Notification concerning marketing carried out by foreign UCITS in Denmark

Notification of foreign UCITS and compartments hereof for marketing

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.

The notification procedure of the Danish FSA for marketing of foreign UCITS in Denmark is based on Commission Regulation no. 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities.

The Commission has prepared a notification letter to be used in connection with notification of marketing activities in the EU. The Notification Letter is enclosed Commission Regulation no. 584/2010 of 1 July 2010 as Annex 1. The purpose of the Notification Letter is to standardise and simplify the notification procedure for UCITS that wish to market their units in another EU Member States pursuant to the UCITS Directive.

In order to market its units in Denmark, the foreign UCITS must contact the supervisory authority of UCITS’ home Member State which will manage the notification procedure to the Danish FSA.

The Danish rules and regulations in regard to marketing carried out by foreign UCITS in Denmark are set out in Executive Order no. 1298 of 14 December 2012 (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 fill in the Notification Letter in accordance with the Executive Order.

The Danish FSA has prepared a set of practical guidelines in order to facilitate completion of the Notification Letter in accordance with the Executive Order:

As of 1 January 2013, the Danish rules on information and translation requirements for Key Investor Information Documents (KIIDs) in connection with filing of a notification for marketing in Denmark were simplified. For further information, please refer to the abovementioned guidelines. 

The notification file must be sent to a specifically designated email address at the Danish FSA: ucits@ftnet.dk

Changes in registration or messages that are required by law, but which are not subject to the notification procedure pursuant to Commission Regulation 584/2010

Changes in the registered marketing or other registered information or messages that are required by law, which are not subject to the notification procedure of Commission Regulation No 584/2010 of 1 July 2010 and therefore not carried out by supervisory authorities, must be reported by the UCITS to the Danish FSA by completing the following notification letter:

The Notification Letter must be sent to a specially designated e-mail address at the Danish FSA: ucits@ftnet.dk

Submission of updated Key Investor Information Documents may also be sent to: ucits@ftnet.dk .

Fees

In accordance with Section 13 of the Executive Order, foreign investment undertakings which 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 8,000 in 2004 prices, and
  • For each notification or application on cross-border marketing of units in investment undertakings, an investment undertaking must pay a basic fee of DKK 2,500 in 2004 prices.

A notification or application is amongst others subject to the basic fee if it regards:

  • Registration of new investment undertakings, compartments or share classes.
  • Changes of names of investment undertakings, compartments or share classes.
  • Change of address.
  • Changes in marketing activities, including appointment of a new Danish representative or changes of registered information on the existing Danish representative.
  • Cessation of marketing of investment undertakings, compartments or share classes.

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