Apply for authorisation etc.

A Danish 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 (the UCITS Directive) wishing to carry out marketing in an EU/EEA country must notify the Danish FSA.

The Danish FSA should only be notified of applications regarding UCITS or compartments hereof for marketing. Notifications regarding new share classes of compartments, which are already registered for marketing in the relevant host member state, or information regarding changes to registered information should be forwarded to the supervisory authority of the host member state.

Notification must take place pursuant to the procedure described in Commission Regulation No 584/2010 of 1 July 2010. The host member state where the UCITS wishes to market its units must receive an application (Notification Letter) according to national provisions applicable in the host member state. For a list of websites of the competent authorities, please refer to: http://www.esma.europa.eu

When a Danish UCITS has completed the notification according to the guidelines laid down in the legislation of the host member state, the complete notification must be sent to the Danish FSA, which will forward the notification to the supervisory authority of the host member state. The complete notification must be sent to: finanstilsynet@ftnet.dk

Annex 1 of Commission Regulation No 584/2010 of 1 July 2010 contains a Notification Letter which must be used for notification of marketing in an EU/EEA country. Based on Annex 1 of the Commission Regulation, the Danish FSA has created a Notification Letter which can be used for notification of marketing.

Download notification letter for Danish investment undertakings abroad (fill-in-the-blanks pdf)

However, if available, it is recommended that a Danish UCITS uses the Notification Letter published by the supervisory authority of the relevant host member state.

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.

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.

Go to Executive Order no. 1570 of 20 December 2022 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

Alternative investment fund managers intending to market an alternative investment fund to retail investors in Denmark must notify the Danish FSA.

Alternative investment fund managers can apply for authorisation to market alternative investment funds to retail investors in Denmark according to the Sections 5 (4) and 5 a of the Alternative Investment Fund Managers etc. Act and the Executive Order nr. 797 of the 26 June 2014.

Alternative Investment Fund Managers etc. Act.

Executive Order nr. 797 of the 26 June 2014 on authorisation for alternative investment fund managers to market to retail investors in Denmark (pdf)

The Danish FSA has prepared an application form to be used when applying for the authorisation to market the alternative investment funds to retail investors.

Download the application form here (fill-in-the-blanks pdf) 

The application may be sent to finanstilsynet@ftnet.dk

Fee

Alternative investment fund managers who market funds established in another country in Denmark are subject to the fee in accordance with Chapter 22 of the Danish Financial Business Act.

A fund manager must pay the following:

  • An annual base fee of DKK 2.000 in 2004 prices for each alternative investment fund
  • An annual base fee of DKK 2.000 in 2004 prices for each sub-fund that is marketed in Denmark

The fees are adjusted on a yearly basis. For more information regarding the fees and current fee levels please refer to:

Alternative investment fund managers intending to market an alternative investment fund established in a third country to professional investors in Denmark must apply for a license with the Danish FSA.

Alternative investment fund managers can apply for authorisation to market alternative investment funds established in a third country to professional investors in Denmark according to the Sections 109 and 130 of the Alternative Investment Fund Managers etc. Act and the Executive Order nr. 798 of 26 June 2014.

The Danish FSA has prepared an application form to be used in connection with marketing of a third country alternative investment fund in Denmark.

Download the application form here (fill-in-the-blanks pdf)

The application may be sent to finanstilsynet@ftnet.dk

Reporting

Alternative investment fund managers from a third country who market alternative investment funds in Denmark are subject to the reporting obligations under section 67 of the Alternative in-vestment Fund Managers etc. Act.

The frequency of reporting must be calculated in accordance with Article 110 of regulations no 231/2013 of December 2012.  The reporting periods end on the last business day of March, June, September and December of each year.

The alternative investment fund manager must submit the report to the Danish FSA no later than one month after the end of the reporting period.

For more information about the reporting obligation, please see ESMA’s guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD.

For technical guidance to fill out the reporting formula, please see AIFMD's technical guidance.

How to report

From period 202041 new xsd-files:

Download XSD file IAM
Download XSD file IAF1
Download XSD file IAF2

Download XSD file IAF3  

The alternative investment fund manager must report to the Danish FSA via The National Bank of Denmark and the Danish FSA’s joint reporting system.

The National Bank of Denmark’s reporting system, FIONA Online, is part of The National Bank of Denmark’s extranet (NEXT) and requires NemID business. Users who cannot obtain that, typically non-residents, can log on using a combination of codes received by text and email.

Log onto FIONA Online

You must be created as a user and receive a welcome email before you can access FIONA Online.

Create a user

FIONA Online is web-based. You can use it to report data, view reporting error lists and correct errors.

You can enter data directly, copy it from Excel or import an XML file in the format we have de-fined for each type of reporting. See the step-by-step guides:

Quick Guide (pdf)
Tips and Tricks (pdf)

You can also opt for an automated solution whereby an XML file is transferred directly from one system to the other, see

Download IAM Excel file
Download XSD file IAM

Download XML file example IAM

Download IAF1 Excel file
Download XSD file IAF1

Download XML file example IAF1

Download IAF2 Excel file

Download XSD file IAF2

Download XML file example IAF2

Download IAF3 Excel file
Download XSD file IAF3

Download XML file example IAF3

Fee

Alternative investment fund managers who market funds established in a third country in Denmark are subject to the fee in accordance with Chapter 22 of the Danish Financial Business Act.

A fund manager must pay the following:

  • An annual base fee of DKK 5,082 in 2018 prices for each alternative investment fund
  • An annual base fee of DKK 5,082 in 2018 prices for each compartment/sub-fund that is marketed in Denmark

The fees are adjusted on a yearly basis. For more information regarding the fees and current fee levels please refer to:

An application for authorisation for acquisition of, or increase in, a qualifying interest must be submitted, see the requirements laid down in the Danish Financial Business Act and the Securities Trading, etc. Act on authorisation for owners of qualifying interests.All forms have been drafted as a fill-in-the-blanks pdf.

To be submitted by:
Financial undertakings and financial holding companies (alternative markets, banks, cooperative savings banks, clearing centres, financial holding companies, insurance companies, investment management companies, investment advisors, money-market brokers, mortgage-credit institutions, regulated markets (authorised market places and stock exchanges), ship finance institutes, savings bank limited company, electronic money institutions, central securities depositories and securities broking companies)

Application form

Commission implementing regulation (EU) No 926/2014 of 27 August 2014 establishes standard forms for credit institutions for notifications to the authorities, relation to the exercise of the right to establishment and the freedom to provide services according to Directive 2013/36/EU.

Languages accepted for passport notifications are Danish, Swedish, Norwegian and English

Passport notifications can be sent to

Finanstilsynet

Århusgade 110

2100 København Ø

E-mail: finanstilsynet@ftnet.dk

Annex I: Form for the submission of a branch passport notification or a change in a branch

Annex III: Form for the communication of the amount and composition of own funds and own funds requirements

Annex IV: Form for the submission of a notification which concerns a planned termination of the operation of a branch

Annex V: Form for the submission of services passport notification

As of 1 July 2023 it is mandatory for all life insurance undertakings that offer occupational accident insurance (reinsurance undertakings excluded) who has their head office in the EU/EEA that carry out insurance business either by establishment of a branch or by freedom to provide services in Denmark to join the “Danish Guarantee Fund for Non-life Insurers” by paying an entrance fee to the Fund. Information about the Fund and membership can be found on the Fund’s website.

With regard to the provisions in article 33 of the Directive concerning Life Assurance (2002/83/EEC) your attention is drawn to the fact that in Denmark in the interest of the general good the conclusion of some life assurance contracts is prohibited.

Section 55 (1) of the Danish Financial Business Act stipulates that:"The following insurance contracts shall not be valid when entered into by or regarding persons domiciled in Denmark:

  • Life assurance under which on the death of the insured party the company is committed to paying an amount greater than the premium paid with interest, provided the policyholder is a different person from the insured party and does not have the consent of the insured party.
  • Life assurance under which the company is committed to paying an amount greater than the premium paid with interest, which takes effect on the death of the insured party before the insured party reaches 8 years of age. "

The companies doing business by way of freedom to provide services or cross-border activities in Denmark have to observe the rules of Annex III to the Directive concerning Life Assurance (2002/83/EEC) concerning the information for policyholders before the contract is concluded and during the term of the contract.

As of 1 January 2019 it is mandatory for all non-life insurance undertakings (reinsurance undertakings excluded) with their head office in the EU/EEA that carry out insurance business either by establishment of a branch or by freedom to provide services in Denmark to join the Danish Guarantee Fund for Non-life Insurers by paying an entrance fee to the Fund. Information about the Fund and membership,can be found on the Fund’s website.

Class 8

In regards to fire insurance of buildings (class 8) minimum conditions apply in Denmark in order to protect the pledge (Executive Order No. 856 of 21 October 2002).

Insurance companies underwriting fire insurance in Denmark are required by law to collect an annual fee of DKK 40 per fire insurance policy. This sum covers the cost of a compensation scheme for storm surge, flooding from waterways and lakes and windfalls. The scheme is administered by the Danish Natural Hazards Council assisted by the insurance companies. More information can be found on theDanish Natural Hazards Council’s website.

Class 10

It is a condition for operating on a services basis within class 10 (Motor vehicles liability) that the company fulfils the relevant conditions in Directive 2009/103/EC.

That means, inter alia, that the company must become a member of and participate in the financing of the national bureau and the national guarantee fund in Denmark.

In Denmark the national bureau (the green card bureau) and the guarantee fund are one and the same body named Dansk Forening for International Motorkøretøjsforsikring (Danish Motor Insurers' Bureau), PO Box 111, 2900 Hellerup.

It is also a condition that the company appoints a (claim) Representative, cf. the rules in Art. 21 of Directive 2009/103/EC.

Third party motor liability insurance is a compulsory insurance in Denmark. Therefore, the cover of risks classified under class 10 is subject to specific rules and it is therefore necessary for the company to make a notification to SKAT, the Central Register for Motor Vehicles, Nykøbingvej 76 (Building 45), DK4990, Sakskøbing.

The Danish Financial Supervisory Authority must emphasize that the above-mentioned requirements
must be fulfilled before the company can begin to operate on a service basis within class 10 in Denmark.

Class 13

Liability insurance for injury or damage caused by dogs is a compulsory insurance in Denmark (Executive Order No. 485 of 25 September 1984 – only available in Danish).

If an insurance company wants to cover this type of risk – classified under class 13 – it is obliged to be a member of the association: "Foreningen af forsikringsselskaber til overtagelse af lovpligtig ansvarsforsikring for hunde". The address of this association is PO Box 111, 2900 Hellerup. The insurance and the membership of the association include a special compulsory guarantee arrangement for injury or damage caused by unknown and uninsured dogs.

Other compulsory insurances in Denmark:

  • Liability insurance for injury or damage caused by nuclear installations.
  • Lawyers' liability insurance.
  • Auditors' liability insurance.
  • Liability for injury or damage caused by hunting. The general and specific conditions of this insurance have to be forwarded to: Miljøministeriet (Ministry of Environment of Denmark), Frederiksholms Kanal 26, DK – 1220 Copenhagen K, before being circulated.
  • Patients' insurance (hospitals).
  • Aircraft liability insurance.
  • Liability insurance for injury or damage caused by horses.

This list is not exhaustive.

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

The Danish FSA has, until recently, published information regarding the sub-funds of the foreign UCITS market in Denmark as well as the respective share classes’ names and ISIN codes for each of the sub-funds. This information has been published on the Danish FSA Homepage.

Starting December 1st  2013 and going forward, the Danish FSA will no longer publish information regarding:

  • The different share classes.

Therefore, starting 1st December 2013 and going forward, foreign UCITS shall no longer inform the Danish FSA about:

  • Marketing of new share classes,
  • changing of the name of one of more share class(es),
  • merger or division of share classes, cessation of share classes, and
  • changes in ISIN or code numbers of share classes.

Please note that the Danish FSA still allows new share classes to be marketed in Denmark, but they will no longer be registered on the FSA homepage. The sub-funds of foreign UCITS will still be shown on the homepage of the Danish FSA.

Please be aware that information that is not subject to the notification procedure of Commission Regula-tion no. 584/2010 of 1 July 2010 is still required to be notified to the Danish FSA. Thus, the Danish FSA must still receive information regarding:

  • Changes of the name of sub-funds or the UCITS,
  • merger or division of sub-funds, cessation of sub-funds or of the UCITS in Denmark,
  • change of marketing scope and/or appointment of a Danish representative, and
  • changes in the address/registered office of the management company.
     
    The above mentioned notifications which are not subject to the notification procedure in Commission Regulation no. 584/2010 of 1 July 2010, will still be subject to the basic fee pursuant to Section 361(1)(29) of the Consolidated Financial Business Act no. 948 of 2 July 2013.

Kind regards,

Danish FSA
UCITS Team