Act on Alternative Investment Fund Managers and Related Matters

Act on Alternative Investment Fund Managers and Related Matters 1)

Hereby is promulgated the Act on Alternative Investment Fund Managers and Related Matters, cf. Consolidated Act No. 1544 of 18 November 2025, with the amendments resulting from Section 2, Nos. 2-14, 16-43, 49-54, 56, 62-64, 69-76, 78, 80 and 84-87, of Act No. 712 of 20 June 2025 and Section 6, Nos. 1, 2, 6, 7 and 12, of Act No. 1638 of 16 December 2025.

The amendments resulting from Section 2, Nos. 77 and 83, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers and Related Matters, the Act on Investment Funds and Related Matters, the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structures, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFM-UCITS II Directive, strengthening the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of a number of published information and related matters), are not incorporated into this consolidated act, as they enter into force on 2 July 2026, cf. Section 22, subsection 7, of Act No. 712 of 20 June 2025.

The amendments resulting from Section 2, Nos. 45-48, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers and Related Matters, the Act on Investment Funds and Related Matters, the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structures, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFM-UCITS II Directive, strengthening the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of a number of published information and related matters), are not incorporated into this consolidated act, as they enter into force on 16 April 2027, cf. Section 22, subsection 10, of Act No. 712 of 20 June 2025.

1. The Act implements Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, OJ EU 2011, No L 174, page 1, parts of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ EU 2014, No L 173, page 349, parts of Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (4th Anti-Money Laundering Directive), OJ EU 2015, No L 141, page 73, and parts of Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing and amending Directives 2009/138/EC and 2013/36/EU, OJ EU 2018, No L 156, page 43, parts of Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards encouragement of long-term active ownership, OJ EU 2017, No L 132, page 1, parts of Directive 2019/1160/EU of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU as regards cross-border distribution of collective investment undertakings, OJ EU 2019, No L 188, page 106, parts of Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022, OJ EU 2022, No L 333, page 153, and parts of Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 amending Directives 2011/61/EU and 2009/65/EC as regards delegation agreements, liquidity risk management, reporting for supervisory purposes, provision of depositary and safekeeping services and lending by alternative investment funds. Certain provisions from Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds, OJ EU 2013, No L 115, page 1, Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds, OJ EU 2013, No L 115, page 18, Regulation (EU) No 1131/2017 of the European Parliament and of the Council of 14 June 2017 on European money market funds, OJ EU 2017, No L 169, page 8, and Regulation (EU) No 2402/2017 of the European Parliament and of the Council of 12 December 2017 on a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, OJ EU 2017, No L 347, page 35, are also included in the Act. According to Article 288 of the TFEU, a regulation applies directly in each Member State. The reproduction of these provisions in the Act is therefore solely justified by practical considerations and does not affect the direct validity of the regulations in Denmark.

Official Gazette A 2026 Published on 21 May 2026 26 April 2026. No. 468. Ministry of Industry, Business and Financial Affairs, Danish Financial Supervisory Authority, ref. no. 26-003695 CQ003516

The amendment resulting from Section 2, No. 44, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers and Related Matters, the Act on Investment Funds and Related Matters, the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structures, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFM-UCITS II Directive, strengthening the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of a number of published information and related matters), is not incorporated into this consolidated act, as it enters into force on 10 January 2030, cf. Section 22, subsection 12, of Act No. 712 of 20 June 2025.

The amendments resulting from Section 6, Nos. 3-5 and 8-11, of Act No. 1638 of 16 December 2025 on amending the Act on Capital Markets, the Act on Financial Business, the Act on Investment Funds and Related Matters and various other Acts (Abolition of national prospectus threshold, partial abolition of prohibition on share classes in financial companies, insurance companies and securities brokerage companies, amendment of publication requirements upon admission to trading on a multilateral trading facility, strengthening of the independence of the Danish Financial Supervisory Authority and related matters), are not incorporated into this consolidated act, as the time of entry into force of these amendments is determined by the Minister of Industry, Business and Financial Affairs, cf. Section 15, subsection 13, of Act No. 1638 of 16 December 2025.

Part I General Provisions Chapter 1 Scope of Application Section 1. This Act applies to

1. alternative investment fund managers who have registered their home state in Denmark,
2. alternative investment fund managers who have registered their home state in a third country and who have Denmark as their reference country,
3. alternative investment funds established in Denmark which are not covered by an agreement with a manager who has a permit or is registered as a manager for the management of the fund, and
4. alternative investment funds from a third country which are not covered by an agreement with a manager who has a permit or is registered as a manager for the management of the fund, which has Denmark as its reference country.

Subsection 2. Section 5, subsections 3, 7 and 9, Sections 18, 19 and 23, Section 67, subsection 4, Sections 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184 and 190-192 apply to alternative investment fund managers who have Denmark as their host country when they have been granted permission to carry out the business mentioned in Section 11 in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, when the manager manages or markets alternative investment funds in Denmark through a branch in Denmark.

Subsection 3. Section 5, subsection 11, Sections 5a, 61-68, 70-75, 130, 155-157, 161, 164, 170, 171, 173-176, 180, 182, 184 and 190-192 apply to alternative investment fund managers who have registered their home state in a third country and who do not have a reference country in the European Union or a country with which the Union has concluded an agreement in the financial area, who plan to manage or market alternative investment funds in Denmark. If an alternative investment fund from a third country is not covered by an agreement to be managed by an alternative investment fund manager with a registered home state in the European Union, a country with which the Union has concluded an agreement in the financial area, or a third country, the fund is self-managed, and the provisions mentioned in the first sentence apply to the fund with the necessary adjustments.

Subsection 4. Sections 5, 9, 10, 17a, 161 and 190-192 apply to alternative investment fund managers who have registered their home state in Denmark, who are not covered by the obligation to apply for permission as an alternative investment fund manager, cf. Section 6, subsection 1, and who have not voluntarily chosen to apply for such permission to manage alternative investment funds (registered alternative investment fund managers). Sections 5, 161 and 190-192 apply to registered alternative investment fund managers who have registered their home state in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, who wish to market alternative investment funds in Denmark.

Subsection 5. Section 5, subsections 3, 4, 7 and 9, Sections 17a and 18, Section 67, subsection 4, Sections 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184 and 190-192 apply to alternative investment fund managers who have registered their home state in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, when the manager manages or markets alternative investment funds in Denmark without establishing a branch in Denmark.

Section 2. Notwithstanding Section 1, the Act does not apply to:

1. Holding companies.
2. Alternative investment fund managers who exclusively manage one or more alternative investment funds, if the only investors are the manager, or the manager's parent companies or subsidiaries or other subsidiaries of these parent companies, provided that none of these investors themselves are an alternative investment fund.
3. Labour market-related pension funds, which are covered by the rules implementing Directive 2003/41/EC of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision, including in the case of approved entities responsible for the management of such pension funds, and which act on their behalf, cf. the rules implementing Article 2, subsection 1, of the relevant directive, or the investment administrators appointed in accordance with the rules implementing Article 19, subsection 1, of the same directive, insofar as they do not manage alternative investment funds.
4. Supranational institutions, similar international organizations and members of the European development finance institutions, if such institutions and organizations manage alternative investment funds, and to the extent that these alternative investment funds act in the public interest.
5. Danish Export and Investment Fund and its independent public subsidiary companies.
6. Danmarks Nationalbank.
7. State, regional and municipal bodies or other institutions that manage funds to support social security and pension schemes.
8. Employee participation schemes or employee savings schemes.
9. Special purpose securitisation entities.
10. Family-owned investment entities.

Chapter 2 Definitions Section 3. In this Act, the following terms are understood as:

1. Alternative investment fund: A collective investment undertaking or investment compartments thereof, which a) raises capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of these investors and b) does not require permission in accordance with the rules implementing Article 5 of Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).
2. Share: Any ownership share of the assets of an alternative investment fund.
3. Alternative investment fund manager: A company whose normal business activity consists of the management of one or more alternative investment funds.
4. Branch of an alternative investment fund manager: A place of business which legally constitutes an inseparable part of a manager and which provides the services which the manager has been permitted to provide. All places of business established in the same country within the European Union or a country with which the Union has concluded an agreement in the financial area, by a manager with a registered home state in another country, are considered to be a single branch.
5. Preferred return: A part of the profit from an alternative investment fund which the manager has earned as remuneration for the management of an alternative investment fund, but reduced by the part of the profit from the alternative investment fund which the manager has earned as return on any investment which the manager may have made in the alternative investment fund.
6. Close links: a) A situation where two or more natural or legal persons are connected by capital interests, whereby is understood direct or indirect possession of 20 pct. or more of the voting rights or capital in a company. b) A situation where a natural or legal person has decisive influence over one or more other natural or legal persons understood as the relationship between a parent company and a subsidiary as referred to in subsections 4-7 or a corresponding relationship between a natural or legal person and a company. A subsidiary of a subsidiary is considered to be a subsidiary of the parent company for these subsidiaries. c) A situation where the same natural or legal person is permanently connected to two or more natural or legal persons by having decisive influence over these.
7. Competent authorities: National authorities in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, which are empowered by law or other regulations to supervise managers.
8. Competent authorities, insofar as a depositary is concerned: a) The competent authorities as defined in Article 4, No. 40, of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, if the depositary is a credit institution which has obtained permission in accordance with the rules implementing Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and on the prudential supervision of credit institutions and investment firms. b) The competent authorities as defined in Article 4, subsection 1, No. 26, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, if the depositary is an investment firm which has obtained permission in accordance with the rules implementing Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. c) The national authorities in the depositary's home country which are empowered by law or other regulations to supervise such categories of undertakings, if the depositary falls under a category of undertakings as referred to in the rules implementing Article 21, subsection 3, first paragraph, point c, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers. d) The national authorities in the country where the entity has its registered home state, which are empowered by law or other regulations to supervise the entity, or the official body with competence to register or supervise the entity in accordance with the applicable substantive rules, if the depositary is an entity as referred to in the rules implementing Article 21, subsection 3, third paragraph, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers. e) The national authorities in the third country where the depositary has its registered home state, if the depositary is a depositary for an alternative investment fund from a third country in accordance with the rules implementing Article 21, subsection 5, point b, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and is not covered by points a-d.
9. Alternative investment fund from a third country: An alternative investment fund which a) has not obtained permission or is not registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial area in accordance with applicable national legislation, and b) does not have its registered home state or head office in a country within the European Union or a country with which the Union has concluded an agreement in the financial area.
10. Decisive influence: The power to direct the economic and operational decisions of a subsidiary, cf. subsections 3-7.
11. Capital association: An alternative investment fund established in accordance with Part VIII as an association with one or more investors, a) whose purpose is to generate a return for the association's investors by investing in liquid assets, including currency, or financial instruments covered by Annex 2 to the Act on Securities Brokerage Companies and Investment Services and Activities, b) whose articles of association state that the association is a capital association, and c) which has appointed a manager who has permission to administer alternative investment funds, who is responsible for managing the capital association.
12. AIF-SIKAV: An alternative investment fund, cf. No. 1, established in accordance with the rules in Part VIII as a company with one or more investors, whose articles of association state that the company is an alternative investment fund with variable capital, and which has appointed a manager who has permission to administer alternative investment funds, and who is responsible for managing the AIF-SIKAV.
13. AIF-securities fund: An alternative investment fund, cf. No. 1, which is established by an alternative investment fund manager who has permission to administer alternative investment funds, and whose fund regulations state that the fund is an AIF-securities fund.
14. Established, insofar as alternative investment funds are concerned: The country where an alternative investment fund has obtained permission or is registered, or, if the fund has not obtained permission or is not registered, the country where the fund has its registered home state.
15. Established, insofar as depositaries are concerned: The country where the depositary has its registered home state, or the country where the depositary has a branch.
16. Established, insofar as legal representatives who are legal persons are concerned: The country where the legal representative has registered home state, or the country where the legal representative has a branch.
17. Established, insofar as legal representatives who are natural persons are concerned: The country where the legal representative is domiciled.
18. An alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area: An alternative investment fund which a) has obtained permission or is registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial area in accordance with applicable national legislation, or b) has not obtained permission or is not registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, but has its registered home state or head office in a country within the European Union or a country with which the Union has concluded an agreement in the financial area.
19. A manager from a country within the European Union or a country with which the Union has concluded an agreement in the financial area: A manager who has its registered home state in a country within the European Union or a country with which the Union has concluded an agreement in the financial area.
20. Feeder fund: An alternative investment fund which a) invests at least 85 pct. of its assets in shares in another alternative investment fund (the master fund), b) invests at least 85 pct. of its assets in more than one master fund, when these master funds have identical investment strategies, or c) in other ways has an exposure of at least 85 pct. of its assets in a master fund.
21. Financial instrument: A financial instrument as covered by Annex 2 to the Act on Securities Brokerage Companies and Investment Services and Activities.
22. Holding company: A company with capital shares in one or more other companies, whose commercial purpose is to carry out a business strategy or business strategies through its subsidiaries, affiliated companies or capital interests to contribute to their value in the long term, and which is either a company that a) operates business based on its own assets, and whose capital shares are admitted to trading on a regulated market in a country within the European Union, 26 April 2026. 4 No. 468.

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Union or a country with which the Union has concluded an agreement in the financial area, or b) is not established with the primary purpose of generating returns for its investors by disposing of its subsidiaries or affiliated companies as documented by the company's annual report or other official documents. 23) Home country of alternative investment funds: Either a) the country within the European Union or the country with which the Union has concluded an agreement in the financial area, where the alternative investment fund has obtained authorization or is registered in accordance with applicable national law, or in the case of multiple authorizations or registrations, the country within the European Union or the country with which the Union has concluded an agreement in the financial area, where the alternative investment fund first obtained authorization or was registered, or b) the country within the European Union or the country with which the Union has concluded an agreement in the financial area, where the alternative investment fund has its registered office or head office, if the alternative investment fund has neither obtained authorization nor been registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial area. 24) Home country of the manager: The country within the European Union or the country with which the Union has concluded an agreement in the financial area, where the manager has its registered office. For managers with their registered office in a third country, all references to the manager's home country in this Act shall be understood as referring to the reference country. 25) Host country of the manager: The country or countries within the European Union or the country or countries with which the Union has concluded an agreement in the financial area, which are not the manager's home country, where a manager a) manages or markets shares in an alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, b) markets shares in an alternative investment fund from a third country, or c) provides services covered by Section 8, subsections 3 and 4. 26) Minimum capital: The manager's minimum capital, consisting of funds referred to in Article 26, subsection 1, points a-e, of Regulation (EU) No 575/2013. 27) Issuer: An issuer as referred to in the rules implementing Article 2, subsection 1, point d, of Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, when the issuer has its registered office in the European Union or a country with which the Union has concluded an agreement in the financial area, and when its shares are admitted to trading on a regulated market as referred to in the rules implementing Article 4, subsection 1, point 21, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. 28) Legal representative: A natural person who is resident in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, or a legal person which has its registered office in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, and which is expressly appointed by a manager having its registered office in a third country to act on behalf of that manager before authorities, customers, bodies and counterparties in the European Union or a country with which the Union has concluded an agreement in the financial area regarding the manager's obligations under this Act. 29) Gearing: A method used by the manager to increase the exposure of an alternative investment fund which it manages, whether this is done by borrowing cash or securities or gearing contained in derivative positions or by other means. 30) Management of alternative investment funds: The responsibility for exercising at least the investment management functions listed in Annex 1, point 1, for one or more alternative investment funds. 31) Marketing: A direct or indirect offering or placement, on the initiative of the manager or on behalf of the manager, of shares in an alternative investment fund which it manages, to or with investors who are resident or have their registered office in a country within the European Union or a country with which the Union has concluded an agreement in the financial area. 32) Master fund: An alternative investment fund into which another alternative investment fund invests or has exposure, in accordance with point 20. 33) Reference country: A country within the European Union or a country with which the Union has concluded an agreement in the financial area, as determined in accordance with Chapter 17. 34) Third country: A country outside the European Union with which the Union has not concluded an agreement in the financial area. 35) Unlisted company: A company which has its registered office in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, and whose shares are not admitted to trading on a regulated market as referred to in the rules implementing Article 4, subsection 1, point 21, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. 36) Capital base: The manager's capital base as referred to in Articles 25-88 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and in rules issued pursuant to Articles 25-88. 37) Parent undertaking: A parent undertaking as defined in the rules implementing Articles 1 and 2 of Directive 83/349/EEC of 13 June 1983 on consolidated accounts. 38) Prime broker: A credit institution, a regulated investment firm or another entity subject to prudential regulation and ongoing supervision and offering services to professional investors primarily to finance or carry out transactions in financial instruments as a counterparty, and which may also offer other services such as clearing and settlement of trades, custody services, lending of securities, tailored technology and operational support facilities. 39) Professional investor: An investor who is considered a professional client or who is treated as a professional client upon request, in accordance with Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. 40) Qualifying holdings: Direct or indirect possession of a share in a manager, which either constitutes at least 10% of the capital or voting rights, in accordance with the rules implementing Articles 9 and 10 of Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, taking into account the conditions for the aggregation of holdings, in accordance with the rules implementing Article 12, subsections 4 and 5, of the directive in question, or which enables the exercise of significant influence over the management of the manager in which the holding is found. 41) Employee representatives: The employees' representatives as defined in the rules implementing Article 2, point e, of Directive 2002/14/EC of 11 March 2002 establishing a general framework for informing and consulting employees in the European Community. 42) Retail investor: An investor who is not a professional investor, in accordance with point 39. 43) Subsidiary: A subsidiary as defined in the rules implementing Articles 1 and 2 of Directive 83/349/EEC of 13 June 1983 on consolidated accounts. 44) Supervisory authorities, as regards alternative investment funds from third countries: National authorities in a third country empowered by law or other regulations to supervise alternative investment funds. 45) Supervisory authorities, as regards managers from third countries: National authorities in a third country empowered by law or other regulations to supervise managers. 46) Special purpose securitisation entities: Entities whose sole purpose is to carry out securitisation or securitisations as referred to in Article 1, point 2, of Regulation (EC) No 24/2009 and other appropriate activities with a view to fulfilling this purpose. 47) UCITS: A collective investment undertaking in transferable securities which has obtained authorization in accordance with the rules implementing Article 5 of Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). 48) Regulated market: A market covered by the rules implementing Article 4, subsection 1, point 21, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. 49) Variable remuneration: Remuneration schemes and other forms of payment where the final value is not known in advance, including bonus schemes, performance contracts, preferential returns, one-off payments and other similar schemes that are not part of the fixed remuneration. 50) Beneficial owner: A natural person who ultimately directly or indirectly owns or controls a sufficient part of the ownership interests or voting rights, or who exercises control through other means, excluding owners of investment funds whose shares are traded on a regulated market or a comparable market subject to disclosure requirements in accordance with EU law or equivalent international standards. 51) Investor deduction fund: An alternative investment fund that complies with the conditions in Section VIII a, and a) whose purpose is to generate returns for the investors in the investor deduction fund through investments in companies that meet the conditions of the Investor Deduction Act for the investor deduction fund's investment in target companies, b) whose articles of association or fund regulations state that the fund is an investor deduction fund, and c) which has appointed a manager authorized to manage alternative investment funds, or which is authorized to be a self-managed investor deduction fund. 52) Target company: A company that meets the conditions of Section 3 of the Investor Deduction Act. 53) Intermediary: An alternative investment fund manager who has been authorized under this Act to carry out the activities listed in Section 8, subsection 3, point 3, when the manager of the alternative investment fund provides services related to the custody of shares with voting rights in companies whose shares are admitted to trading on a regulated market. 54) Capital manager: An alternative investment fund manager, in accordance with point 3, who has been authorized under this Act to carry out the activities listed in Section 8, subsection 4, point 1, when the manager provides services related to the portfolio management of shares with voting rights in companies whose shares are admitted to trading on a regulated market or an alternative investment fund established in Denmark, and which is not covered by an agreement with a manager authorized as a manager regarding the management of the fund. 55) Pre-marketing: The distribution of information or messages directly or indirectly about investment strategies or ideas from an alternative investment fund manager having its registered office in the European Union, a country with which the Union has concluded an agreement in the financial area, or on behalf of the manager, to potential professional investors who are resident or have their registered office in the Union, in order to test investors' interest in a) an alternative investment fund that has not yet been established, b) a compartment of an alternative investment fund that has not yet been established, or c) an alternative investment fund or a compartment of an alternative investment fund that has been established, but which has not yet submitted a notification of marketing in accordance with Article 31 or 32 of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers in the member state where the potential investors are resident or have their registered office, and which in each individual case does not constitute the same as an offer to or placement with the investor with a view to investing in the shares or capital shares of the alternative investment fund or compartment in question. 56) Severance pay: Any form of payment to which the recipient becomes entitled in connection with their departure, and which a) does not constitute salary or value of personnel benefits during the notice period, b) does not constitute reasonable compensation for assuming non-compete clauses or client clauses, or c) does not result from mandatory legislation. 57) Central Securities Depository (CSD): A central securities depository (CSD) as defined in Article 2, subsection 1, point 1, of the Regulation (EU) of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories. 58) Capital of the alternative investment fund: The total paid-in capital and uncalled capital committed to an alternative investment fund, calculated on the basis of the investable amounts less the fees, costs and expenses incurred directly or indirectly by the investors. 59) Loan issuance or issuance of a loan: The provision of a loan, which is either a) provided directly by an alternative investment fund as the original lender, or b) provided indirectly through a third party or a special purpose vehicle that issues a loan on behalf of the alternative investment fund or on behalf of a manager of an alternative investment fund regarding the alternative investment fund, if the manager or the alternative investment fund is involved in structuring the loan or in defining or pre-determining its characteristics before exposure to the loan. 60) Shareholder loan: A loan provided by an alternative investment fund to a company in which it directly or indirectly holds at least 5% of the capital or voting rights, and which cannot be transferred to a third party independently of the alternative investment fund's capital instruments in the same company. 61) Lending alternative investment fund: An alternative investment fund, a) whose investment strategy mainly consists of issuing loans, or b) whose issued loans have a nominal value constituting at least 50% of its net asset value. 62) Leveraged alternative investment fund: An alternative investment fund whose exposures are increased by the manager managing it, whether this is done by borrowing cash or securities or gearing contained in derivative positions or by other means. Subsection 2. For managers of alternative investment funds having their registered office in Denmark, which are not self-managing, the following shall be understood in this Act:

1. The highest management body: a) The board of directors in companies having a board of directors and a management board. b) The supervisory board in companies having a supervisory board and a management board. c) The management board in companies having only a management board.
2. The central management body: a) The management board in companies having a management board and a supervisory board. b) The board of directors in companies having a board of directors and a management board. c) The management board in companies having only a management board.
3. Management: All bodies mentioned in points 1 and 2. A member of the management may be a member of a company's supervisory board, board of directors or management board. Subsection 3. For managers of alternative investment funds not having their registered office in Denmark, and for self-managing alternative investment funds, the provisions in subsections 1, 2 and 5, Section 11, subsection 3, Section 13, Section 20, subsections 2-7 and 9, Section 21, subsections 3 and 4, Section 22, Section 23, subsection 2, Section 28, subsections 1 and 10, Section 61, subsection 3, Section 157, subsections 2 and 3, Section 166, Section 168, subsections 1-3, 5 and 7, Section 173, subsections 2 and 3, Section 190, subsection 8, and Section 191, subsections 1 and 3, concerning the highest management body, the central management body, the management board and management or members of these management bodies shall apply with the necessary adjustments to the management bodies and members thereof of these managers. Subsection 4. Determining influence in relation to a subsidiary exists when the parent company directly or indirectly through a subsidiary owns more than half of the voting rights in a company, unless it can clearly be demonstrated in special cases that such ownership does not constitute determining influence. Subsection 5. If a parent company does not own more than half of the voting rights in a company, determining influence exists if the parent company has
4. the right to exercise more than half of the voting rights by virtue of an agreement with other investors,
5. the power to govern the financial and operating policies of a company in accordance with the articles of association or an agreement,
6. the power to appoint or dismiss the majority of the members of the highest management body and this body possesses determining influence over the company, or
7. the right to exercise the actual majority of votes at general meetings or in a similar body and thereby possesses actual determining influence over the company. Subsection 6. The existence and effect of potential voting rights, including subscription rights and purchase options on capital shares, which can currently be exercised or converted, shall be taken into account when assessing whether a company has determining influence. Subsection 7. In calculating voting rights in a subsidiary, voting rights attached to capital shares held by the subsidiary itself or its subsidiaries shall be disregarded. Subsection 8. The Danish Financial Supervisory Authority may set detailed rules on when an entity meets the conditions mentioned in subsection 1, point 1, point a. Section II Authorization and Scope of Business Chapter 3 Management of Alternative Investment Funds Section 4. If an alternative investment fund is not covered by an agreement to be managed by a manager of alternative investment funds who has been granted authorization or is registered as a manager, the fund is self-managing. The provisions of this Act concerning managers of alternative investment funds and others shall apply correspondingly to self-managing alternative investment funds with the necessary adjustments. Subsection 2. If a manager cannot ensure compliance with the requirements of this Act, for which an alternative investment fund or another entity on behalf of the fund is responsible, the manager shall immediately notify the Danish Financial Supervisory Authority and the competent authorities in the country within the European Union or the country with which the Union has concluded an agreement in the financial area, and from which the fund originates, if this is not Denmark. The Danish Financial Supervisory Authority shall then order the manager to take the necessary measures to rectify the situation. Subsection 3. If the non-compliance continues despite the measures ordered by the Danish Financial Supervisory Authority in accordance with subsection 2, and to the extent that it concerns a manager with its registered office in Denmark or an alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, the Danish Financial Supervisory Authority shall revoke the manager's authorization or deregister the manager as a manager for the relevant alternative investment fund. In such cases, the fund can no longer be marketed in countries within the European Union or countries with which the Union has concluded an agreement in the financial area. To the extent that it concerns a manager with its registered office in a third country or an alternative investment fund from a third country, the Danish Financial Supervisory Authority shall prohibit the marketing of the fund in countries within the European Union or countries with which the Union has concluded an agreement in the financial area. The Danish Financial Supervisory Authority shall immediately notify the competent authorities in the manager's possible host countries. Section 5. Companies managing alternative investment funds must have authorization to manage alternative investment funds, in accordance with Section 11, subsection 3, or be registered with the Danish Financial Supervisory Authority, in accordance with Section 9, subsection 1. Subsection 2. Companies authorized to manage alternative investment funds, and companies registered with the Danish Financial Supervisory Authority as managers of alternative investment funds, have the exclusive right to manage alternative investment funds and the exclusive right to use the designation manager of alternative investment funds in their name. Subsection 3. Managers of alternative investment funds authorized to manage alternative investment funds may market shares in alternative investment funds to professional investors in accordance with the rules in Section VI. Subsection 4. Shares in alternative investment funds may not be marketed to retail investors in Denmark. The Danish Financial Supervisory Authority may grant authorization to managers authorized to manage alternative investment funds to market shares in alternative investment funds to retail investors. Subsection 5. Subsection 4 shall not prevent a manager authorized to manage alternative investment funds from marketing shares or shares in an alternative investment fund with its registered office in a country within the European Union, which mainly invests in shares in a specific company, to employees of this company or its affiliated entities within the framework of pension schemes for employees or employee participation schemes on a national or cross-border basis. Subsection 6. If an alternative investment fund is marketed in accordance with subsection 5 to employees across borders, the member state where the marketing takes place may not impose additional requirements beyond those applicable in the home country of the alternative investment fund. Subsection 7. The provision in subsection 4 shall not apply to investments made by
8. managers, directors or other employees of a manager of alternative investment funds in specific alternative investment funds in which the person is involved in the management, or
9. other investors who are

a) commits to investing at least 100,000 euros and b) in writing in a document other than the contract to be concluded regarding the investment commitment, declares that they are aware of the risks associated with the intended commitment or investment.

Subsection 8. Managers registered with the Danish Financial Supervisory Authority may market shares in alternative investment funds in the following manner:

1. Shares in alternative investment funds established in Denmark or third countries may be marketed to professional investors in Denmark.
2. Shares in alternative investment funds established in Denmark or third countries may be marketed in third countries, provided that the national legislation of the country in question permits this.
3. Shares in alternative investment funds established in Denmark or third countries may be marketed in other countries in the European Union or countries with which the Union has concluded an agreement in the financial area, provided that the national legislation of the country in question permits this.

Subsection 9. The Minister for Business Affairs may lay down detailed rules on the conditions that must be met for a manager with permission to market shares in alternative investment funds to retail investors in Denmark, rules on the permission and marketing regarding this, and rules on facilities available to retail investors.

Subsection 10. The Danish Financial Supervisory Authority may lay down detailed rules on types of alternative investment fund managers.

Subsection 11. The Danish Financial Supervisory Authority may lay down detailed rules on which provisions of this Act, together with the provisions mentioned in Section 1, subsection 3, shall apply to alternative investment fund managers who have registered their home address in a third country and who do not have a reference country in the European Union or a country with which the Union has concluded an agreement in the financial area, as wishing to manage alternative investment funds established in Denmark.

Subsection 12. The Danish Financial Supervisory Authority may lay down detailed rules on the marketing of alternative investment funds in Denmark carried out by registered managers from other EU countries or countries with which the European Union has concluded an agreement in the financial area.

Section 5a. The Danish Financial Supervisory Authority may grant permission to alternative investment fund managers who have registered their home address in a third country and who do not have a reference country in the European Union or a country with which the Union has concluded an agreement in the financial area, to market alternative investment funds to retail investors, provided that the conditions in Section 130, subsections 2-5, together with the following conditions are met:

1. The manager of the alternative investment fund is under the supervision of the competent authorities in the country where the manager has registered its home address.
2. The alternative investment fund is under the supervision of the competent authorities in the country where the alternative investment fund is established, provided that this is a third country.
3. The manager has permission to market the alternative investment fund to retail investors in both the country where the manager has registered its home address and the country where the alternative investment fund is established.

Subsection 2. The Minister for Business Affairs may lay down detailed rules on the marketing of alternative investment funds to retail investors pursuant to subsection 1.

Managers of alternative investment funds who require permission

Section 6. Companies that manage one or more alternative investment funds shall have permission from the Danish Financial Supervisory Authority, provided that the assets in the alternative investment funds managed by the company, in total, exceed a value equivalent to

1. 100 million euros or
2. 500 million euros, provided that the company exclusively manages alternative investment funds that have not leveraged their investments, and no investors in the funds have the right to be redeemed within a period of at least 5 years after the date of the original investment in each of the funds.

Subsection 2. Assets acquired via leverage, cf. Section 3, subsection 1, no. 29, shall be included in the calculation of the assets in accordance with subsection 1, no. 1.

Subsection 3. In the calculation of the total value of the assets that the company manages in total, assets managed either directly or indirectly via a company to which the manager is linked through joint management, has decisive influence over, or is linked through a significant direct or indirect holding, shall be included.

Subsection 4. The threshold values in subsection 1 do not apply to companies that manage one or more capital funds, to companies that manage one or more investor deduction funds, to self-managing investor deduction funds, to AIF-SIKAVs and to AIF securities funds, in that these regardless of the value of the assets must have permission from the Danish Financial Supervisory Authority to manage alternative investment funds or to be a self-managing investor deduction fund.

Subsection 5. The Danish Financial Supervisory Authority may lay down rules on the calculation of the limits mentioned in subsection 1 and the procedure for granting permission to manage alternative investment funds.

Subsection 6. The Danish Financial Supervisory Authority may lay down detailed rules to clarify methods for leverage and for how the leverage is calculated.

Section 7. Managers of alternative investment funds with permission who have registered their home address in Denmark shall be legal persons covered by the Companies Act.

Subsection 2. Managers of alternative investment funds with a registered home address in a third country, which has Denmark as a reference country, shall be limited liability companies.

Subsection 3. Subsections 1 and 2 do not apply if the manager is an alternative investment fund that is self-managing.

Section 8. Managers of alternative investment funds with permission, which are not self-managing, may not carry out other activities than those covered by Annex 1, cf. however subsections 2-4.

Subsection 2. Managers of alternative investment funds, which are not self-managing, may however also have permission as an investment management company pursuant to Section 10 of the Act on Financial Business and carry out the activities that this gives permission for.

Subsection 3. Managers of alternative investment funds, which are not self-managing, may in addition to the activities set out in subsection 1, be granted permission to carry out accessory services, which comprise the following elements:

1. Investment advice.
2. Custody and administration in connection with shares or units in collective investment undertakings.
3. Reception and transmission of orders concerning financial instruments.
4. Any other function or activity that is already delivered by the manager in connection with an alternative investment fund that it manages in accordance with this provision, or in connection with services that it delivers in accordance with this subsection and subsection 4. It is a prerequisite that any potential conflict of interest arising as a result of the delivery of this function or activity to other parties is handled appropriately.

Subsection 4. Managers of alternative investment funds may in addition to the activities set out in subsections 1 and 3, be granted permission for functions, which comprise the following elements:

1. Management of investment portfolios, including portfolios owned by pension funds and labour market-related pension funds in accordance with the rules implementing Article 19, subsection 1, of the Directive of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision, in accordance with the mandates that investors have given on a discretionary individual basis.
2. Administration of benchmarks, cf. the Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or with a view to measuring the economic results of investment funds.
3. Credit servicing activities, cf. the Directive of the European Parliament and of the Council on credit servicing companies and credit buyers.

Subsection 5. A manager may not be granted permission for the administration of benchmarks, cf. the Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or with a view to measuring the economic results of investment funds, cf. subsection 4, no. 2, which are used in the alternative investment funds managed by the manager.

Subsection 6. A self-managing alternative investment fund may exclusively carry out activities mentioned in Annex 1 and solely for the fund itself.

Subsection 7. If a manager has permission to carry out the activities mentioned in subsections 3 and 4, Sections 45-48, Section 95, subsections 1-4 and 7, Sections 98 and 106 and rules issued pursuant thereto as well as Chapter 22-27 of the Act on Securities Firms and Investment Services and Activities apply to the manager's performance of these services. If the manager has permission to carry out activities covered by subsection 3, no. 2, Section 16, subsection 1, 3rd sentence, also applies.

Subsection 8. A manager of alternative investment funds may provide services with crypto-assets as specified in Article 60, subsection 5, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, which are specifically granted permission for in accordance with this Act, if the manager gives notice to the Danish Financial Supervisory Authority at least 40 working days before these services are provided for the first time. The notice must be accompanied by the information specified in Article 60, subsection 7, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Managers of alternative investment funds who must be registered

Section 9. Managers of alternative investment funds who have registered their home address in Denmark, who are not covered by the obligation to apply for permission as a manager of alternative investment funds, cf. Section 6, subsection 1, and who have not voluntarily chosen to apply for such permission to manage alternative investment funds, cf. Section 10, subsection 2, must be registered with the Danish Financial Supervisory Authority.

Subsection 2. When a company registers with the Danish Financial Supervisory Authority as a manager, the company must provide

1. the company's name,
2. the company's CVR number,
3. a unique identification of the alternative investment funds that the company manages, and
4. a description of the investment strategies for each alternative investment fund that the company manages.

Subsection 3. A registered manager must make regular reports to the Danish Financial Supervisory Authority

1. on which alternative investment funds this manager manages, their investment strategies and the funds' main exposures and main concentrations,
2. on any significantly changed investment strategies for each alternative investment fund since the last report and
3. on the main instruments that the manager trades.

Subsection 4. The Danish Financial Supervisory Authority may lay down detailed rules on the obligation to register, and what information a manager must provide at the time of registration and report regularly, as well as how the information must be provided.

Section 10. A registered manager of alternative investment funds must within 30 calendar days apply for permission from the Danish Financial Supervisory Authority when the assets managed by the manager in total exceed the limits mentioned in Section 6, subsection 1.

Subsection 2. A registered manager or a company may on its own initiative apply for permission to manage alternative investment funds, even if the value of the managed assets does not exceed the limits mentioned in Section 6, subsection 1.

Subsection 3. The Danish Financial Supervisory Authority may lay down detailed rules on

1. exceedances that a manager of alternative investment funds expects to be temporary, of the limits mentioned in Section 6, subsection 1, and
2. the procedure for companies applying for permission.

Application for permission as a manager of alternative investment funds

Section 11. Companies that exceed the limits set in Section 6, subsection 1, must apply for permission to manage alternative investment funds from the Danish Financial Supervisory Authority.

Subsection 2. The Danish Financial Supervisory Authority's permission must cover the activities set out in Annex 1, no. 1, and may also cover the activities set out in Annex 1, no. 2. In addition, the Danish Financial Supervisory Authority may grant a manager permission to carry out one or more of the activities mentioned in Section 8, subsections 3 and 4, unless it concerns a self-managing alternative investment fund. Permission to carry out the activities mentioned in Section 8, subsections 3 and 4, is conditional on the manager being admitted to a guarantee fund, cf. the Act on a Guarantee Fund for Depositors and Investors, insofar as these activities are concerned. The Danish Financial Supervisory Authority may also limit the scope of the permission, particularly regarding the investment strategies in the alternative investment funds that the company applies for permission to manage.

Subsection 3. The Danish Financial Supervisory Authority grants a company permission to manage alternative investment funds when the company is able to meet the conditions in this Act, and when

1. the company has sufficient minimum capital and sufficient capital base in accordance with the requirements in Section 16,
2. the members of the company's management have a good reputation and sufficient experience to exercise their profession or hold their position, cf. Section 13,
3. the manager has at least two natural persons employed on a full-time basis, who are resident in the European Union, who determine the manager's business conduct, and who meet the requirements in Section 13, subsections 1-3, cf. Section 13, subsection 9,
4. the owners of qualifying holdings in the company are suitable in relation to ensuring a sound and prudent management of the company,
5. the company's head office and registered home address are in Denmark, unless the company is covered by Section 1, subsection 1, no. 2 or 4,
6. the company meets the requirements in Section 7,
7. the conditions in Section 116 are met, if the company is covered by Section 1, subsection 1, no. 2 or 4,
8. the Danish Financial Supervisory Authority is not hindered in carrying out its supervisory tasks due to close links between the company and other natural or legal persons and
9. the Danish Financial Supervisory Authority is not hindered in carrying out its supervisory tasks due to laws or administrative provisions in a third country that apply to natural or legal persons with which the company has close links, or due to difficulties in enforcing these laws and administrative provisions.

Subsection 4. An application for permission to manage alternative investment funds must contain the following:

1. Information about the persons who actually perform the manager's tasks, particularly regarding the functions mentioned in Annex 1. The information must include the following elements: a) a description of these persons' role, title and position in management, b) a description of these persons' reporting lines and areas of responsibility in and outside the manager, c) an overview of the time that each of these persons allocates to each individual area of responsibility, and d) a description of the human and technical resources that support these persons' activities.
2. The manager's legal name and CVR number or corresponding foreign identification code.
3. Information about the identity of the capital owners or participants in the manager of the alternative investment fund, who directly or indirectly as natural or legal persons have qualifying participation, and the size thereof.
4. An activity plan, from which the manager's organizational structure emerges, including information on how the manager intends to comply with its obligations under this Act and under Article 3, subsection 1, Article 6, subsection 1, letter a, and Article 13 of the Regulation of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector, and a detailed description of which suitable human and technical resources the manager will use for this purpose.
5. Information about the manager's remuneration policy and practice in accordance with Section 20.
6. Information about agreements regarding delegation and sub-delegation to third parties in accordance with Sections 40 and 43, which must at minimum comprise the following: a) For anyone to whom responsibility is transferred, i) the company's name and CVR number or corresponding foreign identification code, ii) the company's home country, and iii) where relevant, the relevant supervisory authority. b) A detailed description of the human and technical resources that the manager uses to i) carry out daily portfolio management or daily risk management tasks in the manager and ii) monitor the delegated activity. c) For each of the alternative investment funds that the manager manages or intends to manage, i) a short description of the delegated portfolio management function, including whether such delegation constitutes a partial or full delegation, and ii) a short description of the delegated risk management function, including whether such delegation constitutes a full or partial delegation. d) A description of the periodic measures that the manager must carry out to monitor the delegated task.

Subsection 5. For each alternative investment fund that the company intends to manage, the application must contain

1. information about the investment strategies, including the types of underlying funds, if the alternative investment

26. april 2026. 11 Nr. 468.

investment fund is a fund of funds, the company's policy regarding the use of gearing, the risk profiles and other data concerning the alternative investment funds that the company manages or intends to manage, including information on the countries within the European Union or countries with which the Union has concluded agreements in the financial field, or third countries, in the territory of which these alternative investment funds are established or expected to be established,

2. information on the master fund, including where it is established, if the alternative investment fund is a feeder fund,

3. rules or articles of association for each alternative investment fund that the company intends to manage,

4. information on the measures taken in accordance with Chapter 8 regarding the appointment of a depositary for each alternative investment fund that the company intends to manage, and

5. any other relevant information, cf. Section 62, for each alternative investment fund that the company intends to manage.

Subsection 6. Any natural or legal person or natural and legal persons acting in concert who intend to directly or indirectly acquire a qualified holding, cf. Section 3, subsection 1, no. 40, in a manager, must apply in advance to the Danish Financial Supervisory Authority for approval of the intended acquisition. The same applies in the event of an increase in the qualified holding that results in the holding, after the acquisition, constituting or exceeding a threshold of respectively 20 percent, 33 percent or 50 percent of the capital or voting rights, or results in the manager becoming a subsidiary.

Subsection 7. The Danish Financial Supervisory Authority may lay down detailed rules on the following:

1. The requirements in subsection 3, no. 4.

2. The procedure, requirements, time limits etc. in connection with the notification of the acquisition of qualified holdings, cf. subsection 6.

3. The requirements in subsection 3, nos. 8 and 9, and detailed rules on which obstacles may hinder the Danish Financial Supervisory Authority in effectively carrying out the supervisory tasks.

Section 12. The Danish Financial Supervisory Authority shall request the home country supervisory authorities to give an opinion before the Danish Financial Supervisory Authority grants permission to manage alternative investment funds, cf. Section 11, subsection 3, to

1. a subsidiary of another manager, a UCITS management company, a fund brokerage company, a credit institution or an insurance company, which is approved in another country within the European Union or a country with which the Union has concluded an agreement in the financial field,

2. a subsidiary of a parent company of another manager, a UCITS management company, a fund brokerage company, a credit institution or an insurance company, which is approved in another country within the European Union or a country with which the Union has concluded an agreement in the financial field, or

3. a company that is subject to decisive influence by the same natural or legal persons as those who have decisive influence over another manager, a UCITS management company, a fund brokerage company, a credit institution or an insurance company, which is approved in another country within the European Union or a country with which the Union has concluded an agreement in the financial field.

Section 13. A member of the management of a manager with permission to manage alternative investment funds must at all times have sufficient knowledge, professional competence and experience to be able to perform his or her duties or hold his or her position in the manager in question.

Subsection 2. A member of the management of a manager with permission to manage alternative investment funds must at all times have a sufficiently good reputation and demonstrate honesty, integrity and independence to be able to effectively assess and challenge decisions made by the daily management.

Subsection 3. A member of the management must fulfill the following:

1. Must not be or become subject to criminal liability for violation of the Criminal Code, financial legislation or other relevant legislation, if the violation entails a risk that the person cannot perform his or her duties or hold his or her position in a satisfactory manner.

2. Must not have filed a petition for restructuring proceedings, bankruptcy or debt settlement or be under restructuring proceedings, bankruptcy proceedings or debt settlement.

3. Must not, due to his or her financial situation or through a company that he or she owns, participates in the management of or has significant influence over, have caused or cause the manager or the funds managed by the manager to suffer losses or risk of loss.

4. Must not have exhibited or exhibit behavior where there is reason to assume that the person will not perform the duties or hold the position in a satisfactory manner.

Subsection 4. When a person enters the management of a manager with permission to manage alternative investment funds, the Danish Financial Supervisory Authority ensures that the person fulfills the suitability and honesty requirements in subsections 1-3. The Danish Financial Supervisory Authority makes a decision on whether the person can hold the duties or position in the company in question.

Subsection 5. If the Danish Financial Supervisory Authority assesses that the person does not fulfill the requirements in subsections 2 and 3, the duration of the decision must be stated in the decision.

Subsection 6. The Danish Financial Supervisory Authority may in special cases, when the Danish Financial Supervisory Authority assesses that a person does not have sufficient professional prerequisites or experience in relation to the position as a member of the board of directors, as the person is assessed to, make a decision that the person can hold the position under more precisely defined conditions.

Subsection 7. In the assessment of whether a member of the management meets the requirements in subsection 2 and subsection 3, nos. 1, 3 and 4, consideration must be given to the interest in maintaining confidence in the financial sector.

Subsection 8. The members of the management of a manager with permission to manage alternative investment funds must notify the Danish Financial Supervisory Authority of information on matters mentioned in subsection 1 and 3 in connection with their entry into the manager's business and matters mentioned in subsection 2 and 3, if the circumstances subsequently change.

Subsection 9. Subsections 1-8 apply mutatis mutandis to persons covered by Section 11, subsection 3, no. 3.

Section 14. Within 3 months after the submission of a complete application for permission as a manager of alternative investment funds, the Danish Financial Supervisory Authority notifies the applicant in writing whether permission has been granted or not. The Danish Financial Supervisory Authority may extend this period by up to 3 months if the Danish Financial Supervisory Authority deems it necessary due to the special circumstances of the case, and after having notified the applicant thereof.

Subsection 2. An application is considered complete in relation to subsection 1, when the Danish Financial Supervisory Authority has received at least the information mentioned in Section 11, subsection 4, nos. 1-6, and subsection 5, nos. 1 and 2. For managers covered by Section 1, subsection 1, nos. 2 or 4, the Danish Financial Supervisory Authority must also have received the information in Section 119, subsection 1.

Subsection 3. A manager may begin to manage alternative investment funds with investment strategies as indicated in the application, when the permission is available, cf. Section 11, but no earlier than 1 month after having submitted any missing information according to Section 11, subsection 4, no. 6, and subsection 5, nos. 3-5.

Subsection 4. When the Danish Financial Supervisory Authority receives an application from a company with registered domicile in a third country, the time limits in subsection 1 are suspended for the period during which the European Securities and Markets Authority carries out the assessment mentioned in Section 115, subsection 2, and possibly Section 120, subsection 3.

Duty to Notify

Section 15. A manager of alternative investment funds must notify the Danish Financial Supervisory Authority of planned, material changes to the circumstances on which the permission to manage alternative investment funds was granted, including in particular changes to the information submitted to the Danish Financial Supervisory Authority pursuant to Section 11. The notification must be made before the changes are implemented. Unforeseen changes must be notified to the Danish Financial Supervisory Authority immediately after the change has occurred.

Subsection 2. If the Danish Financial Supervisory Authority cannot approve the changes that the notification in subsection 1 relates to, the Danish Financial Supervisory Authority must notify the manager thereof within 1 month after receipt of the notification. The Danish Financial Supervisory Authority may extend this period by up to 1 month if it is necessary due to the special circumstances of the case. The Danish Financial Supervisory Authority must in that case notify the manager of any extension of the period, within 1 month after the Danish Financial Supervisory Authority has received the notification pursuant to subsection 1.

Subsection 3. Following notification to the manager pursuant to subsection 2, the Danish Financial Supervisory Authority may impose restrictions on or refuse the changes that the manager has planned. Furthermore, the Danish Financial Supervisory Authority may order the manager to rectify the changes if these have already occurred. The manager may initiate and maintain the changes if the Danish Financial Supervisory Authority does not object to the changes before the deadline expires.

Subsection 4. In the event of liquidation or establishment of alternative investment funds or divisions thereof, which have investment strategies that are covered by the permission to manage alternative investment funds that the manager has been granted pursuant to Section 11, the manager must inform the Danish Financial Supervisory Authority within 5 working days. Establishment of alternative investment funds or divisions thereof, which have investment strategies that are not covered by the manager's permission, will be considered a material change, cf. subsection 1.

Capital Requirements

Section 16. A manager of alternative investment funds must have a minimum capital that amounts to at least an equivalent value of 125,000 euros. Self-managing alternative investment funds must have a minimum capital that amounts to at least an equivalent value of 300,000 euros. If a manager has permission to perform the activities mentioned in Section 8, subsection 3, no. 2, the manager must have a minimum capital equivalent to at least 730,000 euros.

Subsection 2. A manager must increase its capital base by 0.02 percent of the part of the managed alternative investment fund portfolios that exceeds 250 million euros. The manager's alternative investment fund portfolios include the assets of the alternative investment funds that the manager manages, including alternative investment funds for which the manager has delegated functions regarding management in accordance with Chapter 7. The manager's alternative investment fund portfolios do not include the assets of alternative investment funds that the manager manages after delegation.

Subsection 3. The requirements for the capital base pursuant to subsections 1 and 2 together amount to a maximum of an equivalent value of 10 million euros.

Subsection 4. A manager must regardless of subsections 1-3 have a capital base equivalent to at least one quarter of the fixed costs of the previous year. The Danish Financial Supervisory Authority may adjust this requirement in the event of a material change in the manager's business since the previous year. If a manager has not been in operation for 1 year, it must have a capital base equivalent to at least one quarter of the fixed costs stated in the business plan for the first year of operation, unless the Danish Financial Supervisory Authority requires this plan to be changed.

Subsection 5. A manager must

1. increase its capital base beyond the requirements in subsections 1-4 so that it is adequate to cover any risks of liability for negligence, or

2. have professional liability insurance against liability for negligence, which is adequate in relation to the risks it must cover.

Subsection 6. The Danish Financial Supervisory Authority may allow that up to 50 percent of the supplement pursuant to subsection 2 can be provided in the form of a guarantee provided by a credit institution or an insurance company. The credit institution or insurance company must have its domicile in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, or in a third country where it is subject to supervisory rules that, in the opinion of the Danish Financial Supervisory Authority, correspond to the rules in the European Union.

Subsection 7. A manager may place its capital base, including additional capital base as referred to in subsection 5, no. 1, in shares and bonds that are listed for trading on a regulated market, or in shares of UCITS and investment funds that meet the conditions in Sections 157 a and 157 b, in the Act on Financial Business. The assets in which the capital base is invested must be liquid and easily tradable and must not include speculative positions.

Subsection 8. The Danish Financial Supervisory Authority may lay down rules on the calculation of the capital base. The Danish Financial Supervisory Authority may in particular lay down detailed rules on the requirement in subsection 4 for a capital base equivalent to at least one quarter of the fixed costs of the previous year, including on

1. the calculation of a capital base equivalent to at least one quarter of the fixed costs of the previous year,

2. the conditions for which the Danish Financial Supervisory Authority may adjust the requirement for an adjusted capital base in the event of material changes in the manager's business, and

3. the calculation of the expected fixed costs, in the event that a manager of alternative investment funds has not been in operation for 1 year.

Subsection 9. The Danish Financial Supervisory Authority may lay down detailed rules on how a manager of alternative investment funds can hedge risks by using professional liability insurance.

Subsection 10. The Danish Financial Supervisory Authority may lay down detailed rules for the reporting of the capital base.

Subsection 11. If a manager also has permission as an investment management company, cf. Section 10 in the Act on Financial Business, in addition to Section 126 a in the Act on Financial Business, only the requirements in subsection 5 and 7 and rules issued pursuant to subsections 8-10 apply. If a manager, who also has permission as an investment management company, cf. Section 10 in the Act on Financial Business, has permission for custody and management in connection with shares or units in collective investment undertakings pursuant to Section 8, subsection 3, no. 2, the manager must fulfill the minimum capital requirement in Section 126 a, subsection 2, no. 1, in the Act on Financial Business.

Intervention in or Termination of the Manager's Business

Section 17. The Danish Financial Supervisory Authority withdraws a manager of alternative investment funds' permissions under this Act wholly or partially, including prohibiting the marketing of the alternative investment funds that the manager manages, if a manager

1. requests this,

2. has obtained the permission on the basis of incorrect information or in another dishonest manner,

3. no longer fulfills the conditions for obtaining a permission,

4. is guilty of gross or repeated violation of rules in this Act or of rules issued pursuant to the Act,

5. does not use the permission within 12 months after the permission was granted,

6. does not carry out activities covered by the permission to manage alternative investment funds for a period of more than 6 months,

7. no longer complies with the conditions for exercising discretionary portfolio management, cf. Section 8, subsection 4, no. 1, if the manager has permission for this,

8. does not comply with the Money Laundering Act or

9. can no longer maintain the permission as a result of other legislation.

Intervention in or Termination of Marketing of Funds

Section 17 a. The Danish Financial Supervisory Authority may exercise the powers that follow from Article 24, subsection 2, letters a, b and d, and subsection 4, of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs).

Part III Conditions for Operation of Managers

Chapter 4 General Provisions

Section 18. A manager of alternative investment funds must at all times

1. carry out its activities in accordance with fair business practices and good practice in the field of management,

2. have and effectively use the resources and procedures necessary for a satisfactory exercise of the business,

3. take all reasonable measures to avoid conflicts of interest and, when they cannot be avoided, identify, manage and monitor the conflicts of interest,

4. inform the managed alternative investment funds, the investors in these and any other affected parties about possible conflicts of interest to prevent them from having a negative impact on the managed funds or the investors' interests in these, and to ensure that the funds are treated fairly,

5. comply with all applicable rules, so that the manager can best safeguard the interests of the managed funds, the funds' investors and the integrity of the markets, and

6. treat all investors in the managed alternative investment funds fairly.

Subsection 2. No investor in an alternative investment fund may be given preferential treatment in relation to other investors, unless it is clearly stated in the fund's articles of association or fund rules that the investor in question has the right to such preferential treatment.

Subsection 3. The Minister for Business may lay down detailed rules on the matters referred to in subsections 1 and 2.

Subsection 4. The Minister for Business may lay down rules on competence requirements for employees at a manager of alternative investment funds, who have permission to carry out activities covered by Section 8, subsection 3, no. 1.

Discretionary Portfolio Management and Accessory Services

Section 19. A manager of alternative investment funds, who has permission to carry out discretionary portfolio management, cf. Section 8, subsection 4, no. 1, must not invest any of the client's portfolio in the alternative investment funds that the manager itself manages.

manager, unless the customer has previously accepted this in writing.

Remuneration

Section 20. An alternative investment fund manager shall have a written remuneration policy that is consistent with and promotes sound and effective risk management.

Subsection 2. In the manager's remuneration of members of the management and other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, the manager shall ensure that the following are met:

1. The variable pay components to a member of the management may not exceed 50% of the fee or the fixed basic salary including pension.

2. The variable pay components to other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds may not exceed 100% of the fixed basic salary including pension.

3. However, the manager's supreme body may decide that the variable pay components to other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, cf. no. 2, may amount to up to 200% of the fixed basic salary including pension, provided that the following requirements are met:

a) The manager shall, no later than at the convening of the supreme body's meeting, inform the supreme body that a decision is sought on the use of a higher maximum cap.

b) The supreme body shall make the decision on the use of a higher maximum cap based on a detailed recommendation from the manager, which justifies the proposal, including the number of affected employees, their areas of work, the new proposed maximum cap, and the expected impact on the manager's ability to maintain a sound capital base. The shareholders shall receive the recommendation no later than simultaneously with the convening of the supreme body's meeting.

c) The manager shall, no later than simultaneously with the communication of the recommendation to the shareholders, cf. letter b, inform the Danish Financial Supervisory Authority (Finanstilsynet) of the recommendation to the shareholders, including the proposed higher maximum cap and the justification for the proposal. Upon request from the Danish Financial Supervisory Authority, the manager shall demonstrate that the proposed higher maximum cap is not in conflict with the manager's obligations under this Act, particularly the capital base requirements.

d) The decision on the use of a higher maximum cap shall be approved by the manager's supreme body with at least 66% of the votes cast, provided that at least 50% of the voting share capital is represented at the meeting. If less than 50% of the voting share capital is represented at the meeting, the decision shall be approved by at least 75% of the votes cast. An employee who is a shareholder in the manager may not participate in the vote on this matter at the supreme body's meeting if the employee has a significant interest in the decision that may conflict with the manager's interest.

e) The manager shall, no later than 8 days after the supreme body's meeting, inform the Danish Financial Supervisory Authority of the supreme body's decision, including the size of any decided higher maximum cap.

4. Subject to the alternative investment fund's legal structure and its fund rules and articles of association, a significant part and in any case at least 50% of a variable pay component to a member of the management and other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, at the time of its calculation, shall consist of a balance of shares, equity interests, or instruments linked to equity interests in the alternative investment funds or their parent company that owns the alternative investment funds fully, or of corresponding instruments that reflect the value of the alternative investment funds. The minimum requirement of 50% in the first sentence shall not apply if the management of alternative investment funds constitutes less than 50% of the total portfolio managed by the manager.

5. The manager's payment of at least 40% of a variable pay component and, for larger amounts, at least 60% shall be made over a period of at least 4 years, however for a member of the management at least 5 years, with commencement 1 year after the calculation date with an equal distribution over the years or with an increasing share at the end of the period. If the life cycle of an alternative investment fund is shorter than 4 and 5 years respectively, the period in the first sentence shall be adapted to the fund's life cycle and redemption policy.

6. The manager may refrain from paying a variable pay component wholly or partially if the manager, at the time of payment of the variable pay component, does not meet the capital base requirements in Section 16, or if the Danish Financial Supervisory Authority assesses that there is a likely risk thereof.

7. The manager shall not pay variable pay to a member of the management if the manager, during the period to which the agreement on the variable pay relates and until the time of its calculation, receives a deadline from the Danish Financial Supervisory Authority pursuant to Section 16 regarding compliance with the capital base requirements.

Subsection 3. For a member of the management in managers, options regarding equity interests or similar instruments may not exceed 12.5% of the fee or the fixed basic salary including pension at the time of its calculation.

Subsection 4. The manager shall ensure that equity interests and instruments etc., which are transferred to a member of the management or other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, as part of the variable pay mentioned in subsection 2, no. 4, may not be disposed of by these persons for a suitable period. The manager shall likewise ensure that these persons may not hedge the risk associated with these equity interests and instruments etc.

Subsection 5. The manager shall ensure that the payment or transfer of the deferred variable pay component to a member of the management and other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, pursuant to subsection 2, no. 5, is conditional on the criteria that formed the basis for the calculation of the variable pay component continuing to be met at the time of payment, conditional on the person not having participated in or been responsible for behavior that has resulted in significant losses for the manager or the alternative investment funds, or not having failed to comply with appropriate requirements of fitness and propriety, and conditional on the manager's or the alternative investment funds' financial situation not having deteriorated significantly compared to the time of calculation of the variable pay component.

Subsection 6. The manager shall ensure that members of the management and other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, who receive variable pay, shall repay the variable pay wholly or partially if the variable pay was paid out based on information about results that can be documented to be incorrect, and if the recipient is in bad faith.

Subsection 7. The manager shall ensure that if a member of the management or other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds is granted a pension benefit that can be equated wholly or partially with variable pay components, the manager, if the recipient leaves the manager before the pension date, shall retain this part of the pension benefit for 5 years in the form of instruments as mentioned in subsection 2, no. 4. Subsections 5 and 6 shall apply correspondingly to the cases mentioned in the first sentence. If the recipient is a member of the supreme management body or employed by the manager at pension age, the manager shall pay the variable part of the pension benefit to the recipient in the form of the instruments mentioned in subsection 2, no. 4, without the possibility of disposal or utilization for a period of 5 years. Subsection 6 shall apply correspondingly to the cases mentioned in the third sentence.

Subsection 8. Subsections 2-7 apply only to employment relationships not covered by collective agreements, however such that subsections 2-7 apply to agreements on variable pay components for persons in employment relationships covered by a collective agreement if the agreement on variable pay is not stipulated in the agreement.

Subsection 9. Subsection 2, nos. 1-5, subsection 4, first sentence, and subsection 5 shall not apply to preferential returns in the following situations:

1. If the alternative investment fund has repaid the contributions to investors and an amount corresponding to a pre-set return on the contribution before preferential returns are paid to members of the management or other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, and if the preferential return paid is subject to a clawback requirement, cf. subsection 6, until the relevant alternative investment fund is liquidated.

2. For alternative investment funds that invest in assets characterized by a long investment horizon and by predictable cash flows from the invested assets, and where preferential returns are paid to members of the management or other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds, before the alternative investment fund has repaid all contributions to investors and an amount corresponding to the entire pre-set return on the contribution. In this connection, it is a prerequisite that it can be established with great certainty at the time of payment of the preferential return that the investment enables the repayment of contributions and the pre-set return to investors within an agreed time horizon, and that the preferential return paid is subject to a clawback requirement, cf. subsection 6, until the relevant alternative investment fund is liquidated.

Subsection 10. The Danish Financial Supervisory Authority may establish detailed rules on the measures that a manager must take to have a remuneration policy and practice that is consistent with and promotes sound and effective risk management, including detailed rules regarding the payment of variable pay, cf. the matters mentioned in subsections 1-7.

Subsection 11. The Minister for Business may establish detailed rules on the definition of other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds.

Section 20a. If an alternative investment fund manager enters into an agreement on a severance scheme with a member of the board of directors, and the value of the scheme exceeds an amount corresponding to the person's total remuneration in the last 2 financial years including pension, the manager shall publish the size of the total remuneration, including the size of the individual remuneration components, and a justification for the size of the remuneration components.

Subsection 2. The publication pursuant to subsection 1 shall take place on the manager's website in the same place where the manager's remuneration policy is published, and shall take place as soon as possible and no later than 3 business days after the agreement is entered into. The information about the member of the board of director's severance scheme shall be available as long as the agreement is valid.

Section 20b. Salary in an agreed notice period to a member of the board of directors in an alternative investment fund manager, which is not counterbalanced by a normal work obligation, shall be paid monthly during the notice period.

Section 20c. A severance payment to a member of the board of directors in an alternative investment fund manager shall reflect the results achieved in performing the position, and must not reward misconduct or lack of results.

Subsection 2. The severance payment shall be paid in monthly installments corresponding to the size of the recipient's average monthly salary including pension in the last financial year.

Subsection 3. The payment of the severance payment may begin earliest after any salary in the notice period has been paid out in full.

Subsection 4. The board of directors shall recommend the payment of the severance payment if the board of directors assesses that the director during their employment has exhibited behavior that may be considered to constitute serious managerial failure. The board of directors shall withhold the payment of the severance payment if the manager is charged with criminal offenses that can be attributed to the director, or if the board of directors becomes aware that the director is charged with criminal offenses committed in connection with the person's employment in the manager.

Subsection 5. The board of directors shall demand repayment of a severance payment that has been paid out wholly or partially before the board of directors has become aware of behavior or circumstances covered by subsection 4.

Section 20d. Sections 20a-20c may not be derogated from by agreement, including by agreement on a severance scheme for a member of the board of directors in an alternative investment fund manager, which is entered into with another company in the group that is not covered by the rules.

Section 21. An alternative investment fund manager that is significant by virtue of its size and the size of the alternative investment funds it manages, its internal organization, and the nature, purpose, and complexity of its activities, shall establish a remuneration committee, cf. however subsection 2.

Subsection 2. In groups with several companies that, pursuant to subsection 1 or Section 77c, subsection 1, in the Act on Financial Business, are obliged to establish a remuneration committee, a joint remuneration committee may be established for these companies in the group or a part thereof. The remuneration committee shall be organizationally placed in a company under the supervision of the Danish Financial Supervisory Authority and shall be established in a company that is the parent company of the other companies for which the committee is established.

Subsection 3. The chairman and members of the remuneration committee shall be members of the supreme management body in the company that establishes the remuneration committee, or of the supreme management bodies in companies that, pursuant to subsection 2, have a joint remuneration committee. The remuneration committee shall be composed such that the members have the necessary knowledge and qualifications and competencies to understand and monitor the manager's remuneration policy and practice, risk management, and control activities, particularly insofar as it concerns the adaptation of the manager's remuneration structure to the manager's risk profile and the risk profile of the managed alternative investment funds and the management of capital and liquidity, and are able to make a qualified and independent assessment of whether the company's remuneration, including remuneration policy and related business processes, is consistent with Section 20.

Subsection 4. The remuneration committee shall conduct the preparatory work for the supreme management body's decisions regarding remuneration, including remuneration policy and other decisions thereon, which may have an impact on the manager's risk management, and in this connection shall conduct the following:

1. The remuneration committee shall advise the board of directors on the formulation of the manager's remuneration policy, assist the board of directors in ensuring compliance with the manager's remuneration policy in practice, and assess whether the manager's remuneration policy is updated, including, if necessary, proposing updates to the remuneration policy.

2. The remuneration committee shall ensure that the information presented to an alternative investment fund manager's supreme body regarding the manager's remuneration policy and practice and the information pursuant to Section 20, subsection 2, no. 3, letters a and b, are sufficient.

3. The remuneration committee shall assess whether the manager's processes and systems are sufficient and take into account the manager's risks, including risks associated with the management of capital and liquidity, in relation to the manager's remuneration structure, and ensure that the manager's remuneration policy and practice are consistent with and promote sound and effective risk management and are consistent with the manager's business strategy, objectives, values, and long-term interests.

4. The remuneration committee shall assess the manager's and the alternative investment funds' overall results and ensure that the board of directors has evaluated whether the performance criteria that formed the basis for the calculation of variable pay components for the manager's members of the board of directors and management and other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds continue to be met at the time of payment, cf. Section 20, subsection 5.

5. The remuneration committee shall control selected evaluations made by the board of directors, cf. no. 4, to test whether the conditions in Section 20, subsection 5, are met.

6. The remuneration committee shall ensure that the independent control functions and other relevant functions are involved, to the extent necessary for the implementation of the tasks in nos. 1-5, and to the extent necessary, seek external advice.

Subsection 5. The remuneration committee may perform other tasks regarding remuneration. The committee shall, in the preparatory work, safeguard the manager's long-term interests, including in relation to shareholders and other investors, and the public interest.

Subsection 6. In a manager covered by subsection 1, and where there is employee representation in the board of directors pursuant to the rules in chapter 8 of the Companies Act, at least one of these representatives shall be a member of the remuneration committee established pursuant to subsection 1 or subsection 2.

Section 22. The supreme body in alternative investment fund managers shall approve the manager's remuneration policy, cf. Section 20, subsection 1, including guidelines for the allocation of variable pay and guidelines for severance payments.

Subsection 2. In a manager, the chairman of the supreme management body shall in their report for the manager's supreme body account for the remuneration of the manager's management. The report shall be published on the manager's website in the same place where the manager's remuneration policy is published, and shall be published as soon as possible and no later than 3 business days after the report is adopted by the supreme body. The information about the remuneration of the manager's management shall be available as long as the report is valid.

shall contain information on remuneration in the previous financial year and on the expected remuneration in the current and the following financial year.

Subsection 3. The manager shall publish the total remuneration for each individual member of the management body, which the member has earned from the manager in the relevant financial year as part of this role, and which the member has earned in the same financial year as a member of the management body in a company within the same group. The manager shall indicate in the annual report where the information in accordance with the first sentence can be found. The information shall be publicly available for at least 10 years from the time of the publication of the latest annual report.

Subsection 4. The Danish Financial Supervisory Authority shall establish rules regarding the managers' obligation to publish information on their remuneration of members of the management body and other employees whose activities have a significant impact on the manager's risk profile or on the risk profile of the managed alternative investment funds.

Conflicts of Interest

Section 23. An alternative investment fund manager shall, in the organization of its business, both organizationally and administratively, take all reasonable measures to identify, prevent, manage, and monitor conflicts of interest in order to prevent them from harming the interests of the managed alternative investment funds or their investors.

Subsection 2. A manager shall be able to identify conflicts of interest that may arise in connection with the management of alternative investment funds between the following:

1. The manager, including its management, employees, or any other person directly or indirectly connected with the manager through a control relationship, and the managed alternative investment funds or investors in such alternative investment funds.

2. Different managed alternative investment funds or UCITS inter se or between investors in such funds or UCITS.

3. Managed alternative investment funds or investors in such funds and one or more of the manager's other customers.

4. Two of the manager's customers.

Subsection 3. If the requirements in subsections 1 and 2 cannot with reasonable certainty ensure that the risk of harming the investors' interests will be avoided, the manager shall clearly inform the investors about the general nature or sources of the conflicts of interest before the manager undertakes tasks on behalf of the investors.

Subsection 4. The manager shall draw up appropriate policies and procedures for the handling of conflicts of interest, which shall be used when the organizational arrangements and measures according to subsection 1 are not sufficient.

Subsection 5. An alternative investment fund manager that manages or intends to manage an alternative investment fund on the initiative of a third party, including in cases where the relevant alternative investment fund uses the name of a third party, or where a manager of an alternative investment fund appoints a third party as the one to whom responsibility is transferred in accordance with Chapter 7, shall, taking into account any conflicts of interest, submit detailed reports and documentation to the Danish Financial Supervisory Authority regarding its compliance with Section 23, subsections 1-4.

Subsection 6. The information that the manager shall submit to the Danish Financial Supervisory Authority in accordance with subsection 5 shall in particular specify which reasonable steps the manager has taken to prevent conflicts of interest arising as a result of the relationship with the third party. If these conflicts cannot be prevented, a report shall be provided on how the manager identifies, manages, monitors, and, where relevant, discloses these conflicts of interest to prevent them from harming the alternative investment fund and the interests of its investors.

Subsection 7. If the manager uses prime broker services on behalf of an alternative investment fund, the terms for such services shall be set out in a written agreement. The possibilities for securities lending or other transfer of the alternative investment fund's assets, including assets pledged as collateral, shall be regulated in the agreement, if this is to be possible, and shall be within the framework of the alternative investment fund's articles of association or fund rules. The agreement shall state that the alternative investment fund's depositary shall be notified of the agreement. The manager shall exercise due care in the selection of prime brokers with whom agreements are concluded.

Subsection 8. The Danish Financial Supervisory Authority may establish detailed rules regarding the measures that the manager can reasonably be expected to take in accordance with subsections 1, 3, 4, and 7, regarding the different types of conflicts of interest set out in subsection 2, and regarding the prevention of conflicts of interest.

Risk Management

Section 24. An alternative investment fund manager shall, in order to prevent conflicts of interest, establish a risk management function, which shall be functionally and hierarchically separate from the operational units, including portfolio management functions, and which shall be able to consistently and effectively identify, measure, manage, and monitor all risks relevant to the investment strategies, objectives, and risk profiles followed by the managed alternative investment funds individually.

Subsection 2. A manager shall conduct relevant stress tests as part of risk management.

Subsection 3. A manager shall ensure that the risk profile of each of the managed alternative investment funds corresponds to their size, portfolio structure, investment strategy, and investment objectives as set out in the fund's articles of association or fund rules, prospectus, and other offering documents.

Subsection 4. An alternative investment fund manager shall, when investing on behalf of the managed alternative investment funds, conduct relevant due diligence procedures.

Subsection 5. A manager shall set in writing the limits for the maximum leverage level for each of the managed alternative investment funds, including for the possibilities of reuse of the alternative investment fund's assets pledged as security or guarantee, which may be provided in accordance with the leverage agreement. In setting the limits, the manager shall take into account the type of the alternative investment fund, strategy, method of leverage, any connection or other relation to other institutions providing financial services that could constitute a systemic risk, counterparty risk, agreements on collateral, the relationship between assets and liabilities, and the extent, nature, and spread of the manager's activities in the relevant market.

Subsection 6. A manager shall review the risk management systems with appropriate frequency and at least once a year in order to ensure that they remain sufficient and, if necessary, adapt them.

Subsection 7. The Danish Financial Supervisory Authority may establish detailed rules regarding the risk management function and systems, including regarding the requirements in subsections 1-6.

Liquidity Management

Section 25. An alternative investment fund manager shall, for each alternative investment fund except for alternative investment funds of the closed type and which do not use leverage, have and use an appropriate liquidity management system and appropriate procedures, which give the manager the opportunity to monitor the fund's liquidity risk and ensure that the liquidity profile of the investments corresponds to the fund's underlying liquidity obligations.

Subsection 2. The manager shall, for alternative investment funds of the open type and for funds that use leverage, regularly conduct stress tests for normal and extraordinary liquidity conditions. The results shall be included in the risk assessment of the funds and also in the assessment of what constitutes an appropriate liquidity management system and an appropriate procedure for monitoring the funds' liquidity risk.

Subsection 3. The manager shall ensure consistency between the investment strategy, liquidity profile, and redemption policy for each of the managed alternative investment funds.

Subsection 4. The Danish Financial Supervisory Authority establishes detailed rules regarding the liquidity management systems and procedures and regarding the obligations incumbent on the manager in accordance with subsection 3.

Section 25a. A manager managing an alternative investment fund of the open type shall, in order to ensure that the manager is in compliance with Section 25, choose at least two suitable liquidity management tools from those listed in Annex 2, items 2-8, after having conducted an appropriateness assessment regarding the alternative investment fund's intended investment strategy, liquidity profile, and redemption policy in accordance with Section 25, subsection 3.

Subsection 2. The choice of liquidity management tools in accordance with subsection 1 must not only include the tools listed in Annex 2, items 5 and 6.

Subsection 3. An alternative investment fund manager shall ensure that the fund's articles of association or fund rules contain provisions regarding the chosen liquidity management tools in accordance with subsection 1, for the benefit of the alternative investment fund's investors.

Subsection 4. Managers of alternative investment funds may decide to choose only one liquidity management tool for an alternative investment fund, cf. subsection 1, if the alternative investment fund is approved as a money market fund in accordance with the Regulation of the European Parliament and of the Council on money market funds.

Subsection 5. An alternative investment fund manager shall implement detailed policies and procedures for the activation and deactivation of any chosen liquidity management tool, cf. subsection 1, and operational and administrative arrangements for the use of the relevant tool.

Subsection 6. An alternative investment fund manager shall notify the Danish Financial Supervisory Authority of the choices mentioned in subsection 1 and the detailed policies and procedures for activation and deactivation mentioned in subsection 5.

Section 25b. Redemption in kind, cf. Annex 2, item 8, may only be activated to meet redemption requests from professional investors, and if the redemption in kind corresponds to a pro rata share of the alternative investment fund's assets.

Subsection 2. Notwithstanding subsection 1, the redemption in kind need not correspond to a pro rata share of the alternative investment fund's assets if the fund is marketed exclusively to professional investors, or if the purpose of the fund's investment policy is to replicate the composition of a specific equity or bond index and the relevant fund is an ETF (exchange-traded fund) as defined in Article 4, subsection 1, item 46, of the Directive of the European Parliament and of the Council on markets in financial instruments.

Subsection 3. An alternative investment fund manager managing an open-type fund may temporarily suspend subscription, repurchase, and redemption of the fund's shares in the interest of the alternative investment fund's investors, cf. Annex 2, item 1.

Subsection 4. An alternative investment fund manager may, in accordance with Section 25a, subsections 1 and 3, activate or deactivate other liquidity management tools chosen from Annex 2, items 2-8, if these tools are included in the fund's articles of association or fund rules.

Subsection 5. An alternative investment fund manager may activate side pockets, cf. Annex 2, item 9, in the interest of the alternative investment fund's investors.

Subsection 6. An alternative investment fund manager may only use the suspension of subscription, repurchase, and redemption or side pockets, cf. subsections 3 and 5, in exceptional circumstances where the situation requires it, and if the interests of the alternative investment fund's investors are taken into account.

Section 25c. An alternative investment fund manager shall immediately notify the Danish Financial Supervisory Authority if a) the manager activates or deactivates the liquidity management tool listed in Annex 2, item 1, or b) the manager activates or deactivates one or more of the liquidity management tools listed in Annex 2, items 2-8, in a manner that does not follow the normal business procedure as set out in the fund's articles of association or fund rules.

Subsection 2. A manager shall notify the Danish Financial Supervisory Authority within a reasonable period before activating or deactivating side pockets, cf. Annex 2, item 9.

Subsection 3. The Danish Financial Supervisory Authority shall immediately inform the competent authorities in the manager's home country and the European Securities and Markets Authority of the information received by the Danish Financial Supervisory Authority in accordance with subsections 1 and 2. The European Securities and Markets Authority has the power to share the information received in accordance with the first sentence with the competent authorities. If there are potential risks to the stability and integrity of the financial system, the Danish Financial Supervisory Authority shall immediately notify the European Systemic Risk Board of any notification received by the Danish Financial Supervisory Authority in accordance with subsections 1 and 2.

Section 25d. The Danish Financial Supervisory Authority may require managers of alternative investment funds to activate or deactivate the liquidity management tool listed in Annex 2, item 1, if there are risks to investor protection or financial stability. The following conditions must be met:

1. It is in the interest of the investors.

2. It is under extraordinary circumstances.

3. The manager of the alternative investment fund has been consulted beforehand.

4. Activation or deactivation is necessary from a reasonable and balanced perspective.

Investments in Securitisation Positions

Section 26. If an alternative investment fund is exposed to a securitisation that no longer meets the requirements of Regulation (EU) 2017/2402 of the European Parliament and of the Council on securitisation and establishing a general framework for simple, transparent and standardised securitisation, the manager of the alternative investment fund shall act in the interest of the investors in the relevant alternative investment funds and, if necessary, take corrective measures.

Additional Requirements for Loan-Granting Alternative Investment Funds

Section 26a. A manager of alternative investment funds shall ensure that the loan-granting alternative investment fund it manages is of the closed type, cf. however subsection 2. This does not affect the thresholds, restrictions, and conditions set out in Regulation (EU) No 345/2013 of 17 April 2013 on European venture capital funds, (EU) No 346/2013 of 17 April 2013 on European social entrepreneurship funds, and (EU) 2015/760 of 29 April 2015 on European long-term investment funds.

Subsection 2. Notwithstanding subsection 1, a loan-granting alternative investment fund may be open, provided that the manager of the alternative investment fund managing it can demonstrate to the Danish Financial Supervisory Authority that the alternative investment fund's liquidity risk management system is compatible with its investment strategy and redemption policy.

Section 26b. A manager of alternative investment funds shall, regarding loan-granting activities, implement effective policies, procedures, and processes for the granting of loans.

Subsection 2. A manager shall, if it manages alternative investment funds engaged in the issuance of loans, including when these alternative investment funds obtain exposure to loans through a third party, also implement effective policies, procedures, and processes for the assessment of credit risk and for the management and monitoring of their credit portfolio. The manager shall keep these policies, procedures, and processes up to date and ensure that they remain effective, and review them regularly and at least once a year.

Subsection 3. Subsections 1 and 2 do not apply to the issuance of shareholder loans if the nominal value of such loans in total does not exceed 150% of the alternative investment fund's capital, cf. however the requirements in Section 18, subsection 1, item 5.

Section 26c. A manager of alternative investment funds shall, if an alternative investment fund it manages issues loans, ensure that the nominal value of the loans issued to a single borrower in total does not exceed 20% of the alternative investment fund's capital, if the borrower is one of the following:

1. A financial undertaking as defined in Article 13, item 25, of the Directive of the European Parliament and of the Council on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II),

2. an alternative investment fund, or

3. a UCITS.

Subsection 2. The restriction in subsection 1 does not affect the thresholds, restrictions, and conditions set out in Regulation (EU) No 345/2013 of 17 April 2013 on European venture capital funds, (EU) No 346/2013 of 17 April 2013 on European social entrepreneurship funds, and (EU) 2015/760 of 29 April 2015 on European long-term investment funds.

Subsection 3. The specified investment limit of 20% in subsection 1 applies from the date indicated in the alternative investment fund's rules, articles of association, or prospectus, which must not be later than 24 months from the date of the first subscription of the alternative investment fund's shares or capital shares. In setting the application date, special circumstances and characteristics of the assets that the alternative investment fund is to invest in shall be taken into account. The Danish Financial Supervisory Authority may, upon submission of a duly justified investment plan under extraordinary circumstances, approve an extension of this deadline by up to 12 months.

Subsection 4. The investment limit of 20% set in subsection 1 ceases to apply when the manager begins the sale of the alternative investment fund's assets to redeem the investors' shares or capital shares as part of the winding up of the alternative investment fund.

Subsection 5. The specified investment limit of 20% in subsection 1 is temporarily suspended if the alternative investment fund's capital is increased or reduced. This suspension shall be limited in time to the period strictly necessary, with due regard to the interests of investors in an alternative investment fund, and must not last longer than 12 months.

Section 26d. A manager of alternative investment funds shall ensure that the leverage of a loan-granting alternative investment fund it manages does not exceed

1. 175%, if the relevant alternative investment fund is open, or

2. 300%, if the relevant alternative investment fund is closed.

Paragraph 2. The gearing of a lending alternative investment fund is expressed as the ratio between the relevant alternative investment fund's exposure calculated in accordance with the commitment method as defined in Article 8 of the Commission's delegated regulation supplementing Directive 2011/61/EU of the European Parliament and of the Council as regards exemptions, general operating conditions, depositaries, gearing, transparency and supervision, and its net asset value.

Paragraph 3. Loan agreements that are fully covered by contractual capital commitments from investors in the lending alternative investment fund are not considered to constitute exposure for the purpose of calculating the ratio described in paragraph 2.

Paragraph 4. If a lending alternative investment fund breaches the requirements of this provision, and the breach is outside the control of the alternative investment fund manager, the manager shall, within a reasonable period, take the measures necessary to rectify the situation, having due regard to the interests of the investors in the lending alternative investment fund.

Paragraph 5. The requirements in paragraph 1 shall not apply to a lending alternative investment fund if its lending activities consist exclusively of issuing shareholder loans, provided that the nominal value of these loans does not in total exceed 150% of the relevant alternative investment fund's capital. This exception does not, however, affect the powers of the Danish Financial Supervisory Authority, cf. Section 69, paragraphs 3-6.

Section 26e. A manager shall ensure that an alternative investment fund managed by it does not grant loans to the following:

1. The manager of the alternative investment fund or employees of that manager.
2. The depositary of the alternative investment fund or the entities to which the depositary has delegated functions in connection with the alternative investment fund in accordance with Chapter 8.
3. An entity to which the manager of the alternative investment fund has delegated functions in accordance with Chapter 7, or employees of that entity.
4. An entity within the same group as defined in Article 2(11) of the European Parliament and Council Directive on annual accounts, consolidated accounts and related reports of certain types of companies as the manager of the alternative investment fund, unless the relevant entity is a financial undertaking that exclusively finances borrowers who are not mentioned in items 1-3.

Section 26f. If an alternative investment fund issues loans, the proceeds of the loans minus any permitted fees for their management shall be allocated entirely to the relevant alternative investment fund. All costs and expenses in connection with the management of loans shall be clearly disclosed in accordance with Section 62.

Section 26g. Managers may not manage alternative investment funds that engage in the issuance of loans if the whole or part of these alternative investment funds' investment strategy is to issue loans with the sole purpose of transferring these loans or exposures to third parties.

Paragraph 2. A manager shall ensure that the alternative investment fund it manages retains 5% of the nominal value of each loan it has issued and subsequently transferred to third parties. This percentage of each loan shall be retained:

1. until maturity, as regards loans with a term of up to 8 years, or for loans granted to consumers regardless of their term, and
2. for a period of at least 8 years for other loans.

Paragraph 3. Paragraph 2 shall not apply if:

1. the manager begins to sell the alternative investment fund's assets to redeem shares or capital shares as part of the winding up of the alternative investment fund,
2. the sale of the loan is necessary to comply with restrictive measures adopted in accordance with Article 215 of the Treaty on the Functioning of the European Union, or product requirements,
3. the sale of the loan is necessary to enable the manager of the alternative investment fund to implement the investment strategy for the alternative investment fund it manages in the best interests of the investors in the alternative investment fund, or
4. the sale of the loan is due to a deterioration in the risk associated with the loan, which the manager of the alternative investment fund has discovered as part of its due diligence and risk management process, cf. Section 24, paragraphs 2-4, and Section 26b, and the buyer is informed of this deterioration upon purchase of the loan.

Paragraph 4. The manager of the alternative investment fund shall, upon request from the Danish Financial Supervisory Authority, demonstrate that it meets the conditions for applying the exception or exceptions set out in paragraph 3.

Part IV Organisational Requirements Chapter 5 General Provisions

Section 27. A manager of alternative investment funds shall at all times have sufficient resources and qualified employees in order to ensure proper management of the alternative investment funds managed.

Paragraph 2. Taking into account the nature of the alternative investment funds managed, the manager shall have effective business governance arrangements, including:

1. a clear organisational structure with a well-defined, transparent and consistent allocation of responsibilities,
2. sound administrative and accounting procedures,
3. written procedures for all material activity areas,
4. rules on employees' personal transactions, holdings and management of own funds, which at a minimum ensure that any transaction involving one of the alternative investment funds managed can be reconstructed with regard to origin, parties involved and nature as well as time and place of execution,
5. adequate internal control procedures, including control procedures for employees' personal transactions, holdings and management of own funds,
6. reliable and secure IT control and security measures, including for network and information systems established and managed in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector, and
7. control procedures ensuring that assets are invested in accordance with the managed fund's articles of association or fund rules and applicable legislation.

Paragraph 3. The Danish Financial Supervisory Authority may set detailed rules on the measures a manager must take to have effective business governance arrangements in accordance with paragraphs 1 and 2.

Gender composition of the highest management body and other matters - reporting scheme

Section 27a. A manager of alternative investment funds shall have a scheme whereby the manager's employees can report breaches or potential breaches of this Act, rules issued pursuant thereto and provisions contained in regulations of the European Union for the areas of the Act supervised by the Danish Financial Supervisory Authority, committed by the manager of alternative investment funds, including employees or members of the board of the manager, via a special, independent and autonomous channel. Reports to the scheme may be made anonymously. The manager shall follow up on reports to the scheme and be able to document in writing how the manager has followed up on the reports. The Act on the protection of whistleblowers applies to the scheme in the first sentence.

Paragraph 2. The scheme in paragraph 1 may be established via collective agreement.

Paragraph 3. Paragraph 1 applies only to managers of alternative investment funds employing more than five employees. The scheme mentioned in paragraphs 1 and 2 shall be established no later than 3 months after the business has hired the sixth employee.

Paragraph 4. The Danish Financial Supervisory Authority may, in special cases where the Danish Financial Supervisory Authority considers it pointless to establish a scheme, grant an exemption from the requirement in paragraph 1.

Section 27b. A manager of alternative investment funds may not subject employees or former employees to detrimental treatment or detrimental consequences as a result of the employee or former employee having reported the manager's breach or potential breach of this Act, rules issued pursuant thereto and provisions contained in regulations of the European Union for the areas of the Act supervised by the Danish Financial Supervisory Authority, to the Danish Financial Supervisory Authority or to a scheme in the manager of alternative investment funds. The same applies in the determination, allocation and payment of variable remuneration to employees or former employees.

Paragraph 2. Employees or former employees whose rights have been infringed by a breach of paragraph 1 may be awarded compensation in accordance with the principles of the Act on equal treatment of men and women with regard to employment and other matters. The compensation is determined with regard to the employee's or former employee's period of employment and the circumstances of the case otherwise.

Paragraph 3. Paragraphs 1 and 2 may not be derogated from by agreement to the detriment of the employee or former employee.

Section 27c. If an employee or former employee and a manager of alternative investment funds enter into an agreement containing a confidentiality clause, it shall appear from the agreement that the employee or former employee is not precluded from reporting information about breaches or potential breaches of financial regulation to public authorities.

Paragraph 2. Notwithstanding paragraph 1, the employee or former employee is not precluded from reporting information about breaches or potential breaches of financial regulation to public authorities, even if such a prohibition is included in an agreement between the employee or former employee and the manager of alternative investment funds. The same applies to reports to schemes under Section 27a.

Composition of the highest management body and other matters

Section 28. In managers of alternative investment funds with registered domicile in Denmark, which have financial instruments admitted to trading on a regulated market in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, or which have a balance sheet total of 500 million DKK or more in 2 consecutive financial years, the following shall apply:

1. the highest management body shall set targets for the proportion of the underrepresented gender among the general meeting-elected members of the manager's highest management body, unless there is an equal distribution of women and men among the general meeting-elected members of the highest management body,
2. the central management body shall set targets for the proportion of the underrepresented gender on the manager's other management levels, unless there is an equal distribution of women and men on the other management levels, and
3. the central management body shall draw up a policy to increase the proportion of the underrepresented gender on the manager's other management levels, unless there is an equal distribution of women and men on the manager's other management levels, cf. however paragraph 9.

Paragraph 2. A manager of alternative investment funds shall ensure, for each alternative investment fund for which the manager is responsible, that:

1. the fund's highest management body has set targets for the proportion of the underrepresented gender among the general meeting-elected members of the fund's highest management body,
2. the fund's central management body has set targets for the proportion of the underrepresented gender on the fund's other management levels, and
3. the fund's central management body has drawn up a policy to increase the proportion of the underrepresented gender on the fund's other management levels, cf. however paragraph 9.

Paragraph 3. Paragraph 2 applies only to alternative investment funds with registered domicile in Denmark, which have assets with a total value of 500 million DKK or more in 2 consecutive financial years.

Paragraph 4. Assets that the alternative investment fund has acquired via gearing, cf. Section 3, paragraph 1, item 29, shall be included in the calculation of the fund's assets in accordance with paragraph 3.

Paragraph 5. If an alternative investment fund is managed by a manager that has drawn up a policy to increase the proportion of the underrepresented gender on the manager's other management levels, paragraph 2, item 3, shall not apply if the fund's operations are carried out by the manager.

Paragraph 6. For parent companies that prepare group accounts, the calculation in paragraph 1 shall be based on the group accounts.

Paragraph 7. Other management levels means two management levels below the highest management body, cf. Section 3, paragraph 2, item 1, and paragraph 3. In managers or funds that have a board of directors and a board of directors, and in managers or funds that have a board of directors and a supervisory board, the first management level below the highest management body includes the board of directors and the persons who are organisationally at the same management level as the board of directors. The second management level includes persons with personnel responsibility who report directly to the first management level below the highest management body. In managers or funds that only have a board of directors, the persons who are organisationally at the same management level as the board of directors are not included in the other management levels.

Paragraph 8. The highest and central management bodies shall respectively set a new and higher target for the proportion of the underrepresented gender in accordance with paragraph 1, items 1 and 2, and paragraph 2, items 1 and 2, when the manager or the alternative investment fund has reached its previously set target, or a new target when the time horizon for the expected fulfilment has expired.

Paragraph 9. Managers of alternative investment funds or the funds managed by the manager, which in the most recent financial year have employed fewer than 50 employees, may refrain from drawing up a policy to increase the proportion of the underrepresented gender on their other management levels.

Paragraph 10. If a manager or alternative investment fund is covered by both this provision and provisions on gender composition in the highest management body and other matters in the Companies Act, the Act on Financial Business, the Act on Commercial Foundations, or the Act on Certain Commercial Undertakings, paragraphs 1-9 take precedence.

Paragraph 11. Paragraphs 1-10 do not apply to companies covered by the Gender Balance Act.

Section 28a. The highest management body in a manager with permission to manage alternative investment funds shall define a policy for diversity in the management body that promotes sufficient diversity in qualifications and competences among the members of the management body.

Chapter 6 Valuation

Section 29. A manager of alternative investment funds shall, for each alternative investment fund it manages, have procedures for the valuation of the fund's assets and liabilities, which ensure that the valuation of the assets and the calculation of the fund's net asset value per share are carried out correctly, independently and consistently and in accordance with this Act and applicable national law. The rules for the valuation of the assets and the calculation of the net asset value per share shall appear in the individual fund's articles of association or fund rules.

Paragraph 2. If an alternative investment fund has continuous issuance and redemption of shares, the manager shall ensure that the valuation of the fund's assets and the calculation of the net asset value per share are carried out with a frequency that is appropriate in relation to the fund's assets and the frequency of issuances and redemptions.

Paragraph 3. If an alternative investment fund does not have continuous issuance and redemption of shares, the manager shall ensure that valuation and calculation of the net asset value per share are carried out in connection with capital increases or decreases.

Paragraph 4. The manager shall ensure that the valuation of each managed alternative investment fund's assets and the calculation of the net asset value per share in the fund are carried out at least once a year.

Paragraph 5. The manager shall ensure that the valuation is carried out impartially and with due competence and care.

Section 30. A manager of alternative investment funds shall ensure that the managed alternative investment funds regularly and at least once a year inform the fund's investors of the calculated net asset value per share, cf. Section 29, in accordance with this Act, applicable national law and the fund's articles of association or fund rules.

Paragraph 2. The manager shall ensure that the fund's articles of association or fund rules contain provisions on how investors receive information on valuation and the net asset value per share.

Section 31. The valuation of an alternative investment fund may be carried out by the manager of the alternative investment fund or an external valuation expert.

Paragraph 2. An external valuation expert may be a natural or legal person. The external valuation expert must be independent of the manager, the alternative investment fund and persons who have close connections to the fund or the manager.

Paragraph 3. If a manager itself carries out the valuation of one or more alternative investment funds, the task shall be carried out by a function that is separate from the portfolio management function at the manager. The manager shall furthermore arrange its business, including its remuneration policy, in such a way that conflicts of interest and undue influence are minimised as much as possible.

Paragraph 4. If an alternative investment fund's depositary carries out the valuation of the fund's assets as an external valuation expert, the task shall be carried out by a separate function,

are separated both functionally and hierarchically from the depositary function. The depositary must ensure that potential conflicts of interest are correctly identified, managed, monitored, and disclosed to the fund's investors.

§ 32. When an external valuation expert conducts the valuation, the manager of an alternative investment fund must be able to demonstrate that

1. the external valuation expert is registered in accordance with legislation, including administrative regulations, or ethical rules, or is entered in the Danish Financial Supervisory Authority's register of valuation experts, cf. para. 2,
2. the external valuation expert can provide sufficient professional guarantees to perform the valuation in accordance with the requirements in §§ 29 and 30, and
3. the appointment of the valuation expert meets the requirements for delegation in §§ 38-41 and in regulations issued pursuant to § 44. Para. 2. The Danish Financial Supervisory Authority may establish a register of external valuation experts, which these may apply to be entered in. Para. 3. The Danish Financial Supervisory Authority may set detailed rules regarding the requirements in para. 1, no. 1. Furthermore, the Danish Financial Supervisory Authority may set detailed rules regarding admission to the register, cf. para. 2, and regarding the structure and maintenance of the register. Para. 4. If the Danish Financial Supervisory Authority assesses that the requirements in § 32 are not met, the Danish Financial Supervisory Authority may order the manager to appoint another valuation expert.

§ 33. An appointed external valuation expert must not subcontract the valuation task to a third party.

§ 34. A manager of an alternative investment fund must notify the Danish Financial Supervisory Authority that the manager intends to use an external valuation expert before the agreement with the external valuation expert enters into force.

§ 35. If the valuation of an alternative investment fund has not been carried out by an independent external valuation expert, the Danish Financial Supervisory Authority may require that the manager's valuation process or the valuation or both be verified by an independent external valuation expert or, if relevant, by an auditor.

§ 36. The manager of an alternative investment fund is responsible for ensuring that the valuation of the alternative investment fund's assets and liabilities and the calculation of the net asset value per share are correct, regardless of whether the manager itself carries out the valuation and calculations or these tasks are delegated to an external valuation expert. Para. 2. The manager is responsible for the publication of the net asset value per share, regardless of whether the manager itself carries out the calculations or the task is delegated to an external valuation expert. Para. 3. If the valuation of an alternative investment fund's assets and liabilities, the calculation of the net asset value per share, or both tasks are delegated to an external valuation expert, the external valuation expert is liable to the manager for any loss suffered by the manager as a result of the external valuation expert having acted negligently or intentionally failed to perform its tasks.

§ 37. The Danish Financial Supervisory Authority may set rules regarding the following:

1. Procedures for the valuation of assets and calculation of the net asset value per share.
2. The professional guarantees that an external valuation expert must be able to provide, for the valuation expert to perform the relevant valuation effectively.
3. The frequency of the valuation that must be carried out by alternative investment funds with continuous issuance and redemption, which is appropriate in relation to both the fund's assets and its issuances and redemptions.

Chapter 7 Delegation

§ 38. A manager of alternative investment funds must notify the Danish Financial Supervisory Authority when the manager intends to delegate the performance on their behalf of one or more of the functions mentioned in Annex 1 or of the services mentioned in § 8 to a third party. The notification must be made before the delegation agreement enters into force.

§ 39. A manager of alternative investment funds or the entity that, in accordance with the rules in this Act, delegates or sub-delegates tasks, must continuously monitor the services provided by the entity to which tasks have been delegated.

§ 40. Delegation may only take place if the following conditions are met:

1. The manager must be able to objectively justify its entire delegation structure.
2. The manager must have ensured and must be able to demonstrate that the entity to which delegation is made has sufficient resources to perform the respective tasks, and that the persons who actually perform its tasks have a sufficiently good reputation and sufficient experience.
3. In the case of delegation of portfolio management or risk management, the delegation may only be made to entities that have authorization or are registered for the management of assets and are subject to supervision. If this condition is not met, delegation may only take place with prior approval from the Danish Financial Supervisory Authority.
4. In the case of delegation of portfolio management or risk management to an entity in a third country, the delegation may only take place when the requirements in no. 3 are met and a cooperation arrangement has been established between the Danish Financial Supervisory Authority and the entity's supervisory authority.
5. Delegation must not prevent effective supervision of the manager and must not prevent the manager from acting or the alternative investment fund from being managed in the interests of the investors.
6. The manager must be able to demonstrate that the entity to which delegation is made has the competencies, is able to perform the relevant functions and provide the relevant services, and has been selected with due care.
7. The manager must be able to demonstrate that the manager is able to effectively monitor the performance of the delegated tasks.
8. The manager must be able to demonstrate that the manager will at any time be able to give further instructions to the entity performing the delegated tasks, and that the manager at any time has the possibility to withdraw the delegation with immediate effect if it is in the interests of the investors.

§ 41. Delegation or sub-delegation of portfolio management or risk management must not be made to

1. the depositary of alternative investment funds or an entity that has received tasks from the depositary, or
2. others who may have interests conflicting with the interests of the manager of alternative investment funds or the investors in the alternative investment fund, unless the relevant entity performs the portfolio management or risk management in a separate function that is separated both functionally and hierarchically from the functions handling other tasks that could create conflicts of interest, and the potential conflicts of interest are fully identified, managed, monitored, and disclosed to the fund's investors.

§ 42. The manager of alternative investment funds' duties and liabilities towards its customers, the alternative investment funds, and their investors are not affected by the manager sub-delegating functions or services to a third party, or by any subsequent sub-delegation. Para. 2. A manager must not delegate functions or services to such an extent that it can no longer be considered to be a manager or provider of the services mentioned in § 8, and to such an extent that the manager takes on the character of a shell company. Para. 3. The manager of alternative investment funds ensures that the performance of the functions listed in Annex 1 and the provision of the services listed in § 8 are in accordance with this Act. This obligation applies regardless of the legislative status or where the entities receiving delegated responsibility or having responsibility sub-delegated are located.

§ 43. A third party must not sub-delegate functions or services received by delegation from the manager, unless the following conditions are met:

1. The manager of alternative investment funds has approved the sub-delegation prior to the sub-delegation.
2. The manager has notified the Danish Financial Supervisory Authority of the sub-delegation before the sub-delegation agreement enters into force.
3. The sub-delegation must comply with the requirements set out in §§ 38-40 for the manager's delegation. Para. 2. If the entity that has received functions or services delegated from a third party sub-delegates the tasks, such delegation must meet the same requirements as those applicable to the third party's sub-delegation. Para. 3. Notwithstanding § 38 and § 43, para. 2, if the marketing function, cf. Annex 1, no. 2, letter b, is handled by one or more distributors acting on their own behalf, and who market the alternative investment fund in accordance with the Directive of the European Parliament and of the Council on markets in financial instruments or through insurance-based investment products in accordance with the Directive of the European Parliament and of the Council on insurance distribution, such a function is not considered a delegation covered by the requirements in § 38 and § 43, para. 2, regardless of any distribution agreement between the manager of alternative investment funds and the distributor.

§ 44. The Danish Financial Supervisory Authority may set detailed rules regarding,

1. when the conditions in §§ 38-41 and 43 are met,
2. when a manager of alternative investment funds is considered to have delegated tasks to such an extent that the manager is considered a shell company under § 42, para. 2, and can no longer be considered the manager of the alternative investment fund, and
3. which tasks in relation to delegation are considered significant.

Chapter 8 Depositary

§ 45. A manager of alternative investment funds must ensure that a depositary is appointed for each individual alternative investment fund that it manages, in accordance with the rules in this chapter. Para. 2. There must be a written agreement between the alternative investment fund and its appointed depositary. Para. 3. The depositary agreement must contain provisions on the exchange of information necessary for the depositary to perform its tasks in accordance with applicable rules.

§ 46. A depositary must be one of the following, subject to para. 2 and 3:

1. A credit institution that has its registered office in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, and which has authorization in accordance with the rules implementing Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on the taking up and pursuit of the business of credit institutions and the prudential supervision of credit institutions and investment firms.
2. A fund brokerage company that has its registered office in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, which is subject to requirements for sufficient capital base in accordance with the capital requirements in Articles 92, 95, 96, and 98 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, including capital requirements for operational risks, which has obtained authorization in accordance with the rules implementing Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, and which provides ancillary services in the form of custody and administration of financial instruments for the account of customers, cf. the rules implementing Annex I, Section B, no. 1, in Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
3. Other categories of undertakings that are subject to regulatory supervision and continuous monitoring, and which on 21 July 2011 belonged to the categories of undertakings that the countries of the European Union had determined could be chosen as depositaries for UCITS in accordance with the rules implementing Article 23, para. 3, of Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). Para. 2. For alternative investment funds from a third country and subject to the requirements in § 48, para. 2, and § 49, no. 3, the depositary may also be a credit institution or another entity of the same type as the entities mentioned in para. 1, nos. 1 and 2. Para. 3. For alternative investment funds that meet the conditions in the second sentence, the Danish Financial Supervisory Authority may permit the depositary to be an entity that performs the depositary functions as part of its professional or business activities, regarding which the entity in question is required to be registered in accordance with legislation, including administrative regulations, or ethical rules, and which can provide sufficient financial and professional guarantees to enable it to effectively perform the relevant depositary functions and meet the requirements associated with these functions. The Danish Financial Supervisory Authority may grant permission under the first sentence if it concerns an alternative investment fund that
4. has a basic investment policy that is not primarily to invest in assets that must be held in custody in accordance with § 51, para. 1, no. 1, and where no investors in the fund have the right to be redeemed within a period of 5 years after the date of first investment, or
5. primarily invests in issuers or unlisted companies with a view to potentially obtaining controlling influence over such companies in accordance with § 71. Para. 4. The Danish Financial Supervisory Authority may establish a register of depositaries, which depositaries covered by para. 3 may be entered in. Para. 5. Entities wishing to act as depositaries under para. 3 must have liability insurance that is considered sufficient to cover the depositary's liability for errors and omissions in connection with the function as depositary for the alternative investment fund. The size of the sum insured must at least cover an amount corresponding to 730,000 euros. If the entity does not have such liability insurance when applying for permission to act as a depositary, the entity must take out such insurance prior to approval as a depositary. In connection with the application, the entity must document that there is an undertaking from an insurance company that it is possible to take out liability insurance with a suitable sum insured. Para. 6. Members of the management of entities wishing to act as depositaries must meet the requirements in § 13. Para. 7. The Danish Financial Supervisory Authority may withdraw a permission granted pursuant to para. 3 if the depositary
6. requests this,
7. obtained the permission based on incorrect information or in another dishonest manner,
8. no longer meets the conditions for obtaining the permission,
9. commits a serious or repeated violation of rules in this Act or of rules issued pursuant to the Act,
10. does not use the permission within 12 months after the permission was granted, or
11. can no longer maintain the permission as a result of other legislation. Para. 8. A fund brokerage company appointed as a depositary must have a capital base that amounts to at least a sum corresponding to 730,000 euros.

§ 47. A manager of alternative investment funds cannot be appointed as a depositary. Para. 2. A prime broker acting as a counterparty to an alternative investment fund cannot be appointed as a depositary for the same alternative investment fund, unless the prime broker has functionally and hierarchically separated the performance of its depositary tasks from its tasks as a prime broker and the potential conflicts of interest are fully identified, managed, monitored, and disclosed to the fund's investors. A depositary may, however, delegate its custody tasks to a prime broker in accordance with § 54, provided that the conditions in § 54, paras. 2-4, are met.

§ 48. The depositary must be established in the country where the alternative investment fund has its home country, if the depositary is appointed by an alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector. Para. 2. As regards alternative investment funds from a third country, the depositary must be established in the third country where the alternative investment fund is established, in the home country of the manager managing the alternative investment fund, or in the reference country of the manager managing the alternative investment fund.

§ 48a. Notwithstanding § 48, para. 1, the Danish Financial Supervisory Authority may permit a credit institution, cf. § 46, para. 1, no. 1, that is established in another member state to be appointed as a depositary, provided that the following conditions are met:

1. The Danish Financial Supervisory Authority has received a reasoned request from the manager of the alternative investment fund to permit the appointment of a depositary established in another member state, and this request shows that there is a lack of depositary services in the alternative investment fund's home country that can effectively meet the alternative investment fund's needs taking into account its investment strategy.
2. The total amount on the national depositary market in the alternative investment fund's home country of assets entrusted for custody, cf. § 51, on behalf of alternative investment funds from a country within the European Union, which have been granted authorization or registered in accordance with § 3, para. 1, no. 18, letter a, and which are managed by a manager that has its 26 April 2026. 26 No. 468.

registered domicile in a Member State, does not exceed EUR 50 billion or the equivalent amount in another currency.

Subsection 2. Regardless of whether the conditions in subsection 1, nos. 1 and 2, are met, the Danish Financial Supervisory Authority (Finanstilsynet) may only approve the appointment of a depositary established in another Member State after having conducted an individual assessment of the lack of relevant depositary services in the alternative investment fund's home country, taking into account the alternative investment fund's investment strategy.

Subsection 3. If the Danish Financial Supervisory Authority approves that the manager appoints a depositary established in another Member State, pursuant to subsection 1, the Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority thereof.

Subsection 4. Subsections 1-3 do not affect the application of Chapter 8 and Section 180, subsection 1, no. 1, and subsection 2, no. 1, with the exception of Section 48, subsection 1.

Section 49. The appointment of a depositary established in a third country is, in addition to the requirements in Section 46, subject to the following conditions:

1. If an alternative investment fund from a third country is managed by a manager with its home country in Denmark or marketed in Denmark, the Danish Financial Supervisory Authority must have concluded an agreement on cooperation and exchange of information with the depositary's competent authorities.

2. If an alternative investment fund from a third country is to be marketed in other countries within the European Union or countries with which the Union has concluded an agreement in the financial sector, other than Denmark, an agreement must have been concluded between the depositary's competent authorities and the competent authorities in each of these countries regarding cooperation and exchange of information.

3. The depositary must be subject to effective supervisory regulation, including minimum capital requirements, and effective supervision, corresponding to the regulation and supervision in the European Union, and enforced effectively.

4. The third country where the depositary is established is not identified as a high-risk third country pursuant to Article 9, subsection 2, of the Directive of the European Parliament and of the Council on measures to prevent the use of the financial system for the purpose of money laundering or terrorist financing.

5. If an alternative investment fund from a third country is managed by a manager with its home country in Denmark or marketed in Denmark, Denmark must have concluded an agreement with the depositary's competent authorities that fully complies with the standards of Article 26 of the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention on Income and on Capital, and which ensures effective exchange of information on tax matters, including on any possible multilateral tax agreements, and the third country must not be listed in Annex I to the Council conclusions on the revised EU list of non-cooperative tax jurisdictions.

6. If an alternative investment fund from a third country is to be marketed in other countries within the European Union or a country with which the Union has concluded an agreement in the financial sector, other than Denmark, an agreement must have been concluded between the depositary's competent authorities and the competent authorities in each of these countries that fully complies with the standards of Article 26 of the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention on Income and on Capital, and which ensures effective exchange of information on tax matters, including on any possible multilateral tax agreements.

7. The depositary must be contractually liable to the alternative investment fund or to the fund's investors in accordance with Sections 55 and 56 and must have explicitly declared its consent to comply with Section 54.

Subsection 2. If a third country where a manager with permission pursuant to subsection 1 is established is identified as a high-risk third country pursuant to Article 9, subsection 2, of the Directive of the European Parliament and of the Council on measures to prevent the use of the financial system for the purpose of money laundering or terrorist financing, pursuant to subsection 1, no. 4, or is added to Annex I to the Council conclusions on the revised EU list of non-cooperative tax jurisdictions, pursuant to subsection 1, no. 5, a new depositary must be appointed within a reasonable period after the appointment of the depositary, taking due account of the investors' interests. This period must not exceed 2 years.

Section 50. The depositary must control the alternative investment fund's payment flows.

Subsection 2. The depositary must exercise special control to ensure that all payments made by or on behalf of the investors in connection with the subscription of units in the fund are received, and that all cash in the alternative investment fund is booked on cash accounts in the name of the fund or in the name of the manager or the depositary, when these act on behalf of the fund:

1. with entities covered by the rules implementing Article 18, subsection 1, points (a), (b) or (c), of Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive, or

2. with entities corresponding to those mentioned in no. 1 on the relevant market where cash accounts are required, provided that these are subject to effective supervisory regulation and supervision corresponding to the regulation in the European Union, and enforced effectively and in accordance with the principles of Article 16 of Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

26 April 2026. 27 No. 468.

Subsection 3. If cash accounts are opened in the name of the alternative investment fund's depositary pursuant to subsection 2, neither the funds of the account-holding entity nor the depositary may be booked on such accounts.

Section 51. The alternative investment fund's assets or the assets managed by the manager on behalf of the fund must be transferred to the depositary for safekeeping according to the following rules:

1. For financial instruments that can be held in custody, the following applies:

a) The depositary must hold all financial instruments that can be registered on an account or in a depot opened with the depositary.

b) The depositary must hold all physical financial instruments that can be delivered to the depositary.

c) The depositary ensures that the held financial instruments are registered on accounts or in depots that are separate from the depositary's own, and that the accounts and depots used are opened in the name of the alternative investment fund or its manager, so that they can at all times be identified as belonging to the alternative investment fund.

d) The registrations must comply with the rules in Section 95 of the Act on Fund Brokerage Companies and Investment Services and Activities.

2. For other assets, the following applies:

a) The depositary must verify that the alternative investment fund or its manager on behalf of the fund is the owner of the assets.

b) The assessment of ownership must be based on documentation submitted by the alternative investment fund or its manager and on any existing external documentation.

c) The depositary must keep a register of the assets that the depositary has verified that the alternative investment fund or its manager on behalf of the fund is the owner of. The depositary must continuously ensure that the register is updated.

Subsection 2. The depositary must not sell, pledge, or otherwise dispose of the alternative investment fund's assets or the assets managed by the manager on behalf of the fund, without prior consent from the fund or its manager.

Section 52. The depositary must ensure that:

1. sales, issuances, repurchases, redemptions, and cancellations of units in the alternative investment fund take place in accordance with applicable national law and the fund's articles of association or fund rules,

2. the calculation of the net asset value per unit takes place in accordance with applicable legislation, the fund's articles of association or fund rules, and the procedures in Chapter 6,

3. the consideration in connection with transactions entered into by the alternative investment fund is delivered to the fund within normal time limits, and

4. the alternative investment fund's income is used in accordance with applicable legislation and the fund's articles of association or fund rules.

Subsection 2. The depositary must execute the manager's instructions, unless these contradict applicable legislation or the fund's articles of association or fund rules.

Section 53. The depositary must, in the performance of its duties, act honestly, fairly, professionally, independently, and in the interest of the alternative investment fund and its investors.

Subsection 2. The depositary must not perform activities that may create conflicts of interest between the alternative investment fund, the fund's investors, the manager, and the depositary itself, unless the depositary has functionally and hierarchically separated the performance of its depositary duties from the performance of the other duties that could potentially create conflicts of interest, and the potential conflicts of interest are fully demonstrated, managed, monitored, and disclosed to the alternative investment fund's investors.

Section 54. The depositary must not delegate tasks covered by Sections 50-53 to a third party, subject to subsections 2-4.

Subsection 2. Notwithstanding subsection 1, tasks covered by Section 51, subsection 1, may be delegated, provided that the following conditions are met:

1. The tasks are not delegated with the intention of circumventing the requirements of this Act.

2. The depositary must be able to objectively justify the delegation.

3. The depositary must have exercised sufficient skill, diligence, and care in the selection of any third party to whom the tasks are delegated, unless this third party is a central securities depository acting as an investor central securities depository as defined in Article 1, point (f), of Commission Delegated Regulation (EU) 2017/392 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council as regards regulatory technical standards for requirements relating to authorisation, supervision and operations in relation to central securities depositories, and the depositary continues to meet the conditions in subsection 2, no. 4.

4. The depositary must exercise skill, diligence, and care in the ongoing monitoring and supervision of the third party's performance of the delegated tasks and the arrangements associated therewith.

5. The depositary must ensure that the third party to whom tasks are delegated, in connection with the performance of these tasks, at all times meets the following conditions:

a) The third party's organisation and competencies must be sufficient relative to the nature and complexity of the assets belonging to the alternative investment fund or the manager on behalf of the fund, which are transferred for safekeeping with the third party.

b) As regards the delegation of the safekeeping tasks covered by Section 51, subsection 1, no. 1, the third party must be subject to effective supervisory regulation, including minimum capital requirements, and supervision in the relevant jurisdiction, and the third party must be subject to periodic external audit to ensure that the financial instruments are in the third party's possession, subject to subsection 3.

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c) The third party must keep the depositary's customers' assets separate from the depositary's and the third party's own assets in such a way that they can at all times be identified as belonging to the specific customer with the depositary.

d) The third party must not sell, pledge, or otherwise dispose of the assets without first having obtained consent from the alternative investment fund or its manager and having notified the depositary thereof.

e) The third party must comply with the duties and prohibitions in Sections 51 and 53.

Subsection 3. The depositary may delegate to a third party, even if the conditions in subsection 2, no. 5, point (b), are not met, provided that the following conditions are met:

1. The delegation must concern financial instruments for which the legislation of a third country requires that these be held in custody with a local entity.

2. Functions are not delegated to a greater extent than required as a result of the legislation of the third country.

3. No local entity meets the conditions in subsection 2, no. 5, point (b), for the delegation.

4. The investors in the alternative investment fund must be duly informed prior to their investment in the fund that the delegation is required due to rules in the third country, and about the circumstances justifying the delegation.

5. The alternative investment fund or its manager must have instructed the depositary to delegate the safekeeping of such financial instruments to the local entity.

Subsection 4. Delegation under the exception in subsection 3 may only be maintained as long as all conditions in subsection 3, nos. 1-3, are met.

Subsection 5. A third party may re-delegate the tasks that the third party has been delegated by the depositary, provided that the re-delegation meets the same requirements that apply to the depositary's delegation. Section 56 applies to the relevant parties in the event of re-delegation.

Subsection 6. The provision of services from a central securities depository acting as an issuer central securities depository as defined in Article 1, point (e), of Commission Delegated Regulation (EU) 2017/392 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council as regards regulatory technical standards for requirements relating to authorisation, supervision and operations in relation to central securities depositories, is not considered as delegation of the depositary's safekeeping functions. The provision of services from a central securities depository acting as an investor central securities depository as defined in Article 1, point (f), of the aforementioned regulation, is considered as delegation of the depositary's safekeeping functions.

Section 55. The depositary is liable to the alternative investment fund or the fund's investors for loss of financial instruments held in custody pursuant to the rules in Section 51, subsection 1, no. 1, caused by the depositary or a third party to whom the task has been delegated.

Subsection 2. In the event of loss of financial instruments held in custody, the depositary must without undue delay provide compensation to the alternative investment fund or its manager on behalf of the fund in the form of financial instruments of the same type or an amount corresponding to the value thereof.

Subsection 3. The depositary is, however, not liable for loss pursuant to subsections 1 and 2, if it can prove that the loss is due to an external event which the depositary could not reasonably have been expected to have control over, and whose consequences would have been inevitable even if the depositary had taken all reasonable precautions.

Subsection 4. The depositary is furthermore liable to the alternative investment fund or its investors for any other loss that they may suffer as a result of the depositary's negligent or intentional breach of its obligations under this Act.

Section 56. The depositary's liability is not affected by any delegation pursuant to Section 54, subject to subsection 2 and Section 57.

Subsection 2. Notwithstanding subsection 1, the depositary may be released from its liability for compensation in connection with loss of financial instruments held in custody with a third party pursuant to the rules on delegation in Section 54, if the depositary can prove that:

1. all requirements for delegation of the safekeeping of financial instruments pursuant to Section 54 are met,

2. a written agreement has been concluded between the depositary and the third party, which explicitly transfers the depositary's liability for compensation to the third party and simultaneously makes it possible for the alternative investment fund or its manager on behalf of the fund to make a claim against the third party in the event of loss of financial instruments or makes it possible for the depositary to make such a claim on behalf of the alternative investment fund, and

3. a written agreement has been concluded between the depositary and the alternative investment fund or its manager on behalf of the fund, which explicitly allows for such release from liability for compensation, and which gives the objective justification for entering into such an agreement regarding the depositary's release from liability for compensation.

Section 57. When the legislation of a third country requires that certain financial instruments be held in custody with a local entity, and there are no local entities that meet the delegation requirements in Section 54, subsection 2, no. 5, point (b), a depositary may furthermore be released from its liability for compensation, provided that the following conditions are met:

1. The alternative investment fund's articles of association or fund rules must explicitly allow for such release from liability for compensation.

2. The investors in the alternative investment fund must be duly informed prior to their investment in the fund about the release from liability for compensation and the circumstances justifying it.

3. The alternative investment fund or its manager must have instructed the depositary to delegate the safekeeping of such financial instruments to the local entity.

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4. A written agreement must have been concluded between the depositary and the third party, which explicitly transfers the depositary's liability for compensation to the third party and simultaneously makes it possible for the alternative investment fund or its manager on behalf of the fund to make a claim against the third party in the event of loss of financial instruments or makes it possible for the depositary to make such a claim on behalf of the alternative investment fund.

5. A written agreement must have been concluded between the depositary and the alternative investment fund or its manager on behalf of the fund, which explicitly allows for such release from liability for compensation.

Section 58. If a depositary or third party is liable to the alternative investment fund's investors, the fund's investors may enforce this liability either directly or indirectly through the fund's manager, depending on the legal nature of the relationship between the depositary, the fund's manager, and the fund's investors.

Section 59. A depositary must, upon request, make all information available to the depositary's competent authorities that the depositary has obtained in the performance of its duties, and which may be necessary for the alternative investment fund and its manager's competent authorities. If the alternative investment fund or its manager's competent authorities are different from the depositary's, the depositary's competent authorities must immediately forward all information relevant to the exercise of these authorities' supervisory powers to the alternative investment fund and the manager's competent authorities. If the depositary's competent authorities are different from the alternative investment fund's or the alternative investment fund's manager's competent authorities, the alternative investment fund's or the alternative investment fund's manager's competent authorities must immediately forward all information relevant to the exercise of these authorities' supervisory powers to the depositary's competent authorities.

Section 60. The Danish Financial Supervisory Authority may set detailed rules for the following:

1. The content of the depositary agreement, pursuant to Section 45, subsections 2 and 3.

2. The assessment of whether third countries' supervisory regulation and supervision correspond to the regulation in the European Union and are enforced effectively, pursuant to Section 49, no. 3.

3. The conditions for the performance of the depositary functions in Section 50, subsection 1, and Sections 51 and 52, including:

a) which types of financial instruments are covered by the depositary's safekeeping obligation, pursuant to Section 51, subsection 1, no. 1,

b) the conditions for how the depositary must perform its safekeeping tasks with regard to financial instruments registered with a central securities depository, and

c) the conditions for how the depositary pursuant to Section 51, subsection 1, no. 2, must perform its safekeeping tasks with regard to financial instruments issued to bearer and registered with an issuer or a registrar.

4. The depositary's obligations in connection with the selection and monitoring of third parties when delegating depositary tasks, pursuant to Section 54, subsection 2, nos. 3 and 4.

5. The requirements placed on the third party's separation of the depositary's own assets from its customers' assets, pursuant to Section 54, subsection 2, no. 5, point (c).

6. The detailed conditions and circumstances under which financial assets for which the depositary is responsible are considered to be lost, pursuant to Section 55, subsection 1.

7. What is to be understood by external events which the depositary could not reasonably have been expected to have control over, and whose consequences would have been inevitable even if the depositary had taken all reasonable precautions, pursuant to Section 55, subsection 3.

8. Which conditions and circumstances must exist for there to be objective reasons for entering into an agreement that releases the depositary from its liability for compensation, pursuant to Section 56, subsection 2, no. 3.

Section V Transparency etc. Chapter 9 Annual Report for Alternative Investment Funds

Section 61. For each alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, which the manager manages, or for each alternative investment fund which the manager markets in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the manager must make an annual report available no later than 6 months after the end of each financial year.

Subsection 2. The annual report must be sent upon request to:

1. The investors in the relevant alternative investment fund.

2. The Danish Financial Supervisory Authority.

3. The competent authorities in the alternative investment fund's home country.

Subsection 3. The annual report must contain at least the following:

1. A balance sheet or a statement of assets and liabilities.

2. A statement of income and expenses for the relevant financial year.

3. A report on the activities during the preceding financial year.

4. Significant changes in the information referred to in Sections 62, 64 and 65 during the financial year covered by the annual report.

5. The total remuneration in the financial year divided into fixed and variable remuneration paid by the manager to employees, and the number of recipients, and, where relevant, performance fees paid by the alternative investment fund.

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6. The total remuneration allocated between the manager’s management and employees whose activities have a material impact on the risk profile of the managed alternative investment funds.

Subsection 4. The accounting information in the annual report shall be prepared in accordance with the accounting rules and standards of the home country of the alternative investment fund or the accounting standards of the third country where the alternative investment fund is established, and in accordance with the accounting provisions set out in the alternative investment fund’s articles of association or fund rules.

Subsection 5. The accounting information in the annual report must be audited by one or more auditors approved in accordance with the rules implementing Directive 2006/43/EC of 17 May 2006 on statutory audits of annual accounts and consolidated accounts. The audit report, including any qualifications, must be reproduced in full in the annual report. For managers marketing alternative investment funds from a third country, the annual reports of these funds may be audited in accordance with applicable international auditing standards in the country where the fund has its registered office.

Subsection 6. If the alternative investment fund is required by national regulation to publish an annual report no later than 6 months after the end of the financial year, the manager is only obliged to make available or forward the information mentioned in subsection 3, which is not already included in the audited and published annual report, in accordance with subsections 1 and 2. This may be done separately or as an addition to the annual report. If some of the information mentioned in subsection 3 is issued separately as a supplement to an annual report published as mentioned in the first sentence, the manager must simultaneously state that the remaining information can be found in the published annual report and refer to the location where the annual report is published.

Subsection 7. The Financial Supervisory Authority may set detailed rules for the content and form of the annual report. The rules shall be adapted to the type of alternative investment fund to which they apply.

Chapter 10 Manager’s Disclosure Obligations to Investors

§ 62. A manager shall, for each alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area that it manages, and for each alternative investment fund that the manager markets in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, make the following information and any material changes to this information available to the fund’s investors in the manner specified in the fund’s articles of association or fund rules, before investors invest in the alternative investment fund:

1. The name of the alternative investment fund.
2. A description of the alternative investment fund’s investment strategy and investment objectives.
3. Where any master fund is established.
4. If the alternative investment fund has a fund of funds structure, it shall be stated where the underlying funds are established.
5. A description of the types of assets in which the alternative investment fund may invest.
6. A description of the method or methods the alternative investment fund may use when investing, and the risks associated with such methods.
7. A description of all applicable investment restrictions.
8. A description of the circumstances under which the alternative investment fund may use gearing, including which forms of gearing and which sources of gearing the fund may use, any restrictions on the use of gearing, and all risks associated with the fund’s use of gearing.
9. The maximum level of gearing.
10. A description of the possibilities for reuse of the alternative investment fund’s assets and collateral provided by the fund.
11. A description of the procedures by which the alternative investment fund may change its investment strategy or investment policy or both.
12. A description of the main legal consequences of entering into an agreement to invest in the alternative investment fund. This shall include information on jurisdiction and choice of law, and whether there are legal safeguards to be observed to ensure enforcement and recognition in the jurisdiction where the alternative investment fund is established.
13. Identification of the alternative investment fund’s manager, depositary, auditor, and all other service providers, including a description of their obligations and investors’ rights in relation to these.
14. A description of how the manager of the alternative investment fund complies with the requirements of § 16, subsection 5.
15. A description of any management tasks that the alternative investment fund’s manager has delegated, pursuant to Annex 1, and of any tasks that the depositary has delegated. The descriptions shall indicate who has been assigned a task and a description of any conflicts of interest that may arise in connection with the delegations.
16. A description of the methods and procedures the alternative investment fund has established pursuant to § 29, subsection 1, for the valuation and pricing of the fund’s assets and liabilities, including the methods used for valuing assets and liabilities that are more difficult to value.
17. A description of the alternative investment fund’s management of liquidity risks, including a description of investors’ right to be redeemed both under normal and extraordinary circumstances, the agreements entered into with investors regarding redemption, and the possibility and conditions for the use of liquidity management tools chosen in accordance with § 25 a, subsection 1.
18. A description of all fees and costs, specifying the maximum amounts directly or indirectly borne by investors.
19. A description of how the manager ensures that all investors are treated fairly.
20. A list of fees, charges, and expenses borne by the manager in connection with the operation of the alternative investment fund, which are directly or indirectly to be allocated to the alternative investment fund.
21. If one or more investors obtain preferential treatment or the right to preferential treatment, the preferential treatment, the type of investors who may obtain such treatment, and, if relevant, their legal or economic affiliation with the alternative investment fund or the manager shall be described.
22. The latest annual report as referred to in § 61.
23. The procedure and conditions for the issuance and sale of shares.
24. The alternative investment fund’s latest net asset value or market price per share.
25. The alternative investment fund’s historical results, if such are available.
26. If the alternative investment fund uses a prime broker, the identity of the prime broker shall be stated, and all material agreements with the prime broker shall be described, including a description of how any conflicts of interest are handled, and if relevant, the provision in the agreement with the alternative investment fund’s depositary concerning the possibility of transfer and reuse of the fund’s assets, as well as a description of any transfer of responsibility to the prime broker.
27. A description of how and when the information covered by §§ 64 and 65 is published.

Subsection 2. The manager shall inform the alternative investment fund’s investors of any measures the depositary has taken to release itself wholly or partially from liability, pursuant to § 56, subsection 2. The manager shall immediately inform the alternative investment fund’s investors if there are changes in the depositary’s liability.

Subsection 3. The Minister for Business may set detailed rules on what information must be given to retail investors, and in what form the information must be given, to the extent that marketing to retail investors is permitted.

§ 63. If the alternative investment fund is required to publish a prospectus pursuant to the rules implementing Directive 2003/71/EC of 4 November 2007 on the prospectus to be published when securities are offered to the public or admitted to trading, the manager shall only publish the information mentioned in § 62, subsections 1 and 2, which is not already included in the prospectus. The same applies if the alternative investment fund has prepared similar documents issued to investors. Publication may take place separately or as an addendum to the prospectus or the similar document issued to investors.

§ 64. A manager shall, for each alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area that it manages, and for each alternative investment fund that the manager markets in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, regularly inform the fund’s investors about the following:

1. The percentage share of the assets in the alternative investment fund that are subject to special measures due to their illiquid nature.
2. All new arrangements for managing the alternative investment fund’s liquidity.
3. The alternative investment fund’s current risk profile and the risk management systems used by the manager to manage the fund’s risks.
4. The composition of the issued loan portfolio.
5. All fees, charges, and expenses directly or indirectly borne by investors on an annual basis.
6. Any holding company, subsidiary, or special purpose vehicle used in connection with the alternative investment fund’s investments by or on behalf of the manager on an annual basis.

§ 65. A manager shall, for each alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area that it manages, and for each alternative investment fund that the manager markets in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, if the fund uses gearing, regularly inform the fund’s investors about the following:

1. Any change in the maximum gearing level that the manager may use on behalf of the alternative investment fund, and any right to reuse collateral or other guarantees provided under the agreement enabling the gearing.
2. The total amount with which the alternative investment fund is geared.

§ 66. The Financial Supervisory Authority may set detailed rules for the disclosure obligations specified in §§ 64 and 65, including regarding the frequency of providing the information covered by § 65. The rules shall be adapted to the type of manager to which they apply.

Special rules for capital managers, intermediaries, and advisory proxies regarding shareholder rights

§ 66 a. A capital manager shall prepare and publish a policy on active ownership in companies whose shares are admitted to trading on a regulated market, describing how the capital manager integrates active ownership into its investment strategy.

Subsection 2. The policy on active ownership, pursuant to subsection 1, shall describe how the capital manager

1. monitors companies in which it invests, in relevant areas including strategy, financial and non-financial results, risk, capital structure, social and environmental impact, and good corporate governance,
2. engages in dialogue with companies in which it invests,
3. exercises voting rights and other rights attached to shares,
4. cooperates with other shareholders,
5. communicates with relevant stakeholders in companies in which it invests, and
6. handles actual and potential conflicts of interest in connection with the company’s active ownership.

Subsection 3. A capital manager shall publish annually how the manager’s policy on active ownership has been implemented, including a general description of voting and a report on the most significant votes and the manager’s use of advisory proxies’ services.

Subsection 4. A capital manager shall publish how the manager voted on behalf of shareholders at general meetings in companies in which the manager manages shares as part of its portfolio management. Votes that are insignificant due to the subject matter of the vote or the size of the shareholding in the relevant company may be omitted from publication.

Subsection 5. A capital manager may choose not to comply with one or more of the requirements in subsections 1-4 if the capital manager publishes a clear and reasoned explanation of why the manager has chosen this.

Subsection 6. The information to be published pursuant to subsections 1-5 shall be freely available on the capital manager’s website.

Subsection 7. Rules on conflicts of interest in other legislation applicable to capital managers shall apply correspondingly in connection with activities regarding active ownership.

§ 66 b. A capital manager shall annually notify Group 1 insurance companies exercising business covered by Annex 8 to the Act on Financial Business, and insurance companies exercising reinsurance of life insurance liabilities with which an agreement has been concluded pursuant to § 160, subsection 2, of the Act on Financial Business, how the capital manager’s investment strategy and its implementation in relation to investments in shares admitted to trading on a regulated market are consistent with the capital management agreement and contribute to the return on these companies’ or fund’s assets in the medium to long term. The same applies if the capital manager has concluded an agreement as mentioned in the first sentence with the Labour Market Supplementary Pension and the Wage Earners’ Price Adjustment Fund.

Subsection 2. The notification, pursuant to subsection 1, shall include reporting on

1. significant medium to long-term risks associated with the investments,
2. portfolio composition,
3. turnover and turnover costs,
4. the use of advisory proxies for activities regarding active ownership, and
5. the capital manager’s policy on securities lending, and how the policy is used if applicable for activities regarding active ownership, particularly at the time of the general meeting of the companies in which investments are made.

Subsection 3. The notification, pursuant to subsection 1, shall contain information on

1. whether and, if so, how the capital manager makes investment decisions based on an evaluation of medium to long-term results, including non-financial results, for the companies in which it invests, and
2. whether conflicts of interest have arisen in connection with active ownership, what conflicts of interest were involved, and how the capital manager has handled them.

Subsection 4. If information as mentioned in subsections 1-3 is already publicly available, the capital manager is not obliged to notify the information directly to the Group 1 insurance company exercising business covered by Annex 8, insurance companies exercising reinsurance of life insurance liabilities, or the Labour Market Supplementary Pension and the Wage Earners’ Price Adjustment Fund.

Information on Shareholders

§ 66 c. An intermediary holding information on shareholders’ identity shall, upon request from an issuer or from a third party appointed by the issuer, promptly notify the issuer of information on identity. An issuer may request an intermediary to collect and forward information on shareholders’ identity, including from other intermediaries in the intermediary chain, to the issuer.

Subsection 2. If there is more than one intermediary in a chain of intermediaries, the request pursuant to subsection 1, first sentence, shall be forwarded between the intermediaries as soon as possible.

Subsection 3. An intermediary shall notify an issuer of contact details for the next intermediary in the chain of intermediaries as soon as possible after request from the issuer or from a third party appointed by the issuer.

§ 66 d. Personal data on shareholders may only be used for the identification of existing shareholders for the purpose of fulfilling the provisions in §§ 66 c and 66 e-66 h. An intermediary must not store the personal data, pursuant to § 66 c, subsection 1, for more than 12 months after becoming aware that the person in question has ceased to be a shareholder, unless otherwise provided by other legislation.

Subsection 2. An intermediary’s forwarding of information on a shareholder’s identity, pursuant to § 66 c, is not considered a breach of the duty of confidentiality applicable in accordance with a contract or other legislation.

Forwarding of Information

§ 66 e. An intermediary shall promptly forward the following information from the issuer to a shareholder or to a third party appointed by the shareholder:

1. Information that the issuer is obliged to give a shareholder, pursuant to § of the Companies Act § 49 a, subsection 4, to enable the shareholder to exercise shareholder rights, and which is addressed to all shareholders with shares in the relevant class, or
2. a notification of where on the company’s website the information can be found, if the information mentioned in item 1 is available to shareholders on the issuer’s website.

Subsection 2. Subsection 1 does not apply when an issuer sends the information or a notification pursuant to subsection 1 directly to all its shareholders or to a third party appointed by the shareholders.

Subsection 3. When there is more than one intermediary in a chain of intermediaries, the information, pursuant to subsection 1 and § 66 f, shall be forwarded between the intermediaries as soon as possible, unless the information can be sent directly by the intermediary to the shareholder or to a third party appointed by the shareholder.

§ 66 f. An intermediary shall promptly forward information on the shareholder’s exercise of shareholder rights, which the intermediary has received from a shareholder, to the issuer.

Facilitating the Exercise of Shareholder Rights

§ 66 g. An intermediary shall facilitate the exercise of shareholder rights, including the right to participate and vote in connection with general meetings, by

1. initiating the necessary arrangements so that a shareholder or a third party appointed by the shareholder can exercise the rights themselves, or
2. offering to exercise the shareholder rights upon explicit authorization and instruction from a shareholder and for the benefit of the shareholder.

Subsection 2. An intermediary shall promptly forward electronic confirmations of receipt of votes and registration of votes, and that votes have been counted, to a shareholder or to a third party appointed by the shareholder, if the intermediary receives the confirmations from an issuer.

Subsection 3. When there is more than one intermediary in a chain of intermediaries, the electronic confirmations, pursuant to subsection 2, shall be forwarded between the intermediaries as soon as possible, unless the confirmation can be sent directly to a shareholder or a third party appointed by the shareholder.

Fees

§ 66 h. An intermediary shall separately for each individual service provided in accordance with the provisions in §§ 66 c-66 g, publish the amount of any fees.

Subsection 2. Fees that an intermediary charges from a shareholder, an issuer, or another intermediary shall be non-discriminatory and proportionate to the actual costs associated with the delivery of the services.

Subsection 3. An intermediary may only differentiate between any fees charged in connection with the national and cross-border exercise of rights when the fees are duly justified and reflect fluctuations in the actual costs incurred in connection with the delivery of these services.

Subsection 4. Fees are charged to the shareholder, issuer, or intermediary who requests a service.

Chapter 11 Manager’s Disclosure Obligations to the Financial Supervisory Authority

§ 67. Managers of alternative investment funds shall regularly provide information to the Financial Supervisory Authority about the following:

1. The main markets on which the manager trades as part of portfolio management for the alternative investment funds that the manager manages.
2. The main instruments that the manager trades as part of portfolio management for the alternative investment funds that the manager manages.
3. The main instruments that the manager trades.
4. The markets of which the manager is a member or on which it trades.
5. The most significant risk exposures and concentrations for each alternative investment fund that the manager manages.

Subsection 2. By the end of each quarter, the manager shall, upon request, submit a list to the Financial Supervisory Authority of the alternative investment funds that the manager manages.

Subsection 3. The manager shall submit the following information to the Financial Supervisory Authority for each alternative investment fund from the European Union or a country with which the Union has concluded an agreement in the financial area that the manager manages:

1. The percentage share of the alternative investment fund’s assets that are subject to special measures because they are illiquid.
2. All new arrangements for managing the alternative investment fund’s liquidity.
3. The current risk profile and the risk management systems for the alternative investment fund that the manager uses to manage market risks, liquidity risks, counterparty risks, and other risks, including operational risks.
4. Information on the main categories of assets in which the alternative investment fund has invested.
5. The results of the stress tests conducted in accordance with § 24, subsection 2, and § 25, subsection 2.

Subsection 4. The Financial Supervisory Authority may require managers for which Denmark is the host country, and which manage or market alternative investment funds in Denmark, to provide the Financial Supervisory Authority with the information that the Financial Supervisory Authority deems necessary to monitor compliance with the rules for which Denmark is responsible for supervision, including §§ 18, 19, and 23. The Financial Supervisory Authority may not, however, require other or more information than the Financial Supervisory Authority can require from managers with permission to manage alternative investment funds pursuant to § 11, insofar as it concerns the control of whether they comply with the same rules.

Subsection 5. The Financial Supervisory Authority may require managers to report other information to the Financial Supervisory Authority than those mentioned in this chapter, if it is necessary for the Financial Supervisory Authority to effectively monitor the build-up of systemic risks. The Financial Supervisory Authority may require the information regularly or on an ad hoc basis. The Financial Supervisory Authority notifies the European

European Securities and Markets Authority (ESMA) regarding the disclosure requirements that the Danish Financial Supervisory Authority (Finanstilsynet) has imposed. The Danish Financial Supervisory Authority may also set additional reporting requirements if the European Securities and Markets Authority, under special circumstances and where required to ensure the stability and integrity of the financial system or to promote long-term sustainable growth, requests the Danish Financial Supervisory Authority to introduce additional reporting requirements.

Subsection 6. The Danish Financial Supervisory Authority may set detailed rules on the reporting and disclosure obligations that apply to managers pursuant to subsections 1-5.

§ 68. A manager shall make the following information available to the Danish Financial Supervisory Authority for each alternative investment fund managed by the manager that uses leverage to a significant extent:

1. The level of leverage used by the alternative investment fund.
2. A breakdown between leverage based on borrowing of cash or securities and leverage in financial derivatives.
3. Information on the extent to which the fund's assets have been reused in accordance with leverage agreements.
4. The five largest sources of borrowed cash or securities for each alternative investment fund and the leveraged amounts received from each of these sources for the alternative investment fund.

Subsection 2. For managers whose registered home is in a third country, the obligation to make information available to the Danish Financial Supervisory Authority pursuant to subsection 1 covers only the alternative investment funds managed by the manager that are from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, or that are marketed by the manager in the European Union or a country with which the Union has concluded an agreement in the financial area.

Subsection 3. The manager shall demonstrate to the Danish Financial Supervisory Authority that the leverage limits it sets for each alternative investment fund it manages are reasonable, and that the leverage limits set by the manager are complied with at all times.

Subsection 4. The Danish Financial Supervisory Authority may set detailed rules on when leverage pursuant to subsection 1 is considered to be used to a significant extent by a manager on behalf of an alternative investment fund.

Use of Information by the Danish Financial Supervisory Authority

§ 69. The Danish Financial Supervisory Authority shall use the information submitted by the manager pursuant to § 61, subsection 1, and §§ 67 and 68 to assess the extent to which leveraged investments used as part of alternative investment funds' investments contribute to increasing systemic risk in the financial system, the risk of market turmoil, or the risks to long-term economic growth.

Subsection 2. The Danish Financial Supervisory Authority shall ensure that information about managers obtained in accordance with § 68, subsections 1 and 3, and the information submitted by the manager in accordance with § 11, are made available to competent authorities in countries within the European Union and countries with which the Union has concluded an agreement in the financial area, cf. § 160, subsection 1, the European Securities and Markets Authority and the European Systemic Risk Board. The Danish Financial Supervisory Authority shall also ensure that information is sent as quickly as possible and bilaterally directly to other competent authorities in countries within the European Union or countries with which the Union has concluded an agreement in the financial area, if a manager subject to their supervision or an alternative investment fund managed by this manager could constitute a significant source of counterparty risk for a credit institution or other system-relevant institutions in these countries.

Subsection 3. The Danish Financial Supervisory Authority shall assess the risk to financial stability that a manager's use of leverage in connection with the individual alternative investment funds it manages may entail.

Subsection 4. When deemed necessary to ensure financial stability, the Danish Financial Supervisory Authority, after notifying the European Securities and Markets Authority, the European Systemic Risk Board, and if relevant the competent authorities of the relevant alternative investment fund, shall set limits on the level of leverage that the manager may use for the individual funds managed by the manager. The Danish Financial Supervisory Authority may also set other restrictions in the manager's management of an alternative investment fund to limit leverage's contribution to increasing systemic risk in the financial system or the risk of market turmoil.

Subsection 5. If the Danish Financial Supervisory Authority intends to make a decision as mentioned in subsection 4, which contradicts the advice received from the European Securities and Markets Authority, the Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority thereof, stating the reasons for doing so.

Subsection 6. When the Danish Financial Supervisory Authority has imposed restrictions on the use of leverage in an alternative investment fund or other restrictions on the manager's management of an alternative investment fund, the Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority, the European Systemic Risk Board, and the competent authorities of the alternative investment fund.

Subsection 7. Unless special circumstances apply, the Danish Financial Supervisory Authority shall send the notification mentioned in subsection 4 at least 10 working days before the limits enter into force or are extended.

Subsection 8. The Danish Financial Supervisory Authority may set detailed rules on under what circumstances and how the Danish Financial Supervisory Authority sets limits on a manager's use of leverage and other restrictions on a manager's management of an alternative investment fund.

Chapter 12 Manager's Obligations When an Alternative Investment Fund Obtains Controlling Influence Over an Unlisted Company

§ 70. The rules in this chapter apply to

1. managers of alternative investment funds that manage one or more alternative investment funds that individually or collectively, based on an agreement, obtain controlling influence over an unlisted company, and

2. managers of alternative investment funds that, pursuant to an agreement, cooperate with one or more other managers so that the alternative investment funds they manage collectively obtain controlling influence over an unlisted company.

Subsection 2. A manager of alternative investment funds that manages alternative investment funds acquiring a capital interest that does not constitute controlling influence in an unlisted company shall also provide the information referred to in § 72, subsection 1.

Subsection 3. § 73, subsections 1-3, and § 75 also apply to managers who manage alternative investment funds that obtain controlling influence over issuers. In such cases, subsection 4 applies with the necessary adjustments.

Subsection 4. The rules in this chapter do not apply if the unlisted companies are:

1. Small or medium-sized enterprises as defined in Article 2, subsection 1, of the annex to Commission Recommendation 2003/361/EC.

2. Companies whose specific purpose is to purchase, hold, or manage real estate.

Subsection 5. The rules in this chapter do not apply to the extent that they conflict with the rules in the Act on Information and Consultation of Employees.

Subsection 6. The rules in this chapter do not apply to the extent that stricter rules apply regarding the acquisition of shares in issuers and unlisted companies.

§ 71. For the purposes of this chapter, controlling influence in unlisted companies is understood as having more than 50 percent of the voting rights in the company. The percentage of voting rights is calculated based on all capital shares to which voting rights are attached, even if the exercise thereof is suspended.

Subsection 2. In calculating the percentage of voting rights held by the relevant alternative investment fund, the voting rights held directly by the relevant alternative investment fund are added to the voting rights held by the following:

1. Any company subject to controlling influence by the alternative investment fund.

2. Any natural or legal person acting in their own name but on behalf of the alternative investment fund or of a company subject to controlling influence by the alternative investment fund.

Subsection 3. The percentage of voting rights that results in obtaining controlling influence over an issuer, and the method of calculation thereof, shall be determined in accordance with the rules of the country where the company has its registered home in connection with the rules in § 72, subsections 1-3, and § 75.

§ 72. When an alternative investment fund acquires, disposes of, or holds capital shares in an unlisted company, the fund's manager shall notify the Danish Financial Supervisory Authority of the fund's share of voting rights in the unlisted company whenever this share reaches, exceeds, or falls below the thresholds of 10 percent, 20 percent, 30 percent, 50 percent, and 75 percent.

Subsection 2. A manager of alternative investment funds that manages an alternative investment fund that individually or collectively obtains controlling influence over an unlisted company shall notify the following of the fund's obtaining of controlling influence:

1. The unlisted company.

2. The other shareholders, whose identity and addresses the manager possesses or can obtain from the unlisted company or from a register that the manager has or can access.

3. The Danish Financial Supervisory Authority.

Subsection 3. The notification pursuant to subsection 2 shall contain information on the following:

1. The situation regarding voting rights resulting from the alternative investment fund's obtaining of controlling influence.

2. The conditions under which controlling influence was obtained, specifying the identity of the other cooperating shareholders, any natural or legal person or entity entitled to vote on their behalf, and, if relevant, the chain of companies through which voting rights are controlled.

3. The date on which controlling influence was obtained.

Subsection 4. The manager shall, in the notification to the unlisted company, request the company's highest management body to notify the employees' representatives or, if none exist, the employees themselves without undue delay of the controlling influence obtained by the managed alternative investment fund, and to provide the information mentioned in subsection 3. The manager shall make all reasonable efforts to ensure that the highest management body has informed the employees' representatives or, if none exist, the employees themselves in accordance with this provision.

Subsection 5. Notification pursuant to subsections 1-3 shall be made as quickly as possible and no later than 10 working days after the day on which the alternative investment fund has reached, exceeded, or fallen below the relevant threshold or obtained controlling influence over the unlisted company.

Information Upon Obtaining Controlling Influence

§ 73. A manager of alternative investment funds that manages an alternative investment fund that individually or collectively obtains controlling influence over an unlisted company or an issuer shall make the information referred to in subsection 2 available to the following:

1. The unlisted company.

2. The unlisted company's shareholders, whose identity and addresses the manager possesses or can obtain from the unlisted company or from a register that the manager has or can access.

3. The Danish Financial Supervisory Authority.

Subsection 2. The manager shall provide the following information:

1. Identification of the manager or managers who individually or collectively with other managers manage the alternative investment funds that have obtained controlling influence.

2. The policy for preventing and managing conflicts of interest, particularly between the manager, the alternative investment fund or funds, and the unlisted company, including information on the specific protective measures to ensure that any agreement between the manager or the alternative investment fund and the company is concluded on arm's length terms.

3. The policy for external and internal communication regarding the unlisted company, particularly towards the company's employees.

Subsection 3. The manager shall, in the notification to the unlisted company, request the company's highest management body to notify the employees' representatives or, if none exist, the employees themselves without undue delay of the information mentioned in subsection 2. The manager shall make all reasonable efforts to ensure that the highest management body has informed the employees' representatives or, if none exist, the employees themselves in accordance with the rules of this provision.

Subsection 4. A manager of alternative investment funds that manages an alternative investment fund that individually or collectively obtains controlling influence over an unlisted company shall either itself or through the managed alternative investment fund provide information on the alternative investment fund's intentions regarding the future business of the unlisted company and the likely consequences for employment, including any significant changes in working conditions, to the following:

1. The unlisted company.

2. The unlisted company's shareholders, whose identity and addresses the manager possesses or can obtain from the unlisted company or from a register that the manager has or can access.

Subsection 5. The manager shall make all reasonable efforts to ensure that the highest management body of the unlisted company makes the information mentioned in subsection 4 available to the unlisted company's employee representatives or, if none exist, to the employees themselves.

Subsection 6. A manager of alternative investment funds that manages an alternative investment fund that alone or together with others obtains controlling influence over an unlisted company shall provide the Danish Financial Supervisory Authority and the alternative investment fund's investors with information on how the acquisition was financed.

Special Provisions on Annual Reports for Alternative Investment Funds Having Controlling Influence Over Unlisted Companies

§ 74. A manager of alternative investment funds that manages an alternative investment fund that individually or collectively obtains controlling influence over an unlisted company shall

1. request and make all reasonable efforts to ensure that the annual report of the unlisted company, prepared in accordance with subsection 2, by the company's management is made available to the employee representatives or, if none exist, to the employees themselves no later than the deadline for preparing the relevant annual report in accordance with the relevant country's national rules, or

2. include the information mentioned in subsection 2 regarding the relevant unlisted company or companies in the annual report for each alternative investment fund referred to in § 61.

Subsection 2. The supplementary information that, in accordance with subsection 1, shall be included in the company's or the alternative investment fund's annual report shall at least include a reasonable review of the development of the company's business, illustrating the company's situation at the reporting date of the annual report. The annual report shall further contain a description of the following:

1. Any significant event occurring after the end of the financial year.

2. The company's expected future development.

3. Information regarding the acquisition of own capital shares, pursuant to the rules implementing Article 22, subsection 2, of Directive 77/91/EEC of 13 December 1976 on the coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with the aim of making such safeguards equally effective.

Subsection 3. A manager of alternative investment funds that manages an alternative investment fund that individually or collectively obtains controlling influence over an unlisted company shall

1. request and make all reasonable efforts to ensure that the management of the unlisted company makes the information regarding the company mentioned in subsection 1, item 2, available to the employee representatives or, if none exist, to the employees no later than the deadline in § 61, subsection 1, or

2. make the information mentioned in subsection 1, item 1, available to the investors in the alternative investment fund, to the extent that this information is already available, within the deadline mentioned in § 61, subsection 1, and in any case no later than the date by which the annual report from the unlisted company must be prepared in accordance with the relevant country's national rules.

Restriction on Distributions and Other Matters

§ 75. A manager of alternative investment funds that individually or collectively obtains controlling influence over an unlisted company or an issuer is, for a period of 24 months after the alternative investment fund's obtaining of controlling influence over the company, subject to the following duties and prohibitions, subject to subsections 3-5:

1. The manager may not enable, support, or give instructions for any distribution to shareholders, capital reduction, redemption of capital shares, or acquisition of own capital shares in the company.

2. The manager shall take all reasonable precautions to prevent distributions to shareholders, capital reductions, redemption of capital shares, or the company's acquisition of its own capital shares.

Subsection 2. In the acquisition of its own capital shares by the company pursuant to subsection 1, capital shares acquired by a person acting in their own name but on behalf of the company shall also be taken into account.

Subsection 3. The provision in subsection 1 does not prevent the manager from participating in distributions to shareholders, provided that only free reserves are used for the distribution. By free reserves is meant amounts recorded in the company's most recently approved annual accounts as carried forward profit, and reserves that are not restricted by law or articles of association, less any carried forward loss.

Subsection 4. The provision in subsection 1 does not prevent the manager from participating in the company's acquisition of its own capital shares, if the company's net assets after the acquisition are at least equal to the amount of the subscribed capital plus the reserves that, according to law or articles of association, cannot be distributed.

Subsection 5. The provision in subsection 1 does not prevent the manager from participating in a capital reduction in the company, if the purpose of the capital reduction is to cover losses or to include monetary amounts in a special reserve that cannot be distributed, provided that the size of such reserve thereafter does not exceed 10 percent of the reduced subscribed capital.

Section VI Cross-border Marketing and Management Chapter 13 Marketing in Denmark of shares in alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, by managers with registered headquarters in Denmark

§ 76. Alternative investment fund managers with registered headquarters in Denmark, who manage alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, may market these funds' shares to professional investors in Denmark, if the conditions in §§ 77-80 are met.

Subsection 2. If the alternative investment fund that the manager wishes to market in Denmark is a feeder fund, it is a condition for the manager being allowed to market the fund within the European Union or in a country with which the Union has concluded an agreement in the financial field, that the master fund is also from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, and that the master fund is managed by a manager from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, with permission to manage alternative investment funds.

§ 77. Alternative investment fund managers with registered headquarters in Denmark, who wish to market alternative investment funds from the European Union or a country with which the Union has concluded an agreement in the financial field in Denmark, shall submit a notification to the Danish Financial Supervisory Authority for each fund prior to marketing.

Subsection 2. The notification pursuant to subsection 1 shall be in writing and include the following documentation and information:

1. An operational plan with a clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
2. The rules or articles of association of each fund.
3. Specification of each fund's depositary.
4. The information available to investors regarding the alternative investment funds.
5. Information on where the master fund is established, if one of the funds is a feeder fund.
6. Any additional information, cf. § 62, subsection 1, regarding each fund that the manager intends to market.
7. Where relevant, information on the measures taken to prevent shares in the fund from being marketed to retail investors, even when the manager uses independent entities to provide investment services in connection with the fund.

§ 78. No later than 20 working days after receiving a complete notification in accordance with § 77, subsection 2, the Danish Financial Supervisory Authority shall inform the manager whether the manager may commence marketing of the alternative investment fund in Denmark. Refusal to allow marketing may only be issued if the manager's management of the alternative investment fund is not in compliance with this Act and regulations issued pursuant thereto, or if the manager otherwise does not comply with this Act and regulations issued pursuant thereto.

Subsection 2. The manager may commence marketing of the alternative investment fund in Denmark from the date on which the Danish Financial Supervisory Authority has notified the manager that marketing may commence.

Subsection 3. If Denmark is not the home country of the alternative investment fund, the Danish Financial Supervisory Authority shall immediately after making the decision that the alternative investment fund may be marketed in Denmark, also notify the competent authorities in the alternative investment fund's home country that the manager may commence marketing of shares in the fund in Denmark.

§ 79. The manager shall notify the Danish Financial Supervisory Authority in writing if there are significant changes in the information provided in accordance with § 77, subsection 2. For planned changes, the notification shall be made no later than 1 month before the changes are implemented. Unforeseen changes shall be communicated to the Danish Financial Supervisory Authority immediately after the change has occurred.

Subsection 2. If the planned changes result in the manager's management of the alternative investment fund no longer being in compliance with this Act or regulations issued pursuant thereto, or if the manager otherwise will no longer be able to comply with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority may order the manager not to implement the changes. The Danish Financial Supervisory Authority shall inform the manager of this immediately upon receipt of the notification in subsection 1.

Subsection 3. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to subsection 2, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund no longer complies with this Act or regulations issued pursuant thereto, or if the manager otherwise no longer complies with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority shall take the necessary measures, including if necessary prohibiting marketing of the alternative investment fund or withdrawing the manager's permission to manage alternative investment funds, cf. § 17.

§ 80. The Danish Financial Supervisory Authority may set detailed rules for

1. the form and content of the notification that the manager must send to the Danish Financial Supervisory Authority prior to marketing in accordance with § 77, and
2. the form of the written notification that the manager must submit to the Danish Financial Supervisory Authority, cf. § 79, subsection 1, regarding planned or occurring changes in the information provided in accordance with § 77, subsection 2.

Marketing in a country within the European Union or a country with which the Union has concluded an agreement in the financial field of shares in alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, by a manager with registered headquarters in Denmark

§ 81. An alternative investment fund manager with registered headquarters in Denmark, who wishes to market shares in alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, to professional investors in another country within the European Union or a country with which the Union has concluded an agreement in the financial field, shall notify the Danish Financial Supervisory Authority thereof.

Subsection 2. The notification pursuant to subsection 1 shall be in writing and include the following documentation and information:

1. An operational plan with a clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
2. The rules or articles of association of each fund.
3. Specification of each fund's depositary.
4. A description of the funds available to investors.
5. Information on where the master fund is established, if one of the funds is a feeder fund.
6. Any additional information, cf. § 62, subsection 1, regarding each fund that the manager intends to market.
7. Information on the member state(s) where the manager intends to market shares to professional investors for each fund.
8. Information on the measures taken to market funds, and any information on the measures taken to prevent shares in each fund from being marketed to retail investors, even when the manager uses independent entities to provide investment services in connection with the fund.
9. The manager's address and the information necessary for the supervisory authorities in the host country to invoice and communicate statutory fees or charges.

§ 82. The notification referred to in § 81 shall be drawn up in a language that is customary in the international financial world.

§ 83. If the alternative investment fund that the manager wishes to market in accordance with § 81 is a feeder fund, it is a condition for the manager being allowed to market the fund in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, that the master fund is also from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, and that the master fund is managed by a manager with permission to manage alternative investment funds.

§ 84. No later than 20 working days after receiving a complete notification that meets the conditions in §§ 81 and 82, the Danish Financial Supervisory Authority shall forward the notification to the competent authorities in the country where it is intended that the alternative investment fund be marketed. The Danish Financial Supervisory Authority shall only forward the notification if the manager's management of the alternative investment fund is in compliance with this Act and regulations issued pursuant thereto and the manager otherwise complies with this Act and regulations issued pursuant thereto.

Subsection 2. The Danish Financial Supervisory Authority shall attach a declaration that the manager has permission to manage alternative investment funds with an investment strategy that the relevant alternative investment fund follows.

§ 85. When the Danish Financial Supervisory Authority has sent the notification to the competent authorities in the host country, cf. § 84, the Danish Financial Supervisory Authority shall immediately notify the manager of the forwarding. The manager may commence marketing of the alternative investment fund in the host country from the date of this notification.

Subsection 2. If the alternative investment fund has its home country in another country within the European Union or a country with which the Union has concluded an agreement in the financial field than the host country, the Danish Financial Supervisory Authority shall also notify the competent authorities in the alternative investment fund's home country that the manager may commence marketing of shares in the fund in the host country.

§ 86. The manager shall notify the Danish Financial Supervisory Authority in writing if there are significant changes in the information provided in accordance with § 81, subsection 2. For planned changes, the notification shall be made no later than 1 month before the changes are implemented. Unforeseen changes shall be communicated to the Danish Financial Supervisory Authority immediately after the change has occurred.

Subsection 2. The Danish Financial Supervisory Authority shall, within 15 working days after receiving all the information referred to in subsection 1, notify the manager that the manager may not implement a planned change if the manager's management of the alternative investment fund pursuant to the planned change would no longer be in compliance with this Act or regulations issued pursuant thereto, or if the manager otherwise would no longer comply with this Act or regulations issued pursuant thereto.

Subsection 3. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to subsection 2, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund no longer complies with this Act or regulations issued pursuant thereto, or if the manager otherwise no longer complies with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority shall take the necessary measures, including if necessary prohibiting marketing of the alternative investment fund or withdrawing the manager's permission to manage alternative investment funds, cf. § 17. The Danish Financial Supervisory Authority shall immediately notify the competent authorities in the manager's host country thereof.

Subsection 4. If the notified changes are not in conflict with the rules in this Act or regulations issued pursuant to the Act, the Danish Financial Supervisory Authority shall immediately notify the competent authorities in the manager's host country of the changes.

§ 87. The Danish Financial Supervisory Authority may set detailed rules for

1. the form and content of the notification that the manager must send to the Danish Financial Supervisory Authority prior to marketing in accordance with §§ 81 and 82, and
2. the form of the written notification that the manager must submit to the Danish Financial Supervisory Authority, cf. § 86, subsection 1, regarding planned or occurring changes in the information provided in accordance with § 81.

Notification of termination of agreements entered into with a view to marketing shares or capital shares in some or all alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, in other member states than the manager's home country

§ 87a. A manager may on behalf of an alternative investment fund from a country within the European Union or from a country with which the Union has concluded an agreement in the financial field, submit a notification of termination of agreements entered into with a view to marketing, for some or all of its shares or capital shares in a member state, for which it has submitted a notification in accordance with § 81, if the following conditions are met, cf. however subsection 2:

1. A general offer for repurchase or redemption has been made a) without any fees or deductions, b) of all such shares or capital shares in alternative investment funds held by investors in the relevant member state, c) which is publicly available for at least 30 working days, and d) which is addressed individually either directly or via financial intermediaries to all investors in the relevant member state, whose identity is known.
2. The intention to terminate agreements entered into with a view to marketing shares or capital shares in some or all alternative investment funds in the relevant member state's territory is published via a publicly accessible medium, including electronically, which is usually used for marketing alternative investment funds and is suitable for a typical investor in an alternative investment fund.
3. Any agreements with financial intermediaries or the person to whom the marketing is delegated are amended or terminated with effect from the date of the notification of termination. An amendment or termination shall have effect from the date of the notification of termination with a view to preventing any new or further direct or indirect offering or any new or further direct or indirect placement of the shares or capital shares specified in the notification referred to in subsection 3. From and including the date of the notification of termination, the manager shall cease any new or further direct or indirect offering or any new or further direct or indirect placement of shares or capital shares in the alternative investment fund that the manager manages in the member state for which the manager has submitted a notification, cf. subsection 3.

Subsection 2. Subsection 1, item 1, does not apply to alternative investment funds of the closed type and funds regulated by Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015.

Subsection 3. The manager shall send a notification to the Danish Financial Supervisory Authority containing the information referred to in subsection 1.

Subsection 4. The Danish Financial Supervisory Authority shall verify whether the manager's notification, cf. subsection 3, is complete.

Subsection 5. The Danish Financial Supervisory Authority shall forward the notification to the supervisory authorities in the member state specified in the notification, and to ESMA, no later than 15 working days after it has received the complete notification, cf. subsection 3. After forwarding the notification, the Danish Financial Supervisory Authority shall immediately notify the manager thereof.

Subsection 6. For a period of 36 months from the date of the notification of termination, cf. subsection 1, item 3, first sentence, the manager may not conduct pre-marketing of shares or capital shares in the alternative investment funds specified in the notification, or in connection with similar investment strategies or investment ideas in the member state specified in the notification referred to in subsection 3.

Subsection 7. The manager shall provide investors who continue to invest in the alternative investment fund, and the Danish Financial Supervisory Authority, the information required in accordance with Articles 22 and 23 of Directive 2011/61/EU of the European Parliament and of the Council

of 8 June 2011 on alternative investment fund managers. The manager may use digital communication or other means of remote communication to send information, cf. first sentence.

Marketing in Denmark of shares in alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, by a manager with registered head office in a country within the European Union or a country with which the Union has concluded an agreement in the financial area

§ 88. An alternative investment fund manager with registered head office in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, which has obtained permission to manage alternative investment funds in accordance with rules implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and which wishes to market shares in alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial area to professional investors in Denmark, may commence such marketing from the time when the competent authorities in the manager's home country have notified the manager that they have submitted a notification and declaration thereof to Finanstilsynet in accordance with the rules in Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.

Subsection 2. Finanstilsynet may set further rules on the marketing referred to in subsection 1.

Pre-marketing in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, of shares in alternative investment funds from a country within the European Union, carried out by a manager with registered head office in the Union

§ 88a. A manager with permission to manage alternative investment funds may carry out pre-marketing within the European Union or in a country with which the Union has concluded an agreement in the financial area, subject to subsection 2.

Subsection 2. A manager with permission to manage alternative investment funds must not carry out pre-marketing if the information provided to potential professional investors:

1. is sufficient to enable investors to commit to acquiring shares or capital shares in a specific alternative investment fund,
2. constitutes the same as subscription forms or similar documents in draft or final form, or
3. constitutes the same as founding documents, a prospectus, or offering documents for an alternative investment fund not yet established in final form.

Subsection 3. Drafts of a prospectus or offering documents distributed must not contain information sufficient to form the basis for an investment decision by investors. It must be clearly stated in the draft of a prospectus or offering documents that:

1. they do not constitute an offer or invitation to subscribe for shares or capital shares in an alternative investment fund, and
2. information in the draft cannot be relied upon as it is incomplete and may be changed.

Subsection 4. The manager is not obliged to notify Finanstilsynet about the content or addressees of pre-marketing.

Subsection 5. The manager must ensure that investors do not acquire shares or capital shares in an alternative investment fund through pre-marketing, and that investors contacted in connection with pre-marketing may only acquire shares or capital shares in the relevant alternative investment fund after marketing authorized in accordance with Articles 31 and 32 of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers of the European Parliament and of the Council.

Subsection 6. Professional investors' subscriptions within 18 months after the manager begins carrying out pre-marketing are considered to be the result of pre-marketing and are subject to the notification procedures in Articles 31 and 32 of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers of the European Parliament and of the Council, if the investors subscribe for shares or capital shares:

1. in an alternative investment fund referred to in the information provided in connection with the pre-marketing, or
2. in an alternative investment fund established as a result of the pre-marketing.

Subsection 7. The manager must send an informal notification in paper or electronic form to Finanstilsynet within 2 weeks after the manager has commenced pre-marketing. The notification must specify in which member states and during which periods pre-marketing is taking place or has taken place, a brief description of the pre-marketing with information on the investment strategies presented, and, if relevant, a list of the alternative investment funds and divisions of alternative investment funds that were the subject of pre-marketing.

Subsection 8. A third party may only carry out pre-marketing on behalf of a manager with permission if the latter has permission as an investment firm in accordance with Directive 2014/65/EU of the European Parliament and of the Council, as a credit institution in accordance with Directive 2013/36/EU of the European Parliament and of the Council, as a management company for an investment undertaking in accordance with Directive 2009/65/EC, as a manager in accordance with Directive 2011/61/EU, or acts as an attached agent in accordance with Directive 2014/65/EU. Such a third party is subject to the conditions laid down in § 88a.

Subsection 9. The manager must ensure that pre-marketing is sufficiently documented.

26 April 2026. 41 No. 468.

Chapter 14 Management of alternative investment funds from and provision of services in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, by alternative investment fund managers with registered head office in Denmark

§ 89. An alternative investment fund manager with registered head office in Denmark may either directly or by establishing a branch:

1. Manage alternative investment funds established in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, provided the manager has permission to manage alternative investment funds with the relevant type of investment strategy, cf. § 11.
2. Provide services covered by § 8, subsections 3 and 4, provided the manager has permission to provide the relevant services, cf. § 11.

§ 90. For the first time an alternative investment fund manager with registered head office in Denmark wishes to manage alternative investment funds established in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, or wishes to provide services covered by § 8, subsections 3 and 4, in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, the manager must submit the following information to Finanstilsynet:

1. Which country within the European Union or country with which the Union has concluded an agreement in the financial area the manager intends to offer management services or services covered by § 8, subsections 3 and 4, in either directly or by establishing a branch.
2. A business plan, which shall inter alia describe which services the manager intends to provide and which alternative investment funds the manager intends to manage.

Subsection 2. If an alternative investment fund manager intends to establish a branch in the host country to handle the management or provision of services covered by § 8, subsections 3 and 4, the manager must, in addition to the information mentioned in subsection 1, submit the following information to Finanstilsynet:

1. The organizational structure of the branch.
2. The address in the alternative investment fund's home country or in the host country where the manager intends to offer services covered by § 8, subsections 3 and 4, from which documents can be requested.
3. The names and contact information regarding the persons responsible for the management of the branch.

Subsection 3. The information communicated in accordance with subsections 1 and 2 shall be drawn up in a language customary in international finance.

§ 91. Finanstilsynet shall forward no later than 1 month after receiving all documentation referred to in § 90, subsection 1, or no later than 2 months after receiving all documentation referred to in § 90, subsection 2, this complete documentation to the competent authorities in the manager's host country. Finanstilsynet shall only forward the notification if the manager's management of the alternative investment fund or provision of services covered by § 8, subsections 3 and 4, is in compliance with this Act and rules issued pursuant thereto, and if the manager otherwise complies with this Act and rules issued pursuant thereto.

Subsection 2. Finanstilsynet shall attach a declaration stating that the manager has permission to manage alternative investment funds with the investment strategy followed by the relevant alternative investment fund, or that the manager has permission to provide the relevant services covered by § 8, subsections 3 and 4.

§ 92. When Finanstilsynet has sent the information to the competent authorities in the host country, cf. § 91, Finanstilsynet shall immediately notify the manager thereof. The manager may commence provision of management services or services covered by § 8, subsections 3 and 4, in the host country after having received this notification.

§ 93. The manager shall notify Finanstilsynet in writing if there are significant changes to the information provided in accordance with § 90. For planned changes, the notification must be made no later than 1 month before the changes are implemented. Unforeseen changes must be communicated to Finanstilsynet immediately after the change has occurred.

Subsection 2. Finanstilsynet shall, within 15 working days after receipt of all information referred to in subsection 1, notify the manager that the manager must not implement a planned change if the manager's management of the alternative investment fund according to the planned change would no longer be in compliance with this Act or rules issued pursuant thereto, or if the manager otherwise would no longer comply with this Act or rules issued pursuant thereto.

Subsection 3. If a planned change is implemented despite Finanstilsynet's notification according to subsection 2, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund or provision of services covered by § 8, subsections 3 and 4, no longer complies with this Act or rules issued pursuant thereto, or if the manager otherwise no longer complies with this Act or rules issued pursuant thereto, Finanstilsynet shall take the necessary measures, including if necessary prohibiting marketing of the alternative investment fund, prohibiting provision of services covered by § 8, subsections 3 and 4, or withdrawing the manager's permission pursuant to § 11, cf. § 17. Finanstilsynet shall immediately notify the competent authorities in the manager's host country thereof.

Subsection 4. If the communicated changes are not contrary to the rules of this Act or rules issued pursuant to the Act, Finanstilsynet shall immediately notify the competent authorities in the manager's host country of the changes.

§ 94. Finanstilsynet may set further rules for:

1. the information to be given according to § 90, and 26 April 2026. 42 No. 468.

2. the form of the written notification that the manager must submit to Finanstilsynet, cf. § 93, subsection 1, regarding planned or occurring changes to the information provided in accordance with § 90.

Provision of management and service services in Denmark by alternative investment fund managers with registered head office in another country within the European Union or a country with which the Union has concluded an agreement in the financial area

§ 95. An alternative investment fund manager with registered head office in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, which has obtained permission to manage alternative investment funds in accordance with rules implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, may commence management of alternative investment funds established in Denmark from the time when the competent authorities in the manager's home country have notified the manager that they have submitted to Finanstilsynet the information appearing in § 90, subsection 1, if the management is to be done directly, and the information appearing in § 90, subsection 2, if the management is to be done via a branch in Denmark, as well as a declaration that the manager has permission to manage alternative investment funds with the relevant type of investment strategy.

Subsection 2. A manager with registered head office in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, which has obtained permission to provide services in accordance with rules implementing Article 6, subsection 4, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, may commence provision of services in Denmark from the time when the competent authorities in the manager's home country have notified the manager that they have submitted to Finanstilsynet the information appearing in § 90, subsection 1, if the provision of services is to be done directly, and the information appearing in § 90, subsection 2, if the provision of services is to be done via a branch in Denmark, as well as a declaration that the manager has permission to provide the relevant services covered by Article 6, subsection 4, of Directive 2011/61/EU.

Management of alternative investment funds from a third country, which are not marketed in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, by alternative investment fund managers with head office in Denmark

§ 96. An alternative investment fund manager with registered head office in Denmark, which has permission in accordance with § 11, may manage alternative investment funds from a third country, which are not marketed within a country within the European Union or a country with which the Union has concluded an agreement in the financial area, provided the following conditions are met:

1. The manager complies with all requirements in this Act and rules issued pursuant thereto except for chapters 8 and 9, insofar as these funds are concerned.
2. Finanstilsynet must have entered into appropriate cooperation agreements with the competent authorities in the third country where the alternative investment fund is established, meeting international standards, and enabling Finanstilsynet to supervise the manager in accordance with this Act, including monitoring systemic risks.

Subsection 2. Finanstilsynet may set further rules for the design and content of the cooperation agreements referred to in subsection 1, item 2.

Chapter 15 Marketing using a marketing passport in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, of alternative investment funds from a third country managed by a manager from a country within the European Union or a country with which the Union has concluded an agreement in the financial area

§ 97. This chapter applies to marketing of shares in the following alternative investment funds:

1. Alternative investment funds from a third country managed by a manager with permission.
2. Alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial area that are feeder funds failing to meet the requirement in § 76, subsection 2.

§ 98. An alternative investment fund manager with registered head office in Denmark wishing to market shares in the funds mentioned in § 97 to professional investors in Denmark, a country within the European Union, or a country with which the Union has concluded an agreement in the financial area, must meet all requirements in this Act and rules issued pursuant thereto except for the rules in chapters 13 and 14. Furthermore, the following conditions must be met:

1. Appropriate cooperation agreements must have been entered into between Finanstilsynet and the competent authorities in the country where the alternative investment fund, cf. § 97, item 1, or the master fund for the feeder fund, cf. § 97, item 2, has its registered head office, meeting international standards, and enabling Finanstilsynet to supervise the manager in accordance with this Act, including monitoring systemic risks.
2. The third country where the alternative investment fund has its registered head office must not be registered as a non-cooperative jurisdiction by the Financial Action Task Force.
3. The third country where the alternative investment fund is established must have entered into an agreement with Denmark and with all countries in the European Union and countries with which the Union has concluded an agreement in the financial area where the alternative investment fund is planned to be marketed, which meets the standards in Article 26 of the Organisation for Economic Co-operation and Development's Model Tax Convention on Income and on Capital, and ensures effective exchange 26 April 2026. 43 No. 468.

Disclosure of information on tax matters, including information in relation to multilateral tax agreements.

Marketing in Denmark of alternative investment funds from a third country, managed by a manager with a registered home in Denmark

§ 99. A manager of alternative investment funds with a registered home in Denmark, who wishes to market shares in the funds mentioned in § 97 to professional investors in Denmark, must submit a notification to the Danish Financial Supervisory Authority (Finanstilsynet) for each fund prior to marketing.

Subsection 2. The notification pursuant to subsection 1 must be in writing and include the following documentation and information:

1. A business plan with a clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
2. The rules or articles of association of each fund.
3. Identification of the depositary of each fund.
4. A description of the funds available to investors.
5. Information on where the master fund is established, if one of the funds is a feeder fund.
6. Any additional information, pursuant to § 62, subsection 1, regarding each fund that the manager intends to market.
7. Where relevant, information on the measures taken to prevent shares in the fund from being marketed to retail investors, even when the manager uses independent entities to provide investment services in connection with the fund.

§ 100. No later than 20 working days after receiving a complete notification in accordance with § 99, the Danish Financial Supervisory Authority shall notify the manager whether the manager may commence marketing of the alternative investment fund in Denmark. Refusal to allow marketing may only be granted if the manager's management of the alternative investment fund is not in compliance with this Act and regulations issued pursuant thereto, or if the manager otherwise does not comply with this Act and regulations issued pursuant thereto.

Subsection 2. The manager may commence marketing of the alternative investment fund in Denmark from the date on which the Danish Financial Supervisory Authority has notified the manager that marketing may commence.

Subsection 3. The Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority that the manager has obtained permission to market shares in the alternative investment fund in Denmark.

§ 101. The manager must notify the Danish Financial Supervisory Authority in writing if there are significant changes to the information provided in accordance with § 99, subsection 2. For planned changes, the notification must be made no later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish Financial Supervisory Authority immediately after the change has occurred.

Subsection 2. If the planned changes result in the manager's management of the alternative investment fund no longer being in compliance with this Act or regulations issued pursuant thereto, or if the manager otherwise will no longer be able to comply with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority may order the manager not to implement the changes. The Danish Financial Supervisory Authority shall notify the manager of this immediately upon receipt of the notification in subsection 1.

Subsection 3. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to subsection 2, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund no longer complies with this Act or regulations issued pursuant thereto, or if the manager otherwise no longer complies with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority shall take the necessary measures, including, if necessary, prohibiting the marketing of the alternative investment fund or withdrawing the manager's permission to manage alternative investment funds, pursuant to § 17.

Subsection 4. If the notified changes are not in conflict with the rules in this Act or regulations issued pursuant to the Act, the Danish Financial Supervisory Authority shall immediately notify the European Securities and Markets Authority if the changes concern the cessation of marketing of certain alternative investment funds or the marketing of additional funds. The Danish Financial Supervisory Authority shall, if relevant, also notify the competent authorities in the manager's host country of the changes.

Marketing in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, of alternative investment funds from a third country, managed by a manager with a registered home in Denmark

§ 102. A manager of alternative investment funds with a home in Denmark, who wishes to market shares in the alternative investment funds mentioned in § 97 to professional investors in a country other than Denmark within the European Union or a country with which the Union has concluded an agreement in the financial field, must submit a notification to the Danish Financial Supervisory Authority for each such fund.

Subsection 2. The notification pursuant to subsection 1 must be in writing and include the following documentation and information:

1. A business plan with a clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
2. The rules or articles of association of each fund.
3. Identification of the depositary of each fund.
4. A description of the funds available to investors.
5. Information on where the master fund is established, if one of the funds is a feeder fund.
6. Any additional information, pursuant to § 62, subsection 1, regarding each fund that the manager intends to market.
7. Information on the member state(s) where the manager intends to market shares to professional investors for each fund.
8. Information on the measures taken to market the funds, and any information on the measures taken to prevent shares in each fund from being marketed to retail investors, even when the manager uses independent entities to provide investment services in connection with the fund.

§ 103. The notification mentioned in § 102 must be drafted in a language that is common in the international financial world.

§ 104. No later than 20 working days after receipt of a complete notification that meets the conditions in § 102, the Danish Financial Supervisory Authority shall forward the notification to the competent authorities in the country where it is intended that the alternative investment fund be marketed. The Danish Financial Supervisory Authority shall only forward the notification if the manager's management of the alternative investment fund is in compliance with this Act and regulations issued pursuant thereto and the manager otherwise complies with this Act and regulations issued pursuant thereto.

Subsection 2. The Danish Financial Supervisory Authority shall attach a declaration that the manager has permission to manage alternative investment funds with an investment strategy that the relevant alternative investment fund follows.

§ 105. When the Danish Financial Supervisory Authority has sent the notification to the competent authorities in the host country, pursuant to § 104, the Danish Financial Supervisory Authority shall immediately notify the manager of the forwarding. The manager may commence marketing of the alternative investment fund in the host country from the date of this notification.

Subsection 2. The Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority that the manager may commence marketing of shares in the alternative investment fund in the host country.

§ 106. The manager must notify the Danish Financial Supervisory Authority in writing if there are significant changes to the information provided in accordance with § 102, subsection 2. For planned changes, the notification must be made no later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish Financial Supervisory Authority immediately after the change has occurred.

Subsection 2. If the planned changes result in the manager's management of the alternative investment fund no longer being in compliance with this Act or regulations issued pursuant thereto, or if the manager otherwise will no longer be able to comply with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority may order the manager not to implement the changes. The Danish Financial Supervisory Authority shall notify the manager of this immediately upon receipt of the notification in subsection 1.

Subsection 3. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to subsection 2, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund no longer complies with this Act or regulations issued pursuant thereto, or if the manager otherwise no longer complies with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority shall take the necessary measures, including, if necessary, prohibiting the marketing of the alternative investment fund or withdrawing the manager's permission to manage alternative investment funds, pursuant to § 17.

Subsection 4. If the notified changes are not in conflict with the rules in this Act or regulations issued pursuant to the Act, the Danish Financial Supervisory Authority shall immediately notify the European Securities and Markets Authority if the changes concern the cessation of marketing of certain alternative investment funds or the marketing of additional funds. The Danish Financial Supervisory Authority shall, if relevant, also notify the competent authorities in the manager's host country of the changes.

§ 107. The Danish Financial Supervisory Authority may set detailed rules regarding:

1. The form and content of the notification that the manager must send to the Danish Financial Supervisory Authority prior to marketing in accordance with § 99.
2. The form and content of the notification that the manager must send to the Danish Financial Supervisory Authority prior to marketing in accordance with § 102.
3. The form of the written notifications referred to in §§ 101 and 106.

Marketing using a marketing passport in Denmark of alternative investment funds from a third country, by a manager from another country within the European Union or a country with which the Union has concluded an agreement in the financial field

§ 108. A manager of alternative investment funds with a registered home in another country within the European Union or a country with which the Union has concluded an agreement in the financial field, which has obtained permission to market the funds mentioned in § 97 in accordance with rules implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and which wishes to market these funds to professional investors in Denmark, may commence this marketing from the time when the competent authorities in the manager's home country have notified the manager that they have forwarded a complete notification and a declaration that the manager has permission to manage alternative investment funds with the relevant investment strategy, to the Danish Financial Supervisory Authority in accordance with the rules in Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.

Subsection 2. The Danish Financial Supervisory Authority may set detailed rules regarding the marketing referred to in subsection 1.

Chapter 16 Marketing without a marketing passport in Denmark of alternative investment funds from a third country by a manager from a country within the European Union or a country with which the Union has concluded an agreement in the financial field

§ 109. A manager of alternative investment funds with a registered home in Denmark, another country within the European Union or a country with which the Union has concluded an agreement in the financial field, which has obtained permission to manage alternative investment funds in accordance with rules implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and which wishes to market alternative investment funds from a third country or alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, which are feeder funds that do not meet the requirement in § 76, subsection 2, to professional investors in Denmark, may obtain permission from the Danish Financial Supervisory Authority for this, provided the following conditions are met:

1. The manager complies with all requirements in this Act and regulations issued pursuant to the Act, with the exception of Chapter 8.
2. The manager ensures that one or more entities are appointed, which must be different from the manager itself, to perform the tasks covered by § 50, § 51, subsection 1, and § 52. The manager must notify the Danish Financial Supervisory Authority of the identity of the entities performing the tasks covered by § 50, § 51, subsection 1, and § 52.
3. The Danish Financial Supervisory Authority must have concluded appropriate cooperation agreements with the competent authorities in the third country where the alternative investment fund is established, which meet international standards and ensure effective exchange of information, and which enable the Danish Financial Supervisory Authority to supervise the manager in accordance with this Act, including monitoring systemic risks.
4. The third country where the alternative investment fund is established must not be identified as a high-risk third country in accordance with Article 9, subsection 2, of the Directive of the European Parliament and of the Council on preventive measures against the use of the financial system for the purpose of money laundering or terrorist financing.
5. The third country where the alternative investment fund is established must have concluded an agreement with Denmark and with all other member states where the alternative investment fund is to be marketed. The agreement must meet the standards in Article 26 of the OECD Model Tax Convention on Income and on Capital and must ensure effective exchange of information on tax matters, including information in relation to multilateral tax agreements. The third country must not be listed in Annex I to the Council conclusions on the revised EU list of non-cooperative tax jurisdictions.

§ 110. The Danish Financial Supervisory Authority may set detailed rules regarding the marketing referred to in § 109.

Chapter 17 Rules for permission and marketing for managers of alternative investment funds with a registered home in a third country

Requirement for permission in the reference country prior to management or marketing

§ 111. A manager of alternative investment funds with a registered home in a third country must have a reference country in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, before the manager

1. commences management of alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, or
2. commences marketing in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, of alternative investment funds that the manager manages itself.

Subsection 2. If Denmark is the reference country for the manager, pursuant to §§ 112-115, the manager must comply with this Act and regulations issued pursuant thereto, including having permission pursuant to § 11, cf. § 116, before management or marketing of alternative investment funds commences.

Determination of reference country

§ 112. If a manager of alternative investment funds with a registered home in a third country plans to manage one or more alternative investment funds that are established in the same country within the European Union or a country with which the Union has concluded an agreement in the financial field, but does not plan to market any of the funds in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, that country is considered to be the manager's reference country.

Subsection 2. If a manager of alternative investment funds with a registered home in a third country plans to manage alternative investment funds that are established in different countries within the European Union or countries with which the Union has concluded an agreement in the financial field, but does not plan to market any of the funds in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, the reference country is either

1. the country within the European Union or the country with which the Union has concluded an agreement in the financial field where the majority of funds are established, or
2. the country within the European Union or the country with which the Union has concluded an agreement in the financial field where the largest amount of assets is managed.

§ 113. If a manager of alternative investment funds with a registered home in a third country exclusively plans to market one alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, the reference country is determined as follows:

1. If the fund has obtained permission or is registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, the manager's reference country is a) the home country of the alternative investment fund, or b) the country where the manager plans to market the fund.

2. If the fund has not obtained authorization in or is not registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the manager's reference country is the country where the manager plans to market the fund.

Subsection 2. If an alternative investment fund manager with its registered home in a third country exclusively plans to market one alternative investment fund from a third country in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the manager's reference country is that country where the fund is planned to be marketed.

Subsection 3. If an alternative investment fund manager with its registered home in a third country exclusively plans to market one alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, but in different countries within the European Union or countries with which the Union has concluded an agreement in the financial sector, the reference country is determined as follows:

1. If the fund has obtained authorization in or is registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the manager's reference country is a) the home country of the alternative investment fund or b) one of the countries where the manager plans to develop effective marketing.

2. If the fund has not obtained authorization in or is not registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the manager's reference country is one of the countries where the manager plans to develop effective marketing.

Subsection 4. If an alternative investment fund manager with its registered home in a third country exclusively plans to market one alternative investment fund from a third country, but in different countries within the European Union or countries with which the Union has concluded an agreement in the financial sector, the reference country is one of these countries.

Subsection 5. If an alternative investment fund manager with its registered home in a third country plans to market several alternative investment funds, all of which have their home country in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, in one or more countries within the European Union or a country with which the Union has concluded an agreement in the financial sector, the reference country is determined as follows:

1. If all funds have obtained authorization in or are registered in the same country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the reference country is a) the home country of these alternative investment funds or b) the country where the manager intends to develop effective marketing for most of these funds.

2. If all funds have not obtained authorization or are not registered in the same country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the manager's reference country is the country where the manager intends to develop effective marketing for most of the funds.

Subsection 6. If an alternative investment fund manager with its registered home in a third country plans to market several alternative investment funds in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, of which one or more of the funds are from a third country, the manager's reference country is the country within the European Union or the country with which the Union has concluded an agreement in the financial sector where the manager plans to develop effective marketing for most of these funds.

Section 114. If Denmark, pursuant to Sections 112 or 113, is the manager's only possible reference country, an alternative investment fund manager with its registered home in a third country shall apply for authorization to the Danish Financial Supervisory Authority pursuant to Section 11, cf. Section 119. If, in accordance with the criteria in Section 112, subsection 2, Section 113, subsection 1, no. 1, subsections 3 and 4, and subsection 5, no. 1, there are several possible reference countries, of which one is Denmark, the manager shall submit an application to be assigned a reference country to the competent authorities in all countries that are possible reference countries. The manager shall simultaneously inform the Danish Financial Supervisory Authority of which other countries the manager must submit notifications to.

Subsection 2. When the Danish Financial Supervisory Authority receives a request pursuant to subsection 1, where the manager has several possible reference countries, the Danish Financial Supervisory Authority shall, within 1 month after all competent authorities in other countries have received a notification from the manager to be assigned a reference country, together with the other countries according to national legislation, decide which country the manager shall be assigned as the reference country.

Subsection 3. If Denmark is the manager's reference country pursuant to subsection 2, the Danish Financial Supervisory Authority shall notify the manager that Denmark has been assigned to the manager as the reference country.

Subsection 4. If a decision has been made pursuant to subsection 2 and the manager has not been informed thereof within 7 days after the decision, or if a decision has not been made within 1 month after all requests pursuant to subsection 1 have been received by the competent authorities, the manager may choose a reference country based on the criteria applicable pursuant to Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers. If the manager chooses Denmark as the reference country, the manager shall immediately notify the Danish Financial Supervisory Authority thereof.

Subsection 5. A manager who intends to develop effective marketing in a specific country within the European Union or a country with which the Union has concluded an agreement in the financial sector shall, upon request from the Danish Financial Supervisory Authority, be able to document this by providing information about its marketing strategy.

26 April 2026. 47 No. 468.

Section 115. When the Danish Financial Supervisory Authority receives an application pursuant to Section 114, subsection 1, as a result of the manager considering Denmark the only possible reference country, the Danish Financial Supervisory Authority shall assess whether the manager's determination of the reference country is in accordance with Sections 112 and 113. If the Danish Financial Supervisory Authority does not agree that Denmark is the manager's reference country, or if the manager has other possible reference countries, the Danish Financial Supervisory Authority shall reject the application. If the Danish Financial Supervisory Authority agrees that Denmark is the manager's only possible reference country, the Danish Financial Supervisory Authority shall inform the European Securities and Markets Authority of the assessment of the reference country together with the manager's justification for choosing Denmark as the reference country and, if relevant, provide information about the manager's marketing strategy.

Subsection 2. The European Securities and Markets Authority shall provide advice to the Danish Financial Supervisory Authority regarding its assessment of the reference country no later than 1 month after receiving the notification pursuant to subsection 1.

Subsection 3. If the Danish Financial Supervisory Authority plans to grant authorization to manage alternative investment funds contrary to the advice from the European Securities and Markets Authority, the Danish Financial Supervisory Authority shall inform the European Securities and Markets Authority thereof together with information about the justification for the decision. If the manager intends to market shares in alternative investment funds managed by the manager in other countries within the European Union or a country with which the Union has concluded an agreement in the financial sector, the Danish Financial Supervisory Authority shall also inform the competent authorities in the relevant countries thereof together with the justification for the decision. If relevant, the Danish Financial Supervisory Authority shall also inform the competent authorities in the home countries of the alternative investment funds managed by the manager thereof together with the justification for the decision.

Supplementary conditions in connection with authorization to manage, etc.

Section 116. The conditions and requirements in Section 117 and Section 118, subsections 1-3, must be fulfilled for an alternative investment fund manager with its registered home in a third country, which has been assigned Denmark as the reference country, to obtain authorization to manage alternative investment funds, cf. Section 11, subsection 3, no. 7.

Section 117. It is a prerequisite for the Danish Financial Supervisory Authority to grant authorization to manage alternative investment funds to managers with their registered home in a third country that the following conditions are fulfilled:

1. Appropriate cooperation agreements must have been concluded between the Danish Financial Supervisory Authority, the competent authorities in the home countries of the relevant alternative investment funds, and the supervisory authorities in the country where the manager has its registered home, ensuring effective exchange of information, and enabling the Danish Financial Supervisory Authority to supervise the manager pursuant to this Act, including monitoring systemic risks.

2. The third country where the manager has its registered home must not be registered as a non-cooperative country and territory by the Financial Action Task Force.

3. The third country where the manager has its registered home must have concluded an agreement with Denmark, which complies with the standards in Article 26 of the Organisation for Economic Co-operation and Development's Model Tax Convention on Income and on Capital regarding income and wealth, and which ensures effective exchange of information on tax matters, including information relating to multilateral tax agreements.

4. The Danish Financial Supervisory Authority's supervisory tasks under this Act are not prevented by the laws or administrative provisions of a third country to which the manager is subject, or by limitations on the supervisory and investigative powers applicable to the supervisory authorities of the relevant third country.

Legal Representative

Section 118. An alternative investment fund manager with its registered home in a third country, which applies for authorization to manage alternative investment funds pursuant to Section 11, cf. Section 116, must have a legal representative established in Denmark.

Subsection 2. As regards the activities for which the manager applies for authorization to perform, the legal representative, together with the manager, shall be the contact point for the manager for:

1. The Danish Financial Supervisory Authority.

2. Other competent authorities from countries within the European Union or countries with which the Union has concluded an agreement in the financial sector.

3. Investors from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, in the funds managed by the manager.

4. The European Securities and Markets Authority.

Subsection 3. All correspondence from the manager as referred to in this Act and rules issued pursuant thereto shall be made through the legal representative when the correspondence is addressed to the following persons, companies, and authorities:

1. The Danish Financial Supervisory Authority.

2. Other competent authorities from countries within the European Union or countries with which the Union has concluded an agreement in the financial sector.

3. Investors from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, who invest in the funds managed by the manager.

Subsection 4. The legal representative must have the necessary competencies and resources to ensure that the manager complies with the requirements of this Act and rules issued pursuant thereto regarding the activities for which the manager applies for authorization.

26 April 2026. 48 No. 468.

Application for authorization to manage alternative investment funds

Section 119. An alternative investment fund manager with its registered home in a third country, which applies for authorization to manage alternative investment funds, shall send an application pursuant to Section 11 supplemented by the following information:

1. The manager's justification for its choice of Denmark as the reference country in accordance with the criteria in Sections 112 and 113, together with information about the manager's marketing strategy.

2. A list of any provisions in this Act or rules issued pursuant thereto, which the manager cannot comply with, because, in accordance with the conditions in Section 120, subsection 1, no. 1-3, it would be incompatible with compliance with a mandatory provision in the legislation to which the manager or an alternative investment fund from a third country, which is marketed in the European Union, is subject.

3. Any written statement pursuant to the regulatory technical standards developed by the European Securities and Markets Authority, which contains documentation that the legislation in the relevant third country contains regulation corresponding to the provisions in this Act, which it is impossible for the manager to comply with, cf. Section 120, and which has the same regulatory purpose and provides the same level of protection for investors in the relevant funds. The written statement shall be supported by a legal opinion stating that the relevant incompatible mandatory regulation exists in the third country's legislation, including a description of the legislative purpose of the regulation and the nature of the intended investor protection.

4. Information about the name and establishment location of the manager's legal representative.

Subsection 2. When a manager with its registered home in a third country applies for authorization to manage alternative investment funds pursuant to Section 11, cf. Section 116, the information mentioned in Section 11, subsection 5, may be limited to only include the alternative investment funds from countries within the European Union or countries with which the Union has concluded an agreement in the financial sector, which the manager intends to manage, and the other alternative investment funds which the manager manages and wishes to market in countries within the European Union or countries with which the Union has concluded an agreement in the financial sector.

Subsection 3. The Danish Financial Supervisory Authority may set more detailed rules on how a manager with its registered home in a third country can comply with the requirements of this Act, including in particular the requirements pursuant to Sections 61-68.

Section 120. If compliance with a provision in this Act or rules issued pursuant thereto conflicts with compliance with mandatory legislation to which an alternative investment fund manager with its registered home in a third country or an alternative investment fund from a third country, which the manager plans to market in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, is subject, the manager is not obliged to comply with the provision. The manager may, however, only refrain from complying with the provision when the manager can prove to the Danish Financial Supervisory Authority that:

1. it is impossible to reconcile the statutory provision with compliance with the legislation to which the manager or the fund is subject,

2. the legislation to which the manager or the fund is subject establishes a corresponding provision with the same purpose and with the same level of protection for investors in the fund as in this Act, annexes to the Act, or provisions issued pursuant to the Act, and

3. the manager or the fund complies with this legislation.

Subsection 2. If the Danish Financial Supervisory Authority assesses that the manager may apply the provision in subsection 1, the Danish Financial Supervisory Authority shall without undue delay inform the European Securities and Markets Authority thereof, attached with the information which the manager has provided to the Danish Financial Supervisory Authority pursuant to Section 119, subsection 1, no. 2 and 3.

Subsection 3. The European Securities and Markets Authority shall issue an opinion to the Danish Financial Supervisory Authority regarding whether the European Securities and Markets Authority agrees that the manager may refrain from complying with a provision in this Act or rules issued pursuant to the Act, no later than 1 month after receiving notification thereof from the Danish Financial Supervisory Authority.

Subsection 4. If the Danish Financial Supervisory Authority grants authorization contrary to the advice from the European Securities and Markets Authority, the Danish Financial Supervisory Authority shall inform the European Securities and Markets Authority thereof together with information about the justification for the decision. If the manager intends to market shares in alternative investment funds managed by the manager in other countries within the European Union or a country with which the Union has concluded an agreement in the financial sector, the Danish Financial Supervisory Authority shall also inform the competent authorities in the relevant countries thereof together with the justification for the decision. If relevant, the Danish Financial Supervisory Authority shall also inform the competent authorities in the home countries of the alternative investment funds managed by the manager thereof together with the justification for the decision.

Subsection 5. The Danish Financial Supervisory Authority may set more detailed rules on when legislation to which a manager is subject is considered to have a provision with the same purpose and level of protection for investors in the fund as that applicable pursuant to this Act. The Danish Financial Supervisory Authority may similarly set more detailed rules on this for an alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, which is managed by the manager, or a fund from a third country, which is marketed by a manager in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector.

26 April 2026. 49 No. 468.

Chapter 18 Change of Reference Country

§ 121. An alternative investment fund manager with registered residence in a third country that has been assigned Denmark as its reference country may not change its reference country without permission from the Danish Financial Supervisory Authority.

Subsection 2. If the manager changes its marketing strategy within the first two years after the Danish Financial Supervisory Authority has granted permission to manage alternative investment funds to the manager pursuant to § 11, cf. § 116, and this change would have affected the determination of the reference country had the changed marketing strategy been applied at the time of the manager's original application, the manager shall notify the Danish Financial Supervisory Authority thereof.

Subsection 3. The manager may not implement a changed marketing strategy before the manager has notified this to the Danish Financial Supervisory Authority pursuant to subsection 2. At the same time as the notification, the manager must state which reference country the manager assesses is correct based on the changed marketing strategy in accordance with the criteria in §§ 112-115. The manager must simultaneously explain its new marketing strategy to the Danish Financial Supervisory Authority. The manager must furthermore provide the name and establishment location of the manager's legal representative in the stated new reference country.

Subsection 4. The Danish Financial Supervisory Authority verifies whether the manager's assessment of the new reference country is in compliance with the rules issued pursuant to Article 37, subsection 4, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and notifies the European Securities and Markets Authority thereof together with the manager's justification for choosing the new reference country and information about the manager's changed marketing strategy.

Subsection 5. The European Securities and Markets Authority issues an opinion to the Danish Financial Supervisory Authority with its assessment of whether the change of reference country is in compliance with rules issued pursuant to Article 37, subsection 4, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.

Subsection 6. The Danish Financial Supervisory Authority must make a decision on whether permission can be granted for the manager to change its reference country after the European Securities and Markets Authority has issued the opinion pursuant to subsection 5.

Subsection 7. When the Danish Financial Supervisory Authority makes a decision on whether the manager can change its reference country, the Danish Financial Supervisory Authority must notify the manager's legal representative in Denmark and the European Securities and Markets Authority thereof. To the extent that the manager markets alternative investment funds in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, the Danish Financial Supervisory Authority must also notify the competent authorities in the countries where the funds are marketed thereof. If the Danish Financial Supervisory Authority approves the change, the Danish Financial Supervisory Authority must notify the new reference country thereof.

Subsection 8. Upon change of reference country, the Danish Financial Supervisory Authority must send a copy of the manager's permission to manage alternative investment funds and the case files related to the manager's permission to the new reference country.

Subsection 9. Denmark is no longer the manager's reference country when the new reference country has received notification of the permission and a copy of the case files from the Danish Financial Supervisory Authority.

Subsection 10. If the Danish Financial Supervisory Authority's decision is contrary to the European Securities and Markets Authority's assessment, the Danish Financial Supervisory Authority must simultaneously with the notification to the European Securities and Markets Authority regarding the decision explain the reasoning therefor. The Danish Financial Supervisory Authority must also notify the competent authorities in the countries within the European Union or countries with which the Union has concluded an agreement in the financial area where the manager markets alternative investment funds of the decision. If relevant, the Danish Financial Supervisory Authority must also notify the competent authorities in the home country of the alternative investment funds for which the manager is responsible thereof.

§ 122. The Danish Financial Supervisory Authority must order an alternative investment fund manager with registered residence in a third country to specify its correct reference country if, within 2 years after the manager has acquired its permission, it appears from the manager's actual business development in countries within the European Union or countries with which the Union has concluded an agreement in the financial area that:

1. the marketing strategy on which the manager obtained its permission was not followed,
2. the manager provided incorrect information regarding the marketing strategy on which the manager obtained its permission, or
3. the manager changed its marketing strategy without notifying the Danish Financial Supervisory Authority thereof, cf. § 121, subsections 2 and 3.

Subsection 2. If the manager does not comply with an order from the Danish Financial Supervisory Authority pursuant to subsection 1, the Danish Financial Supervisory Authority must withdraw the manager's permission to manage alternative investment funds.

§ 123. If an alternative investment fund manager changes its marketing strategy later than 2 years after the Danish Financial Supervisory Authority has given the manager permission to manage alternative investment funds, and the manager plans to change its reference country based on a new marketing strategy, the manager must submit an application for permission to do so to the Danish Financial Supervisory Authority. In such cases, § 121 applies with the necessary adaptations.

Subsection 2. The Danish Financial Supervisory Authority may set detailed rules regarding the form and content of the application pursuant to subsection 1.

Chapter 19 Jurisdiction and Choice of Law

§ 124. Cases concerning matters covered by this Act between the Danish Financial Supervisory Authority and an alternative investment fund manager with registered residence in a third country that has Denmark as its reference country are brought in this country according to the rules in Chapter 22 of the Administration of Justice Act regarding local jurisdiction.

Subsection 2. Where there is no local jurisdiction for cases covered by subsection 1 according to the rules in Chapter 22 of the Administration of Justice Act, the case is brought in Copenhagen.

Subsection 3. Cases covered by subsection 1 are processed under the application of Danish law.

§ 125. Cases concerning matters covered by this Act between investors with residence in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, and an alternative investment fund manager with registered residence in a third country that has received permission to manage alternative investment funds in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, or an alternative investment fund that the manager manages or markets in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, may be brought in this country according to the rules in Chapter 22 of the Administration of Justice Act regarding local jurisdiction.

Subsection 2. Cases covered by subsection 1 are processed under the application of the law in a country within the European Union or a country with which the Union has concluded an agreement in the financial area.

Chapter 20 Management of Alternative Investment Funds from Another Country Within the European Union or a Country with Which the Union Has Concluded an Agreement in the Financial Area by Alternative Investment Fund Managers with Registered Residence in a Third Country

§ 126. An alternative investment fund manager with registered residence in a third country that has permission to manage alternative investment funds pursuant to § 11, cf. § 116, may manage alternative investment funds established in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, either directly or by establishing a branch, provided that the manager has permission to manage alternative investment funds with the relevant type of investment strategy.

Subsection 2. The first time a manager wishes to manage an alternative investment fund established in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, the manager must submit the following information to the Danish Financial Supervisory Authority:

1. Which country within the European Union or country with which the Union has concluded an agreement in the financial area the manager intends to manage the alternative investment funds in, either directly or by establishing a branch.
2. An operational plan which, inter alia, must describe which services the manager intends to deliver and which alternative investment funds the manager intends to manage.

Subsection 3. If a manager intends to establish a branch in the host country to handle the management, the manager must, in addition to the information pursuant to subsection 2, submit the following information to the Danish Financial Supervisory Authority:

1. The organizational structure of the branch.
2. The address in the alternative investment fund's home country from which documents can be requisitioned.
3. The names of and contact information regarding the persons who are responsible for the management of the branch.

Subsection 4. The information communicated pursuant to subsections 2 and 3 must be prepared in a language that is common in the international financial world.

Subsection 5. The Danish Financial Supervisory Authority forwards no later than 1 month after receiving all the documentation referred to in subsection 2 or no later than 2 months after receiving all the documentation referred to in subsection 3 this complete documentation to the competent authorities in the manager's host countries. The Danish Financial Supervisory Authority only forwards the notification if the manager's management of the alternative investment fund is in compliance with this Act and rules issued pursuant thereto and the manager otherwise complies with this Act and rules issued pursuant thereto.

Subsection 6. The Danish Financial Supervisory Authority attaches a declaration that the manager has permission to manage alternative investment funds with the investment strategy that the relevant alternative investment fund follows.

Subsection 7. When the Danish Financial Supervisory Authority has sent the information to the competent authorities in the host country, cf. subsections 5 and 6, the Danish Financial Supervisory Authority immediately notifies the manager thereof. The manager may begin delivering management services in the host country after having received this notification. The Danish Financial Supervisory Authority must notify the European Securities and Markets Authority that the manager may begin delivering services in the host countries.

Subsection 8. The manager must notify the Danish Financial Supervisory Authority in writing if significant changes occur in the information provided pursuant to subsections 2 and 3. For planned changes, the notification must be made no later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish Financial Supervisory Authority immediately after the change has taken place.

Subsection 9. If the planned changes mean that the manager's management of the alternative investment fund will no longer be in compliance with this Act or rules issued pursuant thereto, or if the manager otherwise will no longer be able to comply with this Act or rules issued pursuant thereto, the Danish Financial Supervisory Authority may order the manager not to implement the changes. The Danish Financial Supervisory Authority must communicate this to the manager immediately after receipt of the notification in subsection 8.

Subsection 10. If a planned change is implemented despite the Danish Financial Supervisory Authority's communication pursuant to subsection 9, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund no longer complies with this Act or rules issued pursuant thereto, or if the manager otherwise no longer complies with this Act or rules issued pursuant thereto, the Danish Financial Supervisory Authority must take the necessary measures, including prohibiting the marketing of the alternative investment fund or withdrawing the manager's permission to manage alternative investment funds, cf. § 17, if necessary.

Subsection 11. If the communicated changes are not contrary to the rules of this Act or rules issued pursuant to the Act, the Danish Financial Supervisory Authority immediately notifies the competent authorities in the manager's host country of the changes.

Subsection 12. The Danish Financial Supervisory Authority may set detailed rules regarding

1. the form and content of the information pursuant to subsections 2 and 3 and
2. the form of the written notification that the manager must submit to the Danish Financial Supervisory Authority, cf. subsection 8.

Management of Alternative Investment Funds Established in Denmark by Alternative Investment Fund Managers with Registered Residence in a Third Country That Have Been Assigned Another Country Within the European Union or a Country with Which the Union Has Concluded an Agreement in the Financial Area as Reference Country

§ 127. An alternative investment fund manager with registered residence in a third country that has been assigned another country within the European Union or another country with which the Union has concluded an agreement in the financial area as its reference country, and that has received permission to manage alternative investment funds pursuant to rules implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, may begin managing alternative investment funds established in Denmark from the point in time when the competent authorities in the manager's home country have notified the manager that they have forwarded to the Danish Financial Supervisory Authority the information referred to in § 126, subsection 2, if the management is to be done directly, and the information referred to in § 126, subsection 3, if the management is to be done via a branch in Denmark, and a declaration that the manager has permission to manage alternative investment funds with the relevant type of investment strategy.

Chapter 21 Marketing Using a Marketing Passport in a Country Within the European Union or a Country with Which the Union Has Concluded an Agreement in the Financial Area of Alternative Investment Funds Managed by a Manager with Registered Residence in a Third Country That Has Been Assigned Denmark as Reference Country

§ 128. An alternative investment fund manager with registered residence in a third country that has been assigned Denmark as its reference country, and that has received permission to manage alternative investment funds pursuant to § 11, cf. § 116, who wishes to market shares in an alternative investment fund that the manager manages to professional investors in Denmark or another country within the European Union or a country with which the Union has concluded an agreement in the financial area, must submit a written notification thereof to the Danish Financial Supervisory Authority for each alternative investment fund that the manager plans to market. The notification must be prepared in a language that is common in the international financial world.

Subsection 2. If the alternative investment fund that the manager wishes to market pursuant to subsection 1 is from a third country, the following must be fulfilled:

1. Appropriate cooperation agreements must have been concluded between the Danish Financial Supervisory Authority and the competent authorities in the country where the alternative investment fund is established, which meet international standards and enable the Danish Financial Supervisory Authority to supervise the manager pursuant to this Act, including monitoring systemic risks.
2. The third country where the alternative investment fund is established must not be registered as a non-cooperative country and territory by the Financial Action Task Force.
3. The third country where the alternative investment fund is established must have concluded an agreement with Denmark and with all the countries in the European Union and countries with which the Union has concluded an agreement in the financial area where the alternative investment fund is planned to be marketed, which meets the standards in Article 26 of the Organisation for Economic Co-operation and Development's Model Tax Convention on Income and on Capital, and which ensures effective exchange of information on tax matters, including information relating to multilateral tax agreements.

Subsection 3. If the manager wishes to market an alternative investment fund in Denmark pursuant to subsection 1, the manager must attach the following documentation and information:

1. A notification attached with an operational plan with a clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
2. Each fund's rules or articles of association.
3. Specification of each fund's depositary.
4. A description of the funds available to investors.
5. Information on where the master fund is established, if one of the funds is a feeder fund.
6. Any additional information, cf. § 62, subsection 1, regarding each fund that the manager intends to market.
7. Where relevant, information on the measures taken to prevent shares in the fund from being marketed to retail investors, even when the manager uses independent entities to deliver investment services in connection with the fund.

Subsection 4. No later than 20 working days after receiving a complete notification pursuant to subsection 1, cf. subsection 3, regarding marketing in Denmark, the Danish Financial Supervisory Authority must notify the manager whether the manager may begin marketing the one or more alternative investment funds in Denmark. Refusal of marketing may only be communicated if the manager's management of the alternative investment fund is not in compliance with this Act and rules issued pursuant thereto, or if the manager otherwise does not comply with this Act and rules issued pursuant thereto. The manager may begin marketing the alternative investment fund

fund in Denmark from the date when the Danish Financial Supervisory Authority has notified the manager that marketing may commence.

Subsection 5. The Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority that the manager has been granted permission to market shares in the alternative investment fund in Denmark. If the fund is from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, the Danish Financial Supervisory Authority shall also notify the competent authorities of the alternative investment fund.

Subsection 6. If the alternative investment fund is to be marketed in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, the notification pursuant to subsection 1 shall be accompanied by the following documentation and information:

1. A notification attached to an operating plan with a clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
2. The rules or articles of association of each fund.
3. Indication of the depositary of each fund.
4. A description of the funds available to investors.
5. Information on where the master fund is established, if one of the funds is a feeder fund.
6. Any additional information, pursuant to Section 62, subsection 1, regarding each fund that the manager intends to market.
7. Information on the Member State or States where the manager intends to market shares to professional investors for each fund.
8. Information on the measures taken to market the funds, and any information on the measures taken to prevent shares in each fund from being marketed to retail investors, even when the manager uses independent entities to provide investment services in connection with the fund.

Subsection 7. No later than 20 working days after receipt of a complete notification that meets the conditions in subsection 6 regarding marketing in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, the Danish Financial Supervisory Authority shall forward the notification to the competent authorities in the country where it is intended that the alternative investment fund be marketed. The Danish Financial Supervisory Authority shall only forward the notification if the manager's management of the alternative investment fund is in compliance with this Act and regulations issued pursuant thereto, and if the manager otherwise complies with this Act and regulations issued pursuant thereto. The Danish Financial Supervisory Authority shall attach a declaration that the manager has permission to manage alternative investment funds with an investment strategy that the relevant alternative investment fund follows.

Subsection 8. When the Danish Financial Supervisory Authority has sent the notification to the competent authorities in the host country, pursuant to subsection 7, the Danish Financial Supervisory Authority shall immediately notify the manager of the forwarding. The manager may commence the marketing of the alternative investment fund in the host country after receiving this notification.

Subsection 9. The Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority that the manager may commence marketing of shares in the alternative investment fund in the host country, pursuant to subsection 8. If the fund is from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, the Danish Financial Supervisory Authority shall also notify the competent authorities of the alternative investment fund.

Subsection 10. The manager shall notify the Danish Financial Supervisory Authority in writing if there are significant changes to the information provided in accordance with subsection 3 or subsection 6. For planned changes, the notification must be made no later than 1 month before the changes are implemented. Unforeseen changes shall be communicated to the Danish Financial Supervisory Authority immediately after the change has occurred.

Subsection 11. If the planned changes result in the manager's management of the alternative investment fund no longer being in compliance with this Act or regulations issued pursuant thereto, or if the manager otherwise no longer complies with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority may order the manager not to implement the changes. The Danish Financial Supervisory Authority shall notify the manager of this immediately after receiving the notification in subsection 10.

Subsection 12. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to subsection 11, or if an unforeseen change has occurred whereby the manager's management of the alternative investment fund no longer complies with this Act or regulations issued pursuant thereto, or if the manager otherwise no longer complies with this Act or regulations issued pursuant thereto, the Danish Financial Supervisory Authority shall take the necessary measures, including prohibiting the marketing of the alternative investment fund or withdrawing the manager's permission to manage alternative investment funds, pursuant to Section 17.

Subsection 13. If the notified changes are not in conflict with the rules in this Act or regulations issued pursuant to the Act, the Danish Financial Supervisory Authority shall immediately notify the European Securities and Markets Authority if the changes concern the cessation of marketing of certain alternative investment funds or the marketing of additional funds, and, if relevant, the competent authorities in the host countries where the funds are marketed.

Subsection 14. The Danish Financial Supervisory Authority may set detailed rules regarding

1. the form and content of notifications pursuant to subsection 1, and
2. the form of the written notification that the manager must submit pursuant to subsection 10.

Marketing using a marketing passport in Denmark of alternative investment funds by a manager with registered domicile in a third country, who has been assigned another country within the European Union or a country with which the Union has concluded an agreement in the financial area, as the reference country

Section 129. A manager of alternative investment funds with registered domicile in a third country, who has been assigned another country within the European Union or a country with which the Union has concluded an agreement in the financial area, as the reference country, and who has permission to market alternative investment funds managed by the manager, in accordance with rules implementing Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers, and who wishes to market these funds to professional investors in Denmark, may commence this marketing from the time when the competent authorities in the manager's reference country have notified the manager that they have forwarded a complete notification and a declaration that the manager has permission to manage alternative investment funds with the relevant investment strategy, to the Danish Financial Supervisory Authority in accordance with the rules in Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.

Subsection 2. The Danish Financial Supervisory Authority may set detailed rules regarding the marketing referred to in subsection 1.

Managers from third countries marketing alternative investment funds in Denmark without a marketing passport

Section 130. A manager of alternative investment funds with registered domicile in a third country may, instead of a permission pursuant to Section 11, c.f. Section 116, obtain permission from the Danish Financial Supervisory Authority to market shares to professional investors in Denmark in an alternative investment fund managed by the manager, if the conditions in subsections 2-5 are met.

Subsection 2. The manager must comply with Sections 61-68 for each alternative investment fund that it markets pursuant to subsection 1. Furthermore, the manager must comply with Sections 70-75, if an alternative investment fund that it markets pursuant to subsection 1 falls within the scope of Section 70, subsection 1.

Subsection 3. Appropriate cooperation agreements meeting international standards must be concluded, enabling supervision of the manager, including monitoring systemic risks, between the Danish Financial Supervisory Authority and the relevant supervisory authorities in the manager's home country, as well as between the Danish Financial Supervisory Authority and the relevant authorities in the alternative investment fund's home country, if the fund is established in a third country. If the fund is established in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, appropriate cooperation agreements as in the first sentence must be concluded between the competent authorities in the fund's home country and the relevant supervisory authorities in the manager's home country.

Subsection 4. The third country where either the manager or the alternative investment fund is established must not be identified as a high-risk third country pursuant to Article 9, subsection 2, of the Directive of the European Parliament and of the Council on preventive measures against the use of the financial system for the purpose of money laundering or terrorist financing.

Subsection 5. The third country where either the manager or the alternative investment fund is established must have concluded an agreement with Denmark and with all other Member States where the alternative investment fund is to be marketed. The agreement must meet the standards in Article 26 of the OECD Model Tax Convention on Income and on Capital and must ensure effective exchange of information on tax matters, including information relating to multilateral tax agreements. The third country must not be listed in Annex I to the Council Conclusions on the revised EU list of non-cooperative tax jurisdictions.

Subsection 6. The Danish Financial Supervisory Authority may set detailed rules regarding the marketing covered by this provision.

Part VII Annual Report for Managers Chapter 22 Annual and Interim Reports for Managers

Section 131. Managers of alternative investment funds with registered domicile in Denmark, who are not self-managing, and who have permission to manage alternative investment funds, must prepare and submit an annual report in accordance with the rules set by the Danish Financial Supervisory Authority pursuant to subsection 6, c.f. however subsections 2-5.

Subsection 2. Where rules issued pursuant to subsection 6 regulate the same matters as Regulation No. 1606/2002 on the application of international accounting standards, pursuant to Article 4 of the Regulation, the rules issued pursuant to subsection 6 do not apply to the consolidated accounts of companies covered by Article 4 of the Regulation.

Subsection 3. Managers whose securities are not admitted to trading on a regulated market in this country, in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, may, regardless of subsection 1, choose to apply the standards mentioned in subsection 2 to their consolidated accounts.

Subsection 4. Managers who, pursuant to subsection 3, follow the standards mentioned in subsection 2, must apply all approved standards in their consolidated accounts. Where rules issued pursuant to subsection 6 regulate the same matters as the standards, managers who, pursuant to subsection 3, apply the standards, must apply the standards instead of the relevant provisions.

Subsection 5. The Danish Financial Supervisory Authority may set disclosure requirements for companies that follow the standards mentioned in subsection 2.

Subsection 6. The Danish Financial Supervisory Authority sets rules on annual and interim reports for managers of alternative investment funds with registered domicile in Denmark, who are not self-managing, and who have permission to manage alternative investment funds, as well as on their reporting of accounting information to the Danish Financial Supervisory Authority.

Section 132. The Danish Financial Supervisory Authority may set rules on audit for managers of alternative investment funds with registered domicile in Denmark, who are not self-managing, and who have permission to manage alternative investment funds, and their subsidiaries, including requirements for the auditor and for the choice and appointment of the auditor.

Subsection 2. The Danish Financial Supervisory Authority may set rules on internal audit and on the implementation of system audits in shared data centers.

Part VIII Structural Provisions for Capital Funds, AIF-SIKAVs and AIF Securities Funds Chapter 23 Establishment

Section 133. A capital fund or an AIF-SIKAV may be established by one or more founders. A founder must not be bankrupt or undergoing reconstruction proceedings. If a founder is a natural person, the person must be of age, and the person must not be under guardianship pursuant to Section 5 of the Guardianship Act or under joint guardianship pursuant to Section 7 of the Guardianship Act. If a founder is a legal person, it must be capable of acquiring rights, entering into obligations, and being a party to legal proceedings.

Subsection 2. The founders must sign a deed of incorporation, which must contain the articles of association of the capital fund or AIF-SIKAV. If no board of directors and auditor have been elected in connection with the establishment of the capital fund or AIF-SIKAV, the founders must hold a general meeting to elect a board of directors and auditor no later than 2 weeks from the signing of the deed of incorporation.

Subsection 3. An AIF securities fund may only be established by a manager of alternative investment funds who has permission to administer alternative investment funds.

Section 134. A capital fund or AIF-SIKAV must have an association or corporate capital, which may vary according to the terms set out in the articles of association. An AIF securities fund must have a fund capital, which may vary according to the terms set out in the AIF securities fund's fund regulations. Anyone who owns a share in a section of a capital fund, an AIF-SIKAV or an AIF securities fund is referred to as an investor in the capital fund, AIF-SIKAV or AIF securities fund and the section.

Subsection 2. A capital fund, an AIF-SIKAV and an AIF securities fund must be organized with one or more sections each based on a specific part of the assets according to the provisions of the articles of association or fund regulations. The board of directors of a capital fund or an AIF-SIKAV may establish new sections and make associated amendments to the articles of association, unless otherwise stated in the articles of association. The board of directors of the manager of alternative investment funds for an AIF securities fund may establish new sections, unless otherwise stated in the fund regulations.

Subsection 3. Each section is liable only for its own obligations. Each section is also liable for its share of the costs that are common to the sections in a capital fund, an AIF-SIKAV or an AIF securities fund. If legal action has been taken in vain, or if it is otherwise proven that a section cannot fulfill its obligations according to the second sentence, the other sections are jointly and severally liable for the section's share of the common costs.

Subsection 4. A section may be divided into share classes according to the provisions of the articles of association or fund regulations.

Subsection 5. An investor in a section is not personally liable for the obligations of the capital fund, AIF-SIKAV, AIF securities fund or section. The investor is liable only with its contribution.

Subsection 6. All investors in a capital fund, AIF-SIKAV or alternative AIF securities fund must have the same rights, insofar as it concerns matters that affect all investors in the capital fund, AIF-SIKAV or AIF securities fund. All investors in a section must have the same rights, insofar as it concerns matters that only affect investors in the section. The provisions in the first and second sentences may be derogated from as a result of the establishment of share classes, issuance of shares without right to dividend, and setting rules on voting rights restrictions, provided that every investor in a capital fund or AIF-SIKAV must have at least one vote.

Subsection 7. It must appear from the articles of association of a capital fund or AIF-SIKAV or from the fund regulations of an AIF securities fund, according to which accounting rules the capital fund, AIF-SIKAV or AIF securities fund will prepare its annual report.

Section 135. A capital fund has the exclusive right and is obliged to use the term capital fund in its name.

Subsection 2. An AIF-SIKAV has the exclusive right and is obliged to use the term AIF-SIKAV or alternative investment fund with variable capital in its name.

Subsection 3. An AIF securities fund has the exclusive right and is obliged to use the term AIF securities fund in its name.

Subsection 4. The manager of a capital fund, AIF-SIKAV or AIF securities fund constitutes the daily management of the association or fund.

Notifications to the Danish Business Authority

Section 136. When a capital fund or AIF-SIKAV is established or an AIF securities fund is established, the manager must notify the Danish Business Authority. The notification of a capital fund or an AIF-SIKAV must be accompanied by a copy of the capital fund's or AIF-SIKAV's deed of incorporation and articles of association.

Subsection 2. A capital fund or an AIF-SIKAV that is not yet registered with the Danish Business Authority cannot, as such, acquire rights and enter into obligations. A capital fund or AIF-SIKAV cannot also be a party to legal proceedings except for actions regarding the establishment.

Subsection 3. For an obligation entered into on behalf of a capital fund or AIF-SIKAV before registration, those who entered into the obligation or are jointly responsible for it are personally, unlimitedly, and jointly and severally liable. Upon registration, the capital fund or AIF-SIKAV assumes these obligations.

Subsection 4. When a capital fund or an AIF-SIKAV has amended its articles of association, the manager of the capital fund or AIF-SIKAV must notify the amendments to the Danish Business Authority, which will make the necessary registrations.

Subsection 5. Chapter 2, Section 366, Section 367, subsection 1 and 4, and Section 371 of the Companies Act apply with the necessary adjustments to capital funds, AIF-SIKAVs and AIF securities funds. Regardless of the provision in Section 9, subsection 1 of the Companies Act, notification of amendments to the articles of association must be received

i Erhvervsstyrelsen, no later than 4 weeks after the decision on the amendment is made.

Subsection 6. Any notification to the Danish Business Authority made by a manager in accordance with the provisions on investment companies or AIF-SIKAVs in this Act must be accompanied by a declaration issued by the manager, stating that the notified matters are in compliance with the provisions on investment companies or AIF-SIKAVs in this Act.

Subsection 7. The Danish Business Authority may set detailed rules on registration in the Authority, including rules on fees for registration.

§ 136a. An investment company and an AIF-SIKAV must obtain information about the company's or AIF-SIKAV's beneficial owners, including information about the beneficial owners' rights.

Subsection 2. Any person who directly or indirectly owns or controls the investment company or AIF-SIKAV must, upon request by the investment company or AIF-SIKAV, provide the investment company or AIF-SIKAV with the information about the ownership structure necessary for the identification of beneficial owners, including information about the beneficial owners' rights.

Subsection 3. The investment company and AIF-SIKAV must register the information, including information about the beneficial owners' rights, in the Danish Business Authority's IT system as soon as possible after the company or AIF-SIKAV becomes aware that a person has become a beneficial owner. Any changes to the information registered about the beneficial owners must be registered as soon as possible after the company or AIF-SIKAV becomes aware of the change. The registered members of the board of the company or AIF-SIKAV must be regarded and registered as beneficial owners in the Danish Business Authority's IT system if, after having exhausted all possibilities for identification, the company or AIF-SIKAV has no beneficial owners or no beneficial owners can be identified.

Subsection 4. Investment companies and AIF-SIKAVs must, at least once a year, investigate whether there are changes to the registered information about beneficial owners. The result of the annual investigation is presented at the board meeting where the board approves the annual report.

Subsection 5. The investment company and AIF-SIKAV must keep documentation for the obtained information about the beneficial owners of the investment company or AIF-SIKAV for 5 years after the beneficial ownership ends. The company or AIF-SIKAV must also keep documentation for the obtained information about attempts to identify beneficial owners for 5 years after the completion of the identification attempt.

Subsection 6. The investment company or AIF-SIKAV must, upon request, provide information about the beneficial owners of the company or AIF-SIKAV, including information about the company's or AIF-SIKAV's attempts to identify the beneficial owners, to the Danish Financial Intelligence Unit. The company or AIF-SIKAV must also, upon request, provide the aforementioned information to other competent authorities when these authorities assess that the information is necessary for their performance of supervisory or control tasks.

Subsection 7. The Danish Financial Intelligence Unit and other competent authorities may freely pass on information about beneficial owners, registered pursuant to subsection 3 or obtained pursuant to subsection 6, to competent authorities and financial intelligence units in other EU member states.

Subsection 8. Subsections 1-7 do not apply to investment companies or AIF-SIKAVs if shares or bonds are traded on a regulated market or a corresponding market subject to disclosure requirements in accordance with EU law or corresponding international standards.

Subsection 9. The Danish Business Authority sets detailed rules on the registration, availability, and publication of information in the Danish Business Authority's IT system pursuant to subsections 1, 3, and 5, including which information the investment company or AIF-SIKAV must register in the Authority's IT system.

§ 136b. Investment companies and AIF-SIKAVs that must obtain, keep, and register information about beneficial owners, pursuant to § 136a, must, upon request, provide persons and businesses that are required to perform customer due diligence procedures under the Money Laundering Act with information about the ownership structure of the investment company or AIF-SIKAV.

Subsection 2. If the Danish Financial Supervisory Authority receives reports of discrepancies in the registered information about the beneficial owners of an investment company or AIF-SIKAV pursuant to the Money Laundering Act, the Danish Financial Supervisory Authority conducts an investigation into the matter. The Danish Financial Supervisory Authority may, in this connection, set a deadline for the investment company or AIF-SIKAV to rectify the matter.

Subsection 3. Upon request from the Danish Financial Supervisory Authority, the Danish Business Authority may, concurrently with the investigation pursuant to subsection 2, publish a notice of the report in the Danish Business Authority's IT system. The investment company or AIF-SIKAV must have the opportunity to object to the report before it is published, unless the purpose of publishing the notice of the report is thereby frustrated.

Share Classes

§ 137. When the articles of association of an investment company or AIF-SIKAV contain provisions that the divisions can be divided into share classes, the board may

1. upon establishment of a new division, divide the division into share classes without further ado, and
2. divide an existing division into share classes based on the investors' decision to that effect at a general meeting.

Subsection 2. If it concerns an AIF securities fund, it is the board of the manager of the AIF securities fund that makes decisions as mentioned in subsection 1.

Subsection 3. A share class does not have priority to any part of the division's assets, including any class-specific assets. A share class has only the right to a part of the return on the assets, including a part of the return on the common portfolio, which is the part of the portfolio that all share classes receive returns from, and the return on the class-specific assets, which is the part of the portfolio that only the respective share class receives returns from.

April 26, 2026. 56 No. 468.

Subsection 4. If a division is divided into share classes, the board must set principles for the distribution of costs between the share classes, such that each share class only bears its share of the division's common costs and the special costs associated with the share class's specific characteristics.

§ 138. An investment company, AIF-SIKAV, or AIF securities fund that receives funds from retail investors must, on its or its manager's website, state which share classes have been established, including providing information about the characteristics applicable to each share class and the principles for the distribution of costs between share classes.

Headquarters and Representative

§ 139. If an investment company or AIF-SIKAV has appointed an alternative investment fund manager with headquarters (head office) in Denmark, the investment company or AIF-SIKAV has its headquarters in the same place as the manager, subject to subsection 2.

Subsection 2. If an investment company or AIF-SIKAV has appointed an alternative investment fund manager with headquarters in another country, the investment company or AIF-SIKAV must enter into an agreement with a representative for the representation of the investment company or AIF-SIKAV in this country. The investment company or AIF-SIKAV has its headquarters where the representative has its headquarters, and its head office where the manager has its head office.

Liquidation

§ 140. A decision on the liquidation of a division in an investment company or AIF-SIKAV is made by the general meeting. A decision on the liquidation of a division in an AIF securities fund is made by the board of the manager of the AIF securities fund.

Subsection 2. A decision on liquidation must contain a provision on who shall be the liquidator. The liquidator takes the place of the board and the manager.

Subsection 3. The liquidator can at any time be dismissed by the general meeting of the investment company or AIF-SIKAV or by the board of the manager of the AIF securities fund.

§ 141. A division under liquidation must add "in liquidation" to its name.

Subsection 2. The liquidator must, as soon as possible, by an announcement in the Official Gazette with a notice of at least 3 months, invite the division's creditors to report their claims. The invitation to report claims must simultaneously be sent to all known creditors.

Subsection 3. If the liquidator cannot recognize a claim that is reported, the liquidator must notify the creditor thereof by registered letter, stating that the creditor, if they wish to contest the decision, must bring the matter before the court no later than 4 weeks after the letter was sent.

Subsection 4. The liquidator may earliest distribute the liquidation proceeds and conclude the liquidation proceedings when the deadline set in the announcement referred to in subsection 2 has expired and

1. possible disputes according to subsection 3 have been resolved,
2. all debt to known creditors has been paid.

Subsection 5. The liquidator must ensure that a liquidation account is prepared, which is approved by the general meeting of the investment company or AIF-SIKAV or by the board of the manager of the AIF securities fund.

Subsection 6. An investment company, an AIF-SIKAV, or an AIF securities fund is considered dissolved when the liquidation of the investment company's or fund's only or last division has been completed. When an investment company or AIF-SIKAV is dissolved according to the first sentence, the liquidator must notify the dissolution to the Danish Business Authority. The notification must be accompanied by the liquidation account approved by the general meeting or by the board of the manager of the AIF securities fund, and a declaration issued by the liquidator, stating that the liquidation has been completed in accordance with the provisions on liquidation in this Act.

Dissolution of Investment Companies, AIF-SIKAVs, AIF Securities Funds, and Divisions without Investors

§ 142. If an investment company, AIF-SIKAV, or a division has never had investors, the board may make a decision on the dissolution of the company, the company, or the division.

Subsection 2. When an investment company or AIF-SIKAV is dissolved according to subsection 1, the company's manager must notify the dissolution to the Danish Business Authority.

Dissolution of Share Classes

§ 143. A decision on the dissolution of a share class in an investment company or an AIF-SIKAV is made by the share class's investors at a general meeting, subject to subsection 2. A decision on the dissolution of a share class in an AIF securities fund is made by the board of the fund's manager. If the share class's investors do not wish to have their shares transferred to another share class, the dissolution is carried out by the division redeeming all shares issued in the share class.

Subsection 2. If a share class has never had investors, the board of the company or the manager of the AIF securities fund may make a decision on the dissolution of the share class.

Bankruptcy

§ 144. The rules on bankruptcy in §§ 233 and 234 of the Companies Act applicable to companies apply with the necessary adjustments correspondingly to investment companies, AIF-SIKAVs, AIF securities funds, and divisions thereof.

Compulsory Dissolution

§ 145. The Danish Financial Supervisory Authority may request the bankruptcy court at the investment company's or AIF-SIKAV's headquarters to dissolve an investment company or AIF-SIKAV if the company or the company does not have a manager licensed to administer alternative investment funds.

Subsection 2. The Danish Financial Supervisory Authority may set a deadline within which the investment company or AIF-SIKAV can appoint a manager licensed to administer alternative investment funds.

April 26, 2026. 57 No. 468.

Subsection 3. The Danish Financial Supervisory Authority's decision to refer an investment company or AIF-SIKAV to compulsory dissolution in the bankruptcy court is published in the Danish Business Authority's IT system.

Subsection 4. The investment company or AIF-SIKAV must retain its name with the addition "under compulsory dissolution."

Subsection 5. The bankruptcy court may appoint one or more liquidators. The bankruptcy court may also appoint an auditor. For the compulsory dissolution, the provisions on liquidation in § 141 apply otherwise, such that the bankruptcy court or the person authorized by the court makes decisions in the matter of the investment company or AIF-SIKAV. The costs of the dissolution are paid by the state treasury if necessary.

Subsection 6. When the bankruptcy proceedings are concluded, the bankruptcy court notifies this to the Danish Financial Supervisory Authority and the Danish Business Authority, which register the dissolution of the investment company or AIF-SIKAV in the Authority's IT system.

Subsection 7. In the period from the referral of the investment company or AIF-SIKAV to the bankruptcy court until a liquidator is appointed, the board may only make dispositions that are necessary and can be carried out without harm to the company or the company and their creditors.

Subsection 8. After the liquidator's entry into office, former members of the board and management of the investment company's or AIF-SIKAV's previous manager are obliged to assist the liquidator to the extent necessary with information about the investment company's or AIF-SIKAV's activities up to the entry into liquidation. The board and management of the investment company's or AIF-SIKAV's manager must thereby provide the liquidator with the information that may be necessary for the liquidator's assessment of existing and future claims.

Subsection 9. The liquidator may request the bankruptcy court to summon former members of the investment company's or AIF-SIKAV's board and the management of the investment company's or AIF-SIKAV's manager to a meeting in the bankruptcy court for the purpose of obtaining information according to subsection 8.

Merger

§ 146. An investment company, AIF-SIKAV, or AIF securities fund may merge with another investment company, AIF-SIKAV, or AIF securities fund. A division in an investment company, AIF-SIKAV, or AIF securities fund may merge with another division in an investment company, AIF-SIKAV, or AIF securities fund. Prior to the merger, the merging entities must publish a merger plan.

Subsection 2. A merger of investment companies, AIF-SIKAVs, or AIF securities funds is carried out by the ceasing investment company, AIF-SIKAV, or AIF securities fund transferring its divisions to the continuing investment company, AIF-SIKAV, or AIF securities fund.

Subsection 3. A merger of divisions is carried out by the ceasing division transferring assets and liabilities as a whole to the continuing division.

Subsection 4. In a merger, investors in the ceasing entity must exchange their shares for shares in the continuing entity. Upon exchange of shares, investors in the ceasing entity become investors in the continuing entity.

Subsection 5. Excess amounts arising from the exchange of shares in a merger between divisions must be paid out to the investors in the ceasing division.

Subsection 6. An investment company may merge with a Danish UCITS, and a division in an investment company may merge with a division in a Danish UCITS according to the rules in § 119 of the Act on Investment Companies etc., such that the investment company or the division thereof is the ceasing entity.

§ 147. A decision on merger is made in the ceasing entity by the general meeting. For an AIF securities fund, the decision is made by the manager's board.

Subsection 2. A decision on merger is made in the continuing entity by the board, unless it appears from the articles of association that this decision is a general meeting decision.

§ 148. An investment company, AIF-SIKAV, or AIF securities fund that ceases by merger is considered dissolved when the investment company, AIF-SIKAV, or AIF securities fund has transferred its divisions to the continuing entity and investors in the ceasing entity have exchanged their shares for shares in the continuing entity.

Subsection 2. A division ceasing by merger is considered dissolved when the ceasing division has transferred its assets and liabilities as a whole to the continuing division and investors in the ceasing division have exchanged their shares for shares in the continuing division.

Subsection 3. An investment company, AIF-SIKAV, or AIF securities fund is considered dissolved when the company's, the company's, or the fund's only or last division has been merged with a division from another investment company, AIF-SIKAV, or AIF securities fund and this division is the continuing entity.

Subsection 4. When an investment company or an AIF-SIKAV is dissolved according to subsection 1 or subsection 3, the investment company's or AIF-SIKAV's manager must notify the dissolution to the Danish Business Authority.

Subsection 5. The Danish Financial Supervisory Authority may set detailed rules on merger.

Splitting

§ 149. A division in an investment company, AIF-SIKAV, or AIF securities fund can be split. Prior to the splitting, the investment company, AIF-SIKAV, or AIF securities fund must publish a splitting plan.

Subsection 2. A splitting is carried out by transferring part of or all of a division's assets and liabilities to one or more

1. existing divisions or
2. newly established divisions.

Subsection 3. Splitting can take place without the creditors' consent. If a creditor in the split division is not satisfied, each of the other participating divisions in the splitting is jointly and severally liable for liabilities that existed at the time of the publication of the splitting plan. The other participating divisions are, however, liable only up to an amount corresponding to the net value they received in the splitting.

April 26, 2026. 58 No. 468.

Subsection 4. In a splitting, investors in the split division must exchange their shares for shares in one of the

continuing sections. Upon the division, the investors in the divided section become investors in one or more of the continuing sections. The first and second sentences do not apply to investors who continue to be investors in a section that, through the division, only transfers part of the section's assets and liabilities.

Subsection 5. Excess amounts arising from the exchange of units shall be paid out to the investors in the divided section.

Section 150. A decision to divide a section in a capital fund or AIF-SIKAV is made by the section's investors at the general meeting. A decision to divide a section in an AIF securities fund is made by the board of the fund's manager.

Subsection 2. A decision to receive part of another section's assets and liabilities as part of a division is made in the receiving section by the board of the capital fund or AIF-SIKAV or by the board of the manager of the AIF securities fund.

Section 151. The assets and liabilities transferred in a division are deemed to have passed to the receiving section at the time set out in the division plan.

Section 152. A section that ceases to exist through division is deemed dissolved when the section has transferred all its assets and liabilities to the receiving section(s) and the investors in the ceasing section have exchanged their units for units in the receiving section(s).

Subsection 2. A capital fund, AIF-SIKAV, or AIF securities fund is deemed dissolved when the capital fund's, AIF-SIKAV's, or AIF securities fund's only or last section has transferred all of the section's assets and liabilities to sections in one or more other entities through a division.

Subsection 3. When a capital fund or AIF-SIKAV is dissolved in accordance with subsection 2, the manager of the capital fund, AIF-SIKAV, or AIF securities fund shall notify the Danish Business Authority of the dissolution.

Subsection 4. The Financial Supervisory Authority may set detailed rules on division.

Transfer of a Section

Section 153. A section in a capital fund, AIF-SIKAV, or AIF securities fund may be transferred to another capital fund, AIF-SIKAV, or AIF securities fund.

Subsection 2. Upon transfer, the investors in the transferred section become investors in the capital fund, AIF-SIKAV, or AIF securities fund to which the section is transferred.

Subsection 3. A section in a capital fund may be transferred to a Danish UCITS in accordance with the rules in Sections 130-134 of the Act on Investment Funds and Others.

Section 154. A decision to transfer a section is made in the capital fund or AIF-SIKAV from which the section is transferred by the section's investors at the general meeting. A decision to transfer a section in an AIF securities fund is made by the board of the manager of the fund from which the section originates.

Subsection 2. A decision to transfer a section is made in the capital fund, AIF-SIKAV, or AIF securities fund to which the section is transferred by the board of the capital fund or AIF-SIKAV or by the board of the manager of the AIF securities fund.

Subsection 3. A capital fund, AIF-SIKAV, or AIF securities fund is deemed dissolved when the capital fund's, AIF-SIKAV's, or AIF securities fund's only or last section has been transferred to another capital fund, AIF-SIKAV, or AIF securities fund.

Subsection 4. When a capital fund or an AIF-SIKAV is dissolved in accordance with subsection 3, the manager of the capital fund or AIF-SIKAV shall notify the Danish Business Authority of the dissolution.

Part VIII a Special Rules for Investor Deduction Funds Chapter 23 a Investor Deduction Funds

Section 154 a. Only investor deduction funds may and must use the term "investor deduction fund" in their name.

Subsection 2. It must appear in the investor deduction fund's articles of association or fund regulations that the investor deduction fund's investment policy is to invest in small and medium-sized companies that meet the conditions in the Investor Deduction Act for investor deduction funds' investments in target companies.

Section 154 b. If the investor deduction fund is established as an open fund, at least 70 percent of each capital contribution to the fund must be invested in target companies within 1 year after the fund has received the contribution. If the fund is established as a closed fund, at least 70 percent of the contributed capital in the fund must be invested in target companies within 1 year after the fund's subscription period has expired. The fund must change its investment policy and name or be dissolved when it no longer meets the requirements in the first or second sentence. The fund must begin changing its investment policy and name or dissolution, no later than 10 business days after the fund has discovered that the requirements in the first or second sentence are not met.

Subsection 2. An investor deduction fund may place at most 25 percent of its contributed capital in one target company upon the first investment in target companies. An investor deduction fund may, regardless of the first sentence, make follow-up investments in the target company. A follow-up investment may be made no earlier than 6 months after the first investment in the target company. The investor deduction fund must, at the time of the follow-up investment in the target company, have invested at least 30 percent of its contributed capital in at least four other target companies.

Subsection 3. The part of the contributed capital that is not invested in target companies must be placed in assets specified in the fourth sentence. If the investor deduction fund is established as an open fund, at most 30 percent of a capital contribution may be placed in assets as specified in the fourth sentence, after 1 year from the date the contribution to the investor deduction fund was received. If the investor deduction fund is established as a closed fund, at most 30 percent of the contributed capital may be placed in assets as specified in the fourth sentence after 1 year from the expiration of the subscription period. In the cases mentioned in sentences 1-3, the contributed capital in the investor deduction fund may be placed in:

1. shares and bonds that are admitted to trading on a regulated market,
2. units in collective investment schemes that are covered by the Act on Alternative Investment Fund Managers and Others or the Act on Investment Funds and Others, and that are admitted to trading on a regulated market, or
3. deposits in a credit institution with statutory headquarters in a country within the European Union, in a country with which the Union has concluded an agreement in the financial area, or in a third country, if credit institutions are subject to and follow supervisory rules that the Financial Supervisory Authority considers to be at least as strict as EU regulation, provided that the deposits are on demand terms or can be withdrawn or mature within at most 12 months.

Subsection 4. An investor deduction fund may not grant loans to or provide guarantees for third parties.

Subsection 5. An investor deduction fund may not take out loans.

Section 154 c. The target companies in which the investor deduction fund invests must not have close connections with each other.

Part IX Supervision and Fees Chapter 24 Supervision and Others General Rules on Supervision

Section 155. 3) The Financial Supervisory Authority ensures compliance with rules issued pursuant to Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, and with this Act and the rules issued pursuant to the Act, except Section 27 b. The Financial Supervisory Authority checks that the rules for information in annual reports and interim reports issued pursuant to Section 131 are complied with by alternative investment fund managers that have issued securities admitted to trading on a regulated market, cf. Section 213, subsections 1-5 and 8, of the Capital Markets Act. The Financial Supervisory Authority also ensures compliance with rules issued pursuant to Section 31, subsection 8, of the Auditors Act. The Danish Business Authority ensures compliance with Section 136. The Financial Supervisory Authority also ensures compliance with Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European Social Entrepreneurship Funds, Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European Venture Capital Funds, Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds, and Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and rules issued pursuant thereto. The Financial Supervisory Authority ensures compliance with Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on the cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014, and Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product), Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, the Regulation of the European Parliament and of the Council establishing a framework to promote sustainable investment, and the Regulation of the European Parliament and of the Council establishing a common European access point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability and rules issued pursuant thereto. The Financial Supervisory Authority also ensures compliance with Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and rules issued pursuant thereto, and Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and rules issued pursuant thereto, and Article 2, subsection 2, first subparagraph, point (c), second subparagraph, of Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on transparency and integrity in environmental, social and governance (ESG) rating activities and rules issued pursuant thereto.

Subsection 2. When the competent authorities in another country within the European Union or a country with which the Union has concluded an agreement in the financial area have granted a manager from that country or from a third country permission to manage alternative investment funds with their home country in that country, and the manager markets units of the funds in question in Denmark, the measures taken by the manager to market the funds in Denmark, and the measures taken by the manager to prevent units in the funds from being marketed to retail investors, are subject to Danish law and supervision. This also applies when the manager uses independent entities to market units in the investment funds.

Subsection 3. The Financial Supervisory Authority shall organise its normal supervisory activities with a view to promoting financial stability and trust in alternative investment fund managers and markets. The Financial Supervisory Authority shall, in its supervisory activities, focus on the sustainability of the individual manager's business model. The organisation of supervisory activities shall be based on a materiality consideration, where the supervisory effort is proportional to the potential risks or harmful effects. The Board of the Financial Supervisory Authority is responsible for the organisation of supervisory activities.

Subsection 4. The Financial Supervisory Authority shall, in the organisation of supervisory activities, consider the potential consequences for financial stability in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area. This applies in particular in connection with crisis situations. For branches located in this country of foreign companies that have been granted permission to carry out the business mentioned in Section 11 in accordance with the rules implementing Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, the Financial Supervisory Authority shall monitor the branches and assist the competent supervisory authorities in the supervision of the branches. The Financial Supervisory Authority shall, for significant branches and subsidiaries of foreign companies that have been granted permission to carry out the business mentioned in Section 11 in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, participate in any cooperation forums on the supervision of the entire group.

Subsection 5. The Financial Supervisory Authority may, in special cases, use foreign assistance.

Subsection 6. The Minister for Business may set detailed rules for the Financial Supervisory Authority's procedure in accordance with provisions on this set in EU law.

Section 156. The Board of the Financial Supervisory Authority participates in the supervision of alternative investment fund managers and depositaries with corresponding competence as the Board is granted pursuant to Section 345 of the Financial Business Act.

Section 157. The Financial Supervisory Authority shall investigate alternative investment fund managers with permission to manage alternative investment funds, including by reviewing ongoing reports and by inspections at the individual manager. This also includes alternative investment fund managers that have registered their home country in a third country and have Denmark as their reference country, cf. Section 1, subsection 1, no. 2. The Financial Supervisory Authority shall also investigate managers for whom Denmark is the host country, insofar as they manage or market alternative investment funds in Denmark through a branch established in this country, regarding compliance with Sections 18, 19, and 23.

Subsection 2. After an inspection of an alternative investment fund manager, a meeting shall be held with the participation of the manager's highest governing body, management, external auditor, and internal audit head, unless the inspection concerns limited areas of activity at the manager. At the meeting, the Financial Supervisory Authority shall communicate its conclusions regarding the inspection.

Subsection 3. Significant conclusions shall, after an inspection visit, be sent in the form of a written report to the company's highest governing body, management, external auditor, and internal audit head.

Subsection 4. Supervisory authorities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may, after prior notification to the Financial Supervisory Authority, conduct inspections in the branches located in this country of foreign managers with permission to manage alternative investment funds with their home country in that country. Furthermore, the Financial Supervisory Authority may, upon request from the supervisory authority in the branch's home country, conduct the inspection mentioned in the first sentence in the branch.

Subsection 5. Supervisory authorities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may, with the permission of the Financial Supervisory Authority, verify information provided by managers located in this country with permission to manage alternative investment funds that carry out accessory financial business subject to supplementary supervision by the relevant supervisory authority pursuant to provisions set out in directives in the financial area.

Section 157 a. The Financial Supervisory Authority shall investigate the conditions in companies and entities acting as depositaries pursuant to Section 46. The investigation may be conducted by requesting written material and by inspection at the depositary.

Section 158. The Financial Supervisory Authority may cooperate with other Danish authorities to ensure compliance with the Act and with rules issued pursuant to the Act regarding the management of alternative investment funds by alternative investment fund managers that are established in Denmark or in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, and the depositary function for the aforementioned alternative investment funds. The Financial Supervisory Authority may delegate tasks to other authorities, bodies, or persons that are Danish.

Section 159. The Financial Supervisory Authority may request the financial supervisory authorities in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, the European Securities and Markets Authority, and the European Systemic Risk Board to assist in ensuring compliance with the Act and with the rules issued pursuant to the Act through supervisory activities, on-site checks, or inspections in another country's territory.

Section 160. The Financial Supervisory Authority shall cooperate with the competent authorities in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area to assist in supervisory activities, on-site checks, or inspections in this country, when it concerns alternative investment fund managers operating in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, or a manager that has been granted permission to manage alternative investment funds in Denmark but operates in other member states.

Subsection 2. If a competent authority in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area requests the Financial Supervisory Authority to assist in a control or investigation of an alternative investment fund manager operating in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, cf. subsection 1, the Financial Supervisory Authority may:

1. carry out the control or investigation itself,
2. allow the requesting authority to carry out the control or investigation itself, or
3. have an auditor or other expert carry out the control or investigation.

Subsection 3. If an alternative investment fund manager with its home country in Denmark opposes a competent foreign...

The investigation referred to in subsection 2 may only be conducted with the participation of the Financial Supervisory Authority. The same applies to a self-managed alternative investment fund established in Denmark.

Subsection 4. If the control or investigation is carried out in the Danish area by the Financial Supervisory Authority, pursuant to subsection 2, no. 1, the financial supervisory authority in the country within the European Union or the country with which the Union has concluded an agreement in the financial field, which has requested cooperation, may request that its employees accompany the employees carrying out the control or investigation. The Financial Supervisory Authority has overall responsibility for the control or investigation. Similarly, the Financial Supervisory Authority may, as a condition for allowing the requesting authority to carry out the control or investigation itself, require that employees of the Financial Supervisory Authority accompany the employees carrying out the control or investigation, pursuant to subsection 2, no. 2.

Subsection 5. The Financial Supervisory Authority may lay down detailed rules on cooperation and on on-site inspections with competent authorities in other countries within the European Union or countries with which the Union has concluded an agreement in the financial field.

Section 161. Managers of alternative investment funds, depositaries covered by Section 46, suppliers and subcontractors shall provide the Financial Supervisory Authority with the information necessary for the supervision's activities. This applies correspondingly to foreign managers who manage alternative investment funds established in Denmark, or market funds in Denmark, including through the establishment of a branch, or where Denmark is the reference country for a manager who has registered its home in a third country.

Subsection 2. Managers of alternative investment funds, depositaries covered by Section 46, suppliers and subcontractors, as well as foreign managers pursuant to subsection 1, second sentence, who have provided information pursuant to subsection 1, are obliged to correct the information to the Financial Supervisory Authority as soon as possible, if the manager, depositary, supplier or subcontractor subsequently establishes the following:

1. The information was not correct at the time of submission.
2. The information has subsequently become misleading.

Subsection 3. The Financial Supervisory Authority may at any time, upon proper identification and without a court order, gain access to a manager of alternative investment funds and its branches for the purpose of obtaining information and through inspections. The first sentence applies correspondingly to the investigation of depositaries covered by Section 46.

Subsection 4. To the extent necessary for the assessment of a manager of alternative investment funds' financial position, the Financial Supervisory Authority may obtain information and at any time, upon proper identification and without a court order, gain access to the companies with which the manager has a special direct or indirect connection.

Subsection 5. The Financial Supervisory Authority may demand all information, including accounts and accounting material, extracts from books, other business documents and electronically stored data, which are deemed necessary for the Financial Supervisory Authority's activities or for determining whether a natural or legal person is covered by the provisions of this Act.

Subsection 6. The Financial Supervisory Authority may at any time, upon proper identification and without a court order, gain access to a supplier or subcontractor for the purpose of obtaining information about a delegated activity.

Subsection 7. The Financial Supervisory Authority may obtain information pursuant to subsections 1 and 3-5 for use by the authorities and bodies mentioned in Section 170, subsection 7, nos. 20-28, etc.

Section 162. The Minister for Business may lay down rules on an obligation for managers of alternative investment funds and depositaries covered by Section 46 to publish information about the Financial Supervisory Authority's assessment of the manager or depositary and about the Financial Supervisory Authority's possibility to publish the information before the manager or depositary.

Section 163. The Financial Supervisory Authority may order a manager of alternative investment funds to have an independent investigation carried out and to bear the costs thereof, if the Financial Supervisory Authority assesses that this is of significant importance for the supervision of the manager, and it is not a matter of an investigation commonly occurring for the Financial Supervisory Authority. The result of the independent investigation shall be submitted in a written report, which must be available by a time set by the Financial Supervisory Authority. The Financial Supervisory Authority may determine that the experts, pursuant to subsections 2-6, shall continuously report to the Financial Supervisory Authority on matters in connection with the investigation.

Subsection 2. The independent investigation shall be carried out by one or more experts. The manager appoints the experts within a time limit set by the Financial Supervisory Authority. The Financial Supervisory Authority must approve the proposed experts.

Subsection 3. The manager of alternative investment funds shall provide the experts with the information necessary for the implementation of the independent investigation.

Subsection 4. The experts shall deliver a copy of the written report on the investigation to the Financial Supervisory Authority, no later than simultaneously with the report being delivered to the manager.

Subsection 5. The experts shall immediately provide the Financial Supervisory Authority with information about matters they become aware of in connection with the independent investigation, if the information is of significant importance for the manager's risk profile or business model, which may entail a non-negligible risk that these matters may develop such that the manager will lose its authorization.

Subsection 6. If the expert, due to their special circumstances, cannot forward the information in accordance with subsections 4 and 5 to the Financial Supervisory Authority, notification to the Financial Supervisory Authority may be made by others than the expert, including by the manager.

Section 164. The Consumer Ombudsman may bring a case regarding actions that contravene fair business practices and good practice, pursuant to Section 18, subsection 1, no. 1, including cases concerning prohibition, orders, compensation and recovery of unlawfully demanded amounts. Section 20, Section 22, subsection 2, Section 23, subsection 1, and Section 28 of the Marketing Act apply correspondingly to cases that the Consumer Ombudsman wishes to bring pursuant to this provision. The Consumer Ombudsman may be appointed as group representative in a group action, pursuant to Chapter 23 a of the Administration of Justice Act.

Subsection 2. The Financial Supervisory Authority may issue orders to correct matters that are contrary to Sections 18 and 23. The Financial Supervisory Authority may in this connection carry out inspection visits in branches of managers of alternative investment funds.

Section 165. The Financial Supervisory Authority notifies the Consumer Ombudsman if the Financial Supervisory Authority becomes aware that a manager of alternative investment funds' customers or customers in the alternative investment funds managed by the manager may have suffered losses as a result of the manager having violated Section 18, subsection 1, or rules issued pursuant to Section 18, subsection 3.

Subsection 2. The Consumer Ombudsman has access to all information in the Financial Supervisory Authority's cases covered by subsection 1, regardless of Section 170.

Section 166. The Financial Supervisory Authority may order the management of a manager of alternative investment funds to prepare a statement on the manager's financial position and future prospects. The manager's highest management body, the board of directors, the external auditor and the internal audit director must confirm by signature on the order to the Financial Supervisory Authority that they have been made aware of the content of the communication.

Subsection 2. The statement shall

1. be accompanied by a statement from the manager's external auditor, unless the statement as a whole has been prepared by this person,
2. be submitted to the manager's highest management body for approval, and
3. be submitted in copy to the Financial Supervisory Authority.

Section 167. The Financial Supervisory Authority may order a manager of alternative investment funds to take the necessary measures within a time limit set by the authority, if

1. the manager's financial position is so deteriorated that the interests of the alternative investment funds or investors in alternative investment funds are exposed to danger, or
2. there is a non-negligible risk that the manager's financial position, due to internal or external factors, develops such that the manager will lose its authorization.

Subsection 2. If the ordered measures are not taken within the set time limit, the Financial Supervisory Authority may withdraw the manager's authorization.

Section 168. The Financial Supervisory Authority may order a manager of alternative investment funds to dismiss a member of the board of directors or an employee who determines the business conduct, in a manager, within a time limit set by the Financial Supervisory Authority, if this person, pursuant to Section 13, subsections 2 and 3, cannot hold the position.

Subsection 2. The Financial Supervisory Authority may order a member of the highest management body in a manager of alternative investment funds to resign from their office within a time limit set by the Financial Supervisory Authority, if this person, pursuant to Section 13, subsections 2 and 3, cannot hold the office.

Subsection 3. The Financial Supervisory Authority may order a manager of alternative investment funds to dismiss a member of the board of directors or an employee who determines the business conduct, when charges have been brought against this person in a criminal case regarding violation of the Penal Code, the financial legislation or other relevant legislation, until the criminal case is decided, if a conviction will imply that the person does not meet the requirements in Section 13, subsection 3, no. 1. The Financial Supervisory Authority sets a time limit for compliance with the order. The Financial Supervisory Authority may under the same conditions as in the first sentence order a member of the highest management body in a manager of alternative investment funds to resign from their office. The Financial Supervisory Authority sets a time limit for compliance with the order.

Subsection 4. The duration of orders issued pursuant to subsections 1 and 2 on the basis of Section 13, subsections 2 and 3, shall appear in the order.

Subsection 5. Orders issued pursuant to subsections 1-3 may, by the manager and by the person to whom the order relates, be demanded to be brought before the courts. Request to this effect shall be submitted to the Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. The request does not have suspensive effect for the order, but the court may by ruling determine that the relevant member of the management may maintain their office or position during the handling of the case. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Subsection 6. The Financial Supervisory Authority may of its own initiative or upon application withdraw an order issued pursuant to subsection 2, and subsection 3, third sentence. If the Financial Supervisory Authority rejects an application for withdrawal, the applicant may demand the rejection to be brought before the courts. Request to this effect shall be submitted to the Financial Supervisory Authority within 4 weeks after the rejection has been issued to the person concerned. Request for judicial review may however only be made if the order is not time-limited and at least 5 years have passed from the date of issuance of the order, or at least 2 years after the Financial Supervisory Authority's rejection of withdrawal has been upheld by judgment.

Subsection 7. If the manager of alternative investment funds has not dismissed the member of the board of directors within the set time limit, the Financial Supervisory Authority may withdraw the manager's authorization, pursuant to Section 17, no. 3. The Financial Supervisory Authority may also withdraw the manager's authorization, pursuant to Section 17, no. 3, if a member of the highest management body does not comply with an order issued pursuant to subsections 2 and 3.

Subsection 8. Decisions in cases pursuant to Section 13, subsections 1-3, which are made pursuant to Section 13, subsection 4, may, by the manager and by the person to whom the decision relates, be demanded to be brought before the courts. Request to this effect shall be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been issued to the person concerned. The request does not have suspensive effect for the decision, but the court may by ruling determine that the person during the handling of the case may enter the office or position which the person has sought approval for. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Section 168 a. The Financial Supervisory Authority may order a depositary, which has been granted authorization pursuant to Section 46, subsection 3, to dismiss a member of the board of directors at the depositary within a time limit set by the Financial Supervisory Authority, if this person, pursuant to Section 13, subsections 2 and 3, pursuant to Section 46, subsection 6, cannot hold the position.

Subsection 2. The Financial Supervisory Authority may order a member of the highest management body at a depositary, which has been granted authorization pursuant to Section 46, subsection 3, to resign from their office within a time limit set by the Financial Supervisory Authority, if this person, pursuant to Section 13, subsections 2 and 3, pursuant to Section 46, subsection 6, cannot hold the office.

Subsection 3. The Financial Supervisory Authority may order a depositary, which has been granted authorization pursuant to Section 46, subsection 3, to dismiss a member of the board of directors, when charges have been brought against the member of the board of directors in a criminal case regarding violation of the Penal Code, the financial legislation or other relevant legislation, until the criminal case is decided, if a conviction will imply that the person does not meet the requirements in Section 13, subsection 3, no. 1. The Financial Supervisory Authority sets a time limit for compliance with the order. The Financial Supervisory Authority may under the same conditions as in the first sentence order a member of the highest management body at a depositary, which has been granted authorization pursuant to Section 46, subsection 3, to resign from their office. The Financial Supervisory Authority sets a time limit for compliance with the order.

Subsection 4. The duration of orders issued pursuant to subsections 1 and 2 on the basis of Section 13, subsections 2 and 3, shall appear in the order.

Subsection 5. Orders issued pursuant to subsections 1-3 may, by the depositary and by the person to whom the order relates, be demanded to be brought before the courts. Request to this effect shall be submitted to the Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. The request does not have suspensive effect for the order, but the court may by ruling determine that the relevant member of the management may maintain their office or position during the handling of the case. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Subsection 6. The Financial Supervisory Authority may of its own initiative or upon application withdraw an order issued pursuant to subsection 2 and subsection 3, third sentence. If the Financial Supervisory Authority rejects an application for withdrawal, the applicant may demand the rejection to be brought before the courts. Request to this effect shall be submitted to the Financial Supervisory Authority within 4 weeks after the rejection has been issued to the person concerned. Request for judicial review may however only be made if the order is not time-limited and at least 5 years have passed from the date of issuance of the order, or at least 2 years after the Financial Supervisory Authority's rejection of withdrawal has been upheld by judgment.

Subsection 7. If the depositary has not dismissed the member of the board of directors within the set time limit, the Financial Supervisory Authority may withdraw the depositary's authorization, pursuant to Section 46, subsection 7, no. 3. The Financial Supervisory Authority may also withdraw the depositary's authorization, pursuant to Section 46, subsection 7, no. 3, if a member of the highest management body does not comply with an order issued pursuant to subsections 2 and 3.

Subsection 8. Decisions in cases pursuant to Section 13, subsections 1-3, which are made pursuant to Section 13, subsection 4, may, by the depositary and by the person to whom the decision relates, be demanded to be brought before the courts. Request to this effect shall be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been issued to the person concerned. The request does not have suspensive effect for the decision, but the court may by ruling determine that the person during the handling of the case may enter the office or position which the person has sought approval for. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Section 169. The Financial Supervisory Authority may independently or in cooperation with other authorities carry out investigations that are suitable to promote transparency in the financial market, and publish the results thereof.

Section 170. Employees of the Financial Supervisory Authority are, under liability according to the Penal Code Sections 152-152 e, obliged to keep confidential information which they become aware of through the supervisory activities. The same applies to persons who perform service tasks as part of the Financial Supervisory Authority's operations, and experts who act on behalf of the authority. This also applies after the termination of employment or contractual relationships.

Subsection 2. Consent from the person whom the confidentiality obligation is intended to protect does not entitle the persons mentioned in subsection 1 to forward confidential information.

Subsection 3. Subsection 1 does not, however, apply to information in cases regarding:

1. Good practice, pursuant to Section 18 and regulations issued pursuant to Section 18, subsection 3.
2. Decisions regarding managers of alternative investment funds' administrative and accounting practice, business procedures and control procedures, pursuant to Sections 23-25 and 27.
3. Incurrence of expenses in connection with the issuance of shares in managed alternative investment funds through a securities central.
4. Information to investors pursuant to Sections 62-65 and rules issued pursuant to Section 62, subsection 3, and Section 66.
5. Publication of the net asset value per share in the managed alternative investment funds, pursuant to Sections 30 and 36.
6. Agreement on placement of customers' portfolio assets, pursuant to Section 19.
7. Depositaries' independence, pursuant to Section 53.

Subsection 4. Subsection 1 does not prevent the Financial Supervisory Authority from forwarding confidential information in summary or aggregated form of its own initiative, when neither the individual manager nor its customers can be identified.

Subsection 5. Confidential information may be forwarded during a civil court case when a manager of alternative investment funds has been declared bankrupt or entered into liquidation, and provided that the information does not concern customer relations or third parties who are or have been involved in attempts to save the manager.

Subsection 6. Confidential information may be forwarded during a civil court case when an alternative investment fund has been declared bankrupt or entered into liquidation, including information about the manager who managed the fund, to the extent that the information concerns the fund, and provided that the information does not concern customer relations or third parties who are or have been involved in attempts to save the fund.

Paragraph 7. The provision in paragraph 1 does not prevent confidential information from being disclosed to:

1. The Systemic Risk Council.
2. Other public authorities, including the prosecution authority and the police, in connection with the investigation and prosecution of possible criminal offenses covered by the Criminal Code, tax legislation, or supervisory legislation.
3. The relevant minister as part of their general supervision.
4. Administrative authorities and courts handling decisions made by the Financial Supervisory Authority.
5. The Parliamentary Ombudsman.
6. A parliamentary commission established by the Folketing, subject to paragraph 11.
7. Inquiry commissions established by law or in accordance with the Act on Inquiry Commissions, subject to paragraph 11.
8. The Folketing's standing committees regarding a manager of alternative investment funds' general economic conditions, insofar as it concerns crisis management of a manager of alternative investment funds, when a decision is made on whether the state should provide a guarantee or make funds available. The same applies in connection with parliamentary control in matters covered by the first sentence.
9. The National Audit Office and the State Audit Commission.
10. Stakeholders, including authorities, involved in attempts to rescue a distressed manager of alternative investment funds, when the Financial Supervisory Authority has received a mandate from the Minister for Business Affairs, and provided that the recipients of the information have a need for it.
11. The Bankruptcy Court, subject to paragraph 11, other authorities participating in the liquidation, bankruptcy proceedings, or similar procedures of a manager of alternative investment funds, and trustees, as well as persons responsible for the statutory audit of a manager's accounts, provided that the recipients of the information have a need for it to perform their tasks.
12. Institutions managing depositor, investor, or insurance guarantee schemes, provided that the information is necessary for them to perform their work.
13. The Danish Business Authority in its capacity as supervisory authority for compliance with company legislation, when disclosure is made with the aim of strengthening the stability and integrity of the financial system, and the Danish Business Authority and the Audit Supervisory Committee in their capacity as supervisory authorities for the statutory audit of accounts for managers of alternative investment funds, provided that the recipients have a need for the information to perform their tasks, subject to paragraph 11.
14. Experts assisting the Financial Supervisory Authority, the Danish Business Authority, the Audit Supervisory Committee, and institutions managing depositor, investor, or insurance guarantee schemes, in performing their supervisory tasks, provided that the recipients have a need for the information to perform their tasks, subject to paragraph 11.
15. Danmarks Nationalbank, central banks in countries within the European Union or countries with which the Union has concluded an agreement in the financial field, the European System of Central Banks and the European Central Bank in their capacity as monetary policy authorities, as well as public authorities supervising payment systems in Denmark and other countries within the European Union or countries with which the Union has concluded an agreement in the financial field, provided that the information is necessary for them to fulfill their statutory tasks, including the implementation of monetary policy, supervision of payment and securities settlement systems, and the maintenance of the stability of the financial system.
16. An institution responsible for the clearing of securities or money, if necessary to ensure that the institution responds appropriately to defaults or potential defaults on the market where the institution is responsible for clearing.
17. The Tax Administration, provided that the Tax Administration has a need for it to perform its tasks.
18. Ministers responsible for financial legislation in other countries within the European Union or countries with which the Union has concluded an agreement in the financial field, in connection with the crisis management of a manager of alternative investment funds.
19. Committees of Inquiry established by the European Parliament in accordance with Article 226 of the Treaty on the Functioning of the European Union.
20. The European Commission, if the information concerns information mentioned in Section 181, paragraph 5. The European Securities and Markets Authority and the European Systemic Risk Board and bodies established by these authorities, provided that the recipients of the information have a need for it to perform their tasks.
21. Financial supervisory authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for the supervision of managers of alternative investment funds, and bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of managers, institutions managing depositor, investor, or insurance guarantee schemes, and persons responsible for the statutory audit of managers' accounts, provided that the recipients of the information have a need for it to perform their tasks.
22. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which supervise bodies participating in the liquidation, bankruptcy proceedings, or similar procedures for managers of alternative investment funds, and authorities supervising persons responsible for the statutory audit of accounts for managers of alternative investment funds, provided that the recipients of the information have a need for it to perform their tasks, subject to paragraph 11.
23. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for detecting breaches of company law, provided that the recipients of the information have a need for it to perform their tasks and the disclosure is made with the aim of strengthening the stability and integrity of the financial system, subject to paragraph 11.
24. Experts assisting authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which supervise bodies participating in the liquidation, bankruptcy proceedings, or similar procedures for managers of alternative investment funds, and authorities supervising persons responsible for the statutory audit of accounts for managers of alternative investment funds, provided that the recipients of the information have a need for it to perform their tasks, subject to paragraph 11.
25. Financial supervisory authorities in third countries responsible for the supervision of managers of alternative investment funds, and bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of managers, institutions managing depositor, investor, or insurance guarantee schemes, and persons responsible for the statutory audit of managers' accounts, subject to paragraphs 10 and 11.
26. Bodies in third countries supervising bodies participating in the liquidation, bankruptcy proceedings, or similar procedures for managers of alternative investment funds, and authorities supervising persons responsible for the statutory audit of accounts for managers of alternative investment funds, subject to paragraphs 10 and 11.
27. Bodies in third countries responsible for detecting breaches of company law, provided that the disclosure is made with the aim of strengthening the stability and integrity of the financial system, subject to paragraphs 10 and 11.
28. Experts assisting authorities in third countries supervising bodies participating in the liquidation, bankruptcy proceedings, or similar procedures for managers of alternative investment funds, and authorities supervising persons responsible for the statutory audit of accounts for managers of alternative investment funds, subject to paragraphs 10 and 11.
29. Authorities performing tasks in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector, provided that the information is necessary for these authorities to perform their tasks in accordance with the regulation.

Paragraph 8. All who, in accordance with paragraphs 5-7, receive confidential information from the Financial Supervisory Authority are subject to the duty of confidentiality referred to in paragraph 1 with regard to this information.

Paragraph 9. Confidential information received pursuant to paragraph 7, item 20, second sentence, may, notwithstanding the duty of confidentiality referred to in paragraph 8, be exchanged directly between the European Securities and Markets Authority on the one hand and the European Systemic Risk Board and bodies established by these authorities on the other hand.

Paragraph 10. Disclosure pursuant to paragraph 7, items 25-28, may only take place:

1. on the basis of an international cooperation agreement,
2. provided that the recipients are at least subject to a statutory duty of confidentiality corresponding to the duty of confidentiality pursuant to paragraph 1, and that the authorities receiving the information are under an obligation not to disclose the information unless the Financial Supervisory Authority has given written permission for the disclosure,
3. when the recipients have a need for the information to perform their tasks, and
4. when the conditions set out in Chapter II of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and in Chapter 3 of the Data Protection Act are met.

Paragraph 11. Disclosure pursuant to paragraph 7, items 6, 7, 11, 13, 14, 17, and 22-28, of confidential information originating from countries within the European Union or countries with which the Union has concluded an agreement in the financial field, may further only take place if the authorities that provided the information have given their explicit consent, and may only be used for the purpose for which the consent was given. In the case of disclosure of information pursuant to paragraph 7, items 14, 24, and 28, the Financial Supervisory Authority shall inform the authorities or bodies that provided the information of which experts the information will be forwarded to, specifying the experts' powers.

Section 171. Reactions given in accordance with this Act's Section 156, cf. Section 345, paragraph 12, item 4, of the Act on Financial Business, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's board to a manager of alternative investment funds under supervision, shall be published with the manager's name, subject to paragraph 4. The manager shall publish the information on its website in a place where it naturally belongs, as soon as possible and no later than 3 business days after the manager in question has received notification of the reaction, or no later than at the time of publication required by the Capital Markets Act. Simultaneously with the publication, the manager in question shall insert a link providing direct access to the reaction on the front page of the manager's website in a visible manner, and it must be clearly stated from the link and any associated text that this concerns a reaction from the Financial Supervisory Authority. If the manager in question comments on the reaction, this shall be done in continuation of this, and the comments must be clearly separated from the reaction. Removal of the link on the front page and the information from the manager's website shall take place according to the same principles that the manager uses for other messages, but no earlier than when the link and information have been on the website for 3 months, and no earlier than after the next general meeting. The obligation of managers of alternative investment funds to publish on the manager's website applies only to legal persons. The Financial Supervisory Authority shall publish the information on the Authority's website. Reactions given in accordance with Section 156, cf. Section 345, paragraph 12, item 6, of the Act on Financial Business, and the Financial Supervisory Authority's decisions to hand over cases to police investigation shall be published on the Financial Supervisory Authority's website with the manager's name, subject to paragraph 4. Reactions given in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector shall be published on the Financial Supervisory Authority's website with the manager's name, subject to paragraph 4. If the reaction published in accordance with the first or eighth sentence is brought before the Business Appeals Board or the courts, this must be stated in the Financial Supervisory Authority's publication. The status of the case and the result of the Business Appeals Board's or the court's decision shall likewise be published on the Financial Supervisory Authority's website as soon as possible.

Paragraph 2. Reactions given in accordance with this Act's Section 156, cf. Section 345, paragraph 12, items 4 and 6, of the Act on Financial Business, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's board to a company not under supervision, shall be published with the company's name, subject to paragraph 4.

Paragraph 3. If a case has been handed over to police investigation and a final or partial guilty verdict has been passed or a fine imposed, there shall be publication of the verdict, the imposition of the fine, or a summary thereof, subject to paragraph 4. If the verdict is not final, or if it has been appealed or protested, this must be stated in the publication. The manager's publication shall take place on the manager's website in a place where it naturally belongs, as soon as possible and no later than 10 business days after the verdict has been passed or the fine imposed, or no later than at the time of publication required by the Capital Markets Act. Simultaneously with the publication, the manager in question shall insert a link providing direct access to the verdict, the imposition of the fine, or the summary, on the front page of the manager's website in a visible manner, and it must be clearly stated from the link and any associated text that this concerns a verdict or imposition of a fine. If the manager in question comments on the verdict, the imposition of the fine, or the summary, this shall be done in continuation thereof, and the comments must be clearly separated from the verdict, the imposition of the fine, or the summary. Removal of the information from the manager's website shall take place according to the same principles that the manager uses for other messages, but no earlier than when the link and information have been on the website for 3 months, and no earlier than after the next general meeting. The manager in question shall notify the Financial Supervisory Authority of the publication, including sending a copy of the verdict or the imposition of the fine. The Financial Supervisory Authority shall thereafter publish the verdict, the imposition of the fine, or a summary thereof on its website. The obligation of managers of alternative investment funds to publish on the manager's website applies only to legal persons. Publication in accordance with the first and second sentences, concerning companies not under supervision, shall only take place on the Financial Supervisory Authority's website.

Paragraph 4. There shall be no publication of reactions pursuant to paragraph 1 regarding the requirements in Section 13, paragraphs 1-3, unless it concerns reactions pursuant to Sections 168 or 168a regarding a breach of the requirements. Publication pursuant to paragraphs 1-3 may not take place, however, if it would cause disproportionate damage to the manager or the alternative investment fund, or if investigative considerations argue against publication. The publication must not contain confidential information about customer relations or information covered by provisions in the Act on Public Access to Documents in the Public Administration regarding exemption of information on private matters and operational or business matters, etc. The publication must not contain confidential information originating from financial supervisory authorities in third countries, unless the authorities that provided the information have given their explicit consent.

Paragraph 5. If publication has been omitted in accordance with paragraph 4, second sentence, publication shall take place pursuant to paragraphs 1-3 when the considerations that necessitated the omission are no longer valid. This applies, however, only for up to 2 years after the date of the reaction.

Paragraph 6. In cases where the Financial Supervisory Authority has published a decision to hand over a case to police investigation pursuant to paragraph 1, eighth sentence, and paragraph 2, and a decision is made to drop prosecution or not to prosecute, or an acquittal is given, the Financial Supervisory Authority shall, upon request from the company or manager concerned, publish information to this effect. The company or manager shall submit a copy of the decision to drop prosecution or not to prosecute or a copy of the verdict to the Financial Supervisory Authority simultaneously with the request for publication. If the decision to drop prosecution, not to prosecute, or the verdict is not final, this must be stated in the publication. If the Financial Supervisory Authority receives documentation that the case has been concluded by a final decision to drop prosecution or not to prosecute or a final acquittal, the Financial Supervisory Authority shall remove all information about the decision to hand over the case to police investigation and any subsequent verdicts in the case from the Financial Supervisory Authority's website.

Section 172. The Financial Supervisory Authority shall inform the public about cases that have been handled by the Financial Supervisory Authority, the prosecution authority, or the courts, and which are of general interest or significant for the understanding of the following provisions:

1. Good conduct, cf. Section 18, paragraph 1, item 1, and regulations issued pursuant to Section 18, paragraph 3.

2. The depositary's independence, cf. Section 53.

3. Agreement on the placement of customers' portfolio assets and regulations issued pursuant thereto, cf. Section 17.

4. Documents with central information, cf. Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs).

Subsection 2. The Financial Supervisory Authority shall furthermore inform the public of the names of companies or persons who fail to apply for permission in accordance with Section 11 or fail to register in accordance with Section 9, subsection 1.

Subsection 3. The Financial Supervisory Authority may publish a statement on the Authority's practice under Section 13, subsection 1, to the extent that there are cases relevant to increasing transparency regarding the Financial Supervisory Authority's practice in suitability assessments.

Section 172a. Employees of the Financial Supervisory Authority must not disclose information about a person when that person has reported a manager of alternative investment funds or a person to the Financial Supervisory Authority for a violation or potential violation of this Act, regulations issued pursuant thereto, and provisions contained in Regulations of the European Union for the areas of the Act that the Financial Supervisory Authority supervises, cf. however subsection 2.

Subsection 2. The provision in subsection 1 does not prevent personal data from being disclosed in accordance with Section 170, subsection 7.

Subsection 3. All who, in accordance with subsection 2, receive personal data are subject to the duty of confidentiality referred to in subsection 1 with respect to these data.

Section 172b. If a manager of alternative investment funds discloses information about the manager or the alternative investment funds managed by the manager, and the information has come to the public's attention, the Financial Supervisory Authority may order the manager to publish corrective information within a deadline set by the Financial Supervisory Authority, if

1. the information is, in the Financial Supervisory Authority's assessment, misleading, and

2. the Financial Supervisory Authority assesses that the information may harm the manager's customers or the investors in the managed alternative investment funds, the other creditors, the financial markets on which the shares in the managed alternative investment funds or shares in the manager of alternative investment funds are traded, or financial stability generally.

Subsection 2. If the manager does not correct the information in accordance with the Financial Supervisory Authority's order and within the deadline set by the Financial Supervisory Authority, the Financial Supervisory Authority may publish the order issued under subsection 1.

Section 173. As a party in relation to the Financial Supervisory Authority, only the manager of alternative investment funds or the depositary covered by Section 46, against whom a decision of the Financial Supervisory Authority is or will be directed, is considered a party, cf. however subsections 2 and 3.

Subsection 2. In the following cases, another than the manager is also considered a party to the Financial Supervisory Authority's decision, insofar as it concerns the part of the case relating to the person in question:

1. The parent company of a manager of alternative investment funds.

2. Companies with which a manager has a special direct or indirect connection, and where the supervisory authority can obtain information and conduct inspection visits, cf. Section 161, subsection 4.

3. A natural or legal person from whom the Financial Supervisory Authority requires information for use in the Financial Supervisory Authority's activities or for deciding whether this person is covered by the provisions of this Act, cf. Section 161, subsection 5.

4. A person about whom the Financial Supervisory Authority receives information in connection with approval in accordance with Section 13, subsections 1-3.

5. The intended acquirer or holder of a qualifying holding, when the Financial Supervisory Authority is processing cases regarding approval of acquisition, cf. Section 11, subsection 6.

6. The auditor of a manager with permission to manage alternative investment funds, when the Financial Supervisory Authority orders this person to provide information about the manager's circumstances.

7. A company that applies to be registered, cf. Section 9, subsection 1, or for permission to manage alternative investment funds, cf. Section 11.

8. A member of the management of a manager of alternative investment funds or a shareholder, when the supervisory authority denies a manager of alternative investment funds permission or withdraws it wholly or partially, cf. Section 11, subsection 3, nos. 3 and 4, and Section 17.

9. Companies that the Financial Supervisory Authority finds have close connections to a manager of alternative investment funds, when permission is denied under Section 11, subsection 3, no. 7, or withdrawn under Section 17.

10. An alternative investment fund, when the Financial Supervisory Authority makes a decision in a case regarding the manager that manages the alternative investment fund, insofar as it concerns circumstances that directly relate to the fund.

11. The person who manages alternative investment funds without being registered or having permission.

12. The person who violates the Act's prohibition on using words in a company's name or designation that are covered by the exclusive right of managers of alternative investment funds to the name, cf. Section 5, subsection 2.

Subsection 3. As a party, a member of the highest governing body or the central governing body, an auditor, a member of the executive board, or other senior employees in a manager of alternative investment funds is also considered a party, if the Financial Supervisory Authority's decision is directed directly at the person in question.

Subsection 4. As a party in relation to the Financial Supervisory Authority's decisions made as part of the Authority's control of accounts submitted in accordance with the rules in this Act's Chapter 9 and the rules issued pursuant to Section 61, subsection 7, and Section 131, any person whom the Financial Supervisory Authority considers to be a party to the case is also considered a party.

Section 174. If the Financial Supervisory Authority assesses that a manager of alternative investment funds, for which Denmark is the host country, does not comply with the rules for which Denmark is responsible for supervising, including Sections 18, 19, or 23, when managing funds established in Denmark or marketing funds in Denmark, the Financial Supervisory Authority may order the manager to bring the unlawful situation to an end. The Financial Supervisory Authority simultaneously informs the competent authorities in the manager's home country of this.

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Subsection 2. If a manager, for which Denmark is the host country, does not provide the Financial Supervisory Authority with the information that the Financial Supervisory Authority has requested in accordance with Section 67, subsection 4, or if the manager does not bring a situation to an end after an order issued in accordance with subsection 1, the Financial Supervisory Authority informs the competent authorities in the manager's home country of this.

Subsection 3. If a manager of alternative investment funds, for which Denmark is the host country, despite measures taken by the competent authorities in the manager's home country after the Financial Supervisory Authority's notification under subsections 1 and 2, continues not to provide the information that the Financial Supervisory Authority has requested in accordance with Section 67, subsection 4, or if the manager, in the Financial Supervisory Authority's assessment, continues to violate the laws or administrative provisions applicable in Denmark, the Financial Supervisory Authority may, after having notified the competent authorities in the manager's home country thereof, take appropriate measures to prevent or sanction further unlawful acts and, if necessary, prevent the manager from carrying out new transactions in Denmark.

Subsection 4. The Financial Supervisory Authority may furthermore order the manager to cease managing alternative investment funds in Denmark.

Section 175. If the Financial Supervisory Authority has reason to assume that a manager of alternative investment funds, for which Denmark is the host country, does not comply with obligations arising from rules that another competent authority in a country within the European Union or a country with which the Union has concluded an agreement in the financial area is responsible for supervising, the Financial Supervisory Authority must contact the authorities in the manager's home country. The Financial Supervisory Authority submits the case to the responsible authorities, with a view to the authority taking appropriate measures to clarify whether there is a violation of rules issued pursuant to Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and that the authority can thereafter take the necessary measures.

Subsection 2. If a manager of alternative investment funds, for which Denmark is the host country, despite measures taken by the competent authorities in the manager's home country after the Financial Supervisory Authority's notification under subsection 1, continues to act in a manner that clearly contradicts the interests of investors in the alternative investment funds marketed or managed in Denmark, financial stability, or the integrity of the financial market in Denmark, the Financial Supervisory Authority may, after having notified the competent authorities in the manager's home country thereof, take all necessary measures to protect investors in the relevant alternative investment funds, financial stability, or the integrity of the financial markets in Denmark. The Financial Supervisory Authority has the same powers if the measures taken by the competent authorities in the manager's home country have proven insufficient or if the authorities do not act within a reasonable time.

Subsection 3. The Financial Supervisory Authority may, in accordance with subsection 2, prohibit the manager in question from marketing shares in the relevant alternative investment funds in Denmark.

Subsection 4. Subsections 1-3 apply mutatis mutandis if the Financial Supervisory Authority cannot agree with the permission to manage alternative investment funds that a manager with its home in a third country has received in another country within the European Union or a country with which the Union has concluded an agreement in the financial area.

Section 176. If the Financial Supervisory Authority receives notification from an authority in another country in the European Union or in a country with which the Union has concluded an agreement in the financial area, that a manager does not comply with the legislation in the country or does not provide necessary information to the authority, the Financial Supervisory Authority must take all necessary measures to ensure that the manager complies with the legislation or provides the information. Furthermore, the Financial Supervisory Authority may obtain information from third countries for use in the case.

Subsection 2. The Financial Supervisory Authority must inform the competent authorities in the manager's host country of the measures that the Financial Supervisory Authority takes in accordance with subsection 1, first sentence.

Subsection 3. If the Financial Supervisory Authority receives notification from an authority in another country in the European Union or in a country with which the Union has concluded an agreement in the financial area, that the authority has clear and demonstrable grounds to believe that a manager supervised by the Financial Supervisory Authority has violated the rules of this Act, the Financial Supervisory Authority must take all necessary measures, including, if necessary, requesting further information from the relevant supervisory authorities in third countries for use in the case.

Section 177. If the Financial Supervisory Authority assesses that a manager of alternative investment funds with registered home in a third country, for which Denmark is the reference country, does not comply with its obligations under this Act, regulations issued pursuant to this Act, or regulations issued in a country within the European Union in accordance with Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, the Financial Supervisory Authority must notify the European Securities and Markets Authority thereof without undue delay.

Section 178. The Financial Supervisory Authority may forward a copy of the relevant cooperation agreements that the Financial Supervisory Authority has concluded in accordance with Section 98, no. 1, Section 117, no. 1, and Section 128, subsection 2, no. 1, to the financial supervisory authorities in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, which are host countries for managers with home in Denmark.

Subsection 2. The Financial Supervisory Authority may, in accordance with the procedures in the applicable regulatory technical standards as referred to in Article 35, subsection 14, Article 37, subsection 17, or Article 40, subsection 14, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, forward information regarding a manager that the Financial Supervisory Authority has received from the financial supervisory authorities in third countries as part of cooperation agreements with these supervisory authorities, to the competent supervisory authorities in the manager's host country.

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Section 179. When the stability or integrity of markets of systemically important financial institutions is threatened by the manner in which one or more managers of alternative investment funds act, the Financial Supervisory Authority must notify the financial supervisory authorities in other member states in the European Union thereof. The Financial Supervisory Authority must forward the necessary information to the authorities, with a view to them being able to monitor or react to the consequences that the managers' actions may entail.

Subsection 2. When the Financial Supervisory Authority forwards information to an authority under subsection 1, the Financial Supervisory Authority must simultaneously forward the information to the European Securities and Markets Authority and the European Systemic Risk Board.

Subsection 3. The Financial Supervisory Authority must forward summarized information about the activities of the managers under their responsibility to the European Securities and Markets Authority and the European Systemic Risk Board in accordance with Article 35 of Regulation (EU) No 1095/2010.

Section 179a. The Financial Supervisory Authority is the collecting body for the information that must be submitted with a view to making them available on the European Single Access Point (ESAP). This applies to information that must be submitted in accordance with this Act or regulations issued pursuant thereto, except Section 131, subsection 6, or one of the following regulations:

1. Regulation of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs).

2. Regulation of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector.

Subsection 2. The Financial Supervisory Authority is furthermore the collecting body for the information submitted on a voluntary basis with a view to making them available on the European Single Access Point (ESAP), cf. Article 3, subsection 1, of the Regulation of the European Parliament and of the Council on the establishment of a European Single Access Point that provides centralized access to publicly available information relevant to financial services, capital markets, and sustainability.

Chapter 25 Cooperation with the European Securities and Markets Authority and the Financial Supervisory Authority's and other competent authorities' opportunity to bring cases before the European Securities and Markets Authority

Section 180. The Financial Supervisory Authority may bring a case before the European Securities and Markets Authority in the following cases:

1. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether a condition in Article 21, subsection 6, points (a), (c), and (e), of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers is fulfilled when marketing an alternative investment fund that has a depositary established in a third country.

2. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether there are appropriate cooperation agreements between the competent authorities in the manager's home country, which is from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, and the authorities in the third country where the alternative investment fund is established.

3. If the Financial Supervisory Authority disagrees with another competent authority's assessment of which country is the manager's correct reference country, when the Financial Supervisory Authority assesses that the competent authority's assessment of the manager's reference country is contrary to Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers' criteria or procedures thereof.

4. If the Financial Supervisory Authority disagrees with another competent authority's assessment of which country within the European Union or country with which the Union has concluded an agreement in the financial area is the correct reference country in connection with the manager's change of reference country, within 2 years after the manager has received a permission to manage alternative investment funds.

5. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether the manager has a legal representative established in its reference country.

6. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether the legal representative is actually the contact person or has the necessary competencies and resources to ensure that the manager complies with the requirements in laws and regulations issued pursuant thereto regarding the activities for which the manager seeks permission.

7. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether the Financial Supervisory Authority's or the competent authorities' effective performance of their supervisory tasks is hindered by laws or administrative provisions in a third country, to which a manager from a third country, who has received permission to market alternative investment funds or exercise management business, is subject, or by restrictions in the supervisory authorities' powers in the relevant third country.

8. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether there are appropriate cooperation agreements for each alternative investment fund, which is from a third country, and the competent authorities.

9. If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether the third countries in which an alternative investment fund is established, which the manager plans to market in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, are not identified as being high-risk third countries in accordance with Article 9, subsection 2, of the Directive of the European Parliament and of the Council on preventive measures

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mod application of the financial system to money laundering or terrorist financing. 10) If the Finanstilsynet disagrees with another competent authority's assessment of whether the third country in which a manager has its registered home is not identified as a high-risk third country in accordance with Article 9(2) of the Directive of the European Parliament and of the Council on measures to prevent the use of the financial system for the purpose of money laundering or terrorist financing. 11) If the Finanstilsynet disagrees with another competent authority's assessment of whether a manager may refrain from complying with part of the legislation implementing Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers. 12) If the content of a cooperation agreement received by the Finanstilsynet from other financial supervisory authorities within the European Union or countries with which the Union has concluded an agreement in the financial area does not meet the requirements of the applicable regulatory technical standard adopted in accordance with Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers. 13) If the Finanstilsynet disagrees with a measure taken by another competent authority in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, pursuant to Article 45(4)-(9) of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers. 14) If the Finanstilsynet considers that a manager, which has Denmark as its reference country and has been granted authorization to manage alternative investment funds, should not have been granted authorization, including if the Finanstilsynet considers that the competent authority's assessment of whether the conditions in Article 40(2)(a) and (b) of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers are met is incorrect. 15) If the Finanstilsynet disagrees with a decision taken by another competent authority whereby a manager has been granted authorization to manage alternative investment funds by that authority. 16) If a competent authority in a country within the European Union or a country with which the Union has concluded an agreement in the financial area refuses a request for exchange of information in accordance with Article 35(15), Article 37(19), and Article 40(15) of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers. 17) If one of the competent authorities for an alternative investment fund from a country within the European Union or a country with which the Union has concluded an agreement in the financial area does not conclude a cooperation agreement as required under this Act within a reasonable period, and if Denmark is the manager's reference country. 18) If the Finanstilsynet disagrees with another competent authority's assessment of whether there are appropriate cooperation agreements between the competent authorities in the manager's reference country, the competent authorities in the home countries of the relevant alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, and the authorities in the third country where the manager has its registered home. 19) If there is a disagreement between the Finanstilsynet and financial supervisory authorities in countries within the European Union or countries with which the Union has concluded an agreement in the financial area regarding an assessment, action, or omission in areas where Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers requires cooperation between supervisory authorities.

Subsection 2. Pursuant to provisions to this effect in Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers, a competent authority from another country within the European Union or a country with which the Union has concluded an agreement in the financial area may bring a case before the European Securities and Markets Authority in the following cases:

1. If the competent authority disagrees with the Finanstilsynet's assessment of whether a condition in Section 49, No. 1, 2, 4, or 7, is met in the marketing of an alternative investment fund that has a depositary established in a third country.
2. If the competent authority disagrees with the Finanstilsynet's assessment of whether there are appropriate cooperation agreements between the Finanstilsynet and the authorities in the third country where the alternative investment fund is established, when the Finanstilsynet is the manager's home country.
3. If the competent authority disagrees with the Finanstilsynet's assessment of which country is the manager's correct reference country, as a result of the competent authority considering that the Finanstilsynet's assessment of the manager's reference country is contrary to the criteria or procedures thereof in Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.
4. If the competent authority disagrees with the Finanstilsynet's assessment of which country within the European Union or country with which the Union has concluded an agreement in the financial area is the correct reference country in connection with the manager's change of reference country, within 2 years after the manager has been granted authorization to manage alternative investment funds, cf. Section 121.
5. If the competent authority disagrees with the Finanstilsynet's assessment of whether the manager has a legal representative established in Denmark, cf. Section 118(1) and (2).
6. If the competent authority disagrees with the Finanstilsynet's assessment of whether the legal representative is actually the contact person or has the necessary competencies and resources to ensure that the manager complies with the requirements in laws and regulations issued pursuant thereto regarding the activities for which the manager seeks authorization, cf. Section 118(2) and (4).
7. If the competent authority disagrees with the Finanstilsynet's assessment of whether the effective performance of supervisory tasks by the Finanstilsynet or the competent authority is hindered by laws or administrative provisions in a third country to which a manager from a third country, which has been granted authorization to market alternative investment funds or conduct management business, is subject, or by restrictions on the powers of the supervisory authorities in the relevant third country, cf. Section 117, No. 4.
8. If the competent authority disagrees with the Finanstilsynet's assessment of whether there are appropriate cooperation agreements for each alternative investment fund from a third country, cf. Section 96(1), No. 2, Section 98, No. 1, Section 109, No. 3, Section 117, No. 1, and Section 130(3).
9. If the competent authority disagrees with the Finanstilsynet's assessment of whether the third countries in which an alternative investment fund is established, which the manager plans to market in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, are not identified as high-risk third countries in accordance with Article 9(2) of the Directive of the European Parliament and of the Council on measures to prevent the use of the financial system for the purpose of money laundering or terrorist financing, cf. Section 98, No. 2, Section 109, No. 4, Section 117, No. 2, and Section 130(4).
10. If the competent authority disagrees with the Finanstilsynet's assessment of whether the third country in which a manager has its registered home is not identified as a high-risk third country in accordance with Article 9(2) of the Directive of the European Parliament and of the Council on measures to prevent the use of the financial system for the purpose of money laundering or terrorist financing.
11. If the competent authority disagrees with the Finanstilsynet's assessment of whether a manager may refrain from complying with part of the legislation implementing Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers, cf. Section 120.
12. If the competent authority does not consider that the content of a cooperation agreement received by the authority from the Finanstilsynet meets the requirements of the applicable regulatory technical standard adopted pursuant to Section 178(2).
13. If the competent authority disagrees with a measure taken by the Finanstilsynet pursuant to Sections 174-176.
14. If the competent authority considers that a manager, which has Denmark as its reference country and has been granted authorization to manage alternative investment funds, should not have been granted authorization, including if the competent authority considers that the Finanstilsynet's assessment of whether the conditions in Section 117, Nos. 1, 2, and 4, Section 118(1)-(3), and Section 119 are met is incorrect.
15. If there is disagreement regarding the decision taken by the Finanstilsynet pursuant to Section 11(2), cf. Section 116.
16. If the Finanstilsynet refuses a request for exchange of information.
17. If the Finanstilsynet does not conclude a cooperation agreement within a reasonable period in accordance with Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.
18. If the competent authorities in a country within the European Union or a country with which the Union has concluded an agreement in the financial area disagree with the Finanstilsynet's assessment of whether there are appropriate cooperation agreements between the Finanstilsynet, the competent authorities in the home countries of the relevant alternative investment funds, and the supervisory authorities in the country where the manager has its registered home, cf. Section 117, No. 1.
19. If there are disagreements between the competent authorities and the Finanstilsynet regarding an assessment, action, or omission in areas where Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers requires cooperation between supervisory authorities.

Section 181. The Finanstilsynet shall without undue delay notify the European Securities and Markets Authority of the result of the first authorization procedure for managers with registered home in a third country, and of any changes in these managers' authorizations, including withdrawals thereof. The Finanstilsynet shall inform the European Securities and Markets Authority of the applications for authorization from managers with registered home in third countries that the Finanstilsynet has refused, and the Finanstilsynet shall provide information about the manager and the reasons for the refusal.

Subsection 2. The Finanstilsynet shall quarterly notify the European Securities and Markets Authority of which other authorizations to manage alternative investment funds have been granted or withdrawn under this Act, and of any changes in the list of alternative investment funds managed or marketed in the European Union by managers who have been granted authorization.

Subsection 3. The Finanstilsynet shall quarterly send to the European Securities and Markets Authority information about the alternative investment fund managers subject to the Finanstilsynet's supervision who manage or market alternative investment funds domiciled in another country, and about managers with home in a third country marketing funds in Denmark pursuant to Section 130. The Finanstilsynet shall send the information necessary for the European Securities and Markets Authority to assess whether the scheme for cross-border marketing and management of alternative investment funds by managers from a country within the European Union or a country with which the Union has concluded an agreement in the financial area functions. The Finanstilsynet shall send this information to the European Securities and Markets Authority until the European Securities and Markets Authority issues an opinion pursuant to Article 67(1)(a) of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.

Subsection 4. The Finanstilsynet shall annually send to the European Commission the information mentioned in subsection 5 regarding alternative investment fund managers from a country within the European Union or a country with which the Union has concluded an agreement in the financial area who manage or market alternative investment funds under the Finanstilsynet's supervision. The Finanstilsynet shall also inform the European Commission of the date on which the marketing passport was implemented and, if applicable, applied in Denmark.

Subsection 5. The information mentioned in subsection 4 includes information on,

1. where the relevant managers have registered home,
2. the alternative investment funds from countries within the European Union or countries with which the Union has concluded an agreement in the financial area that are managed or marketed by the managers,
3. the alternative investment funds from a third country that are managed by a manager from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, but which are not marketed in a country within the European Union or a country with which the Union has concluded an agreement in the financial area,
4. identification of the alternative investment funds from a third country that are managed by a manager from a country within the European Union or countries with which the Union has concluded an agreement in the financial area, and which are marketed in Denmark,
5. the legal basis under which the managers exercise their activities, and
6. circumstances relevant to understanding how the managers' management and marketing of alternative investment funds in countries within the European Union or countries with which the Union has concluded an agreement in the financial area function in practice.

Subsection 6. The Finanstilsynet shall quarterly send information to the European Securities and Markets Authority regarding the alternative investment fund managers subject to the Finanstilsynet's supervision who manage or market alternative investment funds domiciled in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, or in a third country. The Finanstilsynet shall send this information to the European Securities and Markets Authority until the European Securities and Markets Authority issues an opinion pursuant to Article 68(1)(a) of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.

Section 182. If the European Securities and Markets Authority, in accordance with the rules in Article 47 of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers, makes a request to this effect, the Finanstilsynet may

1. prohibit marketing in Denmark of shares in alternative investment funds from a third country,
2. prohibit marketing in Denmark of shares in alternative investment funds managed by a manager with registered home in a third country,
3. impose restrictions on managers with registered home in a third country regarding their management of an alternative investment fund in the event of excessive cross-border risk concentration on a specific market,
4. impose restrictions on managers with registered home in a third country regarding their management of alternative investment funds, if the funds' activities potentially constitute a significant source of counterparty risk for a credit institution or other systemically relevant institutions, and
5. impose on managers with registered home in a third country who market alternative investment funds in the European Union, or on alternative investment fund managers with registered home in the European Union who manage alternative investment funds established in a third country, to activate or deactivate a liquidity management tool specified in Annex 2, No. 1, if there are risks to investor protection or financial stability, subject to subsection 3.

Subsection 2. The Finanstilsynet may request the European Securities and Markets Authority to reconsider its decisions pursuant to Article 47 of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers.

Subsection 3. The application of subsection 1, No. 5, presupposes that the following conditions are met:

1. Activation or deactivation is in the interest of the investors.
2. It concerns extraordinary circumstances.
3. The manager of the alternative investment fund has been consulted.
4. Activation or deactivation is necessary from a reasonable and balanced perspective.

Time Limits

Section 183. The time limits set in or pursuant to this Act begin to run from the day after the day on which the event triggering the time limit occurs. This applies to the calculation of both day, week, month, and year time limits.

Subsection 2. If the time limit is specified in weeks, the time limit expires, pursuant to subsection 1, on the day of the week corresponding to the day on which the event triggering the time limit occurred.

Subsection 3. If the time limit is specified in months, the time limit expires, pursuant to subsection 1, on the day of the month corresponding to the day on which the event triggering the time limit occurred. If the day on which the event triggering the time limit occurred is the last day of a month, or if the time limit expires on a day of the month that does not exist, the time limit always expires on the last day of the month regardless of its length.

Subsection 4. If the deadline is specified in years, the deadline, cf. subsection 1, expires on the anniversary of the day on which the event triggering the deadline occurred.

Subsection 5. If a deadline expires on a weekend, on a public holiday, Constitution Day, Christmas Eve or New Year's Eve, the deadline is extended to the next working day.

Chapter 26 Fees and Mandatory Digitalisation

§ 184. Managers of alternative investment funds with permission to manage alternative investment funds pursuant to § 11, managers with Denmark as the reference country who have received permission pursuant to § 11, cf. § 111, subsection 2, managers from another country within the European Union or a country with which the Union has concluded an agreement in the financial field, who market one or more alternative investment funds in Denmark or manage one or more alternative investment funds established in Denmark, as well as managers from a third country who have received permission pursuant to § 130, subsection 1, pay a fee to the Financial Supervisory Authority. The fee is determined according to Chapter 22 of the Act on Financial Business.

§ 185. The Minister for Business Affairs may lay down rules that written communication to and from the Financial Supervisory Authority and to and from the Business Authority regarding matters covered by this Act or rules issued pursuant to this Act must be conducted digitally.

Subsection 2. The Minister for Business Affairs may lay down detailed rules on digital communication, including on the use of specific IT systems, special digital formats and digital signature etc.

§ 186. A digital message is deemed to have been received when it is available to the addressee of the message.

§ 187. Where it is required by this Act or by rules issued pursuant to this Act that a document issued by parties other than the Financial Supervisory Authority or the Business Authority must be signed, this requirement may be fulfilled by using a technique that ensures unique identification of the person who issued the document, cf. however subsection 2. Such documents are equated with documents with a personal signature.

Subsection 2. The Minister for Business Affairs may lay down detailed rules on derogation from the signature requirement. It may be specified therein that the requirement for a personal signature cannot be derogated from for certain types of documents.

Section X Criminal, Entry into Force and Transitional Provisions etc.

Chapter 27 Delegation and Appeal Provisions

§ 188. If the Minister for Business Affairs delegates his powers under the Act to the Financial Supervisory Authority, the Minister may lay down rules on the right of appeal, including that appeals cannot be brought before another administrative authority.

§ 189. Decisions made by the Financial Supervisory Authority or the Business Authority in accordance with the Act or rules issued pursuant to the Act, Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European Social Entrepreneurship Funds, Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European Venture Capital Funds, Regulation 2017/1131/EU of the European Parliament and of the Council of 14 June 2017 on Money Market Funds, Regulation 2017/2402/EU of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, Regulation 1286/2014/EU of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), Regulation 2019/2088/EU of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, Regulation 2020/852/EU of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets or Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector or rules issued pursuant thereto may, by the person to whom the decision is addressed, be brought before the Business Appeals Board, no later than 4 weeks after the decision has been notified to the person concerned.

Chapter 28 Criminal Provisions

§ 190. Violation of § 4, subsection 2, first sentence, § 5, subsections 1-3, subsection 4, first sentence, § 6, subsection 1, § 8, subsections 1 and 6, § 9, subsections 1-3, § 10, subsection 1, § 11, subsection 1, § 13, subsection 8, § 15, subsection 1, § 16, subsection 1, subsection 2, first sentence, subsections 4, first and third sentences, and subsections 5 and 7, § 18, subsections 1 and 2, § 19, § 20a, § 23, subsections 1-7, § 24, subsections 1-6, § 25, subsections 1-3, §§ 25a-26g, § 27, subsections 1 and 2, §§ 29 and 30, § 31, subsections 3 and 4, § 32, subsection 1, § 33, § 34, subsection 1, § 36, subsections 1 and 2, §§ 38-41, § 42, subsection 2, §§ 43 and 45, § 46, subsection 6, cf. § 13, subsection 3, §§ 50-53, § 54, subsections 1, 4 and 5, § 59, § 61, subsections 1-5, § 62, subsections 1 and 2, §§ 64 and 65, § 67, subsections 1-5, § 68, subsections 1-3, §§ 72-74, § 75, subsection 1, § 77, § 79, subsection 1, § 81, § 86, subsection 1, § 87a, subsections 3 and 6, § 88, subsection 1, § 88a, subsections 1-3 and 5, subsection 7, first sentence, and subsections 8 and 9, § 93, subsection 1, § 95, § 96, subsection 1, §§ 98 and 99, § 101, subsection 1, § 106, subsection 1, § 108, subsection 1, § 109, no. 2, second sentence, § 111, § 118, subsections 1 and 4, § 121, subsections 1-3, § 123, subsection 1, § 127, § 128, subsections 1 and 10, § 129, subsection 1, § 134, subsection 6, first and second sentences, § 135, subsections 1-3, § 136, subsection 4, § 137, subsection 4, § 138, § 139, subsection 2, first sentence, § 141, subsections 1-5, § 146, subsection 1, third sentence, § 149, subsection 1, second sentence, and §§ 154a-154c as well as Article 2, subsection 6, third-fifth sentences, Article 4, subsections 3 and 5, Article 51, subsection 1, first sentence, Article 52, Article 53, subsection 1, subsection 2, first and third-sixth sentences, and subsections 3-5, Article 54, Article 90, subsection 2, third sentence, and subsection 3, Article 91, Article 98, subsections 6 and 7, Article 100, subsection 2, second sentence, and subsections 4 and 5, Article 103, Article 104, subsections 4-7, Article 106, subsection 4, Article 107, subsection 4, and Article 109, subsection 1, in the Commission's Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision and Article 4, Article 5, subsection 1, first sentence, and subsections 2 and 3, Article 6, subsection 1, Article 7, Article 8, subsection 1, second sentence, Article 9, subsections 1, 3 and 4, Article 10, Article 11, subsection 1, Article 12, subsections 1 and 2, Article 13, subsections 1 and 2, and Article 15 in Regulation (EU) No 345/2013 of the European Parliament and of the Council on European venture capital funds and Article 4, Article 5, subsection 1, first sentence, and subsections 2 and 3, Article 6, subsection 1, Article 7, Article 8, subsection 1, second sentence, Article 9, subsections 1, 3 and 4, Article 10, subsection 1, Article 11, Article 12, subsection 1, Article 13, subsections 1-3, Article 14, subsections 1 and 2, and Article 16 in Regulation (EU) No 346/2013 of the European Parliament and of the Council on European social entrepreneurship funds as well as Article 59, subsection 1, Article 60, subsection 5, Article 70, subsections 1-4, and Article 72, subsection 1, in Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets shall be punished by a fine or imprisonment of up to 4 months, unless a higher penalty is incurred under other legislation.

Subsection 2. Violation of § 15, subsection 4, § 20, subsections 1-8, § 21, subsection 1, subsection 2, second sentence, and subsections 3-5, § 22, subsections 1-3, § 27a, subsection 1, § 27b, subsection 1, § 27c, subsection 1, § 28, subsection 1, nos. 1 and 2, and subsection 2, nos. 1 and 2, § 28a, § 66a, subsections 8 and 10, § 136a, subsections 3, 5 and 6, § 163, subsections 3, 5 and 6, and § 171, subsection 1, first-fifth sentences, and subsection 3, first-seventh sentences, Article 5, subsection 1, Articles 6 and 7, Article 8, subsections 1-3, Article 9, Article 10, subsection 1, Article 13, subsections 1, 3 and 4, and Articles 14 and 19 in Regulation 1286/2014/EU of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs), Article 4, subsection 1, Article 6, Article 7, subsections 1-4, Article 9, Article 10, subsection 1, Article 11, subsections 1-3, Articles 12-14, Article 15, subsections 1-5, Article 16, subsections 1-4 and 6, Article 17, subsections 1-6, 8 and 9, Article 18, subsection 1, Articles 19-21 and 23, Article 24, subsection 1, Article 25, subsection 1, Articles 26 and 27, Article 28, subsections 1-5, Article 29, subsections 1-5 and 7, Article 30, subsection 3, Article 31, subsections 3 and 4, Article 32, subsections 3 and 4, Article 33, Article 34, subsections 1 and 3, Article 35, subsection 1, Article 36, Article 37, subsections 1-3, and Article 44, subsection 1, in Regulation 2017/1131/EU of the European Parliament and of the Council of 14 June 2017 on money market funds, Article 64, subsection 8, Article 65, subsection 4, Article 66, subsections 1-5, Article 68, subsections 4-9, Article 69, Article 71, subsections 1-4, Article 72, subsections 2-4, Article 73, subsections 2 and 3, and Article 81, subsections 1-14, in Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, Article 5, subsections 1-3, Article 6, subsections 1-8, Article 7, subsection 1, Article 8, subsections 1-7, Article 9, subsections 1-4, Article 10, subsections 1-4, Article 11, subsections 1-8 and 10, Article 12, subsections 1-4, 6 and 7, Article 13, subsections 1-7, Article 14, subsections 1-3, Article 16, subsections 1 and 2, Article 17, subsections 1-3, Article 18, subsections 1 and 2, Article 19, subsections 1, 3 and 4, Article 24, subsections 1-6, Article 25, subsections 1 and 3, Article 28, subsections 1-4, 7 and 8, Article 29, subsections 1 and 2, and Article 30, subsections 1-3, in Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector, Articles 5-7, 18-30, 33-42, 44-46, 48, 50 and 52-56 in Regulation 2019/1238/EU of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP), and Article 3, subsection 1, Article 4, subsections 1-4, Article 5, Article 6, subsections 1 and 3, Article 7, subsection 1, first paragraph, and subsection 2, Article 8, subsections 1-2a, Article 9, subsections 1-4a, Article 10, subsection 1, Article 11, subsections 1-2, Article 12, subsection 1, and Article 13, subsections 1 and 3, first paragraph, in Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector shall be punished by a fine.

Subsection 3. If a higher penalty is not incurred under the rest of the legislation, a fine shall be imposed on the person who fails to provide the Financial Supervisory Authority with information pursuant to § 161, subsection 1, or to correct information pursuant to § 161, subsection 2.

Subsection 4. A manager of alternative investment funds who does not comply with an order or prohibition given pursuant to § 4, subsection 2, second sentence, § 34, subsection 2, § 69, subsection 4, § 79, subsections 2 and 3, § 86, subsections 2 and 3, § 93, subsections 2 and 3, § 101, subsections 2 and 3, § 106, subsections 2 and 3, § 122, subsection 1, § 126, subsections 9 and 10, § 128, subsections 11 and 12, § 164, subsection 2, first sentence, § 167, § 174, subsection 4, and § 175, subsection 3, shall be punished by a fine. A fine shall also be imposed on the person who does not comply with an order given pursuant to § 163, subsection 1, first sentence, § 168, subsections 2 and 3, third sentence, and § 168a, subsections 2 and 3, third sentence. Furthermore, a fine shall be imposed on the person who violates a prohibition, restriction or restriction communicated pursuant to Article 17 or Article 24, subsection 2, points (a), (b) or (d), or subsection 4, in Regulation 1286/2014/EU of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs).

Subsection 5. In regulations issued pursuant to § 3, subsection 8, § 5, subsections 9 and 12, § 5a, subsection 2, § 6, subsections 5 and 6, § 9, subsection 4, § 10, subsection 3, § 11, subsection 7, § 16, subsections 8-10, § 18, subsection 3, § 20, subsections 10 and 11, § 22, subsection 4, § 23, subsection 6, § 24, subsection 7, § 25, subsection 4, § 26, § 27, subsection 3, § 32, subsection 3, §§ 37, 44 and 60, § 61, subsection 7, § 62, subsection 3, § 66, § 67, subsection 6, § 68, subsection 4, § 69, subsection 8, §§ 80 and 87, § 88, subsection 2, § 94, § 96, subsection 2, § 107, § 108, subsection 2, § 110, § 119, subsection 3, § 120, subsection 5, § 123, subsection 2, § 126, subsection 12, § 128, subsection 14, § 129, subsection 2, § 130, subsection 6, § 131, subsection 6, § 132, § 136a, subsection 8, § 148, subsection 5, § 152, subsection 4, § 160, subsection 5, § 162, § 185, subsection 2, § 187, subsection 2, and § 188, a penalty of fine or imprisonment of up to 4 months may be laid down for violation of the provisions in the rules.

Subsection 6. The Financial Supervisory Authority may lay down rules on penalties by fine for violation of provisions contained in European Union regulations for the areas of the law that the Financial Supervisory Authority supervises.

Subsection 7. Companies etc. (legal persons) may be subject to criminal liability according to the rules in Chapter 5 of the Penal Code.

Subsection 8. If a member of the management of a manager of alternative investment funds fails to take necessary measures in the event of loss or imminent risk of loss of a significant size, the person concerned shall be punished by a fine or imprisonment of up to 4 months, provided that a higher penalty is not incurred under the rest of the legislation.

Subsection 9. Persons who are associated with a manager of alternative investment funds and who provide false or misleading information regarding matters concerning the manager to public authorities, to the public, to any corporate body or to investors in the manager or in an alternative investment fund managed by the manager, or who are guilty of gross or repeated negligence or carelessness that may result in loss for the manager or investors in an alternative investment fund managed by the manager, shall be punished by a fine or imprisonment of up to 4 months, provided that a higher penalty is not incurred under the rest of the legislation.

Subsection 10. The limitation period for criminal liability for violation of the provisions of the Act or rules issued pursuant to the Act is 5 years.

§ 191. If a manager of an alternative investment fund fails to comply in due time with the duties towards the Financial Supervisory Authority that fall upon the manager pursuant to § 5, subsection 1, § 10, subsection 1, § 11, subsection 1, § 61, subsection 2, no. 2, § 67, subsections 1-5, § 68, subsections 1-3, and § 73, subsection 1, no. 3, and subsection 6, or if a depositary fails to comply in due time with the duties towards the Financial Supervisory Authority that fall upon the depositary pursuant to § 59, the Financial Supervisory Authority may impose daily or weekly coercive fines on the persons concerned as a coercive measure.

Subsection 2. If a natural or legal person fails to fulfil the duties that follow from § 161, subsections 4 and 5, the Financial Supervisory Authority may impose daily or weekly coercive fines on the natural or legal person or the persons responsible for the legal person as a coercive measure.

Subsection 3. If a manager of alternative investment funds fails to comply with an order communicated pursuant to § 168, subsection 1, and subsection 3, first sentence, the Financial Supervisory Authority may impose daily or weekly coercive fines on the members of the manager's highest management body. The first sentence applies mutatis mutandis if a depositary, which has received permission pursuant to § 46, subsection 3, fails to comply with an order communicated pursuant to § 168a, subsections 1 and 3, first sentence.

Subsection 4. If a manager of alternative investment funds, which has issued securities admitted to trading on a regulated market, does not fulfil its obligations under provisions laid down pursuant to § 131, the Financial Supervisory Authority may order the manager concerned to change the situation, including an order to publish amended or supplementary information. If deemed appropriate, the Financial Supervisory Authority may itself publish the information in question, publish the order, or suspend or delete the securities in question from trading on a regulated market.

Subsection 5. A manager of an alternative investment fund that does not comply with an order from the Financial Supervisory Authority or provides false or misleading information to the Financial Supervisory Authority in relation to the Authority's tasks pursuant to subsection 4, shall be punished by a fine, provided that a higher penalty is not incurred under other legislation.

Subsection 6. Subsections 1-3 apply mutatis mutandis to the Financial Supervisory Authority in the Authority's control pursuant to § 155, subsection 1, second sentence.

Subsection 7. In regulations issued pursuant to the Act that establish duties for managers of alternative investment funds or other natural or legal persons covered by the Act, provisions may be laid down stating that the Financial Supervisory Authority may impose daily or weekly coercive fines as a coercive measure.

Chapter 29 Entry into Force, Transitional Provisions, Amendments to Other Legislation and Territorial Validity

Entry into Force

§ 192. The Act enters into force on 22 July 2013, cf. however subsections 2 and 3.

Subsection 2. § 28 and § 197, no. 5, enter into force on 22 July 2014.

Subsection 3. The Minister for Business and Growth sets the time of entry into force of §§ 97, 99-108, 111-116, 118-127 and 129, § 181, subsection 6, and § 197, no. 8.

Subsection 4. § 20 applies to agreements entered into by managers of alternative investment funds that are entered into, extended or renewed after the entry into force of the Act.

Subsection 5. §§ 21 and 22 first apply to the individual manager of alternative investment funds from the first general meeting or corresponding meeting held after the entry into force of the Act.

Transitional Provisions

§ 193. Companies that are carrying out business on 22 July 2013 and which become subject to the provisions of this Act concerning managers of alternative investment funds may continue their business until 22 July 2014. Such companies must take all necessary measures to adapt their business so that it is in compliance with the rules of this Act concerning managers of alternative investment funds, and submit an application for permission or have themselves registered before 22 July 2014. The company may thereafter continue its business in the country without permission until the Financial Supervisory Authority has made a decision on the application.

Subsection 2. For companies that are carrying out business on 22 July 2013 and which become subject to the provisions of this Act concerning managers of alternative investment funds, § 11, subsection 3, no. 2, cf. § 13, does not apply when applying for permission.

§ 194. Chapters 13 and 14 of the Act do not apply to the marketing of shares in alternative investment funds that are subject to a current offer to the public in a prospectus published in accordance with rules implementing Directive 2003/71/EC of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, before 22 July 2013, as long as the prospectus is valid.

§ 195. Companies that manage closed-type alternative investment funds before 22 July 2013 may continue to manage these alternative investment funds without obtaining permission under this Act, if these alternative investment funds do not make further investments after 22 July 2013.

§ 196. Companies that manage alternative investment funds of the closed type, where the subscription period for investors has expired before 22 July 2013, and which are established with an expiry date no later than 22 July 2016, may continue to manage these alternative investment funds without obtaining permission under this Act.

submit an application for authorization to manage alternative investment funds and without complying with the rules in this Act with the exception of the rules in Chapter 9 and, where relevant, Chapter 12.

Amendments in other legislation Sections 197-199. (Omitted)

The Faroe Islands and Greenland Section 200. The Act does not apply to the Faroe Islands and Greenland, but may be brought into force in whole or in part for the Faroe Islands and Greenland by Royal Order with the changes that the Faroese and Greenlandic circumstances require.

Act No. 554 of 7 May 2019 (Amendment of the rules on beneficial owners as a result of the 5th Anti-Money Laundering Directive) contains the following entry-into-force provision: Section 13 Para. 1. The Act enters into force on 10 January 2020, subject to Para. 2. Para. 2. (Omitted) Para. 3. Rules issued pursuant to Section 58 a, Para. 5, of the Companies Act, Section 15 g, Para. 5, of the Act on Certain Business Enterprises, Section 21 a, Para. 4, of the Act on Business Foundations, Section 17 a, Para. 5, of the Act on the European Company (SE Act), Section 14 a, Para. 5, of the Act on the European Cooperative Society (SCE Act), Section 1 a, Para. 4, of the Act on the Administration of European Economic Interest Grouping Regulations, Section 23, Para. 6, Section 81 b, Para. 4, Section 85 b, Para. 4, and Section 336 a, Para. 4, of the Financial Business Act, Section 68, Para. 5, of the Act on Supervision of Corporate Pension Funds, Section 136 a, Para. 5, of the Act on Alternative Investment Fund Managers and Related Matters, and Section 14 a, Para. 5, of the Act on Investment Funds and Related Matters, remain in force until they are repealed or replaced by regulations issued pursuant to Section 58 a, Para. 9, of the Companies Act, Section 15 g, Para. 9, of the Act on Certain Business Enterprises, Section 21 a, Para. 8, of the Act on Business Foundations, Section 17 a, Para. 9, of the Act on the European Company (SE Act), Section 14 a, Para. 9, of the Act on the European Cooperative Society (SCE Act), Section 1 a, Para. 8, of the Act on the Administration of European Economic Interest Grouping Regulations, Section 23, Para. 10, Section 81 b, Para. 8, Section 85 b, Para. 8, and Section 336 a, Para. 8, of the Financial Business Act, Section 111, Para. 8, of the Act on Corporate Pension Funds, Section 136 a, Para. 9, of the Act on Alternative Investment Fund Managers and Related Matters, and Section 14 a, Para. 9, of the Act on Investment Funds and Related Matters.

Act No. 641 of 19 May 2020 (Amendments as a result of the PEPP Regulation, amendment of the rules on outsourcing and clarification of the rules on the independence of insurance brokers) contains the following entry-into-force provision: Section 9 Para. 1. The Act enters into force on 1 July 2020, subject to Paras. 2-6. Paras. 2-5. (Omitted) Para. 6. The Minister for Business Affairs determines the time of entry into force of Section 1, No. 14, 15, 18 and 19, Section 2, No. 3, Section 3, No. 10, and Section 6, No. 2 and 3. The Minister for Business Affairs may thereby determine that the provisions enter into force at different times. Paras. 7-8. (Omitted)

Act No. 2382 of 14 December 2021 (Supplementing the Taxonomy Regulation and new model for SIFI designation) contains the following entry-into-force provision: Section 19 Para. 1. The Act enters into force on 1 January 2022, subject to Para. 2. Para. 2. Section 1, No. 4, Section 2, No. 3, Section 3, No. 4, Section 4, No. 6, Section 5, No. 14, Section 7, No. 4, Section 8, No. 1, Section 10, No. 1, Section 11, No. 1, Section 12, No. 1, Section 13, No. 1, Section 15, No. 1, Section 16, No. 1, and Section 17, No. 1, enter into force on 17 December 2021. Paras. 3-7. (Omitted) Para. 8. For companies with fewer than 50 employees, Section 2, No. 3, Section 8, No. 1, Section 10, No. 1, Section 11, No. 1, Section 12, No. 1, Section 15, No. 1, Section 16, No. 1, and Section 17, No. 1, apply from 17 December 2023.

Act No. 568 of 10 May 2022 (Stricter requirements for targets and policies for the underrepresented sex) contains the following entry-into-force provision: Section 11 Para. 1. The Act enters into force on 1 January 2023. Para. 2. (Omitted)

Act No. 871 of 21 June 2022 on Denmark's Export and Investment Fund contains the following entry-into-force provision: Section 30. The Act enters into force on 1 July 2022, subject to Para. 2. Para. 2. The Minister for Business Affairs determines the time of entry into force of Sections 32-35 and 37-40. The Minister may determine that the provisions enter into force at different times.

Act No. 409 of 25 April 2023 (Implementation of the Liability Committee's proposal on stricter liability assessment for board members and others in financial companies and amendment of the rules on fitness and propriety) contains the following entry-into-force provision:

26 April 2026. 77 No. 468.

Section 10 Para. 1. The Act enters into force on 1 July 2023. Paras. 2-18. (Omitted) Para. 19. Agreements on severance arrangements, which at the time of the Act's entry into force have been entered into between an alternative investment fund manager and a member of the executive board, shall be published on the manager's website in accordance with Section 20 a of the Act on Alternative Investment Fund Managers and Related Matters as amended by this Act's Section 6, No. 2, no later than 6 months after the Act's entry into force. Para. 20. Section 20 b, Section 20 c, Paras. 2 and 3, and Section 20 d of the Act on Alternative Investment Fund Managers and Related Matters as amended by this Act's Section 6, No. 2, apply to agreements on severance arrangements to a member of the executive board in an alternative investment fund manager, which have not yet been realized at the time of the Act's entry into force. Para. 21. Section 20 c, Para. 1, of the Act on Alternative Investment Fund Managers and Related Matters as amended by this Act's Section 6, No. 2, applies to agreements on severance remuneration to a member of the executive board in an alternative investment fund manager, which are entered into, extended or renewed after the Act's entry into force. Para. 22. Section 20 c, Paras. 4 and 5, of the Act on Alternative Investment Fund Managers and Related Matters as amended by this Act's Section 6, No. 2, do not apply to agreements where a member of the executive board in an alternative investment fund manager has acquired a legal claim to severance remuneration at the time of the Act's entry into force. For such agreements, the previously valid rules apply. Paras. 23-32 (Omitted)

Act No. 480 of 12 May 2023 (Extension of the coverage area of the Guarantee Fund for Property Insurance Companies to include life insurance companies conducting work accident insurance business in Denmark, and to include motor liability insurance and related matters) contains the following entry-into-force provision: Section 10 Para. 1. The Act enters into force the day after publication in the Danish Statute Journal, subject to Paras. 2-4. Para. 2 (Omitted) Para. 3. Section 1, Nos. 1 and 3-11, Section 2, Section 3, Nos. 1-3, 7-18 and 24-28, Section 4, No. 3, Section 5, No. 2, Section 6, Section 7, Nos. 2 and 4-9, 11, 17 and 18, and Sections 8 and 9 enter into force on 1 July 2023. Paras. 4 and 5. (Omitted)

Act No. 1546 of 12 December 2023 (Mortgage lending of offshore wind turbines, strengthening of the Financial Supervisory Authority's supervisory powers and coverage of motor liability insurance at the Guarantee Fund for Property Insurance Companies and related matters) contains the following entry-into-force provision: Section 15 Para. 1. The Act enters into force on 1 January 2024, subject to Para. 2. Paras. 2-4. (Omitted)

Act No. 480 of 22 May 2024 (Implementation of the EU Directive on Corporate Sustainability Reporting and the EU Directive on the increase of size thresholds in the Accounting Directive and related matters) contains the following entry-into-force provision: Section 13 Para. 1. The Act enters into force on 1 June 2024, subject to Paras. 2 and 3. Paras. 2-8. (Omitted)

Act No. 481 of 22 May 2024 (Supervision pursuant to the Regulation on Digital Operational Resilience in the financial sector and the Regulation on Markets in Crypto-Assets, rules on designation of administration company for the Guarantee Fund and remuneration rules for corporate pension funds) contains the following entry-into-force and transitional provision: Section 17 Para. 1. The Act enters into force on 1 July 2024, subject to Paras. 2-5. Para. 2. Section 1, No. 2, Sections 332, 332 a, 332 b and 332 d in the Financial Business Act as amended by this Act's Section 1, No. 26, Section 1, Nos. 47 and 48, and Section 2, Nos. 28 and 29, Section 211, Para. 2, No. 15, in the Capital Markets Act as amended by this Act's Section 3, No. 18, and Section 5, Nos. 8 and 9, enter into force on 30 June 2024. Paras. 3 and 4. (Omitted) Para. 5. Section 1, Nos. 6, 8 and 9, Section 2, Nos. 1-3 and 5-18, Section 3, Nos. 5-9 and 12-14, Section 211, Para. 2, No. 16, as amended by this Act's Section 3, No. 18, Section 251 c in the Capital Markets Act as amended by this Act's Section 3, No. 24, Section 4, Nos. 1 and 4, Section 275, Para. 1, No. 10, in the Act on Fund Brokerage Companies and Investment Services and Activities as amended by this Act's Section 4, No. 16, Section 5, Nos. 1 and 3, Section 6, No. 9, Section 8, Nos. 17 and 19-23, and Sections 9 and 11-13 enter into force on 17 January 2025. Paras. 6-16. (Omitted)

Act No. 1602 of 17 December 2024 (Gender Balance Act) contains the following entry-into-force and transitional provision: Section 16. The Act enters into force on 28 December 2024. Para. 2. The Act has effect for financial years beginning on 1 January 2025 or later. Para. 3. (Omitted)

Act No. 1666 of 30 December 2024 (Access to a basic business account for business enterprises and associations, supervision pursuant to the Regulation on European Green Bonds and annual target setting for the executive board of Danmarks Nationalbank and related matters) contains the following entry-into-force and transitional provision: Section 18 Para. 1. The Act enters into force on 1 January 2025, subject to Paras. 2 and 3 Paras. 2-10. (Omitted)

Act No. 1668 of 30 December 2024 (Amendment of certain laws and provisions in the area of the Ministry of Business Affairs as a result of task abandonment) contains the following entry-into-force and transitional provision: Section 17 Para. 1. The Act enters into force on 1 January 2025, subject to Para. 2. Para. 2. (Omitted) Para. 3. Section 2, Nos. 3 and 4, and Sections 12 and 14-16, have effect for financial years beginning on 1 January 2024 or later. Paras. 4-6. (Omitted)

Act No. 712 of 20 June 2025 (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for authorization to credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Financial Supervisory Authority to approve significant acquisitions of shareholdings in other companies, criminalization of the disclosure regulation, modernization of the rules in the FAIF-UCITS II Directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of a number of published information and related matters)4) , as amended by Act No. 1638 of 16 December 2025, contains the following entry-into-force, effect and transitional provisions: Section 22 Para. 1. The Act enters into force on 1 July 2025, subject to Paras. 2-13. Paras. 2-4. (Omitted) Para. 5. Section 1, Nos. 100 and 102, Section 2, No. 56, Section 3, No. 42, Section 5, No. 21, Section 6, No. 37, and Section 7, No. 7, enter into force on 1 March 2026. Para. 6. Section 5, Para. 1, No. 64, in the Financial Business Act as amended by this Act's Section 1, No. 8, Section 1, Nos. 10-16, 37, 40-48, 52-54, 99, 118, 119 and 122, Section 2, Nos. 2-14, 16-43, 49-54, 62-64, 69-76, 78, 80 and 84-87, and Section 3, Nos. 1, 4-6, 8-20, 22-33, 36, 41, 43, 47-49, 56 and 60, enter into force on 16 April 2026. Para. 7. Section 1, Nos. 117, 120 and 124, Section 2, Nos. 77 and 83, Section 3, Nos. 53, 54 and 58, Section 5, Nos. 25, 27 and 31, Section 6, No. 56, Section 7, Nos. 11 and 15, and Section 117, Para. 3, in the Act on Corporate Pension Funds as amended by this Act's Section 7, No. 16, enter into force on 2 July 2026. Paras. 8 and 9. (Omitted) Para. 10. Section 1, No. 98, and Section 2, Nos. 45-48, enter into force on 16 April 2027. Para. 11. (Omitted) Para. 12. Section 1, Nos. 38, 39, 78 and 95, Section 2, No. 44, Section 5, Nos. 8, 9, 12, 13 and 18, Section 6, Nos. 12, 19, 21, 22, 46 and 48, Section 7, Nos. 3-5, and Section 14, No. 4, enter into force on 10 January 2030. Para. 13. (Omitted) Section 23 (Omitted) Section 24 Para. 1. Sections 26 a, 26 c and 26 d in the Act on Alternative Investment Fund Managers and Related Matters do not apply to managers who manage alternative investment funds that issue loans and which were established before 15 April 2024. For such managers, the previously valid rules apply until 16 April 2029. Para. 2. Until 16 April 2029, where the nominal value of the loans issued by an alternative investment fund to a single borrower, or an alternative investment fund's gearing, exceeds the limits set out in Section 26 c, Paras. 1-3, and Section 26 d in the Act on Alternative Investment Fund Managers and Related Matters, a manager managing these alternative investment funds must not increase this value or gearing. If the nominal value of the loans issued by an alternative investment fund to a single borrower, or an alternative investment fund's gearing, is below the limits set out in Section 26 c, Paras. 1-3, and Section 26 d in the Act on Alternative Investment Fund Managers and Related Matters, the manager managing these alternative investment funds must not increase this value or gearing above these limits. Para. 3. Sections 26 a, 26 c and 26 d in the Act on Alternative Investment Fund Managers and Related Matters do not apply to managers who manage alternative investment funds that issue loans and which were established before 15 April 2024 and do not raise additional capital after 15 April 2024. Para. 4. Notwithstanding Paras. 1-3, a manager managing alternative investment funds that issue loans and which were established before 15 April 2024 may choose to be covered by Sections 26 a, 26 c and 26 d in the Act on Alternative Investment Fund Managers and Related Matters, if the Financial Supervisory Authority is notified thereof. Para. 5. Section 26 b, Para. 1, and Sections 26 e-26 g in the Act on Alternative Investment Funds and Related Matters do not apply to managers who manage alternative investment funds that have issued loans before 15 April 2024, insofar as these loans are concerned. Paras. 6-8. (Omitted) Para. 9. Rules issued pursuant to Section 5, Paras. 7-10, and Section 130, Para. 5, in the Act on Alternative Investment Fund Managers and Related Matters, cf. Statutory Order No. 231 of 1 March 2024, remain in force until they are repealed or replaced by rules issued pursuant to Section 5, Paras. 9-12, and Section 130, Para. 6, in the Act on Alternative Investment Fund Managers and Related Matters, cf. this Act's Section 2, Nos. 10 and 54. Para. 10. (Omitted)

Act No. 1638 of 16 December 2025 (Repeal of the national prospectus threshold, partial repeal of the prohibition on share classes in financial companies, insurance companies and fund brokerage companies, amendment of publication requirements upon admission to trading on a multilateral trading facility, strengthening of the Financial Supervisory Authority's independence and related matters)5) contains the following entry-into-force provision: Section 15 Para. 1. The Act enters into force on 1 January 2026, subject to Paras. 2-13. Paras. 2-4. (Omitted) Para. 5. Section 2, Nos. 7, 8, 13-15 and 19, Section 3, Nos. 3-6, 9 and 10, and Section 6, Nos. 1, 2, 6 and 7, enter into force on 16 April 2026. Paras. 6-12. (Omitted) Para. 13. The Minister for Business Affairs determines the time of entry into force of Section 6, Nos. 3-5 and 8-11. Para. 14. (Omitted)

The Financial Supervisory Authority, 26 April 2026 Louise Mogensen / Karina Vilhof Ankergren 26 April 2026. 80 No. 468.

2. The law amendment, which concerns Section 2, No. 5, in Act No. 712 of 20 June 2025, amends Section 11. By error, the law prescribes that the amendment is made in Section 11, Para. 2, 1st and 2nd sentences, but it is correct in the 2nd and 3rd sentences.
3. The law amendment, which concerns Section 2, No. 56, in Act No. 712 of 20 June 2025, amends Section 155. By error, the law prescribes that the amendment is made in Section 155, 5th sentence, but it is correct in the 7th sentence.
4. The law amendment concerns Section 1, Para. 2, 3 and 5, Section 3, Para. 1, No. 25, letter c, and Nos. 39, 53, 54 and 57-62, Section 5, Paras. 5 and 6, Section 5 a, Para. 1, Section 8, Section 11, Para. 2, 2nd and 3rd sentences, Section 11, Para. 4, and Para. 7, Nos. 1 and 2, Section 14, Para. 2, 1st sentence, and Para. 3, Section 16, Para. 1, 3rd sentence, and Para. 11, 2nd sentence, Section 17, No. 7, Section 18, Para. 4, Section 19, Section 23, Paras. 5, 6 and 8, Sections 25 a-d, Sections 26 a-g, Section 38, 1st sentence, Section 40, No. 6, Section 42, Paras. 1-3, Section 43, Para. 1, 1st sentence, and Paras. 2 and 3, Section 48 a, Section 49, Para. 1, Nos. 4 and 5, and Para. 2, Section 54, Para. 2, No. 3, and Para. 6, Section 59, 2nd and 3rd sentences, Section 60, No. 3, letter b, Section 62, Para. 1, Nos. 1, 15, 17 and 20, Section 64, Nos. 4-6, Section 89, No. 2, Section 90, Para. 1, 1st sentence, Para. 2, 1st sentence, and Para. 2, No. 2, Section 91, Para. 1, 2nd sentence, and Para. 2, Section 92, 2nd sentence, Section 93, Para. 3, Section 109, Nos. 3-5, Section 130, Para. 1, 4 and 5, Section 155, Para. 1, 6th sentence, Section 170, Para. 7, Nos. 2 and 17, Section 170, Para. 11, 1st sentence, Section 180, Para. 1, Nos. 9 and 10, Section 180, Para. 2, Nos. 9 and 10, Section 181, Para. 2, Section 182, Para. 1, Nos. 3 and 5, and Para. 3, Section 190, Paras. 1 and 5, Annex 1, No. 2, letter d and e, and No. 3, and Annex 2.
5. The law amendment concerns Section 11, Para. 3, No. 3, Section 13, Para. 9, Section 168, Para. 1, and Para. 3, 1st sentence, and Section 192, Para. 3. 26 April 2026. 81 No. 468.

Annex 1 The functions that alternative investment fund managers may be authorized to perform

1. Investment management functions, which a manager must at least perform in connection with the management of an alternative investment fund: a) Portfolio management. b) Risk management.
2. Other functions, which a manager may additionally perform in connection with the collective management of an alternative investment fund: a) Administration, including: i. The fund's legal services and accounting services. ii. Customer inquiries. iii. Valuation and pricing, including disclosure documents. iv. Compliance monitoring. v. Maintenance of the register of shareholders/investors. vi. Distribution of dividends. vii. Issuance and redemption of shares/capital shares. viii. Establishment of agreements, including issuance of certificates. ix. Registration. b) Marketing. c) Activities relating to the alternative investment fund's assets, i.e. delivery of the services necessary for fulfillment of the manager's entrusted tasks, facility management, administration of real estate, advising companies on capital structure, business strategy and related questions, advising and services in connection with mergers and acquisitions of companies and other services in connection with the management of the alternative investment fund and the companies and other assets it has invested in. d) Issuance of loans on behalf of an alternative investment fund. e) Servicing of special purpose securitization entities.