As of 22 of July 2014, the Alternative Investment Fund Manager Law (Lov om forvaltere af alternative investeringsfonde) will be in full effect in Denmark. The law implements the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (AIFM Directive).
As a consequence of the Alternative Investment Fund Manager Law, non-UCITS that market shares or units in Denmark will no longer be able to do so as of 22 of July 2014, cf. below.
Non-UCITS can continue to carry out activities in Denmark as a UCITS or as an alternative investment fund (AIF) under the AIFM Directive.
- If the non-UCITS intends to continue as a UCITS, it has to follow the procedure in Directive 2009/65/EC (the UCITS Directive).
- If the non-UCITS intends to continue as an AIF, the procedure in Directive 2011/69/EU has to be followed.
It is important that the Danish FSA is notified of the choice and has received the non-UCITS’ notification before 22 of July 2014.
If the non-UCITS intends to discontinue its activities in Denmark, i.e. not to market shares or units in Denmark, no actions have to be taken and the non-UCITS will automatically be deleted from the Danish FSA register on the 22 of July 2014.