A foreign investment undertaking (UCITS) covered by Directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS Directive) that wishes to market its units in Denmark must notify the Danish FSA.
In order to market its units in Denmark, the foreign UCITS must contact the supervisory authority of the UCITS’ home Member State, who will manage the notification procedure to the Danish FSA.
The Danish rules and regulations regarding marketing carried out by foreign UCITS in Denmark are set out in Executive Order no. 1570 of 20 December 2022 (the Executive Order) on Marketing Carried out by Foreign Investment Undertakings in Denmark.
When notifying a UCITS or a compartment hereof for marketing in Denmark, the UCITS must provide a properly completed Notification Letter in accordance with the Executive Order.
When notifying the Danish FSA of marketing of a foreign UCITS and/or sub-fund, the UCITS must disclose other information required by the competent authorities of the host Member State in accordance with Article 5(1) of Regulation (EU) 2019/1156”.
If the foreign UCITS wants to change the information given in the marketing notification, the foreign UCITS must notify the Danish Financial Supervisory Authority of this before the changes come into force. Notifications about changes in the information given in the marketing notification must be sent to the specially designated e-mail address at the Danish FSA: ucits@ftnet.dk.
Reports on updates of PRIPP KIID documents, prospectus updates, annual reports, and other filings, must be sent to the specially designated e-mail address at the Danish FSA: ucits@ftnet.dk.
De-registration of a foreign UCITS and/or sub-funds which are registered for marketing in Denmark.
The Danish FSA must be notified if a foreign UCITS and/or sub-funds ceases to market itself in Den-mark.
The foreign UCITS must contact the supervisory authority of the UCITS’ home Member State which will manage the de-notification procedure to the Danish FSA. The notification must contain the documentation that are set in Article 93a of the UCITS Directive.
Fees
In accordance with Section 13 of the Executive Order, foreign investment undertakings that market its units in Denmark must pay fees pursuant to Chapter 22 of the Danish Financial Businesses Act:
- An investment undertaking must pay an annual basic fee of DKK 5,000 if they market less than 10 sub-funds in Denmark.
- An investment undertaking must pay an annual basic fee of DKK 11,000 if they market 10 or more sub-funds in Denmark.
The fee will be collected in the beginning of December each year, with payment deadline at the end of December. The collection letter will be sent by post to the UCITS registered address. The fee cannot be paid in advance.
Failure to pay on time is considered a violation of the rules set out in the Executive Order and the Danish FSA may order the UCITS to cease marketing of its units in Denmark in accordance with Section 11(1), no. 2, of the Executive Order.
Please note, that the fees are adjusted on a yearly basis. For more information regarding the fees and current fee levels, please refer to:
- Financing and collection of fees
- Frequently asked questions about fees