation / VAT

Commission Proposes Deferral of Certain DAC6-Related Time Limits

Due to the COVID-19 crisis, the European Commission has put forward a proposal for a directive that will defer certain time limits of DAC6, the EU directive regarding mandatory reporting in relation to arrangements with cross-border implications.

ComplianceDAC6
28 Apr 2020Taxation / VAT

Call to Defer DAC6 Reporting

A group of financial associations, including Invest Europe, has requested a deferral of the DAC6 reporting obligation until 2021 across all member states and the UK.

ComplianceDAC6
6 Nov 2019Taxation / VAT

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.

ComplianceDAC6Disclosure Requirements
24 Sep 2019Financial Regulation

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.

ComplianceDanish RegulationKYC / AMLWhistleblowing
2 Jul 2019Other Compliance Requirements

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.

ComplianceDanish RegulationGDPR
11 Jun 2019Other Compliance Requirements

Danish 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 RegulationGDPR

Other updates

17 Jun 2024Impact and ESG

Final Report from ESMA with guidelines on funds’ names

The European Securities and Markets Authority has published a final report containing guidelines on funds’ names using ESG or sustainability-related terms.

ESMASustainability
13 Jun 2024Taxation / VATUpdates

Proposal for new strategy on entrepreneurship in Denmark

On 12 June 2024, the Danish government presented a proposal regarding entrepreneurship in Denmark, which includes initiatives aimed at creating better access to capital for startups and certain relaxation of taxes.

Venture Capital
21 May 2024Impact and ESGUpdates

Summary report of the consultations on the implementation of SFDR

The European Commission initiated in September 2023 public and targeted consultations on the implementation of the SFDR running until 22 December 2023. A summary of the contributions on the consultations have now been published in a summary report.

Disclosure RequirementsRegulatory Technical StandardsSustainability
13 May 2024Impact and ESGUpdates

The Danish FSA: Investment Managers must be better at disclosing sustainability related information

The Danish Financial Supervisory Authority has in a thematic review assessed several sustainability related issues at two investment managers.

Disclosure RequirementsSustainability
7 May 2024Impact and ESGUpdates

Invest Europe GP ESG Due Diligence Guide

Invest Europe has published a revised GP ESG Due Diligence Guide. It provides guidance on how ESG factors can be incorporated into general partner’s management and decision-making processes.

Sustainability
7 May 2024Financial RegulationUpdates

The Danish implementation of a framework for supervision of the financial sector under The DORA Regulation and NIS2 Directive

On 2 May 2024, the Danish Parliament adopted an amendment to the Danish Financial Business Act to provide the Danish FSA with a legal framework for supervision of the financial sector under the DORA Regulation and the NIS-2 Directive.