Alternative investment fund managers can apply for authorization 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. 1504 of 19 October 2020.
- Alternative Investment Fund Managers Etc. Act (Act no. 598 of the 12 of June 2013)
- Executive Order on authorization for alternative investment fund managers to market the alternative investment fund established in third country in Denmark (EO no. 1504 of 19 October 2020)
The Danish FSA has prepared an application form to be used in connection with marketing of a third country alternative investment fund in Denmark.
The application form can be found and submitted on: Introduktion - Application form for AIFM to market shares or units of non-EU AIFs in Denmark | Virk
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 a fee in accordance with Chapter 22, section 361, paragraph 7 (3)(4) of the Danish Financial Business Act.
A fund manager must pay the following:
- An annual basic fee of DKK 8,000 in 2016- price
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
https://www.dfsa.dk/rules-and-practice/marketing-requirements-for-aifs-and-ucits/fees-and-charges
https://www.dfsa.dk/about-us/tasks-of-the-danish-fsa/payment-to-the-dfsa