Notice concerning changes of foreign non-UCITS’ marketing of shares or units in Denmark

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.

Kind regards

Danish FSA

UCITS team