Act on Alternative Investment Fund Managers

Act on Alternative Investment Fund Managers etc. 1)

This act consolidates the Act on Alternative Investment Fund Managers etc., cf. Consolidation Act No. 231 of 1 March 2024, with the amendments resulting from Section 9 of Act No. 480 of 22 May 2024, Section 5 of Act No. 481 of 22 May 2024, Section 22 of Act No. 1602 of 17 December 2024, Section 12 of Act No. 1666 of 30 December 2024, Section 15 of Act No. 1668 of 30 December 2024 and Section 2, items 1, 15, 55, 57-61, 65-68, 79, 81 and 82, of Act No. 712 of 20 June 2025.

The amendment resulting from Section 2, item 56, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority 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 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 etc.), is not incorporated in this consolidation act, as this enters into force on 1 March 2026, cf. Section 22, subsection 5, of Act No. 712 of 20 June 2025.

The amendments resulting from Section 2, items 2-14, 16-43, 49-54, 62-64, 69-76, 78, 80 and 84-87, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority 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 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 etc.), are not incorporated in this consolidation act, as these enter into force on 16 April 2026, cf. Section 22, subsection 6, of Act No. 712 of 20 June 2025.

The law 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 1060/2009/EC and 1095/2010/EU, 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 Directives 2002/92/EC and 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 Directives 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (4th 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 the European Parliament and Council Directive (EU) 2017/828 of 17 May 2017 amending Directive 2007/36/EC as regards the 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 2013/345/EU 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 2013/346/EU 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 2017/1131/EU of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ EU 2017, No. L 169, page 8, and 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 and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations
1060/2009/EC and 648/2012/EU, OJ EU 2017, No. L 347, page 35, are also included in the law. According to Article 288 of the TFEU, a regulation applies directly in each Member State. The reproduction of these provisions in the law is thus solely justified by practical considerations and does not affect the direct validity of the regulations in Denmark.

Laws of Denmark A
2025 Published on 9 December 2025
18 November 2025. No. 1544.
Ministry of Industry, Business and Financial Affairs, Danish Financial Supervisory Authority, ref. no. 24-013787 CQ003398

The amendments resulting from Section 2, items 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 etc., the Act on Investment Funds etc., the Money Laundering Act and various other laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority 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 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 etc.), are not incorporated in this consolidation act, as these 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, items 45-48, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority 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 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 etc.), are not incorporated in this consolidation act, as these enter into force on 16 April 2027, cf. Section 22, subsection 10, of Act No. 712 of 20 June 2025.

The amendment resulting from Section 2, item 44, of Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority 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 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 etc.), is not incorporated in this consolidation act, as this enters into force on 10 January 2030, cf. Section 22, subsection 12, of Act No. 712 of 20 June 2025.

Section I
General Provisions
Chapter 1
Scope of Application

Section 1. This Act applies to

alternative investment fund managers who have registered their home state in Denmark,
alternative investment fund managers who have registered their home state in a third country and who have Denmark as their reference country,
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
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 3-5 and 7, 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 are granted a permit 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 9, 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 adaptations.

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 a permit as an alternative investment fund manager, cf. Section 6, subsection 1, and who have not voluntarily chosen to apply for such a permit 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 3-5 and 7, 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:

Holding companies.
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.
Work-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 approved entities responsible for the management of such pension funds, acting 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.
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.
Danish Export and Investment Fund and its independent public subsidiary companies.
Danmarks Nationalbank.
State, regional and municipal authorities or other institutions managing funds to support social security and pension schemes.
Employee participation schemes or employee savings schemes.
Special purpose securitization entities.
Family-owned investment entities.

Chapter 2
Definitions

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

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) is not required to have a permit 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).
Share: Any ownership share of the assets of an alternative investment fund.
Alternative investment fund manager: A company whose normal business activity consists of the management of one or more alternative investment funds.
Branch of an alternative investment fund manager: A place of business which legally constitutes a non-independent 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.
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.
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 the 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.
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.
Competent authorities, insofar as a depositary is concerned:
a) The competent authorities as defined in Article 4, item 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 a permit 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 the prudential supervision of credit institutions and investment firms. b) The competent authorities as defined in Article 4, subsection 1, item 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 a permit 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 Article 21, subsection 3, first paragraph, letter 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 sectoral rules, if the depositary is an entity as referred to in 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, letter b, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, and is not covered by letters a-d.
Alternative investment fund from a third country: An alternative investment fund which
a) has not obtained a permit 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.
Decisive influence: The power to direct the economic and operational decisions of a subsidiary, cf. subsections 3-7.
Capital association: An alternative investment fund established in accordance with Section 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 of the Act on Fund 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 a permit to administer alternative investment funds, which is responsible for managing the capital association.
AIF-SIKAV: An alternative investment fund, cf. item 1, established in accordance with the rules in Section 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 a permit to administer alternative investment funds, and which is responsible for managing the AIF-SIKAV.
AIF-securities fund: An alternative investment fund, cf. item 1, which is established by an alternative investment fund manager who has a permit to administer alternative investment funds, and whose fund regulations state that the fund is an AIF-securities fund.
Established, insofar as alternative investment funds are concerned: The country where an alternative investment fund has obtained a permit or is registered, or, if the fund has not obtained a permit or is not registered, the country where the fund has its registered home state.
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.
Established, insofar as legal representatives who are legal persons are concerned: The country where the legal representative has registered their home state, or the country where the legal representative has a branch.
Established, insofar as legal representatives who are natural persons are concerned: The country where the legal representative is domiciled.
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 a permit 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 a permit 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.

European Union or a country with which the Union has concluded an agreement in the financial sector.

Manager from a country within the European Union or a country with which the Union has concluded an agreement in the financial sector: A manager that has its registered home in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector.
Feeder fund: An alternative investment fund that
a) invests at least 85 percent of its assets in shares in another alternative investment fund (the master fund), b) invests at least 85 percent 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 percent of its assets in a master fund.
Financial instrument: A financial instrument as covered by Annex 2 to the Act on Securities Brokerage Companies and Investment Services and Activities.
Holding company: A company with capital shares in one or more other companies, the commercial purpose of which is to implement a business strategy or strategies through its subsidiaries, affiliated companies or capital interests to contribute to their long-term value, and which is either a company that
a) operates on the basis of its own assets, and whose capital shares are 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 sector, 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.
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 sector, and where the alternative investment fund has obtained authorization or is registered in accordance with applicable national law, or in the case of several authorizations or registrations, the country within the European Union or the country with which the Union has concluded an agreement in the financial sector, and 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 sector, and where the alternative investment fund has its registered home or head office, if the alternative investment fund has neither obtained authorization nor is registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector.
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 sector, and where the manager has its registered home. For managers with a registered home in a third country, all references to the manager's home country in this Act shall be understood as referring to the reference country.
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 sector, and 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 sector, b) markets shares in an alternative investment fund from a third country, or c) provides services covered by Annex 1, no. 3.
Minimum capital: The manager's minimum capital, consisting of funds referred to in Article 26, paragraph 1, letters a-e, of Regulation (EU) No 575/2013.
Issuer: An issuer as referred to in the rules implementing Article 2, paragraph 1, letter d, of Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in connection with information about issuers whose securities are admitted to trading on a regulated market, when the issuer has its registered home in the European Union or a country with which the Union has concluded an agreement in the financial sector, and when its shares are admitted to trading on a regulated market as referred to in the rules implementing Article 4, paragraph 1, no. 21, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
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 sector, or a legal person that has its registered home in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, and which is explicitly appointed by a manager that has its registered home in a third country to act on behalf of this manager towards authorities, customers, bodies and counterparties in the European Union or a country with which the Union has concluded an agreement in the financial sector, regarding the manager's obligations under this Act.
Gearing: A method that the manager uses to increase the exposure of an alternative investment fund that it manages, whether this is done by borrowing cash or securities or gearing contained in derivative positions or by other means.
Management of alternative investment funds: The responsibility for exercising at least the investment management functions mentioned in Annex 1, no. 1, for one or more alternative investment funds.
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 that it manages, to or with investors who are resident or have their registered home in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector.
Master fund: An alternative investment fund in which another alternative investment fund invests or has exposure, in accordance with no. 20.
Reference country: A country within the European Union or a country with which the Union has concluded an agreement in the financial sector, as determined in accordance with Chapter 17.
Third country: A country outside the European Union, with which the Union has not concluded an agreement in the financial sector.
Unlisted company: A company that has its registered home in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, and whose shares are not admitted to trading on a regulated market as referred to in the rules implementing Article 4, paragraph 1, no. 21, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
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.
Parent company: A parent company as defined in the rules implementing Articles 1 and 2 of Directive 83/349/EEC of 13 June 1983 on the consolidated supervision of credit institutions.
Prime broker: A credit institution, a regulated investment firm or another entity that is subject to regulatory supervision and ongoing supervision and offers 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, customised technology and operational support facilities.
Professional investor: An investor who is considered a professional client, or who upon request is treated as a professional client as defined in the rules implementing Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
Qualified holdings: Direct or indirect possession of a share in a manager, which either constitutes at least 10 percent of the capital or voting rights, cf. the rules implementing Articles 9 and 10 of Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in connection with information about issuers whose securities are admitted to trading on a regulated market, taking into account the conditions for the aggregation of holdings, cf. the rules implementing Article 12, paragraphs 4 and 5, of the relevant directive, or which makes it possible to exercise significant influence on the management of the manager in which this holding is found.
Employee representatives: The employees' representatives as defined in the rules implementing Article 2, letter e, of Directive 2002/14/EC of 11 March 2002 on the establishment of a general framework for informing and consulting employees in the European Community.
Retail investor: An investor who is not a professional investor, cf. no. 39.
Subsidiary: A subsidiary as defined in the rules implementing Articles 1 and 2 of Directive 83/349/EEC of 13 June 1983 on the consolidated supervision of credit institutions.
Supervisory authorities, as regards alternative investment funds from third countries: National authorities in a third country that are empowered by law or other regulations to supervise alternative investment funds.
Supervisory authorities, as regards managers from third countries: National authorities in a third country that are empowered by law or other regulations to supervise managers.
Special purpose securitisation entities: Entities whose sole purpose is to carry out securitisation or securitisations as referred to in Article 1, no. 2, of Regulation (EC) No 24/2009 and other appropriate activities with a view to fulfilling this purpose.
UCITS: A collective investment undertaking in transferable securities that 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).
Regulated market: A market that is covered by the rules implementing Article 4, paragraph 1, no. 21, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
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.
Beneficial owner: A natural person who ultimately directly or indirectly owns or controls a sufficient part of the ownership shares or voting rights, or who exercises control by other means, other than owners of capital funds whose shares are traded on a regulated market or a corresponding market, which is subject to disclosure obligations in accordance with EU law or corresponding international standards.
Investor deduction fund: An alternative investment fund that complies with the conditions in Section VIII a, and
a) whose purpose is to generate a return for the investors in the investor deduction fund through investments in companies that meet the conditions in 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 that has authorization to manage alternative investment funds, or which has authorization to be a self-managing investor deduction fund.
Target company: A company that meets the conditions in § 3 of the Investor Deduction Act.
Intermediary: An alternative investment fund manager that has authorization under this Act to carry out the activities mentioned in Annex 1, no. 3 b, section iii, when the manager of the alternative investment fund provides services in relation to the custody of shares with voting rights in companies that have shares admitted to trading on a regulated market.
Capital manager: An alternative investment fund manager, cf. no. 3, that has authorization under this Act to carry out activities mentioned in Annex 1, no. 3 a, when the manager provides services in relation to the portfolio management of shares with voting rights in companies that have shares admitted to trading on a regulated market or an alternative investment fund that is established in Denmark, and which is not covered by an agreement with a manager that has authorization as a manager, for the management of the fund.
Pre-marketing: The distribution of information or messages directly or indirectly about investment strategies or ideas from a manager of alternative investment funds that has its statutory home in the European Union, in a country with which the Union has concluded an agreement in the financial sector, or on behalf of the manager to potential professional investors who are resident or have their statutory home in the Union, in order to test investors' interest in
a) an alternative investment fund that is not yet established, b) a section in an alternative investment fund that is not yet established, or c) an alternative investment fund or a section in an alternative investment fund that is 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 statutory home, and which in the individual case does not constitute the same as an offering to or placement with the investor with a view to investing in the shares or capital shares in the relevant alternative investment fund or section.
Severance pay: Any form of payment that the recipient acquires the right to in connection with their departure, and which
a) does not constitute salary or value of employee benefits during the notice period, b) does not constitute reasonable compensation for assuming non-compete clauses or client clauses, or c) does not follow from mandatory legislation.

Paragraph 2. For managers of alternative investment funds that have their registered home in Denmark, which are not self-managing, the following is understood in this Act:

The highest management body:
a) The Board of Directors in companies that have a board of directors and a management. b) The Supervisory Board in companies that have a supervisory board and a management. c) The Management in companies that only have a management.
The central management body:
a) The Management in companies that have a management and a supervisory board. b) The Board of Directors in companies that have a board of directors and a management. c) The Management in companies that only have a management.
Management: All the bodies mentioned in no. 1 and 2. A member of the management may be a member of a company's supervisory board, board of directors or management.

Paragraph 3. For managers of alternative investment funds that do not have their registered home in Denmark, and for self-managing alternative investment funds, the provisions in paragraphs 1, 2 and 5, § 11, paragraph 3, § 13, § 20, paragraphs 2-7 and 9, § 21, paragraphs 3 and 4, § 22, § 23, paragraph 2, § 28, paragraphs 1 and 10, § 61, paragraph 3, § 157, paragraphs 2 and 3, § 166, § 168, paragraphs 1-3, 5 and 7, § 173, paragraphs 2 and 3, § 190, paragraph 8, and § 191, paragraphs 1 and 3, concerning the highest management body, the central management body, the management and the management or members of these management bodies shall be applied with the necessary adaptations to these managers' management bodies and members thereof.

Paragraph 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.

Paragraph 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

the right to more than half of the voting rights by virtue of an agreement with other investors,
the power to manage the financial and operational affairs of a company in accordance with the articles of association or an agreement,
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
the right to the actual majority of votes at the general meeting or in a corresponding body and thereby possesses the actual determining influence over the company.

Paragraph 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.

Paragraph 7. In the calculation of voting rights in a subsidiary, voting rights that relate to capital shares owned by the subsidiary itself or its subsidiaries shall be disregarded.

Paragraph 8. The Danish Financial Supervisory Authority may set detailed rules on when an entity meets the conditions mentioned in paragraph 1, no. 1, letter a.

Section II
Authorization and Business Area
Chapter 3
Management of Alternative Investment Funds

§ 4. If an alternative investment fund is not covered by an agreement to be managed by a manager of alternative investment funds that 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 etc. apply correspondingly to self-managing alternative investment funds with the necessary adaptations.

Paragraph 2. If a manager cannot ensure compliance with the requirements in 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 sector, and from which the fund is from, if this is not Denmark. The Danish Financial Supervisory Authority shall thereafter order the manager to take the necessary measures to remedy the situation.

Paragraph 3. If the non-compliance continues despite the measures ordered by the Danish Financial Supervisory Authority in accordance with paragraph 2, and to the extent that it concerns a manager with a registered home 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 sector, 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 this case, 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 sector. To the extent that it concerns a manager with a registered home 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 sector. The Danish Financial Supervisory Authority shall immediately notify the competent authorities in the manager's possible host countries.

§ 5. Companies that manage alternative investment funds must have authorization to manage alternative investment funds, cf. § 11, paragraph 3, or be registered with the Danish Financial Supervisory Authority, cf. § 9, paragraph 1.

Paragraph 2. Companies that have authorization to manage alternative investment funds, and companies that are 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.

Paragraph 3. Managers of alternative investment funds that have authorization to manage alternative investment funds may market shares in alternative investment funds to professional investors in accordance with the rules in Section VI.

Paragraph 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 with authorization to manage alternative investment funds to market shares in alternative investment funds to retail investors.

Paragraph 5. The provision in paragraph 4 does not apply to investments made by

managers, directors or other employees of a manager of alternative investment funds in specific alternative investment funds that the person is involved in managing, or
other investors who
a) commit to investing at least 100,000 euros and b) in writing in a document other than the contract to be entered into regarding the investment commitment, declare that they are aware of the risks associated with the intended commitment or investment.

Paragraph 6. Managers who are registered with the Danish Financial Supervisory Authority may market shares in alternative investment funds in the following manner:

Shares in alternative investment funds that are established in Denmark or third countries may be marketed to professional investors in Denmark.
Shares in alternative investment funds that are established in Denmark or third countries may be marketed in third countries, provided that the national legislation of the relevant country allows this.
Shares in alternative investment funds that are 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 sector, provided that the national legislation of the relevant country allows this.

Paragraph 7. The Minister for Business may set detailed rules on which conditions must be met for a manager with authorization to market shares in alternative investment funds to retail investors in Denmark, reg

regulations for the permit and marketing regarding this and rules for facilities available to retail investors.
Subsection 8. The Danish Financial Supervisory Authority may set detailed regulations on types of alternative investment fund managers.
Subsection 9. The Danish Financial Supervisory Authority may set detailed regulations on, which provisions in the law together with the provisions mentioned in Section 1, subsection 3, shall apply to alternative investment fund managers who have registered their domicile in a third country, and who do not have a reference country in the European Union or a country with which the Union has entered into an agreement in the financial area, who wish to manage alternative investment funds established in Denmark. Subsection 10. The Danish Financial Supervisory Authority may set detailed regulations on marketing of alternative investment funds in Denmark carried out by registered managers from other EU countries or countries with which the European Union has entered into an agreement in the financial area.
Section 5a. The Danish Financial Supervisory Authority may grant alternative
investment fund managers, who have registered their domicile in a third country, and who do not have a reference country in the European Union or a country with which the Union has entered into an agreement in the financial area, permission to market to retail investors of alternative investment funds, provided that the conditions in Section 130, subsections 2-4, together with the following conditions are met:

The manager of the alternative investment fund is under
supervision of the competent authorities in the country where the manager has registered its domicile.
The alternative investment fund is under supervision of the
competent authorities in the country where the alterna- tive investment fund is established, provided this is a third country.
The manager has permission to market the alter-
native investment fund to retail investors in both the country where the manager has registered its domicile, as well as the country where the alternative investment fund is established.
Subsection 2. The Minister of Business Affairs may set detailed regulations on marketing of alternative investment funds to detai- l investors pursuant to subsection 1.
Managers of alternative investment funds that require permission
Section 6. Companies that manage one or more alternative
investment funds must have permission from the Danish Financial Supervisory Authority, so- long as the assets in the alternative investment funds that the company manages, combined, exceed a value equivalent to
100 million euros or
500 million euros, provided 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, item 2, shall be included in the calculation of assets according to subsection 1, item 1.
Subsection 3. In calculating the total value of the assets that the company manages in total, assets managed either directly or indirectly through a company that the manager is linked to through joint management, has decisive influence over, or is linked to 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 associations, for companies that manage one or more investor deduction funds, for self-managing investor deduction funds, for AIF-SIKAVs and for AIF securities funds, as these regardless of the value of 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 set rules on the calculation of the limits mentioned in subsection 1 as well as the procedure for granting permission to manage alternative investment funds. Subsection 6. The Danish Financial Supervisory Authority may set detailed regulations to pre- cise methods for leverage and for how leverage is calculated.
Section 7. Managers of alternative investment funds with per-
mits who have registered their domicile in Denmark must be legal persons covered by the Companies Act.
Subsection 2. Managers of alternative investment funds with registered domicile in a third country, which has Denmark as reference country, must 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 per-
mits, which are not self-managing, may not carry out other activities than those referred to in Annex 1, items 1 and 2, however cf. subsection 2 and 3.
Subsection 2. Managers of alternative investment funds, which are not self-managing, may also have permission as investment management company pursuant to Section 10 in the Act on Financial Business and carry out the activities this gives permission for.
Subsection 3. In addition to what is mentioned in subsection 1, managers who are not self-managing, can get permission to carry out the services mentioned in Annex 1, item 3. A manager cannot get permission to provide ancillary services pursuant to Annex 1, item 3, letter b, unless the manager has permission for management of investment portfolios pursuant to Annex 1, item 3, letter a. Subsection 4. A self-managing alternative investment fund may only carry out the activities mentioned in Annex 1, items 1 and 2, and solely for the fund itself. Subsection 5. If a manager has permission to carry out the activiti- ies covered by Annex 1, item 3, Sections 45-48, Section 95, subsections 1-4 and 7, and Sections 98 and 106 and regulations issued pursuant to them as well as chapters 22-27 in the Act on Securities Brokerage Companies and Investment Services and Activities apply correspondingly to the manager's execution of these services. If the manager has permission to carry out activities covered by Annex 1, item 3, letter b, item ii, Section 16, subsection 1, 3rd sentence, applies correspondingly. Subsection 6. A manager of alternative investment funds can deliver services with crypto-assets as specified in Article 60, subsection 5, of the European Parliament and Council Regulation (EU) 2023/1114 of 31 May 2023 on markets for crypto-assets, 18 November 2025. 9 No. 1544.

as specifically granted permission for in accordance with this law, if the manager notifies the Danish Financial Supervisory Authority, at least 40 working days before these services are delivered for the first time. The notification must be accompanied by the information specified in Article 60, subsection 7, of the European Parliament and Council Regulation (EU) 2023/1114 of 31 May 2023 on markets for crypto-assets. Managers of alternative investment funds that must be registered
Section 9. Managers of alternative investment funds, who have
registered domicile in Denmark, who are not covered by the obligation to apply for permission as manager of alter- native investment funds, cf. Section 6, subsection 1, and who have not voluntarily chosen to apply for such permission to manage alter- native investment funds, cf. Section 10, subsection 2, must register with the Danish Financial Supervisory Authority.
Subsection 2. When a company registers with the Danish Financial Super- visory Authority as a manager, the company must disclose

the company's name,
the company's CVR number,
a unique identification of the alternative investment fun-
ds that the company manages, and
a description of the investment strategies for each alter-
native investment fund that the company manages.
Subsection 3. A registered manager must make regular reports to the Danish Financial Supervisory Authority
on which alternative investment funds this manager
manages, their investment strategies and the funds' main exposures and main concentrations,
on any significantly changed investment strategies
for each alternative investment fund since the latest re- port, and
on the main instruments that the manager trades with.
Subsection 4. The Danish Financial Supervisory Authority may set detailed regulations on the obligation to register, and what information a manager must provide at the time of registration and regularly report, as well as how the information should be submitted.
Section 10. A registered manager of alternative invest-
ment funds must within 30 calendar days apply for permission from the Danish Financial Supervisory Authority when the assets, which the manager jointly manages, exceed the limits mentioned in Section 6, subsection 1.
Subsection 2. A registered manager or a company can at its own initiative request permission to manage alternative investment funds, even if the value of the managed assets do not exceed the limits mentioned in Section 6, subsection 1.
Subsection 3. The Danish Financial Supervisory Authority may set detailed regulations on
breaches, which a manager of alternative investe-
rment funds expects to be temporary, of the limits mentioned in Section 6, subsection 1, and
the procedure for companies applying for permission.
Application for permission as manager of alternative investment funds
Section 11. Companies, which exceed the limits fixed in Section 6,
subsection 1, must apply for permission to manage alternati- ve investment funds from the Danish Financial Supervisory Authority.
Subsection 2. The Danish Financial Supervisory Authority's permission must cover the activiti- es listed in Annex 1, item 1, and may additionally cover the activities listed in Annex 1, item 2. Furthermore, the Danish Financial Supervisory Authority may grant a manager permission to exercise one or more of the activities mentioned in Annex 1, item 3, unless it concerns a self-managing alternative investment fund. Permission to carry out the activities mentioned in Annex 1, item 3 is conditional on the manager being affiliated with 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 fun- ds 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 in a position to meet the conditions in this law, and when
the company has sufficient minimum capital and
sufficient capital base in accordance with the requirements in Section 16,
the members of the company's management have good
reputation and sufficient experience to exercise their profession or hold their position, cf. Section 13,
the determination of the manager's business conduct is always made by at least two persons from the management of the mana-
ger,
the owners of qualifying holdings in the company are suitable in relation to ensuring a reasonable and prudent operation of
the company,
the company's head office and registered domicile
are in Denmark, unless the company is covered by
Section 1, subsection 1, item 2 or 4,
the company meets the requirements in Section 7,
the conditions in Section 116 are met, if the company is
covered by Section 1, subsection 1, item 2 or 4,
the Danish Financial Supervisory Authority is not hindered in carrying out its supervisory tas-
ks due to close links between the compa- ny and other natural or legal persons, and
the Danish Financial Supervisory Authority is not hindered in carrying out its super-
visory tasks due to laws or administrative regu- lations in a third country that apply to natural or legal persons with whom the company has close lin- ks, or due to difficulties in enforcing these laws and administrative regulations.
Subsection 4. An application for permission to manage alternati- ve investment funds must contain
information about the persons responsible for the execu-
tion of the manager's tasks,
information about the identity of natural or legal
persons who are shareholders in the company, and who directly or indirectly hold a qualifying share in the company, as well as the size of this share, 18 November 2025. 10 No. 1544.
an activity plan showing the company's organisational
structure, including information on how the company intends to comply with its obligations under this law,
information on remuneration policy and practice according
to Section 20, and
information on agreements regarding delegation and sub-
delegation to third parties according to Sections 40 and 43.
Subsection 5. For each alternative investment fund that the compa- ny intends to manage, the application must contain
information on the investment strategies, including types of underlying funds, if the alternative in-
vestment fund is a fund of funds, the company's poli- cy regarding the use of leverage, risk profiles and other data on the alternative investment funds that the company manages or intends to manage, including information on the countries within the Euro- pean Union or the countries with which the Union has entered into an agreement in the financial area, or third countries, where these alternative investment funds are established or expected to be established,
information on the master fund, including where it is
established, if the alternative investment fund is a feeder fund,
rules or articles of association for each alternative investment fun-
d that the company intends to manage,
information on which measures have been taken according
to chapter 8 regarding the appointment of a depo- sitory for each alternative investment fund that the compa- ny intends to manage, and
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, who act in concert, who intend directly or indirectly to acquire a qualifie- ed share, cf. Section 3, subsection 1, item 40, in a manager, must in advance apply to the Danish Financial Supervisory Authority for approval of the intended acquisition. The same applies in case of an increase in the qualified share that results in this after acquisition will constitute or exceed a limit of respectively 20 pct., 33 pct. or 50 pct. of the capital or voting rights, or results in the manager becoming a subsidiary. Subsection 7. The Danish Financial Supervisory Authority may set detailed regulations on the following:
The information a company must provide when the compa-
ny applies for permission as manager.
The requirements for the company's application.
The requirements in subsection 3, item 4.
The procedure, requirements, time limits etc. in connection with
notification of acquisition of qualifying shares, cf. subsection 6.
The requirements in subsection 3, items 8 and 9, and detailed regulations on
which obstacles may hinder the Danish Financial Super- visory Authority in effectively carrying out the supervisory tasks.
Section 12. The Danish Financial Supervisory Authority must ask the home country's supervisory authori-
ties for an opinion, before the Danish Financial Supervisory Authority grants permission to manage alternative investment funds, cf. Section 11, subsection 3, to
a subsidiary of another manager, a UCITS administration company, a securities brokerage company, a credit
institution or an insurance company, approved in another country within the European Union or a country with which the Union has entered into an agreement in the financial area,
a subsidiary of a parent company of another mana-
ger, a UCITS administration company, a securities broker- age 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 entered into an agreement in the financial area, or
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 administration company, a securities brokerage company, a credit institution or an insurance com- pany, which is approved in another country within the European Union or a country with which the Union has entered into an agreement in the financial area.
Section 13. A member of the management in a manager with permission
to manage alternative investment funds must at all times have sufficient knowledge, professional competence and experience to be able to exercise their profession or hold their position in the respective manager.
Subsection 2. A member of the management in 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 effectively be able to assess and challenge decisions made by the daily management.
Subsection 3. A member of the management must fulfill the following:
Must not be sentenced or be sentenced to criminal liability for
violation of the Criminal Code, the financial legislation or other relevant legislation, if the violation in- dicates a risk that the person cannot perform their profession or position in a secure manner.
Must not have filed a petition for restructuring
proceedings, bankruptcy or debt adjustment or be un- der restructuring proceedings, bankruptcy procee- dings or debt adjustment.
Must not due to their economic situation or via a
company that they own, participate in the opera- tion of or have significant influence on, have caused or cause the manager or the funds that the manager manages losses or risk of loss.
Must not have exhibited or exhibit behavior where there is
reason to assume that the person will not perform the profession or position in a prudent 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 meets the suitability and integrity requirements in subsections 1-3. The Danish Financial Supervisory Authority makes a decision on whether the person can hold the profession or position in the respective company. 18 November 2025. 11 No. 1544.

Section 5. If the Financial Supervisory Authority considers that the person does not meet the requirements in subsections 2 and 3, the duration of the decision must be stated in the decision.

Subsection 6. In special cases, when the 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 executive board, as assessed by the person, the Authority may make a decision that the person may hold the position under specified conditions.

Subsection 7. In assessing whether a member of the management meets the requirements in subsection 2 and subsection 3, items 1, 3, and 4, regard shall be had to the interest in maintaining confidence in the financial sector.

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

Section 14. Within 3 months after the submission of a complete application for permission as an AIFM, the Financial Supervisory Authority shall notify the applicant in writing whether permission has been granted or not. The Financial Supervisory Authority may extend this deadline by up to 3 months if the Authority considers 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 Financial Supervisory Authority has received at minimum the information mentioned in Section 11, subsection 4, items 1-4, and subsection 5, items 1 and 2. For AIFMs covered by Section 1, subsection 1, items 2 or 4, the Financial Supervisory Authority must also have received the information in Section 119, subsection 1.

Subsection 3. An AIFM 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 after Section 11, subsection 4, item 5, and subsection 5, items 3-5.

Subsection 4. When the Financial Supervisory Authority receives an application from a company with registered domicile in a third country, the deadlines in subsection 1 are suspended during the period where the European Securities and Markets Authority conducts the assessment mentioned in Section 115, subsection 2, and possibly Section 120, subsection 3.

Duty to Notify

Section 15. An AIFM shall notify the Financial Supervisory Authority of planned, significant 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 Financial Supervisory Authority pursuant to Section 11. The notification shall be made before the changes are implemented. Unforeseen changes shall be notified to the Financial Supervisory Authority immediately after the change has occurred.

Subsection 2. If the Financial Supervisory Authority cannot approve the changes that the notification in subsection 1 concerns, the Financial Supervisory Authority shall notify the AIFM thereof within 1 month after receipt of the notification. The Financial Supervisory Authority may extend this deadline by up to 1 month if it is necessary due to the special circumstances of the case. The Financial Supervisory Authority shall in that case notify the AIFM of any postponement of the deadline, within 1 month after the Financial Supervisory Authority has received the notification after subsection 1.

Subsection 3. Following the notification to the AIFM after subsection 2, the Financial Supervisory Authority may impose restrictions or reject the changes that the AIFM has planned. Furthermore, the Financial Supervisory Authority may require the AIFM to rectify the changes if these have already occurred. The AIFM may initiate and maintain the changes if the Financial Supervisory Authority does not object to the changes before the deadline expires.

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

Capital Requirements

Section 16. An AIFM shall have a minimum capital amounting to at least the value of 125,000 euros. Self-managing alternative investment funds shall have a minimum capital amounting to at least the value of 300,000 euros. If an AIFM has permission to perform the activities mentioned in Annex 1, item 3, letter b, point ii, the AIFM shall have a minimum capital amounting to the value of at least 730,000 euros.

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

Subsection 3. The requirements to the capital base after subsections 1 and 2 together amount to a maximum of a sum corresponding to 10 million euros.

Subsection 4. An AIFM shall regardless of subsections 1-3 have a capital base amounting to at least a quarter of the previous year's fixed costs. The Financial Supervisory Authority may adjust this requirement in the event of a significant change in the AIFM's business since the previous year. If an AIFM has not been in operation for 1 year, it shall have a capital base amounting to at least a quarter of the fixed costs that appear from the activity plan for the first year of operation, unless the Financial Supervisory Authority requires this plan to be changed.

Subsection 5. An AIFM shall

increase its capital base beyond the requirements in subsections 1-4 such that it is adequate to cover any risks for liability due to negligence, or
have professional liability insurance against liability due to negligence, which is adequate in relation to the risks it is to cover.

Subsection 6. The Financial Supervisory Authority may allow that up to 50 percent of the supplement after subsection 2 can be provided in the form of a guarantee issued by a credit institution or an insurance company. The credit institution or insurance company shall have domicile in a 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 where it is subject to supervisory rules which, in the opinion of the Financial Supervisory Authority, correspond to the rules in the European Union.

Subsection 7. An AIFM may place its capital base, including additional capital base as referred to in subsection 5, item 1, in shares and bonds that are listed for trading on a regulated market, or in shares in UCITS and capital funds that meet the conditions in Sections 157 a and 157 b, in the Act on Financial Business. The assets that the capital base is invested in shall be liquid and easily tradable and must not include speculative positions.

Subsection 8. The Financial Supervisory Authority may set rules on the calculation of the capital base. The Financial Supervisory Authority may in this context set detailed rules on the requirement in subsection 4 of a capital base amounting to at least a quarter of the previous year's fixed costs, including on

the calculation of a capital base amounting to at least a quarter of the previous year's fixed costs,
the conditions for which the Financial Supervisory Authority can adjust the requirement of an adjusted capital base in the event of significant changes in the AIFM's business, and
the calculation of the expected fixed costs, in the event that an AIFM has not operated for 1 year.

Subsection 9. The Financial Supervisory Authority may set detailed rules on how an AIFM can cover risks by using professional liability insurance.

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

Subsection 11. If an AIFM additionally 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 subsections 5 and 7 and rules issued pursuant to subsections 8-10 apply. If an AIFM, which additionally 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 shares in collective investment undertakings pursuant to Annex 1, item 3, letter b, point ii, the AIFM shall meet the minimum capital requirement in Section 126 a, subsection 2, item 1, in the Act on Financial Business.

Intervention in or termination of the AIFM's business

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

requests this,
has obtained the permission on the basis of incorrect information or in another dishonest manner,
no longer meets the conditions for obtaining a permission,
is guilty of gross or repeated violation of rules in this Act or of rules that are issued pursuant to the Act,
does not use the permission within 12 months after the permission was granted,
does not exercise activities covered by the permission to manage alternative investment funds for a period of more than 6 months,
no longer complies with the conditions for exercising discretionary portfolio management, cf. Annex 1, item 3, letter a, if the AIFM has permission for this,
does not comply with the Money Laundering Act, or
can no longer maintain the permission as a result of other legislation.

Intervention in or termination of the marketing of funds

Section 17 a. The Financial Supervisory Authority may exercise the powers that follow from Article 24, subsection 2, letters a, b, and d, and subsection 4, in 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 AIFMs

Chapter 4
General Provisions

Section 18. An AIFM shall at all times

exercise its activities in accordance with fair business practice and good practice within the management area,
have and effectively use the resources and procedures that are necessary for a satisfactory exercise of the business,
take all reasonable measures to avoid conflicts of interest and, when they cannot be avoided, identify, manage, and monitor conflicts of interest,
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 influence on the managed funds or the investors' interests, and to ensure that the funds are treated fairly,
comply with all applicable rules, so that the AIFM best can safeguard the interests of the managed funds, the funds' investors, and the integrity of the markets, and
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 regulations that the investor in question has the right to such preferential treatment.

Subsection 3. The Minister for Business may set detailed rules on the matters mentioned in subsections 1 and 2.

Subsection 4. The Minister for Business may set rules on competence requirements for employees at an AIFM that has permission to exercise activities covered by Annex 1, item 3, letter b, item i.

Discretionary Portfolio Management and Accessory Services

Section 19. An AIFM that has permission to exercise discretionary portfolio management, cf. Annex 1, item 3, letter a, must not invest any of the client's portfolio in the alternative investment funds that the AIFM itself manages, unless the client has previously accepted this in writing.

Remuneration

Section 20. An AIFM shall have a written remuneration policy that is in accordance with and promotes sound and effective risk management.

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

The variable pay components to a member of the management may at most amount to 50 percent of the honorarium or the fixed basic salary including pension.
The variable pay components to other employees, whose activities have a significant influence on the AIFM's risk profile or on the risk profile of the managed alternative investment funds, may at most amount to 100 percent of the fixed basic salary including pension.
An AIFM's supreme body may however decide that the variable pay components to other employees, whose activities have a significant influence on the AIFM's risk profile or on the risk profile of the managed alternative investment funds, cf. item 2, may amount to up to 200 percent of the fixed basic salary including pension, provided that the following requirements are fulfilled:
a) The AIFM shall at the latest upon convocation to the supreme body's meeting inform the supreme body that it wishes to have the use of a higher maximum ceiling decided upon. b) The supreme body shall make the decision on the use of a higher maximum ceiling on the basis of a detailed recommendation from the AIFM, which justifies the proposal, including the number of affected employees, their areas of work, the new proposed maximum ceiling, and the expected impact on the AIFM's ability to maintain a sound capital base. The shareholders shall receive the recommendation at the latest simultaneously with the convocation to the supreme body's meeting. c) The AIFM shall at the latest simultaneously with the communication of the recommendation to the shareholders, cf. letter b, inform the Financial Supervisory Authority of the recommendation to the shareholders, including the proposed higher maximum ceiling and the justification for the proposal. The AIFM shall, upon request from the Financial Supervisory Authority, prove that the proposed higher maximum ceiling is not in conflict with the AIFM's obligations under this Act, including in particular the capital base requirements. d) The decision on the use of a higher maximum ceiling shall be approved by the AIFM's supreme body with at least 66 percent of the votes cast, provided that at least 50 percent of the voting shares are represented at the meeting. If less than 50 percent of the voting shares are represented at the meeting, the decision shall be approved by at least 75 percent of the votes cast. An employee who is a shareholder in the AIFM must not participate in the vote on this at the supreme body's meeting, if the employee has a significant interest in the decision that may be conflicting with the AIFM's interest. e) The AIFM shall at the latest 8 days after the supreme body's meeting inform the Financial Supervisory Authority of the supreme body's decision, including the size of any decided higher maximum ceiling.
Subject to the alternative investment fund's legal structure and its fund rules and articles of association, a significant part and under all circumstances at least 50 percent of a variable pay component to a member of the management and other employees, whose activities have a significant influence on the AIFM'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, capital shares, or instruments linked to capital shares in the alternative investment funds or their parent company that owns the alternative investment funds fully, or of corresponding instruments that reflect the alternative investment funds' value. The minimum requirement of 50 percent in the first sentence does not apply if the management of alternative investment funds constitutes less than 50 percent of the total portfolio managed by the AIFM.
The AIFM's payment of at least 40 percent of a variable pay component and in larger amounts at least 60 percent 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 an alternative investment fund's life cycle is shorter than 4 and 5 years respectively, the period in the first sentence is adjusted to the fund's life cycle and redemption policy.
The AIFM may refrain from paying a variable pay component wholly or partially, if the AIFM at the time of payment of the variable pay component does not meet the requirements to the capital base in Section 16, or if the Financial Supervisory Authority assesses that there is a nearby risk thereof.
The AIFM does not pay variable pay to a member of the management, if the AIFM in the period that the agreement on the variable pay concerns, and until the time of

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the calculation thereof shall receive a deadline from the Danish Financial Supervisory Authority pursuant to Section 16 regarding compliance with capital base requirements.

Subsection 3. For a member of the management in managers, options regarding capital shares or similar instruments may not exceed 12.5 percent of the fee or the fixed basic salary inclusive of pension at the time of their calculation.

Subsection 4. The manager shall ensure that capital shares and instruments etc., which are transferred to a member of the management or other employees whose activities have significant influence 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, item 4, may not be disposed of by these persons during a suitable period. The manager shall likewise ensure that these persons may not hedge the risk associated with these capital shares and instruments etc.

Subsection 5. The manager shall ensure that payment or transfer of the deferred variable pay component according to subsection 2, item 5, to a member of the management and other employees whose activities have significant influence on the manager's risk profile or on the risk profile of the managed alternative investment funds, is conditional upon the criteria that formed the basis for the calculation of the variable pay component continuing to be met at the time of payment, conditional upon the person in question 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 complied with appropriate requirements of fitness and propriety, and conditional upon the manager's or the alternative investment funds' financial situation not being significantly deteriorated 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 significant influence 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 acting in bad faith.

Subsection 7. The manager shall ensure that if a member of the management or other employees whose activities have significant influence on the manager's risk profile or on the risk profile of the managed alternative investment funds, are awarded 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 mentioned in subsection 2, item 4. Subsections 5 and 6 shall apply correspondingly to the cases mentioned in the first sentence. If the recipient is a member of the highest governing body or employed by the manager at retirement age, the manager shall pay out the variable part of the pension benefit to the recipient in the form of the instruments mentioned in subsection 2, item 4, without 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, provided however 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, items 1-5, subsection 4, first sentence, and subsection 5 do not apply for performance fees in the following situations:

If the alternative investment fund has repaid the contributions to investors and an amount corresponding to a pre-set return on the contribution, before performance fees are paid out to members of the management or other employees whose activities have significant influence on the manager's risk profile or on the risk profile of the managed alternative investment funds, and if the performance fee paid out is subject to clawback requirements, cf. subsection 6, until the relevant alternative investment fund is liquidated.
For alternative investment funds that invest in assets characterized by a long investment horizon and predictable cash flows from the invested assets, and where performance fees are paid out to members of the management or other employees whose activities have significant influence 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 performance fee that the investment enables repayment of contributions and the pre-set return to investors within an agreed time horizon, and that the performance fee paid out is subject to clawback requirements, cf. subsection 6, until the relevant alternative investment fund is liquidated.

Subsection 10. The Danish Financial Supervisory Authority may set 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 payment of variable pay, cf. the matters mentioned in subsections 1-7.

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

Section 20a. If a manager of alternative investment funds 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 accounting years inclusive of 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 according to subsection 1 shall take place on the manager's website at 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. Information about the board member's severance scheme shall be available as long as the agreement is valid.

Section 20b. Remuneration in an agreed notice period to a member of the board of directors in a manager of alternative investment funds, 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 a manager of alternative investment funds shall reflect the results achieved in performing the position, and must not reward offenses 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 inclusive of pension in the last accounting year.

Subsection 3. Payment of the severance payment may begin earliest after any remuneration in the notice period has been paid out fully.

Subsection 4. The board of directors shall recommend 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 negligence. The board of directors shall withhold 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 their employment at 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 cannot be derogated from by agreement, including by agreement on a severance scheme for a member of the board of directors in a manager of alternative investment funds, which is entered into with another company in the group that is not covered by the rules.

Section 21. A manager of alternative investment funds that is significant due to 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 are obliged pursuant to subsection 1 or Section 77c, subsection 1, in the Act on Financial Business 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 supervision of the Danish Financial Supervisory Authority and shall be established in a company that is the parent company for the other companies for which the committee is established.

Subsection 3. The chairman and members of the remuneration committee shall be members of the highest governing body in the company establishing the remuneration committee, or of the highest governing bodies in companies that have a joint remuneration committee pursuant to subsection 2. 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 adaptation of the manager's remuneration structure to the manager's risk profile and the risk profile of the managed alternative investment funds and 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 decisions of the highest governing body regarding remuneration, including remuneration policy and other decisions thereon, which can influence the manager's risk management, and in this connection shall conduct the following:

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 proposing updates to the remuneration policy if necessary.
The remuneration committee shall ensure that the information presented to the highest body of a manager of alternative investment funds regarding the manager's remuneration policy and practice, as well as the information according to Section 20, subsection 2, item 3, letters a and b, are sufficient.
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 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.
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 result 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 significant influence 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.
The remuneration committee shall check selected evaluations conducted by the board of directors, cf. item 4, to test whether the conditions in Section 20, subsection 5, are met.
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 items 1-5, and to the extent necessary, seek external advice.

Subsection 5. The remuneration committee may handle other tasks regarding remuneration. The committee shall in the preparatory work handle the manager's long-term interests, including in relation to capital owners 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 highest body in managers of alternative investment funds shall approve the manager's remuneration policy, cf. Section 20, subsection 1, including guidelines for allocation of variable pay and guidelines for severance payments.

Subsection 2. In a manager, the chairman of the highest governing body shall in their report to the manager's highest body describe the remuneration of the manager's management. The description shall contain information about the remuneration in the previous accounting year and about the expected remuneration in the current and coming accounting year.

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

Subsection 4. The Danish Financial Supervisory Authority sets rules for the managers' obligation to publish information about their remuneration of members of the management and other employees whose activities have significant influence on the manager's risk profile or on the risk profile of the managed alternative investment funds.

Conflicts of Interest

Section 23. A manager of alternative investment funds shall, through the design of its business, both organizationally and administratively, take all reasonable measures with the aim of identifying, preventing, managing, and monitoring conflicts of interest 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:

The manager, including its management, employees, or any other person directly or indirectly connected to the manager through a controlling relationship, and the managed alternative investment funds or investors in such alternative investment funds.
Different managed alternative investment funds or UCITS inter se or towards investors in such funds or UCITS.
Managed alternative investment funds or investors in such funds and one or more of the manager's other customers.
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 investors' interests will be avoided, the manager shall clearly inform investors about the general character or sources of the conflicts of interest before the manager undertakes tasks on behalf of the investors.

Subsection 4. The manager shall prepare 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. If the manager uses prime broker services on behalf of an alternative investment fund, the conditions for such services shall be stipulated in a written agreement. 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 should be possible, and shall take place within the framework of the alternative investment fund's articles of association or fund regulations. It shall appear from the agreement that the alternative investment fund's depositary shall be notified of the agreement. The manager shall exercise due care in selecting prime brokers with whom agreements are entered into.

Subsection 6. The Danish Financial Supervisory Authority may set detailed rules on the measures that the manager may reasonably be expected to take according to subsections 1 and 3-5, on the different types of conflicts of interest mentioned in subsection 2, and on prevention of conflicts of interest.

Risk Management

Section 24. A manager of alternative investment funds shall, in order to prevent conflicts of interest, establish a risk management function, which shall be functionally and hierarchically separated from the operational units, including portfolio management functions, and which consistently and effectively is able to demonstrate, measure, manage, and monitor all risks that are relevant in relation to the investment strategies, objectives, and risk profiles that the managed alternative investment funds each follow.

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 objective as stipulated in the fund's articles of association or fund regulations, prospectus, and other offering documents.

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

Subsection 5. A manager shall stipulate in writing limits for the maximum leverage level for each of the managed alternative investment funds, including for the possibilities for reuse of the alternative investment fund's assets pledged as security or guarantee, which may be granted according to the leverage agreement. In setting the limits, the manager shall take into account the alternative investment fund's type, 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 scope, nature, and spread of the manager's activities on the market in question.

Section 6. An administrator shall review the risk management systems with appropriate frequency and at least once a year with a view to ensuring that they remain adequate and, if necessary, adapting them.

Paragraph 2. The Danish Financial Supervisory Authority may lay down further rules on the risk management function and systems, including the requirements in paragraphs 1-6.

Liquidity Management

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

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

Paragraph 3. The administrator shall ensure that there is consistency between the investment strategy, liquidity profile, and redemption policy for each of the managed alternative investment funds.

Paragraph 4. The Danish Financial Supervisory Authority lays down further rules on the liquidity management systems and procedures and on the obligations that rest on the administrator pursuant to paragraph 3.

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 securitisations and establishing a general framework for simple, transparent and standardised securitisations, the administrator of the alternative investment funds shall act in the interests of the investors in the relevant alternative investment funds and, if necessary, take corrective measures.

Part IV
Organisational Requirements
Chapter 5
General Provisions

Section 27. An administrator of alternative investment funds shall at all times have sufficient resources and qualified employees with a view to ensuring the correct management of the managed alternative investment funds.

Paragraph 2. With due regard to the nature of the managed alternative investment funds, the administrator shall have effective forms of corporate governance, including

a clear organisational structure with a well-defined, transparent and consistent allocation of responsibilities,
sound administrative and accounting practices,
written business procedures for all significant activity areas,
rules on employees' personal transactions, holdings and management of own funds, which at a minimum ensure that any transaction involving one of the managed alternative investment funds can be reconstructed with regard to origin, parties involved and nature as well as time and place of implementation,
comprehensive internal control procedures, including control procedures for employees' personal transactions, holdings and management of own funds,
reliable control and security measures in the IT area, including for network and information systems that are 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
control procedures that ensure that assets are invested in accordance with the articles of association or fund regulations of the managed fund and applicable legislation.

Paragraph 3. The Danish Financial Supervisory Authority may lay down further rules on the measures that an administrator must take to have effective forms of corporate governance pursuant to paragraphs 1 and 2.

Gender Composition in the Top Management Body etc. Reporting Scheme

Section 27a. An administrator of alternative investment funds shall have a scheme whereby the administrator's employees can report violations or potential violations of this Act, rules issued pursuant thereto and provisions contained in the regulations of the European Union for the areas of the Act that the Danish Financial Supervisory Authority supervises, committed by the administrator of alternative investment funds, including by employees or members of the board of the administrator. Reports to the scheme may be made anonymously. The administrator shall follow up on reports to the scheme and be able to document in writing how the administrator 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 administrators of alternative investment funds that employ 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, exempt from the requirement in paragraph 1.

Section 27b. An administrator of alternative investment funds must not subject employees or former employees to adverse treatment or adverse consequences as a result of the employee or former employee having reported the administrator's violation or potential violation of this Act, rules issued pursuant thereto and provisions contained in the regulations of the European Union for the areas of the Act that the Danish Financial Supervisory Authority supervises, to the Danish Financial Supervisory Authority or to a scheme in the administrator of alternative investment funds. The same applies to 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 violation 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 etc. The compensation is determined with due 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 an administrator of alternative investment funds enter into an agreement containing a confidentiality clause, it must appear from the agreement that the employee or former employee is not barred from reporting information about violations or potential violations of the financial regulation to public authorities.

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

Composition of the Top Management Body etc.

Section 28. In administrators 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

top management body shall set targets for the proportion of the underrepresented sex among the general meeting-elected members of the top management body of the administrator, unless there is an equal distribution of women and men among the general meeting-elected members of the top management body,
central management body shall set targets for the proportion of the underrepresented sex on the administrator's other management levels, unless there is an equal distribution of women and men on the other management levels, and
central management body shall draw up a policy to increase the proportion of the underrepresented sex on the administrator's other management levels, unless there is an equal distribution of women and men on the administrator's other management levels, subject to paragraph 9.

Paragraph 2. An administrator of alternative investment funds shall, for each alternative investment fund for which the administrator is responsible, ensure that

the fund's top management body has set targets for the proportion of the underrepresented sex among the general meeting-elected members of the fund's top management body,
the fund's central management body has set targets for the proportion of the underrepresented sex on the fund's other management levels, and
the fund's central management body has drawn up a policy to increase the proportion of the underrepresented sex on the fund's other management levels, subject to 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, pursuant to Section 3, paragraph 1, no. 29, shall be included in the calculation of the fund's assets pursuant to paragraph 3.

Paragraph 5. If an alternative investment fund is managed by an administrator that has drawn up a policy to increase the proportion of the underrepresented sex on the administrator's other management levels, paragraph 2, no. 3, does not apply if the fund's operations are carried out by the administrator.

Paragraph 6. For parent companies that draw up consolidated accounts, the calculation in paragraph 1 shall be based on the consolidated accounts.

Paragraph 7. Other management levels means two management levels below the top management body, pursuant to Section 3, paragraph 2, no. 1, and paragraph 3. In administrators or funds that have a management board and a board of directors, and in administrators or funds that have a management board and a supervisory board, the first management level below the top management body includes the management board and the persons who are organisationally at the same management level as the management board. The second management level includes persons with personnel responsibility who report directly to the first management level below the top management body. In administrators or funds that only have a management board, the persons who are organisationally at the same management level as the management board are not included in the other management levels.

Paragraph 8. The top and central management bodies respectively shall set a new and higher target for the proportion of the underrepresented sex pursuant to paragraph 1, no. 1 and 2, and paragraph 2, no. 1 and 2, when the administrator 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. Administrators of alternative investment funds or the funds that the administrator manages, 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 sex on their other management levels.

Paragraph 10. If an administrator or alternative investment fund is covered by both this provision and provisions on gender composition in the top management body etc. in the Companies Act, the Act on Financial Business, the Act on Commercial Foundations or the Act on Certain Commercial Enterprises, paragraphs 1-9 take precedence.

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

Section 28a. The top management body of an administrator with permission to manage alternative investment funds shall

determine a policy on 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. An administrator of alternative investment funds shall, for each alternative investment fund that 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 regulations.

Paragraph 2. If an alternative investment fund has continuous issuance and redemption of shares, the administrator 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 with regard 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 administrator 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 administrator shall ensure that the valuation of the assets of each managed alternative investment fund and the calculation of the net asset value per share in the fund are carried out at least once a year.

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

Section 30. An administrator 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, pursuant to Section 29, in accordance with this Act, applicable national law and the fund's articles of association or fund regulations.

Paragraph 2. The administrator shall ensure that the fund's articles of association or fund regulations 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 administrator 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 administrator, the alternative investment fund and persons who have close connections to the fund or administrator.

Paragraph 3. If an administrator itself carries out the valuation of one or more alternative investment funds, the task must be carried out by a function that is separate from the portfolio management function at the administrator. The administrator must furthermore arrange its business, including remuneration policy, so 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 must be carried out by a separate function that is 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.

Section 32. When an external valuation expert carries out the valuation, the administrator of an alternative investment fund must be able to demonstrate that

the external valuation expert is subject to registration in accordance with legislation, including administrative provisions, or ethical rules or is entered in the Danish Financial Supervisory Authority's register of valuation experts, pursuant to paragraph 2,
the external valuation expert can provide sufficient professional guarantees to be able to carry out the valuation in accordance with the requirements in Sections 29 and 30, and
the appointment of the valuation expert meets the requirements for delegation in Sections 38-41 and in provisions laid down pursuant to Section 44.

Paragraph 2. The Danish Financial Supervisory Authority may establish a register of external valuation experts, which these may apply to join.

Paragraph 3. The Danish Financial Supervisory Authority may lay down further rules on the requirements in paragraph 1, no. 1. Furthermore, the Danish Financial Supervisory Authority may lay down further rules on admission to the register, pursuant to paragraph 2, and on the establishment and maintenance of the register.

Paragraph 4. If the Danish Financial Supervisory Authority considers that the requirements in Section 32 are not met, the Danish Financial Supervisory Authority may order the administrator to appoint another valuation expert.

Section 33. An appointed external valuation expert must not delegate the valuation task to a third party.

Section 34. An administrator of an alternative investment fund shall notify the Danish Financial Supervisory Authority that the administrator will use an external valuation expert before the agreement with the external valuation expert enters into force.

Section 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 administrator's valuation process or the valuation or both be verified by an independent external valuation expert or, if relevant, by an auditor.

Section 36. The administrator of an alternative investment fund is responsible for ensuring that the valuation of the assets and liabilities of alternative investment funds and the calculation of the net asset value per share are correct, regardless of whether the administrator itself carries out the valuation and calculations or these tasks are delegated to an external valuation expert.

Paragraph 2. The administrator is responsible for the publication of the net asset value per share, regardless of whether the administrator itself carries out the calculations or the task is delegated to an external valuation expert.

Paragraph 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 administrator for any loss that the administrator has suffered as a result of the external valuation expert having shown negligence or intentionally not having performed its tasks.

Section 37. The Danish Financial Supervisory Authority may lay down rules on the following:

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

Chapter 7
Delegation

Section 38. An administrator of alternative investment funds shall notify the Danish Financial Supervisory Authority when the administrator intends to delegate the performance of significant tasks to a third party. The notification shall be made before the delegation agreement enters into force.

Section 39. An administrator of alternative investment funds or the person who, in accordance with the rules in this Act, delegates or sub-delegates tasks, shall continuously monitor the services provided by the business to which the tasks are delegated.

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

The administrator must be able to objectively justify its entire delegation structure.
The administrator must have ensured and must be able to demonstrate that the person to whom tasks are delegated 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.
In the delegation of portfolio management or risk management, delegation may only take place to businesses that have permission to or are registered for the management of assets and which are subject to supervision. If this condition is not met, delegation may only take place with prior approval from the Danish Financial Supervisory Authority.
In the delegation of portfolio management or risk management to a business in a third country, delegation may only take place when the requirements in no. 3 are met and cooperation has been established between the Danish Financial Supervisory Authority and the business's supervisory authority.
Delegation must not prevent effective supervision of the administrator and must not prevent the administrator from acting or the alternative investment fund from being managed in the interests of the investors.
The administrator must be able to demonstrate that the person to whom tasks are delegated has the competences, is able to perform the relevant functions and has been selected with due care.
The administrator must be able to demonstrate that the administrator is able to effectively monitor the performance of the delegated tasks.
The administrator must be able to demonstrate that the administrator at all times will be able to give further instructions to the person performing the delegated tasks, and that the administrator at all times has the opportunity to withdraw the delegation with immediate effect if it is in the interests of the investors.

Section 41. Delegation or sub-delegation of portfolio management or risk management must not take place to

alternative investment funds' depositaries or a person who has been assigned tasks from the depositary, or
others who may have interests that conflict with the interests of the administrators of alternative investment funds or the investors in the alternative investment funds, unless the person in question carries out the portfolio management or risk management in a separate function that is separated both functionally and hierarchically from the functions that perform other tasks that could create conflicts of interest, and the potential conflicts of interest are fully demonstrated, managed, monitored and disclosed to the fund's investors.

Section 42. The administrator of alternative investment funds' duties and responsibilities towards the alternative investment funds and their investors are not affected by the administrator sub-delegating tasks to a third party.

Paragraph 2. An administrator must not delegate tasks to such an extent that it can no longer be considered to be the administrator, or that the administrator acquires the character of being a shell company.

Section 43. A third party must not sub-delegate significant tasks that it has received by delegation from the administrator, unless the following conditions are met:

The administrator of alternative investment funds has approved the sub-delegation prior to the sub-delegation.
The administrator has notified the Danish Financial Supervisory Authority of the sub-delegation before the sub-delegation agreement enters into force.
The sub-delegation must comply with the requirements set out in Sections 38-40 for the administrator's delegation.

Paragraph 2. If the person who has received significant tasks delegated from a third party sub-delegates the tasks, such delegation must meet the same requirements as those that apply to the third party's sub-delegation.

Section 44. The Danish Financial Supervisory Authority may lay down further rules on,

when the conditions in Sections 38-41 and 43 are met,
when an administrator of alternative investment funds is considered to have delegated tasks to such an extent that the administrator is considered a shell company pursuant to Section 42, paragraph 2, and can no longer be considered to be the administrator of the alternative investment fund, and
which tasks in relation to delegation are considered significant.

Chapter 8
Depositary

§ 45. An alternative investment fund manager shall ensure that a depositary is appointed for each alternative investment fund that it manages, in accordance with the rules in this chapter.

Subsection 2. There must be a written agreement between the alternative investment fund and its appointed depositary.

Subsection 3. The depositary agreement must regulate 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 subsections 2 and 3:

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 area, and which has permission in accordance with the rules implementing Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
An investment firm 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 area, which is subject to requirements for a 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 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, and which provides ancillary services in the form of custody and administration of financial instruments for the account of clients, in accordance with the rules implementing Annex I, Section B, point 1, of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
Other categories of undertakings subject to regulatory supervision and ongoing monitoring, 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(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).

Subsection 2. For alternative investment funds from a third country and subject to the requirements in § 48(2) and § 49(3), the depositary may also be a credit institution or another unit of the same type as the units mentioned in subsection 1, points 1 and 2.

Subsection 3. For alternative investment funds that meet the conditions in the second sentence, the Danish Financial Supervisory Authority may permit the depositary to be a unit that performs the depositary functions as part of its professional or business activities, in respect of which the unit in question is required to be registered under legislation, including administrative provisions, 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

has a basic investment policy that is not primarily to invest in assets that must be deposited in accordance with § 51(1), point 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
primarily invests in issuers or unlisted companies with a view to potentially obtaining decisive influence over such companies in accordance with § 71.

Subsection 4. The Danish Financial Supervisory Authority may establish a register of depositaries, in which depositaries covered by subsection 3 may be included.

Subsection 5. Units wishing to function as depositary under subsection 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 unit does not have such liability insurance when applying for permission to function as depositary, the unit must take out such insurance prior to approval as depositary. In connection with the application, the unit 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.

Subsection 6. Members of the management of units wishing to function as depositary must meet the requirements in § 13.

Subsection 7. The Danish Financial Supervisory Authority may withdraw a permission granted under subsection 3 if the depositary

requests this,
has obtained the permission on the basis of incorrect information or in another dishonest manner,
no longer meets the conditions for obtaining the permission,
is guilty of gross or repeated violation of rules in this law or of rules issued under the law,
does not use the permission within 12 months after the permission was granted, or
can no longer maintain the permission as a result of other legislation.

Subsection 8. An investment firm appointed as depositary must have a capital base that amounts to at least a value corresponding to 730,000 euros.

§ 47. An alternative investment fund manager cannot be appointed as depositary.

Subsection 2. A prime broker acting as counterparty to an alternative investment fund cannot be appointed as depositary for the same alternative investment fund, unless the prime broker has functionally and hierarchically separated the execution of its depositary tasks from its tasks as prime broker and any 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(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 area.

Subsection 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.

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

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.
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 area, other than Denmark, there must be an agreement between the depositary's competent authorities and the competent authorities in each of these countries on cooperation and exchange of information.
The depositary must be subject to effective regulatory supervision, including requirements for minimum capital, and effective monitoring, which corresponds to the regulation and monitoring in the European Union, and which is enforced effectively.
The third country where the depositary is established must not be listed as a non-cooperative country and territory by the Financial Action Task Force.
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, which fully complies with the standards in 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 multilateral tax agreements.
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 area, other than Denmark, there must be an agreement between the depositary's competent authorities and the competent authorities in each of these countries, which fully complies with the standards in 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 multilateral tax agreements.
The depositary must be contractually liable to the alternative investment fund or to the fund's investors in accordance with §§ 55 and 56 and must have explicitly declared its consent to comply with § 54.

§ 50. The depositary must control the payment flows of the alternative investment fund.

Subsection 2. The depositary must exercise special control to ensure that all payments made by or on behalf of the investors in connection with 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

with units covered by the rules implementing Article 18(1)(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 the organisational requirements of investment firms and the conditions for the operation of investment firms as well as definitions of terms for the purposes of the said Directive, or
with units corresponding to those mentioned in point 1 on the relevant market, where cash accounts are required, provided that these are subject to effective regulatory supervision and monitoring, which corresponds to the regulation in the European Union, and which is 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 the organisational requirements of investment firms and the conditions for the operation of investment firms as well as definitions of terms for the purposes of the said Directive.

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

§ 51. The alternative investment fund's assets or the assets that the manager manages on behalf of the fund must be transferred to the depositary for storage according to the following rules:

For financial instruments that can be stored in custody, the following applies:

a) The depositary must store all financial instruments that can be registered on an account or in a depot created at the depositary.

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

c) The depositary ensures that the stored 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 created in the name of the alternative investment fund or its manager, so that they can at any time be identified as belonging to the alternative investment fund.

d) The registrations must comply with the rules in § 95 of the Act on Investment Firms and Investment Services and Activities.

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 that the manager manages on behalf of the fund, without prior consent from the fund or its manager.

§ 52. The depositary must ensure that

sale, issuance, repurchase, redemption and cancellation of units in the alternative investment fund take place in accordance with applicable national law and the fund's articles of association or fund regulations,
the calculation of the net asset value per unit takes place in accordance with applicable legislation, the fund's articles of association or fund regulations and the procedures in Chapter 6,
the consideration in connection with transactions that the alternative investment fund enters into is delivered to the fund within normal time limits, and
the alternative investment fund's income is used in accordance with applicable legislation and the fund's articles of association or fund regulations.

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

§ 53. The depositary must, in the performance of its tasks, 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 can 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 execution of its depositary tasks from the execution of the other tasks that could potentially create conflicts of interest, and the potential conflicts of interest are fully identified, managed, monitored and disclosed to the alternative investment fund's investors.

§ 54. The depositary must not delegate tasks covered by §§ 50-53 to third parties, subject to subsections 2-4.

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

The tasks are not delegated with the intention of evading the requirements of this law.
The depositary must be able to objectively justify the delegation.
The depositary has exercised sufficient skill, diligence and care in connection with the selection of any third party to whom the tasks are delegated.
The depositary must exercise skill, diligence and care in the ongoing control and monitoring of the third party's performance of the delegated tasks and arrangements associated with them.
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 organization and competencies must be sufficient in relation 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 storage with the third party.

b) As regards the delegation of the custody tasks covered by § 51(1), point 1, the third party must be subject to effective regulatory supervision, including minimum capital requirements, and monitoring 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.

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 any time be identified as belonging to the specific customer at 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 §§ 51 and 53.

Subsection 3. The depositary may delegate to a third party, even if the conditions in subsection 2, point 5, letter b, are not met, if the following conditions are met:

The delegation must concern financial instruments for which the legislation of a third country requires that these be stored in custody with a local unit.
Functions are not delegated to a greater extent than required as a result of the third country's legislation.
No local unit meets the conditions in subsection 2, point 5, letter b, for delegation.
The investors in the alternative investment fund must be properly informed prior to their investment in the fund that the delegation is required due to rules in

third country, and the circumstances justifying the delegation.
5) The alternative investment fund or its manager must instruct the depositary to delegate the safekeeping of such financial instruments to the local entity.
Paragraph 4. Delegation under the exception in paragraph 3 may only be maintained as long as all conditions in paragraph 3, items 1-3, are met.
Paragraph 5. A third party may sub-delegate the tasks delegated to it by the depositary, provided that the sub-delegation meets the same requirements as apply to the depositary's delegation. Section 56 applies to the relevant parties in the event of sub-delegation.
Paragraph 6. The provision of services via clearing systems covered by regulations implementing Directive 98/26/EC of 19 May 1998 on settlement finality in payment and securities settlement systems, and the provision of services via third-country securities settlement systems, are not considered delegation of depositary 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 under the rules in Section 51, paragraph 1, item 1, caused by the depositary or a third party to whom the task has been delegated.
Paragraph 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 their value.
Paragraph 3. The depositary is, however, not liable for loss under paragraphs 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 exercise control over, and whose consequences would have been inevitable even if all reasonable measures had been taken by the depositary.
Paragraph 4. The depositary is furthermore liable to the alternative investment fund or its investors for any other loss suffered 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 under Section 54, subject to paragraph 2 and Section 57.
Paragraph 2. Notwithstanding paragraph 1, the depositary may release itself from its liability for compensation in connection with loss of financial instruments held in custody with a third party under the rules on delegation in Section 54, if the depositary can prove that

all requirements for delegation of the safekeeping of financial instruments under Section 54 are met,
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
a written agreement has been concluded between the depositary and the alternative investment fund or its manager on behalf of the fund, which explicitly permits such release from liability for compensation, and which gives the objective justification for concluding such an agreement on 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, paragraph 2, item 5, letter b, a depositary may furthermore release itself from its liability for compensation if the following conditions are met:
The alternative investment fund's articles of association or fund rules must explicitly provide for such release from liability for compensation.
The investors in the alternative investment fund must have been duly informed prior to their investment in the fund about the release from liability for compensation and the circumstances justifying it.
The alternative investment fund or its manager must have instructed the depositary to delegate the safekeeping of such financial instruments to the local entity.
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.
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 permits such release from liability for compensation.
Section 58. If a depositary or third party has incurred liability towards 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. Upon request, a depositary must provide all information obtained by the depositary in the performance of its tasks to the depositary's competent authorities, which may be necessary for the competent authorities of the alternative investment fund and its manager. If the competent authorities of the alternative investment fund or its manager are different from the depositary's, the depositary's competent authorities must immediately forward the received information to the competent authorities of the alternative investment fund and its manager.
Section 60. The Danish Financial Supervisory Authority may set detailed rules for the following:
The content of the depositary agreement, cf. Section 45, paragraphs 2 and 3.
18 November 2025. 25 No. 1544.
The assessment of whether the supervisory regulation and monitoring of third countries correspond to the regulation in the European Union and are effectively enforced, cf. Section 49, item 3.
The conditions for the performance of the depositary functions in Section 50, paragraph 1, and Sections 51 and 52, including
a) which types of financial instruments are covered by the depositary's safekeeping obligation, cf. Section 51, paragraph 1, item 1, b) the conditions under which the depositary must perform its safekeeping tasks with regard to financial instruments registered with a central securities depository, and c) the conditions under which the depositary must perform its safekeeping tasks with regard to financial instruments issued to bearer and registered with an issuer or a registrar, pursuant to Section 51, paragraph 1, item 2.
The depositary's obligations in connection with the selection and monitoring of third parties when delegating depositary tasks, cf. Section 54, paragraph 2, items 3 and 4.
The requirements placed on the third party's separation of the depositary's own assets from its customers' assets, cf. Section 54, paragraph 2, item 5, letter c.
The detailed conditions and circumstances under which financial assets for which the depositary is responsible are deemed to have been lost, cf. Section 55, paragraph 1.
What is to be understood by external events which the depositary could not reasonably be expected to exercise control over, and whose consequences would have been inevitable even if all reasonable measures had been taken by the depositary, cf. Section 55, paragraph 3.
Which conditions and circumstances must exist for there to be objective grounds for concluding an agreement releasing the depositary from its liability for compensation, cf. Section 56, paragraph 2, item 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 area, 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 area, the manager must make an annual report available no later than 6 months after the end of each financial year.
Paragraph 2. The annual report must be sent upon request to:
The investors in the relevant alternative investment fund.
The Danish Financial Supervisory Authority.
The competent authorities in the alternative investment fund's home country.
Paragraph 3. The annual report must contain at least the following:
A balance sheet or a statement of assets and liabilities.
A statement of income and expenses for the relevant financial year.
A report on the activities during the previous financial year.
Significant changes in the information referred to in Sections 62, 64 and 65 during the financial year covered by the annual report.
The total remuneration in the financial year divided into fixed and variable remuneration paid by the manager to employees, as well as the number of recipients and, where relevant, performance fees paid by the alternative investment fund.
The total remuneration divided between the manager's management and employees, whose activities have a significant impact on the risk profile of the managed alternative investment funds.
Paragraph 4. The accounting information in the annual report is prepared in accordance with the accounting rules and standards in the alternative investment fund's home country or the accounting standards in 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. Paragraph 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 from these funds may be audited in accordance with applicable international auditing standards in the country where the fund has its registered home. Paragraph 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 send the information mentioned in paragraph 3, which is not already included in the audited and published annual report, pursuant to paragraphs 1 and 2. This may be done separately or as an addition to the annual report. If some of the information mentioned in paragraph 3 is provided separately as a supplement to an annual report published as mentioned in the first sentence, the manager must simultaneously state that the other information can be found in the published annual report and refer to the location where the annual report is published. Paragraph 7. The Danish Financial Supervisory Authority may set detailed rules for the content and form of the annual report. The rules must be adapted to the type of alternative investment fund they apply to. 18 November 2025. 26 No. 1544.

Chapter 10
Manager's Disclosure Obligations to Investors
Section 62. A manager must make the following information and any significant changes to this information available to the fund's investors 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, which it manages, as well as 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 area, in the manner specified in the fund's articles of association or fund rules, before investors invest in the alternative investment fund:

A description of the alternative investment fund's investment strategy and investment objectives.
Where any master fund is established.
If the alternative investment fund has a fund of funds structure, it must be stated where the underlying funds are established.
A description of the types of assets the alternative investment fund can invest in.
A description of the method or methods the alternative investment fund can use when investing, and the risks associated with such methods.
A description of all applicable investment restrictions.
A description of the circumstances under which the alternative investment fund can use gearing, including what forms of gearing and what sources of gearing the fund can use, any restrictions on the use of gearing, and all risks associated with the fund's use of gearing.
The maximum level of gearing.
A description of the possibilities for reusing the alternative investment fund's assets and collateral provided by the fund.
A description of the procedures by which the alternative investment fund can change its investment strategy or investment policy or both.
A description of the main legal consequences of entering into an agreement to invest in the alternative investment fund. This must 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.
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.
A description of how the manager of the alternative investment fund meets the requirements of Section 16, paragraph 5.
A description of any management tasks delegated by the alternative investment fund's manager, cf. Annex 1, items 1 and 2, and of any tasks delegated by the depositary. The descriptions must state who has been assigned a task and a description of any conflicts of interest that may arise in connection with the delegations.
A description of the methods and procedures the alternative investment fund has established pursuant to Section 29, paragraph 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.
A description of the alternative investment fund's management of liquidity risks, including a description of investors' right to redemption both under normal and extraordinary circumstances, and the agreements entered into with investors regarding redemption.
A description of all fees and costs, stating the maximum amounts incurred directly or indirectly by investors.
A description of how the manager ensures that all investors are treated fairly.
If one or more investors obtain preferential treatment or the right to preferential treatment, the preferential treatment, the type of investors who can obtain such treatment, and, if relevant, their legal or economic affiliation with the alternative investment fund or the manager must be described.
The latest annual report as referred to in Section 61.
The procedure and conditions for the issuance and sale of shares.
The alternative investment fund's latest net asset value or market price per share.
The alternative investment fund's historical results, if such are available.
If the alternative investment fund uses a prime broker, the identity of the prime broker must be disclosed, and all material agreements with the prime broker must 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 liability to the prime broker.
A description of how and when the information covered by Sections 64 and 65 is published.
Paragraph 2. The manager must inform the alternative investment fund's investors about any measures taken by the depositary to release itself wholly or partially from liability, cf. Section 56, paragraph 2. The manager must immediately inform the alternative investment fund's investors if there are changes in the depositary's liability.
Paragraph 3. The Minister for Business Affairs 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.
Section 63. If the alternative investment fund is required to publish a prospectus under 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 must only publish the information mentioned in Section 62, paragraphs 1 and 2, which is not already included in the prospectus. The same applies if the alternative investment fund has prepared similar documents provided to investors. The publication may be done separately or as an addendum to the prospectus or the similar document provided to investors.
Section 64. A manager must regularly inform the fund's investors about the following 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, which it manages, as well as 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 area:
The percentage of assets in the alternative investment fund that are subject to special measures due to their illiquid nature.
All new arrangements for managing the alternative investment fund's liquidity.
The alternative investment fund's current risk profile and the risk management systems used by the manager to manage the fund's risks.
Section 65. A manager must, 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, which it manages, as well as 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 area, if the fund uses gearing, regularly inform the fund's investors about the following:
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.
The total amount with which the alternative investment fund is geared.
Section 66. The Danish Financial Supervisory Authority may set detailed rules for the disclosure obligations specified in Sections 64 and 65, including the frequency of providing the information covered by Section 65. The rules must be adapted to the type of manager they apply to.
Special rules for capital managers, intermediaries and advisory proxies regarding shareholder rights
Section 66 a. A capital manager must 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.
Paragraph 2. The policy on active ownership, cf. paragraph 1, must describe how the capital manager
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,
engages in dialogue with companies in which it invests,
exercises voting rights and other rights attached to shares,
cooperates with other shareholders,
communicates with relevant stakeholders in companies in which it invests, and
handles actual and potential conflicts of interest in connection with the company's active ownership.
Paragraph 3. A capital manager must 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.
Paragraph 4. A capital manager must 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 the publication.
Paragraph 5. A capital manager may choose not to comply with one or more of the requirements in paragraphs 1-4, if the capital manager publishes a clear and reasoned explanation of why the manager has chosen this.
Paragraph 6. The information to be published pursuant to paragraphs 1-5 must be freely available on the capital manager's website.
Paragraph 7. Rules on conflicts of interest in other legislation applicable to capital managers apply mutatis mutandis in connection with activities relating to active ownership.
Section 66 b. A capital manager must annually inform Group 1 insurance companies exercising business covered by Annex 8 to the Financial Business Act, and insurance companies exercising reinsurance of life insurance liabilities, with which an agreement has been concluded pursuant to Section 160, paragraph 2, of the Financial Business Act, how the capital manager's investment strategy and its implementation in relation to investments in shares admitted to trading on a regulated market are in accordance 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.
Paragraph 2. The notification, cf. paragraph 1, must include reporting on
significant medium to long-term risks associated with the investments,
the portfolio composition,
turnover and turnover costs,
the use of advisory proxies for activities relating to active ownership, and
18 November 2025. 28 No. 1544.
the manager's policy on securities lending, and how the policy is used, if at all, for activities relating to active ownership, particularly at the time of the general meeting of the companies in which investments are made.

Subsection 3. The notification referred to in subsection 1 must contain information on:

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

Subsection 4. If information as referred to in subsections 1-3 is already publicly available, the manager is not obliged to notify the information directly to the group 1 insurance company conducting business covered by Annex 8, insurance companies conducting reinsurance of life insurance liabilities, or the Labour Market Supplementary Pension and the Wage Earners' Inflation Fund.

Information on Shareholders

Section 66 c. An intermediary that stores information on shareholders' identity must, upon request from an issuer or from a third party designated by the issuer, promptly notify the issuer of information on the 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 under subsection 1, first sentence, must be forwarded between the intermediaries as quickly as possible.

Subsection 3. An intermediary must promptly provide an issuer with contact details of the next intermediary in the chain of intermediaries upon request from the issuer or from a third party designated by the issuer.

Section 66 d. Personal data on shareholders may only be used for the identification of existing shareholders with a view to fulfilling the provisions in Sections 66 c and 66 e-66 h. An intermediary must not store the personal data referred to in Section 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 Section 66 c, is not considered a breach of the duty of confidentiality applicable under a contract or other legislation.

Forwarding of Information

Section 66 e. An intermediary must promptly forward the following information from the issuer to a shareholder or to a third party designated by the shareholder:

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

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

Subsection 3. When there is more than one intermediary in a chain of intermediaries, the information referred to in subsection 1 and Section 66 f must be forwarded between the intermediaries as quickly as possible, unless the information can be sent directly by the intermediary to the shareholder or to a third party designated by the shareholder.

Section 66 f. An intermediary must 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

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

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

Subsection 2. An intermediary must promptly forward electronic confirmations of the receipt of votes and the registration of votes and that votes have been counted to a shareholder or to a third party designated 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 referred to in subsection 2 must be forwarded between the intermediaries as quickly as possible, unless the confirmation can be sent directly to a shareholder or a third party designated by the shareholder.

Fees

Section 66 h. An intermediary must separately for each individual service provided pursuant to the provisions in Sections 66 c-66 g, publish the amount of any fees.

Subsection 2. Fees charged by an intermediary to a shareholder, an issuer, or another intermediary must be non-discriminatory and proportionate to the actual costs associated with the provision 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 if the fees are duly justified and reflect fluctuations in the actual costs incurred in connection with the provision of these services.

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

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Chapter 11
The Manager's Reporting Obligations to the Financial Supervisory Authority

Section 67. Managers of alternative investment funds must regularly provide information to the Financial Supervisory Authority on the following:

The key markets on which the manager trades as part of portfolio management for the alternative investment funds managed by the manager.
The key instruments with which the manager trades as part of portfolio management for the alternative investment funds managed by the manager.
The key instruments with which the manager trades.
The markets of which the manager is a member or on which the manager trades.
The most significant risk exposures and concentrations for each alternative investment fund managed by the manager.

Subsection 2. By the end of each quarter, the manager must, upon request, submit a list to the Financial Supervisory Authority of the alternative investment funds managed by the manager.

Subsection 3. The manager must 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 field that the manager manages:

The percentage share of the alternative investment fund's assets covered by special measures because they are illiquid.
All new arrangements for managing the liquidity of the alternative investment fund.
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.
Information on the main categories of assets in which the alternative investment fund has invested.
The results of the stress tests conducted pursuant to Section 24, subsection 2, and Section 25, subsection 2.

Subsection 4. The Financial Supervisory Authority may require managers for whom Denmark is the host country, and who 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 supervise compliance with the rules for which Denmark is responsible, including Sections 18, 19, and 23. However, the Financial Supervisory Authority may not require other or more information than the information that the Financial Supervisory Authority may require from managers authorized to manage alternative investment funds pursuant to Section 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 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 Securities and Markets Authority of the reporting requirements imposed by the Financial Supervisory Authority. The Financial Supervisory Authority may also impose 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 Financial Supervisory Authority to introduce additional reporting requirements.

Subsection 6. The Financial Supervisory Authority may set detailed rules on the reporting and information obligations applicable to managers pursuant to subsections 1-5.

Section 68. A manager must make the following information available to the Financial Supervisory Authority for each of the alternative investment funds managed by the manager, which to a significant extent use leverage:

The leverage level used by the alternative investment fund.
A breakdown between leverage based on borrowing cash or securities and leverage in financial derivatives.
Information on the extent to which the fund's assets have been reused pursuant to leverage agreements.
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 seat is in a third country, the obligation to make information available to the Financial Supervisory Authority under subsection 1 only covers 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 field, 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 field.

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

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

The Financial Supervisory Authority's Use of the Information

Section 69. The Financial Supervisory Authority must use the information submitted by the manager pursuant to Section 61, subsection 1, and Sections 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 Financial Supervisory Authority must ensure that information on managers obtained pursuant to Section 68, subsections 1 and 3, and the information submitted by the manager pursuant to Section 11, is made available to competent authorities in countries within the European Union and countries with which the Union has concluded an agreement in the financial field, pursuant to Section 160, subsection 1, of the European Securities and Markets Authority and the European Systemic Risk Board. The Financial Supervisory Authority must also ensure that information is sent directly and bilaterally to other competent authorities in countries within the European Union or countries with which the Union has concluded an agreement in the financial field as quickly as possible, 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 Financial Supervisory Authority must 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 Financial Supervisory Authority, after notifying the European Securities and Markets Authority, the European Systemic Risk Board, and, if applicable, the competent authorities of the relevant alternative investment fund, must set limits on the leverage level that the manager may use for the individual funds it manages. The 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 Financial Supervisory Authority intends to make a decision as referred to in subsection 4, which contradicts the advice received from the European Securities and Markets Authority, the Financial Supervisory Authority must notify the European Securities and Markets Authority thereof, stating the reasons for doing so.

Subsection 6. When the Financial Supervisory Authority has imposed restrictions on a manager's use of leverage in an alternative investment fund or other restrictions on the manager's management of an alternative investment fund, the Financial Supervisory Authority must 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 Financial Supervisory Authority must send the notification referred to in subsection 4 at least 10 working days before the limits enter into force or are extended.

Subsection 8. The Financial Supervisory Authority may set detailed rules on the circumstances and manner in which the 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
The Manager's Obligations When an Alternative Investment Fund Obtains Controlling Influence Over an Unlisted Company

Section 70. The rules in this chapter apply to:

managers of alternative investment funds that manage one or more alternative investment funds that individually or collectively obtain controlling influence over an unlisted company based on an agreement, and
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 must also provide the information referred to in Section 72, subsection 1.

Subsection 3. Section 73, subsections 1-3, and Section 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:

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

Section 71. In this chapter, controlling influence in unlisted companies means 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:

Any company subject to controlling influence by the alternative investment fund.
Any natural or legal person acting in their own name but on behalf of the alternative investment fund or 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, must be determined in accordance with the rules in the country where the company has its registered seat in connection with the rules in Section 72, subsections 1-3, and Section 75.

Section 72. When an alternative investment fund acquires, disposes of, or holds capital shares in an unlisted company, the fund's manager must notify the 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.

18 November 2025. 31 No. 1544.

Section 2. An alternative investment fund manager, who manages an alternative investment fund that individually or collectively acquires controlling influence over an unlisted company, shall notify the following of the fund's acquisition of controlling influence:

The unlisted company.
The other shareholders, if the manager is in possession of their identity and addresses, or if the manager can obtain them from the unlisted company or from a register that the manager has or can gain access to.
The Danish Financial Supervisory Authority.

Section 3. The notification pursuant to Section 2 shall contain information regarding the following:

The situation, insofar as it concerns voting rights, resulting from the alternative investment fund's acquisition of controlling influence.
The conditions under which controlling influence was acquired, 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 the voting rights are controlled.
The date on which controlling influence was acquired.

Section 4. The manager shall, in the notification to the unlisted company, request the company's highest governing body to without undue delay notify the employees' representatives or, if such do not exist, the employees themselves, of the controlling influence that the managed alternative investment fund has acquired, and to provide the information mentioned in Section 3. The manager shall make all reasonable efforts to ensure that the highest governing body has informed the employees' representatives or, if such do not exist, the employees themselves in accordance with this provision.

Section 5. Notification pursuant to Sections 1-3 shall be made as soon 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 acquired controlling influence over the unlisted company.

Information upon acquisition of controlling influence

Section 73. An alternative investment fund manager, who manages an alternative investment fund that individually or collectively acquires controlling influence over an unlisted company or an issuer, shall make the information referred to in Section 2 available to the following:

The unlisted company.
The shareholders of the unlisted company, if the manager is in possession of their identity and addresses or can obtain them from the unlisted company or from a register that the manager has or can gain access to.
The Danish Financial Supervisory Authority.

Section 2. The manager shall provide the following information:

Identification of the manager or managers who individually or collectively with other managers manage the alternative investment funds that have acquired controlling influence.
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.
The policy for external and internal communication regarding the unlisted company, particularly towards the company's employees.

Section 3. The manager shall, in the notification to the unlisted company, request the company's highest governing body to without undue delay notify the employees' representatives or, if such do not exist, the employees themselves, of the information referred to in Section 2. The manager shall make all reasonable efforts to ensure that the highest governing body has informed the employees' representatives or, if such do not exist, the employees themselves in accordance with the rules in this provision.

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

The unlisted company.
The shareholders of the unlisted company, if the manager is in possession of their identity and addresses or can obtain them from the unlisted company or from a register that the manager has or can gain access to.

Section 5. The manager shall make all reasonable efforts to ensure that the highest governing body of the unlisted company makes the information referred to in Section 4 available to the unlisted company's employee representatives or, if such do not exist, to the employees themselves.

Section 6. An alternative investment fund manager, who manages an alternative investment fund that individually or together with others acquires 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 that have controlling influence over unlisted companies

Section 74. An alternative investment fund manager, who manages an alternative investment fund that individually or collectively acquires controlling influence over an unlisted company, shall

request and make all reasonable efforts to ensure that the annual report of the unlisted company, which is prepared in accordance with Section 2, by the company's management is made available to the employee representatives or, if such do not exist, to the employees no later than at the expiry of the deadline for preparing the relevant annual report according to the relevant country's national rules, or
include the information referred to in Section 2 concerning the relevant unlisted company or companies in the annual report for each alternative investment fund referred to in Section 61.

Section 2. The supplementary information that, in accordance with Section 1, shall be included in the company's or the alternative investment fund's annual report, shall at least comprise 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 furthermore contain a description of the following:

Any significant event occurring after the end of the financial year.
The company's expected future development.
Information regarding the acquisition of its own shares, pursuant to the rules implementing Article 22(2) of Directive 77/91/EEC of 13 December 1976 on 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 a view to making such safeguards equivalent.

Section 3. An alternative investment fund manager, who manages an alternative investment fund that individually or collectively acquires controlling influence over an unlisted company, shall

request and make all reasonable efforts to ensure that the management of the unlisted company makes the information referred to in Section 1, item 2, concerning the company available to the employee representatives or, if such do not exist, to the employees no later than at the expiry of the deadline in Section 61(1), or
make the information referred to in Section 1, item 1, available to the investors in the alternative investment fund, insofar as this information is already available, within the deadline mentioned in Section 61(1) and in any case no later than the date by which the annual report from the unlisted company must be prepared according to the relevant country's national rules.

Restriction on distributions etc.

Section 75. An alternative investment fund manager, who individually or collectively acquires controlling influence over an unlisted company or an issuer, is subject to the following duties and prohibitions for a period of 24 months after the alternative investment fund's acquisition of controlling influence over the company, subject to Sections 3-5:

The manager may not enable, support, or give instructions for any distribution to shareholders, capital reduction, redemption of shareholdings, or acquisition of own shareholdings in the company.
The manager shall take all reasonable precautions to prevent distributions to shareholders, capital reductions, redemption of shareholdings, or the company's acquisition of own shareholdings.

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

Section 3. The provision in Section 1 does not prevent the manager from participating in distributions to shareholders, when the distribution is funded exclusively from free reserves, understood as amounts recorded in the company's most recently approved annual accounts as carried forward profit, and reserves that are not bound by law or articles of association, less carried forward losses.

Section 4. The provision in Section 1 does not prevent the manager from participating in the company's acquisition of own shareholdings, 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.

Section 5. The provision in Section 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.

Part 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 domicile in Denmark

Section 76. Alternative investment fund managers with registered domicile 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 Sections 77-80 are met.

Section 2. If the alternative investment fund that the manager wishes to market in Denmark is a feeder fund, it is a condition that the manager may 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.

Section 77. Alternative investment fund managers with registered domicile 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.

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

A business plan with clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
The rules or articles of association of each fund.
Specification of each fund's depositary.
The information available to investors regarding the alternative investment funds.
Information on where the master fund is established, if one of the funds is a feeder fund.
Any additional information, pursuant to Section 62(1), regarding each fund that the manager intends to market.
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.

Section 78. No later than 20 working days after receiving a complete notification in accordance with Section 77(2), 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.

Section 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.

Section 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 of the alternative investment fund's home country that the manager may commence marketing of shares in the fund in Denmark.

Section 79. The manager shall notify the Danish Financial Supervisory Authority in writing if there are significant changes in the information provided in accordance with Section 77(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.

Section 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 Section 1.

Section 3. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to Section 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, pursuant to Section 17.

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

the form and content of the notification that the manager must send to the Danish Financial Supervisory Authority prior to marketing in accordance with Section 77, and
the form of the written notification that the manager must submit to the Danish Financial Supervisory Authority, pursuant to Section 79(1), regarding planned or occurred changes in the information provided in accordance with Section 77(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 domicile in Denmark

Section 81. An alternative investment fund manager with registered domicile 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.

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

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

§ 83. If the alternative investment fund that the manager wishes to market in accordance with § 81 is a feeder fund, it is a condition that the manager may 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, Finanstilsynet shall forward the notification to the competent authorities in the country where it is intended that the alternative investment fund be marketed. Finanstilsynet only forwards 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.

Stk. 2. Finanstilsynet 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 Finanstilsynet has sent the notification to the competent authorities in the host country, cf. § 84, Finanstilsynet shall immediately notify the manager of the forwarding. The manager may begin marketing the alternative investment fund in the host country from the date of this notification.

Stk. 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, different from the host country, Finanstilsynet shall also notify the competent authorities in the alternative investment fund's home country that the manager may begin marketing shares in the fund in the host country.

§ 86. The manager shall notify Finanstilsynet in writing if there are significant changes to the information provided in accordance with § 81, para. 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 Finanstilsynet immediately after the change has occurred.

Stk. 2. Finanstilsynet shall, within 15 working days after receiving all the information referred to in para. 1, notify the manager that the manager may not implement a planned change if the manager's management of the alternative investment fund in accordance with 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.

Stk. 3. If a planned change is implemented despite Finanstilsynet's notification according to para. 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, Finanstilsynet 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, cf. § 17. Finanstilsynet shall immediately notify the competent authorities in the manager's host country thereof.

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

§ 87. Finanstilsynet may set detailed rules for

the form and content of the notification that the manager must send to Finanstilsynet prior to marketing in accordance with §§ 81 and 82, and
the form of the written notification that the manager must submit to Finanstilsynet, cf. § 86, para. 1, regarding planned or occurred 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

§ 87 a. 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 para. 2:

A general offer for repurchase or redemption is made
a) without any fees or deductions,

november 2025. 35 Nr. 1544.

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.

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 available medium, including electronically, which is usually used for marketing alternative investment funds and is suitable for a typical investor in an alternative investment fund.
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 must 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 para. 3. From and including the date of the notification of termination, the manager must 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. para. 3.

Stk. 2. Para. 1, no. 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.

Stk. 3. The manager must forward a notification to Finanstilsynet containing the information referred to in para. 1.

Stk. 4. Finanstilsynet must check whether the manager's notification, cf. para. 3, is complete.

Stk. 5. Finanstilsynet must forward the notification to the supervisory authorities in the member state indicated in the notification, and to ESMA, no later than 15 working days after it has received the complete notification, cf. para. 3. After forwarding the notification, Finanstilsynet must immediately notify the manager thereof.

Stk. 6. In a period of 36 months from the date of the notification of termination, cf. para. 1, no. 3, first sentence, the manager must not conduct pre-marketing of shares or capital shares in the alternative investment funds indicated in the notification, or in connection with similar investment strategies or investment ideas in the member state indicated in the notification referred to in para. 3.

Stk. 7. The manager must provide investors who continue to invest in the alternative investment fund, and Finanstilsynet, 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 distance communication to send information, cf. 1st 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 field, by a manager with registered domicile in a country within the European Union or a country with which the Union has concluded an agreement in the financial field

§ 88. A manager of alternative investment funds with registered domicile in another country within the European Union or a country with which the Union has concluded an agreement in the financial field, who 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 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 Denmark, may begin this marketing from the time when the competent authorities in the manager's home country have notified the manager that they have forwarded 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.

Stk. 2. Finanstilsynet may set detailed rules regarding the marketing referred to in para. 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 field, of shares in alternative investment funds from a country within the European Union, conducted by a manager with registered domicile in the Union

§ 88 a. A manager with permission to manage alternative investment funds may conduct pre-marketing within the European Union or in a country with which the Union has concluded an agreement in the financial field, cf. however para. 2.

Stk. 2. A manager with permission to manage alternative investment funds must not conduct pre-marketing if the information provided to potential professional investors

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

Stk. 3. Distributed drafts of a prospectus or offering documents must not contain information sufficient to form the basis for an investment decision for investors. It must be clearly stated in the draft of a prospectus or offering documents that

they do not constitute an offer to or invitation to subscribe for shares or capital shares in an alternative investment fund, and
information in the draft cannot be enforced as they are incomplete and may be changed.

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

Stk. 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 that is permitted in accordance with Articles 31 and 32 of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers.

Stk. 6. Professional investors' subscriptions, within 18 months after the manager has begun conducting pre-marketing, are considered to be a result of pre-marketing and are subject to the notification procedures in Articles 31 and 32 of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, if the investors subscribe for shares or capital shares

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

Stk. 7. The manager must send an informal notification in paper form or electronic form to Finanstilsynet, within 2 weeks after the manager has begun pre-marketing. The notification must specify in which member states and during which periods pre-marketing is taking place or has taken place, a short description of the pre-marketing with information about 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.

Stk. 8. A third party may only conduct pre-marketing on behalf of a manager with permission if the relevant party 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 an 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 a tied agent in accordance with Directive 2014/65/EU. Such a third party is subject to the conditions set out in § 88 a.

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

Chapter 14
Management of alternative investment funds and delivery of services in another country within the European Union or a country with which the Union has concluded an agreement in the financial field, by managers of alternative investment funds with registered domicile in Denmark

§ 89. A manager of alternative investment funds with registered domicile in Denmark may either directly or by establishing a branch:

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 field, provided that the manager has permission to manage alternative investment funds with the relevant type of investment strategy, cf. § 11.
Deliver services covered by Annex 1, no. 3, provided that the manager has permission to deliver the relevant services, cf. § 11.

§ 90. The first time a manager of alternative investment funds with registered domicile 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 field, or wishes to deliver services covered by Annex 1, no. 3, in another country within the European Union or a country with which the Union has concluded an agreement in the financial field, the manager must submit the following information to Finanstilsynet:

Which country within the European Union or country with which the Union has concluded an agreement in the financial field the manager intends to offer management services or services covered by Annex 1, no. 3, either directly or by establishing a branch.
A business plan, which must among other things describe which services the manager intends to deliver and which alternative investment funds the manager intends to manage.

Stk. 2. If a manager of alternative investment funds intends to establish a branch in the host country to manage or deliver services covered by Annex 1, no. 3, the manager must, in addition to the information mentioned in para. 1, submit the following information to Finanstilsynet:

The branch's organizational structure.
The address in the alternative investment fund's home country or in the host country where the manager intends to offer services covered by Annex 1, no. 3, from which documents can be requested.
The names of and contact information regarding the persons responsible for the branch's management.

Stk. 3. The information communicated in accordance with para. 1 and 2 must be drawn up in a language that is customary in the international financial community.

§ 91. Finanstilsynet shall forward no later than 1 month after receiving all the documentation referred to in § 90, para. 1, or no later than 2 months after receiving all the documentation referred to in § 90, para. 2, this
18. november 2025. 37 Nr. 1544.

complete documentation to the competent authorities in the manager's home country. Finanstilsynet only forwards the notification if the manager's management of the alternative investment fund or provision of services covered by Annex 1, No. 3, 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.

Subsection 2. Finanstilsynet attaches a declaration 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 Annex 1, No. 3.

Section 92. When Finanstilsynet has sent the information to the competent authorities in the host country, cf. Section 91, Finanstilsynet immediately notifies the manager thereof. The manager may commence the provision of management services or services covered by Annex 1, No. 3, in the host country after receiving this notification.

Section 93. The manager must notify Finanstilsynet in writing if there are significant changes to the information provided in accordance with Section 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 must, 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 in accordance with 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 Finanstilsynet's notification pursuant 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 Annex 1, No. 3, 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, Finanstilsynet must take the necessary measures, including, if necessary, prohibiting the marketing of the alternative investment fund, prohibiting the provision of services covered by Annex 1, No. 3, or withdrawing the manager's permission pursuant to Section 11, cf. Section 17. Finanstilsynet immediately notifies the competent authorities in the manager's home 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, Finanstilsynet immediately notifies the competent authorities in the manager's home country of the changes.

Section 94. Finanstilsynet may set detailed rules for

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

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

Section 95. A manager of alternative investment funds with registered domicile 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 regulations 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 forwarded to Finanstilsynet the information referred to in Section 90, subsection 1, if the management is to be carried out directly, and the information referred to in Section 90, subsection 2, if the management is to be carried out 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 domicile 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 regulations implementing Article 6, subsection 4, of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, may commence the 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 forwarded to Finanstilsynet the information referred to in Section 90, subsection 1, if the provision of services is to be carried out directly, and the information referred to in Section 90, subsection 2, if the provision of services is to be carried out 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 managers of alternative investment funds with domicile in Denmark

Section 96. A manager of alternative investment funds with registered domicile in Denmark, which has permission in accordance with Section 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 that the following conditions are met:

The manager complies with all requirements in this Act and regulations issued pursuant thereto, with the exception of Chapters 8 and 9, insofar as these funds are concerned.
Finanstilsynet 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 enable Finanstilsynet to supervise the manager in accordance with this Act, including monitoring systemic risks.

Subsection 2. Finanstilsynet may set detailed rules for the design and content of the cooperation agreements referred to in subsection 1, No. 2.

Chapter 15
Marketing using the 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

Section 97. This Chapter applies to the marketing of shares in the following alternative investment funds:

Alternative investment funds from a third country, which are managed by a manager with permission.
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, which are feeder funds that do not meet the requirement in Section 76, subsection 2.

Section 98. A manager of alternative investment funds with registered domicile in Denmark, who wishes to market shares in the funds referred to in Section 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 comply with all requirements in this Act and regulations issued pursuant thereto, with the exception of the rules in Chapters 13 and 14. Furthermore, the following conditions must be met:

Appropriate cooperation agreements must have been concluded between Finanstilsynet and the competent authorities in the country where the alternative investment fund, cf. Section 97, No. 1, or the master fund for the feeder fund, cf. Section 97, No. 2, has its registered domicile, which meet international standards and enable Finanstilsynet to supervise the manager in accordance with this Act, including monitoring systemic risks.
The third country where the alternative investment fund has its registered domicile must not be registered as a non-cooperative country and territory by the Financial Action Task Force.
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 meet the standards in Article 26 of the Organisation for Economic Co-operation and Development's model tax convention regarding income and wealth, and which ensure effective exchange of information on tax matters, including information relating to multilateral tax agreements.

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

Section 99. A manager of alternative investment funds with registered domicile in Denmark, who wishes to market shares in the funds referred to in Section 97 to professional investors in Denmark, must submit a notification to 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:

A business plan with clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
The rules or articles of association of each fund.
Specification of the depositary for each fund.
A description of the funds available to investors.
Information on where the master fund is established, if one of the funds is a feeder fund.
Any additional information, cf. Section 62, subsection 1, regarding each fund that the manager intends to market.
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.

Section 100. No later than 20 working days after receiving a complete notification in accordance with Section 99, Finanstilsynet must notify the manager whether the manager may commence marketing of the alternative investment fund in Denmark. Refusal of 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 when Finanstilsynet has notified the manager that marketing may commence.

Subsection 3. Finanstilsynet must notify the European Securities and Markets Authority that the manager has obtained permission to market shares in the alternative investment fund in Denmark.

Section 101. The manager must notify Finanstilsynet in writing if there are significant changes to the information provided in accordance with Section 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 Finanstilsynet 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, Finanstilsynet may order the manager not to implement the changes. Finanstilsynet must notify the manager of this immediately after receiving the notification in subsection 1.

Subsection 3. If a planned change is implemented despite Finanstilsynet'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, Finanstilsynet must 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, cf. Section 17.

Subsection 4. If the notified changes are not in conflict with the rules in this Act or regulations issued pursuant to the Act, Finanstilsynet immediately notifies 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. Finanstilsynet must, if relevant, also notify the competent authorities in the manager's home 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 area, of alternative investment funds from a third country, which are managed by a manager with registered domicile in Denmark

Section 102. A manager of alternative investment funds with domicile in Denmark, who wishes to market shares in the alternative investment funds referred to in Section 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 area, must submit a notification to Finanstilsynet for each such fund.

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

A business plan with clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
The rules or articles of association of each fund.
Specification of the depositary for each fund.
A description of the funds available to investors.
Information on where the master fund is established, if one of the funds is a feeder fund.
Any additional information, cf. Section 62, subsection 1, regarding each fund that the manager intends to market.
Information on the Member State or States where the manager intends to market shares to professional investors for each fund.
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.

Section 103. The notification referred to in Section 102 must be drawn up in a language that is common in the international financial world.

Section 104. No later than 20 working days after receiving a complete notification that meets the conditions in Section 102, Finanstilsynet must forward the notification to the competent authorities in the country where it is intended that the alternative investment fund be marketed. Finanstilsynet only forwards 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. Finanstilsynet attaches a declaration that the manager has permission to manage alternative investment funds with an investment strategy followed by the relevant alternative investment fund.

Section 105. When Finanstilsynet has sent the notification to the competent authorities in the host country, cf. Section 104, Finanstilsynet immediately notifies 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. Finanstilsynet must notify the European Securities and Markets Authority that the manager may commence marketing of shares in the alternative investment fund in the host country.

Section 106. The manager must notify Finanstilsynet in writing if there are significant changes to the information provided in accordance with Section 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 Finanstilsynet immediately after the change has occurred.

Subsection 3. If a planned change is implemented despite Finanstilsynet'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, Finanstilsynet must 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, cf. Section 17.

Section 4. If the notified changes are not in conflict with the rules of this Act or rules 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 home country of the changes.

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

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

Marketing in Denmark using a marketing passport 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

Section 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 referred to in Section 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 sent a complete notification and a declaration that the manager has permission to manage alternative investment funds with the investment strategy in question to the Danish Financial Supervisory Authority in accordance with the rules of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.

Paragraph 2. The Danish Financial Supervisory Authority may set detailed rules regarding the marketing referred to in paragraph 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

Section 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 Section 76, paragraph 2, to professional investors in Denmark, may obtain permission from the Danish Financial Supervisory Authority for this, provided that the following conditions are met:

The manager complies with all requirements in this Act and rules issued pursuant to the Act, with the exception of Chapter 8.
The manager ensures that one or more entities are appointed, which must be different from the manager itself, to carry out the tasks covered by Section 50, Section 51, paragraph 1, and Section 52. The manager must notify the Danish Financial Supervisory Authority of the identity of the entities carrying out the tasks covered by Section 50, Section 51, paragraph 1, and Section 52.
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 enable the Danish Financial Supervisory Authority to supervise the manager in accordance with this Act, including monitoring systemic risks.
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.

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

Chapter 17
Rules for authorization and marketing for managers of alternative investment funds with a registered home in a third country Requirement for authorization in the reference country prior to management or marketing

Section 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

commences the 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
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.

Paragraph 2. If Denmark is the reference country for the manager, cf. Sections 112-115, the manager must comply with this Act and rules issued pursuant thereto, including having permission in accordance with Section 11, cf. Section 116, before management or marketing of alternative investment funds commences.

18 November 2025. 41 No. 1544.

Determination of the reference country

Section 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, this country is considered to be the manager's reference country.

Paragraph 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

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 the funds are established, or
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.

Section 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:

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.
If the fund has not obtained permission 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 field, the manager's reference country is the country where the manager plans to market the fund.

Paragraph 2. If a manager of alternative investment funds with a registered home in a third country exclusively plans to market one alternative investment fund that is 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 field, the manager's reference country is the country in question where the fund is planned to be marketed.

Paragraph 3. 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, but in different countries within the European Union or countries with which the Union has concluded an agreement in the financial field, the reference country is determined as follows:

If the fund has obtained permission 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 field, 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.
If the fund has not obtained permission 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 field, the manager's reference country is one of the countries where the manager plans to develop effective marketing.

Paragraph 4. If a manager of alternative investment funds with a registered home in a third country exclusively plans to market one alternative investment fund that is 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 field, the reference country is one of these countries.

Paragraph 5. If a manager of alternative investment funds with a 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 field, in one or more countries 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:

If all funds have obtained permission 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 field, 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 the majority of these funds.
If all funds have not obtained permission 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 field, the manager's reference country is the country where the manager intends to develop effective marketing for the majority of the funds.

Paragraph 6. If a manager of alternative investment funds with a 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 field, 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 field where the manager plans to develop effective marketing for the majority of these funds.

18 November 2025. 42 No. 1544.

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

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

Paragraph 3. If Denmark is the manager's reference country in accordance with paragraph 2, the Danish Financial Supervisory Authority must notify the manager that Denmark has been assigned to the manager as the reference country.

Paragraph 4. If a decision is made in accordance with paragraph 2 and the manager is not informed thereof within 7 days after the decision, or if a decision is not made within 1 month after all requests in accordance with paragraph 1 have been received by the competent authorities, the manager may choose a reference country based on the criteria that apply in accordance with Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers. If the manager chooses Denmark as the reference country, the manager must immediately notify the Danish Financial Supervisory Authority thereof.

Paragraph 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 field must, upon request from the Danish Financial Supervisory Authority, be able to document this by providing information about its marketing strategy.

Section 115. When the Danish Financial Supervisory Authority receives an application in accordance with Section 114, paragraph 1, as a result of the manager considering Denmark the only possible reference country, the Danish Financial Supervisory Authority must 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 rejects the application. If the Danish Financial Supervisory Authority agrees that Denmark is the manager's only possible reference country, the Danish Financial Supervisory Authority notifies 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 provides, if relevant, information about the manager's marketing strategy.

Paragraph 2. The European Securities and Markets Authority provides advice to the Danish Financial Supervisory Authority regarding its assessment of the reference country no later than 1 month after receiving the notification in accordance with paragraph 1.

Paragraph 3. If the Danish Financial Supervisory Authority plans to grant permission to manage alternative investment funds in contradiction to the advice from the European Securities and Markets Authority, the Danish Financial Supervisory Authority must notify 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 that the manager manages in other countries within the European Union or a country with which the Union has concluded an agreement in the financial field, the Danish Financial Supervisory Authority also notifies the competent authorities in the relevant countries thereof together with the justification for the decision. If relevant, the Danish Financial Supervisory Authority also informs 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 permission for management etc.

Section 116. The conditions and requirements in Section 117 and Section 118, paragraphs 1-3, must be met for a manager of alternative investment funds with a registered home in a third country, which has been assigned Denmark as the reference country, to obtain permission to manage alternative investment funds, cf. Section 11, paragraph 3, no. 7.

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

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 in accordance with this Act, including monitoring systemic risks.
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.
The third country where the manager has its registered home must have concluded an agreement with Denmark, which meets the standards of Article 26 of the Organisation for Economic Co-operation and Development's model tax convention concerning income and property, and which ensures effective exchange of information regarding tax matters, including information related to multilateral tax agreements.
The Danish Financial Supervisory Authority's supervisory tasks under this Act are not prevented by the laws or administrative regulations of a third country to which the manager is subject, or by limitations on the supervisory and investigative powers that apply to the supervisory authorities of the relevant third country.

18 November 2025. 43 No. 1544.

Legal Representative

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

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

The Danish Financial Supervisory Authority.
Other competent authorities from countries within the European Union or countries with which the Union has concluded an agreement in the financial area.
Investors from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, in the funds managed by the manager.
The European Securities and Markets Authority.

Subsection 3. All correspondence from the manager 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:

The Danish Financial Supervisory Authority.
Other competent authorities from countries within the European Union or countries with which the Union has concluded an agreement in the financial area.
Investors from a country within the European Union or a country with which the Union has concluded an agreement in the financial area, 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 seeks authorization.

Application for authorization to manage alternative investment funds

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

The manager's justification for its choice of Denmark as the reference country in accordance with the criteria in §§ 112 and 113, together with information on the manager's marketing strategy.
A list of any provisions in this Act or rules issued pursuant thereto that the manager cannot comply with, because in accordance with the conditions in § 120, subsection 1, nos. 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.
Any written statement in accordance with 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 of this Act that it is impossible for the manager to comply with, cf. § 120, and which has the same regulatory purpose and provides the same level of protection for investors in the relevant funds. The written statement must be supported by a legal opinion stating that the relevant incompatible mandatory regulation is found in the third country's legislation, including a description of the regulation's legislative purpose and the nature of the intended investor protection.
Information on the name and establishment location of the manager's legal representative.

Subsection 2. When a manager with its registered headquarters in a third country applies for authorization to manage alternative investment funds under § 11, cf. § 116, the information mentioned in § 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 area, which the manager intends to manage, and the other alternative investment funds that 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 area.

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

§ 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 headquarters 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 area, 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:

it is impossible to reconcile the statutory provision with compliance with the legislation to which the manager or the fund is subject,
the legislation to which the manager or the fund is subject provides for a corresponding provision with the same purpose and 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
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 notify the European Securities and Markets Authority thereof, accompanied by the information that the manager has communicated to the Danish Financial Supervisory Authority in accordance with § 119, subsection 1, nos. 2 and 3.

Subsection 3. The European Securities and Markets Authority shall issue an opinion to the Danish Financial Supervisory Authority on 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 of the European Securities and Markets Authority, the Danish Financial Supervisory Authority shall notify the European Securities and Markets Authority thereof together with information on the reasoning 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 area, the Danish Financial Supervisory Authority shall also notify the competent authorities in the relevant countries thereof together with the reasoning 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 reasoning 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 under 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 area, 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 area.

Chapter 18
Change of Reference Country

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

Subsection 2. If the manager changes its marketing strategy within the first 2 years after the Danish Financial Supervisory Authority has granted authorization to manage alternative investment funds to the manager in accordance with § 11, cf. § 116, and this change would have affected the determination of the reference country if the changed marketing strategy had been applied at 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 in accordance with subsection 2. At the same time as the notification, the manager must state which reference country the manager considers to be the correct one 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 also provide the name and establishment location of the manager's legal representative in the specified new reference country.

Subsection 4. The Danish Financial Supervisory Authority verifies whether the manager's assessment of the new reference country is in accordance 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 the choice of the new reference country and information on the manager's changed marketing strategy.

Subsection 5. The European Securities and Markets Authority shall issue an opinion to the Danish Financial Supervisory Authority with its assessment of whether the change of reference country is in accordance 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 shall make a decision on whether authorization may be granted for the manager to change the reference country, after the European Securities and Markets Authority has issued the opinion in accordance with subsection 5.

Subsection 7. When the Danish Financial Supervisory Authority makes a decision on whether the manager may change the reference country, the Danish Financial Supervisory Authority shall 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 shall 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 shall notify the new reference country thereof.

Subsection 8. Upon change of reference country, the Danish Financial Supervisory Authority shall send a copy of the manager's authorization to manage alternative investment funds and the case files related to the manager's authorization 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 authorization 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 shall, at the same time as notifying the European Securities and Markets Authority of the decision, explain the reasoning therefor. The Danish Financial Supervisory Authority shall 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 shall also notify the competent authorities in the home countries of the alternative investment funds for which the manager is responsible thereof.

§ 122. The Danish Financial Supervisory Authority shall order an alternative investment fund manager with its registered headquarters in a third country to state its correct reference country if, within 2 years after the manager has acquired its authorization, 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:

the marketing strategy on the basis of which the manager received its authorization has not been followed,
the manager has provided incorrect information regarding the marketing strategy on the basis of which the manager received its authorization, or
the manager has 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 under subsection 1, the Danish Financial Supervisory Authority shall revoke the manager's authorization to manage alternative investment funds.

§ 123. If an alternative investment fund manager changes its marketing strategy, more than 2 years after the Danish Financial Supervisory Authority has granted the manager authorization to manage alternative investment funds, and the manager plans to change the reference country based on a new marketing strategy, the manager must submit an application for authorization for this to the Danish Financial Supervisory Authority. In this case, § 121 shall apply with the necessary adaptations.

Subsection 2. The Danish Financial Supervisory Authority may set more detailed rules on the form and content of the application under 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 its registered headquarters in a third country, which has Denmark as the reference country, shall be brought in this country in accordance with the rules in Chapter 22 of the Administration of Justice Act on territorial jurisdiction.

Subsection 2. Where there is no territorial jurisdiction for cases covered by subsection 1 in accordance with the rules in Chapter 22 of the Administration of Justice Act, the case shall be brought in Copenhagen.

Subsection 3. Cases covered by subsection 1 shall be processed using 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 its registered headquarters in a third country, which has been authorized 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, which 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 in accordance with the rules in Chapter 22 of the Administration of Justice Act on territorial jurisdiction.

Subsection 2. Cases covered by subsection 1 shall be processed using the law of 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 Headquarters in a Third Country

§ 126. An alternative investment fund manager with its registered headquarters in a third country, which has authorization to manage alternative investment funds under § 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 authorization 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:

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.
A business plan, which shall inter alia 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 manage the funds, the manager must, in addition to the information under subsection 2, submit the following information to the Danish Financial Supervisory Authority:

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

Subsection 4. The information communicated in accordance with subsections 2 and 3 shall be prepared in a language that is common in the international financial sector.

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

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

Section 7. When Finanstilsynet has sent the information to the competent authorities in the host country, cf. subsections 5 and 6, Finanstilsynet shall immediately notify the manager thereof. The manager may commence delivery of management services in the host country after having received this notification. Finanstilsynet shall notify the European Securities and Markets Authority that the manager may commence delivery of services in the host countries.

Subsection 8. The manager shall notify Finanstilsynet in writing if there are significant changes to 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 shall be communicated to Finanstilsynet immediately after the change has occurred.

Subsection 9. If the planned changes result in the manager's management of the alternative investment fund no longer being 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, Finanstilsynet may order the manager not to implement the changes. Finanstilsynet shall notify the manager of this immediately upon receipt of the notification in subsection 8.

Subsection 10. If a planned change is implemented despite Finanstilsynet's notification 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, Finanstilsynet shall take the necessary measures, including, if necessary, prohibiting the marketing of the alternative investment fund or withdrawing the manager's authorization to manage alternative investment funds, cf. Section 17.

Subsection 11. If the notified changes are not contrary to the rules in 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.

Subsection 12. Finanstilsynet may set further rules regarding:

the form and content of the information pursuant to subsections 2 and 3, and
the form of the written notification that the manager must submit to Finanstilsynet, cf. subsection 8.

Management of alternative investment funds established in Denmark by managers of alternative investment funds with a registered office in a third country, which 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 a reference country

Section 127. A manager of alternative investment funds with a registered office in a third country, which 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 a reference country, and which has obtained authorization 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 forwarded to Finanstilsynet the information referred to in Section 126, subsection 2, if the management is to be carried out directly, and the information referred to in Section 126, subsection 3, if the management is to be carried out via a branch in Denmark, and a declaration that the manager has authorization to manage alternative investment funds with the relevant type of investment strategy.

Chapter 21
Marketing using the 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 a registered office in a third country, which has been assigned Denmark as a reference country

Section 128. A manager of alternative investment funds with a registered office in a third country, which has been assigned Denmark as a reference country, and which has obtained authorization to manage alternative investment funds pursuant to Section 11, cf. Section 116, who wishes to market shares in an alternative investment fund managed by the manager 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 Finanstilsynet for each alternative investment fund that the manager plans to market. The notification must be drafted in a language commonly used 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:

Appropriate cooperation agreements must have been concluded between Finanstilsynet and the competent authorities in the 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.
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.
The third country where the alternative investment fund is established must have concluded 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 meet the standards in Article 26 of the Organisation for Economic Co-operation and Development model tax convention concerning income and wealth, and ensure effective exchange of information on tax matters, including information relating to multilateral tax agreements.

18 November 2025. 47 No. 1544.

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:

A notification attached to an operational plan with clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
Each fund's rules or articles of association.
Specification of each fund's depositary.
A description of the funds available to investors.
Information on where the master fund is established, if one of the funds is a feeder fund.
Any additional information, cf. Section 62, subsection 1, regarding each fund that the manager intends to market.
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, Finanstilsynet shall notify the manager whether the manager may commence marketing of the alternative investment fund(s) 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 commence marketing of the alternative investment fund in Denmark from the date when Finanstilsynet has notified the manager that marketing may commence.

Subsection 5. Finanstilsynet shall notify the European Securities and Markets Authority that the manager has obtained 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, Finanstilsynet 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 must be accompanied by the following documentation and information:

A notification attached to an operational plan with clear identification of the alternative investment funds that the manager plans to market, and information on where the funds are established.
Each fund's rules or articles of association.
Specification of each fund's depositary.
A description of the funds available to investors.
Information on where the master fund is established, if one of the funds is a feeder fund.
Any additional information, cf. Section 62, subsection 1, regarding each fund that the manager intends to market.
Information on the Member State(s) where the manager intends to market shares to professional investors for each fund.
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 deliver investment services in connection with the fund.

Subsection 7. No later than 20 working days after receipt of a complete notification fulfilling 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, Finanstilsynet shall forward the notification to the competent authorities in the country where it is intended that the alternative investment fund be marketed. Finanstilsynet forwards the notification only 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. Finanstilsynet attaches a declaration that the manager has authorization to manage alternative investment funds with an investment strategy that the relevant alternative investment fund follows.

Subsection 8. When Finanstilsynet has sent the notification to the competent authorities in the host country, cf. subsection 7, Finanstilsynet shall immediately notify the manager of the forwarding. The manager may commence marketing of the alternative investment fund in the host country after having received this notification.

Subsection 9. Finanstilsynet 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, cf. 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, Finanstilsynet shall also notify the competent authorities of the alternative investment fund.

Subsection 10. The manager shall notify Finanstilsynet in writing if there are significant changes to the information provided pursuant to 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 Finanstilsynet 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 rules issued pursuant thereto, or if the manager otherwise will no longer be able to comply with this Act or rules issued pursuant thereto, Finanstilsynet may order the manager not to implement the changes. Finanstilsynet shall notify the manager of this immediately upon receipt of the notification in subsection 10.

Subsection 12. If a planned change is implemented despite Finanstilsynet'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 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 the marketing of the alternative investment fund or withdrawing the manager's authorization to manage alternative investment funds, cf. Section 17.

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

Subsection 14. Finanstilsynet may set further rules regarding:

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

Marketing using the marketing passport in Denmark of alternative investment funds by a manager with a registered office in a third country, which 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 a reference country

Section 129. A manager of alternative investment funds with a registered office in a third country, which 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 a reference country, and which has authorization 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 authorization to manage alternative investment funds with the relevant investment strategy 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 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 a registered office in a third country may, instead of an authorization pursuant to Section 11, cf. Section 116, obtain authorization from Finanstilsynet to market shares to professional investors in Denmark in an alternative investment fund managed by the manager, if the conditions in subsections 2-4 are fulfilled.

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, provided that 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 and making it possible to supervise the manager, including monitoring systemic risks, must have been concluded between Finanstilsynet and the relevant supervisory authorities in the manager's home country, and between Finanstilsynet 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 have been 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 registered as a non-cooperative country and territory by the Financial Action Task Force.

Subsection 5. Finanstilsynet may set further 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 a registered office in Denmark, which are not self-managing, and which have authorization to manage alternative investment funds, must prepare and submit annual reports in accordance with the rules established by Finanstilsynet pursuant to subsection 6, subject to 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 regulates, cf. 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.

18 November 2025. 49 No. 1544.

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

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

Section 132. The Financial Supervisory Authority may set rules on auditing for alternative investment fund managers with registered domicile in Denmark that are not self-managing and that have permission to manage alternative investment funds, and their subsidiary companies, including requirements for the auditor and for the selection and appointment of the auditor.

Subsection 2. The Financial Supervisory Authority may set rules on internal auditing and on the implementation of system auditing in joint data centres.

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

Section 133. A capital company or an AIF-SIKAV may be established by one or more founders. A founder may not be subject to bankruptcy or reconstruction proceedings. If a founder is a natural person, the person must be of age, and the person may 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, this must be entitled to acquire rights, enter into obligations and be a party to legal proceedings.

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

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

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

Subsection 2. A capital company, 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 regarding this. The board of directors of a capital company or an AIF-SIKAV may establish new sections and make associated amendments to the articles of association, unless otherwise provided in the articles of association. The board of directors of the alternative investment fund manager of an AIF securities fund may establish new sections, unless otherwise provided 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 of a capital company, 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 pursuant 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 regarding this.

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

Subsection 6. All investors in a capital company, an AIF-SIKAV or an alternative AIF securities fund must have the same rights, insofar as matters concern all investors in the capital company, the AIF-SIKAV or the AIF securities fund. All investors in a section must have the same rights, insofar as matters concern only the 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, the issuance of shares without the right to dividends and the setting of rules on restriction of voting rights, provided that any investor in a capital company or an AIF-SIKAV must have at least one vote.

Subsection 7. It must appear from the articles of association of a capital company or an AIF-SIKAV or from the fund regulations of an AIF securities fund, according to which accounting rules the capital company, the AIF-SIKAV or the AIF securities fund will prepare its annual report.

Section 135. A capital company has the exclusive right to and is obliged to use the term capital company in its name.

Subsection 2. An AIF-SIKAV has the exclusive right to 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 to and is obliged to use the term AIF securities fund in its name.

Subsection 4. The manager of a capital company, an AIF-SIKAV or an AIF securities fund constitutes the daily management of the association or the fund.

Notifications to the Business Authority

Section 136. When a capital company or an AIF-SIKAV is established or an AIF securities fund is established, the manager must notify the Business Authority. The notification of a capital company or an AIF-SIKAV must be accompanied by a copy of the founding document and articles of association of the capital company or the AIF-SIKAV.

Subsection 2. A capital company or an AIF-SIKAV that is not yet registered in the Business Authority cannot, as such, acquire rights and enter into obligations. A capital company or an 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 company or an AIF-SIKAV before registration, those who entered into the obligation or have joint responsibility for it are personally, unlimitedly and jointly and severally liable. Upon registration, the capital company or the AIF-SIKAV assumes these obligations.

Subsection 4. When a capital company or an AIF-SIKAV has amended its articles of association, the manager of the capital company or the AIF-SIKAV must notify the amendments to the Business Authority, which carries out the necessary registrations.

Subsection 5. Chapter 2, Section 366, Section 367, subsections 1 and 4, and Section 371 of the Companies Act apply with the necessary adaptations to capital companies, AIF-SIKAVs and AIF securities funds. Notwithstanding the provision in Section 9, subsection 1, of the Companies Act, notification of amendments to the articles of association must be received by the Business Authority no later than 4 weeks after the decision on the amendment is made.

Subsection 6. Any notification to the Business Authority that a manager makes pursuant to the provisions on capital companies or AIF-SIKAVs in this law must be accompanied by a declaration made by the manager, from which it appears that the notified matters are in accordance with the provisions on capital companies or AIF-SIKAVs in this law.

Subsection 7. The Business Authority may set detailed rules on registration in the authority, including on fees for registration.

Section 136 a. A capital company and an AIF-SIKAV must obtain information about the real owners of the association or the AIF-SIKAV, including information about the rights of the real owners.

Subsection 2. Anyone who directly or indirectly owns or controls the capital company or the AIF-SIKAV must, upon request by the capital company or the AIF-SIKAV, provide the capital company or the AIF-SIKAV with the information about the ownership structure that is necessary for the capital company or the AIF-SIKAV to identify the real owners, including information about the rights of the real owners.

Subsection 3. The capital company and the AIF-SIKAV must register the information, including information about the rights of the real owners, in the Business Authority's IT system as soon as possible after the association or the AIF-SIKAV has become aware that a person has become a real owner. Any change to the information registered about the real owners must be registered as soon as possible after the association or the AIF-SIKAV has become aware of the change. The registered members of the board of directors of the association or the AIF-SIKAV must be regarded and registered as real owners in the Business Authority's IT system if the association or the AIF-SIKAV, after having exhausted all possibilities for identification, has no real owners or no real owners can be identified.

Subsection 4. Capital companies and AIF-SIKAVs must, at least once a year, investigate whether there are changes to the registered information about real owners. The result of the annual investigation is presented at the board meeting where the board approves the annual report.

Subsection 5. The capital company and the AIF-SIKAV must keep documentation for the information obtained about the real owners of the capital company or the AIF-SIKAV for 5 years after the termination of the real ownership. The association or the AIF-SIKAV must also keep documentation for the information obtained about attempts to identify real owners for 5 years after the completion of the identification attempt.

Subsection 6. The capital company or the AIF-SIKAV must, upon request, provide information about the real owners of the association or the AIF-SIKAV, including about the association's or the AIF-SIKAV's attempts to identify the real owners of the capital company or the AIF-SIKAV, to the Money Laundering Secretariat. The association or the 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 Money Laundering Secretariat and other competent authorities may freely pass on information about real owners that is registered, cf. subsection 3, or obtained, cf. subsection 6, to competent authorities and financial intelligence units of other EU member states.

Subsection 8. Subsections 1-7 do not apply to capital companies or AIF-SIKAVs if the shares or bonds are traded on a regulated market or a corresponding market that is subject to disclosure requirements in accordance with EU law or corresponding international standards.

Subsection 9. The Business Authority sets detailed rules on the registration, availability and publication of the information in subsections 1, 3 and 5 in the Business Authority's IT system, including which information the capital company or the AIF-SIKAV must register in the authority's IT system.

Section 136 b. Capital companies and AIF-SIKAVs that must obtain, keep and register information about real owners, cf. Section 136 a, must, upon request, provide persons and companies that are required to carry out customer due diligence procedures pursuant to the Money Laundering Act with information about the ownership structure of the capital company or the AIF-SIKAV.

Subsection 2. If the Financial Supervisory Authority receives reports of discrepancies in the registered information about the real owners of a capital company or an AIF-SIKAV pursuant to the Money Laundering Act, the Financial Supervisory Authority carries out an investigation of the matter. The Financial Supervisory Authority may, in this connection, set a deadline for the correction of the matter with the capital company or the AIF-SIKAV.

Subsection 3. Upon request from the Financial Supervisory Authority, the Business Authority may, in parallel with the investigation, cf. subsection 2, publish a notice about the report in the Business Authority's IT system. The capital company or the AIF-SIKAV must have the opportunity to object to the report before it is published, unless the purpose of publishing the notice about the report is thereby thwarted.

Share Classes

Section 137. When the articles of association of a capital company or an AIF-SIKAV contain provisions that the sections may be divided into share classes, the board of directors may

upon the establishment of a new section, divide the section into share classes without further ado, and
divide an existing section into share classes upon the decision of the investors to this effect at a general meeting.

Subsection 2. If it concerns an AIF securities fund, it is the board of directors of the AIF securities fund's manager that makes decisions as mentioned in subsection 1.

Subsection 3. A share class does not have priority right to any part of the section'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 return on, and the return on the class-specific assets, which is the part of the portfolio that only the relevant share class receives return on.

Subsection 4. If a section is divided into share classes, the board of directors must set principles for the distribution of costs between the share classes, such that each share class only bears its share of the section's common costs and the special costs associated with the share class's specific characteristics.

Section 138. A capital company, an AIF-SIKAV or an 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 provide information about the characteristics that apply to each share class, and about the principles for the distribution of costs between the share classes.

Domicile and Representative

Section 139. If a capital company or an AIF-SIKAV has appointed an alternative investment fund manager with domicile (head office) in Denmark, the capital company or the AIF-SIKAV has its domicile in the same place as the manager, cf. however subsection 2.

Subsection 2. If a capital company or an AIF-SIKAV has appointed an alternative investment fund manager with domicile in another country, the capital company or the AIF-SIKAV must enter into an agreement with a representative regarding the representation of the capital company or the AIF-SIKAV in this country. The capital company or the AIF-SIKAV has its domicile where the representative has its domicile, and its head office where the manager has its head office.

Liquidation

Section 140. A decision on the liquidation of a section in a capital company or an AIF-SIKAV is made by the general meeting. A decision on the liquidation of a section in an AIF securities fund is made by the board of directors of the AIF securities fund's manager.

Subsection 2. A decision on liquidation must contain a provision on who shall be the liquidator. The liquidator takes the place of the board of directors and the manager.

Subsection 3. The liquidator may at any time be dismissed by the general meeting of the capital company or the AIF-SIKAV or by the board of directors of the AIF securities fund's manager.

Section 141. A section that is under liquidation must add "in liquidation" to its name.

Subsection 2. The liquidator must, as soon as possible, by an announcement in the State Gazette with a notice of at least 3 months, invite the section'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 with the indication that the creditor, if they wish to contest the decision, must bring the matter before the court no later than 4 weeks after the dispatch of the letter.

Subsection 4. The liquidator may earliest distribute the liquidation proceeds and conclude the liquidation proceedings when the deadline set in the announcement mentioned in subsection 2 has expired and

possible disputes according to subsection 3 are resolved,
all debt to known creditors is paid.

Subsection 5. The liquidator must ensure that a liquidation account is prepared, which is approved by the general meeting of the capital company or the AIF-SIKAV or by the board of directors of the AIF securities fund's manager.

Subsection 6. A capital company, an AIF-SIKAV or an AIF securities fund is considered dissolved when the liquidation of the capital company's or the fund's only or last section has been carried out. When a capital company or an AIF-SIKAV is dissolved according to the first sentence, the liquidator must notify the dissolution to the Business Authority. The notification must be accompanied by the liquidation account approved by the general meeting or by the board of directors of the AIF securities fund's manager, and a declaration made by the liquidator, from which it appears that the liquidation has been carried out in accordance with the provisions on liquidation in this law.

Dissolution of Capital Companies, AIF-SIKAVs, AIF Securities Funds and Sections without Investors

Section 142. If a capital company, an AIF-SIKAV or a section has never had investors, the board of directors may make a decision on the dissolution of the association, the company or the section.

Subsection 2. When a capital company or an AIF-SIKAV is dissolved according to subsection 1, the association's manager must notify the dissolution to the Business Authority.

Dissolution of Share Classes

Section 143. A decision on the dissolution of a share class in a capital company or an AIF-SIKAV is made by the share class's investors at a general meeting, cf. however subsection 2. A decision on the dissolution of a share class in an AIF securities fund is made by the board of directors 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 section redeeming all shares that have been issued in the share class.

Section 2. If a share class has never had investors, the board of the association or the manager of the AIF securities fund may make a decision to liquidate the share class.

Bankruptcy
Section 144. The rules on bankruptcy applicable to companies in Sections 233 and 234 of the Companies Act apply with the necessary adjustments to capital associations, AIF-SIKAVs, AIF securities funds, and divisions thereof.

Forced Dissolution
Section 145. The Financial Supervisory Authority may request the bankruptcy court at the domicile of the capital association or AIF-SIKAV to dissolve a capital association or AIF-SIKAV if the association or company does not have a manager with a license to administer alternative investment funds.

Section 2. The Financial Supervisory Authority may set a deadline within which the capital association or AIF-SIKAV can appoint a manager with a license to administer alternative investment funds.

Section 3. The Financial Supervisory Authority's decision to refer a capital association or AIF-SIKAV to the bankruptcy court for forced dissolution is published in the Business Authority's IT system.

Section 4. The capital association or AIF-SIKAV must retain its name with the addition "under forced dissolution."

Section 5. The bankruptcy court may appoint one or more liquidators. The bankruptcy court may also appoint an auditor. For the forced dissolution, the provisions on liquidation in Section 141 apply, such that the bankruptcy court or the person authorized by the court makes decisions regarding the capital association or AIF-SIKAV. The costs of the dissolution are paid by the state treasury if necessary.

Section 6. When the bankruptcy proceedings are concluded, the bankruptcy court notifies this to the Financial Supervisory Authority and the Business Authority, which register the dissolution of the capital association or AIF-SIKAV in the Authority's IT system.

Section 7. In the period from the referral of the capital association 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 association or company and their creditors.

Section 8. After the liquidator takes office, former members of the board and management of the capital association or AIF-SIKAV's former manager are obliged to assist the liquidator to the extent necessary with information about the activities of the capital association or AIF-SIKAV up to the entry of liquidation. The board and management of the capital association 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.

Section 9. The liquidator may request the bankruptcy court to summon former members of the capital association or AIF-SIKAV's board and the management of the capital association or AIF-SIKAV's manager to a meeting in the bankruptcy court for the purpose of obtaining information in accordance with Section 8.

Merger
Section 146. A capital association, AIF-SIKAV, or AIF securities fund may merge with another capital association, AIF-SIKAV, or AIF securities fund. A division in a capital association, AIF-SIKAV, or AIF securities fund may merge with another division in a capital association, AIF-SIKAV, or AIF securities fund. Prior to the merger, the merging entities must publish a merger plan.

Section 2. A merger of capital associations, AIF-SIKAVs, or AIF securities funds is carried out by the terminating capital association, AIF-SIKAV, or AIF securities fund transferring its divisions to the continuing capital association, AIF-SIKAV, or AIF securities fund.

Section 3. A merger of divisions is carried out by the terminating division transferring assets and liabilities as a whole to the continuing division.

Section 4. In the event of a merger, investors in the terminating entity must exchange their shares for shares in the continuing entity. Upon exchange of shares, investors in the terminating entity become investors in the continuing entity.

Section 5. Excess amounts arising from the exchange of shares in a merger between divisions must be paid out to investors in the terminating division.

Section 6. A capital association may merge with a Danish UCITS, and a division in a capital association may merge with a division in a Danish UCITS according to the rules in Section 119 of the Act on Investment Funds etc., such that the capital association or its division is the terminating entity.

Section 147. A decision on merger is made in the terminating entity by the general meeting. For an AIF securities fund, the decision is made by the manager's board.

Section 2. A decision on merger is made in the continuing entity by the board, unless the articles of association state that this decision is a general meeting decision.

Section 148. A capital association, AIF-SIKAV, or AIF securities fund that ceases to exist by merger is considered liquidated when the capital association, AIF-SIKAV, or AIF securities fund has transferred its divisions to the continuing entity and investors in the terminating entity have exchanged their shares for shares in the continuing entity.

Section 2. A division terminating by merger is considered liquidated when the terminating division has transferred all its assets and liabilities as a whole to the continuing division and investors in the terminating division have exchanged their shares for shares in the continuing division.

Section 3. A capital association, AIF-SIKAV, or AIF securities fund is considered liquidated when the association's, company's, or fund's only or last division has been merged with a division from another capital association, AIF-SIKAV, or AIF securities fund and this division is the continuing entity.

Section 4. When a capital association or AIF-SIKAV is liquidated in accordance with Section 1 or Section 3, the manager of the capital association or AIF-SIKAV must report the liquidation to the Business Authority.

November 18, 2025. 53 No. 1544.

Section 5. The Financial Supervisory Authority may set detailed rules on merger.

Division
Section 149. A division in a capital association, AIF-SIKAV, or AIF securities fund may be divided. Prior to the division, the capital association, AIF-SIKAV, or AIF securities fund must publish a division plan.

Section 2. A division is carried out by transferring part or all of a division's assets and liabilities to one or more

existing divisions or
newly established divisions.

Section 3. Division may take place without the consent of creditors. If a creditor in the divided division is not satisfied, each of the other participating divisions in the division is jointly liable for liabilities that existed at the time of publication of the division plan. The other participating divisions are liable, however, only up to an amount corresponding to the net value they received in the division.

Section 4. In the event of a division, investors in the divided division must exchange their shares for shares in one of the continuing divisions. Upon exchange, investors in the divided division become investors in one or more of the continuing divisions. Sentences 1 and 2 do not apply to investors who continue to be investors in a division that only transfers part of the division's assets and liabilities in the division.

Section 5. Excess amounts arising from the exchange of shares must be paid out to investors in the divided division.

Section 150. A decision on the division of a division in a capital association or AIF-SIKAV is made by the division's investors at the general meeting. A decision on the division of a division in an AIF securities fund is made by the board of the fund's manager.

Section 2. A decision on receiving part of another division's assets and liabilities as part of a division is made in the receiving division by the board of the capital association 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 considered to have passed to the receiving division at the time set in the division plan.

Section 152. A division that ceases to exist by division is considered liquidated when the division has transferred all its assets and liabilities to the receiving division(s) and investors in the terminating division have exchanged their shares for shares in the receiving division(s).

Section 2. A capital association, AIF-SIKAV, or AIF securities fund is considered liquidated when the capital association's, AIF-SIKAV's, or AIF securities fund's only or last division has, by division, transferred all the division's assets and liabilities to divisions in one or more other entities.

Section 3. When a capital association or AIF-SIKAV is liquidated in accordance with Section 2, the manager of the capital association, AIF-SIKAV, or AIF securities fund must report the liquidation to the Business Authority.

Section 4. The Financial Supervisory Authority may set detailed rules on division.

Transfer of a Division
Section 153. A division in a capital association, AIF-SIKAV, or AIF securities fund may be transferred to another capital association, AIF-SIKAV, or AIF securities fund.

Section 2. In the event of a transfer, investors in the transferred division become investors in the capital association, AIF-SIKAV, or AIF securities fund to which the division is transferred.

Section 3. A division in a capital association may be transferred to a Danish UCITS according to the rules in Sections 130-134 of the Act on Investment Funds etc.

Section 154. A decision on the transfer of a division is made in the capital association or AIF-SIKAV from which the division is transferred by the division's investors at the general meeting. A decision on the transfer of a division in an AIF securities fund is made by the board of the manager of the fund from which the division comes.

Section 2. A decision on the transfer of a division is made in the capital association, AIF-SIKAV, or AIF securities fund to which the division is transferred by the board of the capital association or AIF-SIKAV or by the board of the manager of the AIF securities fund.

Section 3. A capital association, AIF-SIKAV, or AIF securities fund is considered liquidated when the capital association's, AIF-SIKAV's, or AIF securities fund's only or last division has been transferred to another capital association, AIF-SIKAV, or AIF securities fund.

Section 4. When a capital association or AIF-SIKAV is liquidated in accordance with Section 3, the manager of the capital association or AIF-SIKAV must report the liquidation to the Business Authority.

Section 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.

Section 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' investment in target companies.

Section 154 b. If the investor deduction fund is established as an open fund, a minimum of 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, a minimum of 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 liquidated when it no longer meets the requirements in the first or second sentence. The fund must begin changing its investment policy and name or liquidation no later than 10 business days after the fund has discovered that the requirements in the first or second sentence are not met.

Section 2. An investor deduction fund may place at most 25 percent of its contributed capital in one target company in 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 earliest 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 a minimum of 30 percent of its contributed capital in a minimum of four other target companies.

Section 3. The part of the contributed capital that is not invested in target companies must be placed in assets indicated 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 indicated in the fourth sentence, after 1 year from the receipt of the contribution in the investor deduction fund. 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 indicated 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

shares and bonds that are listed for trading on a regulated market,
shares in collective investment schemes that are covered by the Act on Alternative Investment Fund Managers etc. or the Act on Investment Funds etc., and that are listed for trading on a regulated market, or
contributions to a credit institution with statutory domicile 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 contributions are on demand terms or can be withdrawn or mature within at most 12 months.

Section 4. An investor deduction fund may not grant loans to or provide guarantees for third parties.

Section 5. An investor deduction fund may not take out loans.

Section 154 c. The target companies that the investor deduction fund invests in must not have narrow connections with each other.

Section IX
Supervision and Fees
Chapter 24
Supervision etc.
General Rules on Supervision
Section 155. 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 managers of alternative investment funds that have issued securities listed for trading on a regulated market, cf. Section 213, Sections 1-5 and 8, of the Capital Markets Act. The Financial Supervisory Authority also ensures compliance with rules issued pursuant to Section 31, Section 8, of the Auditor Act. The Business Authority ensures compliance with Section 136, however. 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 on 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) 2014/1286 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 cross-border distribution of collective investment undertakings and amending Regulation (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, Regulation of the European Parliament and of the Council on establishing a framework to promote sustainable investment, and Regulation of the European Parliament and of the Council on 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 in the financial sector and rules issued pursuant thereto.

Section 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 the relevant country or from a third country a license to manage alternative investment funds with their home country in the relevant country, and the manager markets shares of the relevant funds in Denmark, the measures taken by the manager to market the funds in Denmark and the measures taken by the manager to prevent shares in the funds from being marketed to retail investors are subject to Danish law and supervision. This applies to

also, when the manager uses independent entities to market shares in the investment funds.

Subsection 3. The Danish Financial Supervisory Authority shall organize its routine supervisory activities with a view to promoting financial stability and confidence in alternative investment fund managers and markets. In its supervisory activities, the Danish Financial Supervisory Authority shall place emphasis on the sustainability of the individual manager's business model. The organization of supervisory activities shall be based on a materiality consideration, where the supervisory effort stands in proportion to the potential risks or harmful effects. The Executive Board of the Danish Financial Supervisory Authority is responsible for the organization of supervisory activities.

Subsection 4. In organizing its supervisory activities, the Danish Financial Supervisory Authority shall 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 field. 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 activity mentioned in Section 11 in accordance with the rules implementing Directive 2011/61/EU 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 field, the Danish Financial Supervisory Authority shall supervise the branches and assist the competent supervisory authorities in the supervision of the branches. The Danish Financial Supervisory Authority shall participate in any cooperation forums on the supervision of the entire group for significant branches and subsidiaries of foreign companies that have been granted permission to carry out the activity 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 field.

Subsection 5. In special cases, the Danish Financial Supervisory Authority may use foreign assistance.

Subsection 6. The Minister for Business Affairs may lay down detailed rules for the Danish Financial Supervisory Authority's procedure in accordance with provisions laid down in EU law.

Section 156. The Board of the Danish Financial Supervisory Authority participates in the supervision of alternative investment fund managers and depositaries with corresponding competence as conferred on the Board pursuant to Section 345 of the Financial Business Act.

Section 157. The Danish Financial Supervisory Authority shall investigate alternative investment fund managers authorized to manage alternative investment funds, including by reviewing ongoing reports and by inspections at the individual manager. This also includes alternative investment fund managers who have registered their home country in a third country and have Denmark as their reference country, cf. Section 1, subsection 1, no. 2. The Danish Financial Supervisory Authority shall also investigate managers for whom Denmark is the host country, insofar as they comply with Sections 18, 19 and 23, if the managers manage or market alternative investment funds in Denmark through a branch established in this country.

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, executive board, external auditor and internal audit head, unless the inspection concerns limited areas of activity of the manager. At the meeting, the Danish Financial Supervisory Authority shall communicate its conclusions regarding the inspection.

Subsection 3. Significant conclusions shall be sent in the form of a written report to the company's highest governing body, executive board, external auditor and internal audit head after an inspection visit.

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 field may, after prior notification to the Danish Financial Supervisory Authority, carry out inspections in the branches located in this country of foreign managers authorized to manage alternative investment funds with their home country in the relevant country. Furthermore, the Danish Financial Supervisory Authority may, at the request of the supervisory authority in the branch's home country, carry out 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 field may, with the permission of the Danish Financial Supervisory Authority, verify information provided by managers located in this country authorized to manage alternative investment funds, who carry out accessory financial business subject to supplementary supervision by the relevant supervisory authority pursuant to provisions laid down in directives in the financial field.

Section 157a. The Danish Financial Supervisory Authority shall investigate the conditions in companies and entities acting as depositaries pursuant to Section 46. The investigation may be carried out by requesting written material and by inspection at the depositary.

Section 158. The Danish 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 established in Denmark or in other countries within the European Union or countries with which the Union has concluded an agreement in the financial field, and the depositary function for the aforementioned alternative investment funds. The Danish Financial Supervisory Authority may delegate tasks to other authorities, bodies or persons that are Danish.

Section 159. The Danish 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 field, the European Securities and Markets Authority and the European Systemic Risk Board to participate 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 Danish 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 field to participate 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 field, or a manager who 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 field requests the Danish Financial Supervisory Authority to participate in a check 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 field, cf. subsection 1, the Danish Financial Supervisory Authority may:

carry out the check or investigation itself,
allow the requesting authority to carry out the check or investigation itself, or
have an auditor or other expert carry out the check or investigation.

Subsection 3. If an alternative investment fund manager with its home country in Denmark opposes an investigation by a competent foreign authority, cf. subsection 2, the investigation may only be carried out with the participation of the Danish Financial Supervisory Authority. The same applies to a self-managed alternative investment fund established in Denmark.

Subsection 4. If the check or investigation in Danish territory is carried out by the Danish Financial Supervisory Authority, cf. 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 that has requested cooperation may request that its employees accompany the employees carrying out the check or investigation. The Danish Financial Supervisory Authority has overall responsibility for the check or investigation. Similarly, the Danish Financial Supervisory Authority may, as a condition for allowing the requesting authority to carry out the check or investigation itself, require that employees of the Danish Financial Supervisory Authority accompany the employees carrying out the check or investigation, cf. subsection 2, no. 2.

Subsection 5. The Danish Financial Supervisory Authority may lay down detailed rules on cooperation and on-site checks 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. Alternative investment fund managers, depositaries covered by Section 46, suppliers and subcontractors shall provide the Danish Financial Supervisory Authority with the information necessary for its supervisory 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 country in a third country.

Subsection 2. Alternative investment fund managers, 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 Danish Financial Supervisory Authority as soon as possible if the manager, depositary, supplier or subcontractor subsequently establishes that:

The information was not correct at the time of submission.
The information has subsequently become misleading.

Subsection 3. The Danish Financial Supervisory Authority may at any time, upon proper identification and without a court order, gain access to an alternative investment fund manager 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 assessing the economic situation of an alternative investment fund manager, the Danish 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 Danish 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 Danish Financial Supervisory Authority's activities or to determine whether a natural or legal person is covered by the provisions of this Act.

Subsection 6. The Danish 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 Danish 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 Affairs may lay down rules on an obligation for alternative investment fund managers and depositaries covered by Section 46 to publish information about the Danish Financial Supervisory Authority's assessment of the manager or depositary and about the Danish Financial Supervisory Authority's possibility to publish the information before the manager or depositary.

Section 163. The Danish Financial Supervisory Authority may order an alternative investment fund manager to have an independent investigation of one or more aspects of the manager carried out and to bear the costs, if the Danish Financial Supervisory Authority assesses that this is of significant importance for the supervision of the manager, and it is not a matter of an ordinary investigation occurring for the Danish Financial Supervisory Authority. The result of the independent investigation shall be provided in a written report, which shall be available within a time limit set by the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority may determine that the expert persons, cf. subsections 2-6, shall continuously report to the Danish Financial Supervisory Authority on matters in connection with the investigation.

Subsection 2. The independent investigation shall be carried out by one or more expert persons. The manager appoints the expert persons within a time limit set by the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority shall approve the proposed expert persons.

Subsection 3. The alternative investment fund manager shall provide the expert persons with the information necessary for the implementation of the independent investigation.

Subsection 4. The expert persons shall deliver a copy of the written report on the investigation to the Danish Financial Supervisory Authority, no later than at the same time as the report is delivered to the manager.

Subsection 5. The expert persons shall immediately provide the Danish 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 in such a way that the manager will lose its permission.

Subsection 6. If the expert person, due to their special circumstances, cannot pass on the information in accordance with subsections 4 and 5 to the Danish Financial Supervisory Authority, notification to the Danish Financial Supervisory Authority may be made by others than the expert person, including by the manager.

Section 164. The Consumer Ombudsman may bring a case regarding actions that contradict fair business practices and good practice, cf. Section 18, subsection 1, no. 1, including cases on prohibition, orders, compensation and recovery of unlawfully demanded amounts. Section 20, Section 22, subsection 2, Section 23, subsection 1, Section 27, subsection 1, and Section 28 of the Marketing Practices 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, cf. Chapter 23a of the Administration of Justice Act.

Subsection 2. The Danish Financial Supervisory Authority may issue orders to rectify matters that are in conflict with Sections 18 and 23. In this connection, the Danish Financial Supervisory Authority may carry out inspection visits at branches of alternative investment fund managers.

Section 165. The Danish Financial Supervisory Authority shall notify the Consumer Ombudsman if the Danish Financial Supervisory Authority becomes aware that a customer of an alternative investment fund manager or customers in the alternative investment funds managed by the manager may have suffered losses as a result of the manager violating 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 Danish Financial Supervisory Authority's cases covered by subsection 1, regardless of Section 170.

Section 166. The Danish Financial Supervisory Authority may order the management of an alternative investment fund manager to prepare a statement on the manager's economic situation and future prospects. The manager's highest governing body, executive board, external auditor and internal audit head shall, by signing the order to the Danish Financial Supervisory Authority, confirm that they have been made aware of the content of the communication.

Subsection 2. The statement shall:

be accompanied by a statement from the manager's external auditor, unless the statement as a whole has been prepared by this person,
be submitted to the manager's highest governing body for approval, and
be submitted in copy to the Danish Financial Supervisory Authority.

Section 167. The Danish Financial Supervisory Authority may order an alternative investment fund manager to take the necessary measures within a time limit set by the supervisory authority if:

the manager's economic situation is so deteriorated that the interests of the alternative investment funds or investors in alternative investment funds are exposed to danger, or
there is a non-negligible risk that the manager's economic situation, due to internal or external factors, develops in such a way that the manager will lose its permission.

Subsection 2. If the ordered measures are not taken within the set time limit, the Danish Financial Supervisory Authority may withdraw the manager's permission.

Section 168. The Danish Financial Supervisory Authority may order an alternative investment fund manager to dismiss a member of the executive board within a time limit set by the Danish Financial Supervisory Authority if this person, pursuant to Section 13, subsections 2 and 3, cannot hold the position.

Subsection 2. The Danish Financial Supervisory Authority may order a member of the highest governing body in an alternative investment fund manager to resign within a time limit set by the Danish Financial Supervisory Authority if this person, pursuant to Section 13, subsections 2 and 3, cannot hold the office.

Subsection 3. The Danish Financial Supervisory Authority may order an alternative investment fund manager to dismiss a member of the executive board when charges have been brought against the member of the executive board in a criminal case for violation of the Penal Code, the financial legislation or other relevant legislation, until the criminal case is resolved, if a conviction would entail that the person does not meet the requirements in Section 13, subsection 3, no. 1. The Danish Financial Supervisory Authority sets a time limit for compliance with the order. The Danish Financial Supervisory Authority may, under the same conditions as in the first sentence, order a member of the highest governing body in an alternative investment fund manager to resign. The Danish 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 based on Section 13, subsections 2 and 3, shall be stated in the order.

Subsection 5. Orders issued pursuant to subsections 1-3 may be demanded by the manager and by the person to whom the order relates to be brought before the courts. A request to this effect shall be submitted to the Danish Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. The request does not have suspensive effect on 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 Danish 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 Danish 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 Danish Financial Supervisory Authority rejects an application for withdrawal, the applicant may demand the rejection to be brought before the courts. A request to this effect shall be submitted to the Danish Financial Supervisory Authority within 4 weeks after the rejection has been issued to the person concerned. A 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 have passed after the Danish Financial Supervisory Authority's rejection of the withdrawal has been upheld by judgment.

Section 7. If the manager of an alternative investment fund has not appointed a member of the executive board within the specified deadline, the Financial Supervisory Authority may withdraw the manager's authorization, cf. Section 17, No. 3. The Financial Supervisory Authority may also withdraw the manager's authorization, cf. Section 17, No. 3, if a member of the highest governing body fails to comply with an order issued pursuant to subsections 2 and 3.

Subsection 8. Decisions in matters under Section 13, subsections 1-3, which are made pursuant to Section 13, subsection 4, may, at the request of the manager and the person to whom the decision relates, be brought before the courts. Such a request must be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been notified to the person concerned. The request does not have suspensive effect on the decision, but the court may by ruling determine that the person may enter into the office or position for which the person has sought approval during the proceedings. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request. The case is instituted in accordance with the rules of civil procedure.

Section 168a. The Financial Supervisory Authority may order a depositary, which has been granted authorization pursuant to Section 46, subsection 3, to appoint a member of the executive board at the depositary within a deadline set by the Financial Supervisory Authority, if this person, pursuant to Section 13, subsections 2 and 3, cf. Section 46, subsection 6, cannot hold the position.

Subsection 2. The Financial Supervisory Authority may order a member of the highest governing body at a depositary, which has been granted authorization pursuant to Section 46, subsection 3, to resign from their office within a deadline set by the Financial Supervisory Authority, if this person, pursuant to Section 13, subsections 2 and 3, cf. 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 executive board when criminal charges have been brought against the member of the executive board in a criminal case concerning a violation of the Penal Code, financial legislation, or other relevant legislation, until the criminal case is decided, if a conviction would imply that the person concerned does not meet the requirements in Section 13, subsection 3, No. 1. The Financial Supervisory Authority sets a deadline 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 governing 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 deadline 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, must be stated in the order.

Subsection 5. Orders issued pursuant to subsections 1-3 may, at the request of the depositary and the person to whom the order relates, be brought before the courts. Such a request must be submitted to the Financial Supervisory Authority within 4 weeks after the order has been notified to the person concerned. The request does not have suspensive effect on the order, but the court may by ruling determine that the relevant member of the management may maintain their office or position during the proceedings. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request. The case is instituted in accordance with the rules of civil procedure.

Subsection 6. The Financial Supervisory Authority may, on its own initiative or upon application, revoke an order issued pursuant to subsection 2 and subsection 3, third sentence. If the Financial Supervisory Authority rejects an application for revocation, the applicant may request that the rejection be brought before the courts. Such a request must be submitted to the Financial Supervisory Authority within 4 weeks after the rejection has been notified to the person concerned. A request for judicial review may, however, only be made if the order is not time-limited and at least 5 years have elapsed from the date of issuance of the order, or at least 2 years after the Financial Supervisory Authority's rejection of the revocation has been upheld by judgment.

Subsection 7. If the depositary has not dismissed the member of the executive board within the specified deadline, the Financial Supervisory Authority may withdraw the depositary's authorization, cf. Section 46, subsection 7, No. 3. The Financial Supervisory Authority may also withdraw the depositary's authorization, cf. Section 46, subsection 7, No. 3, if a member of the highest governing body fails to comply with an order issued pursuant to subsections 2 and 3.

Subsection 8. Decisions in matters under Section 13, subsections 1-3, which are made pursuant to Section 13, subsection 4, may, at the request of the depositary and the person to whom the decision relates, be brought before the courts. Such a request must be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been notified to the person concerned. The request does not have suspensive effect on the decision, but the court may by ruling determine that the person may enter into the office or position for which the person has sought approval during the proceedings. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request. The case is instituted in accordance with the rules of civil procedure.

Section 169. The Financial Supervisory Authority may, independently or in cooperation with other authorities, conduct investigations that are suitable to promote transparency in the financial market, and publish the results of these.

Section 170. Employees of the Financial Supervisory Authority are, under the liability provisions of the Penal Code Sections 152-152e, obliged to keep confidential information that they become aware of through supervisory activities. The same applies to persons performing service tasks as part of the Financial Supervisory Authority's operations, and experts acting on behalf of the Authority. This also applies after the termination of employment or contractual relationships.

Subsection 2. Consent from the person whom the duty of confidentiality is intended to protect does not entitle the persons mentioned in subsection 1 to disclose confidential information.

Subsection 3. Subsection 1 does not, however, apply to information in matters concerning:

Good conduct, cf. Section 18 and regulations issued pursuant to Section 18, subsection 3.
Decisions regarding the administrative and accounting practices, business procedures, and control procedures of managers of alternative investment funds, cf. Sections 23-25 and 27.
Incurrence of expenses in connection with the issuance of shares in managed alternative investment funds through a securities central.
Information to investors pursuant to Sections 62-65 and rules issued pursuant to Section 62, subsection 3, and Section 66.
Publication of the net asset value per share in the managed alternative investment funds, cf. Sections 30 and 36.
Agreement on the placement of customers' portfolio assets, cf. Section 19.
Independence of depositaries, cf. Section 53.

Subsection 4. Subsection 1 does not prevent the Financial Supervisory Authority from disclosing confidential information in a summarized or aggregated form on its own initiative, provided that neither the individual manager nor its customers can be identified.

Subsection 5. Confidential information may be disclosed in 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 relationships or third parties who are or have been involved in attempts to save the manager.

Subsection 6. Confidential information may be disclosed in a civil court case when an alternative investment fund has been declared bankrupt or entered into liquidation, including information about the manager that managed the fund, to the extent that the information concerns the fund, and provided that the information does not concern customer relationships or third parties who are or have been involved in attempts to save the fund.

Subsection 7. The provision in subsection 1 does not prevent confidential information from being disclosed to:

The Systemic Risk Council.
Other public authorities, including the prosecution authority and the police, in connection with the investigation and prosecution of possible criminal offenses covered by the Penal Code or supervisory legislation.
The relevant minister as part of their overall supervision.
Administrative authorities and courts handling decisions made by the Financial Supervisory Authority.
The Parliamentary Ombudsman.
A parliamentary commission established by the Folketing, cf. however subsection 11.
Inquiry commissions established by law or pursuant to the Act on Inquiry Commissions, cf. however subsection 11.
The Folketing's standing committee 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.
The National Audit Office and the State Auditor.
Stakeholders, including authorities, involved in attempts to save a distressed manager of alternative investment funds, when the Financial Supervisory Authority has received a mandate from the Minister for Business, and provided that the recipients of the information have a need for it.
The Bankruptcy Court, cf. however subsection 11, other authorities participating in a manager of alternative investment funds' liquidation, bankruptcy proceedings, or similar procedures, 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.
Institutions managing deposit, investor, or insurance guarantee schemes, provided that the information is necessary for them to perform their work.
The Danish Business Authority in its capacity as supervisory authority for compliance with company law, when disclosure is made with a view to strengthening the stability and integrity of the financial system, and the Danish Business Authority and the Audit Board 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, cf. however subsection 11.
Experts assisting the Financial Supervisory Authority, the Danish Business Authority, the Audit Board, and institutions managing deposit, investor, or insurance guarantee schemes, in performing their supervisory tasks, provided that the recipients have a need for the information to perform their tasks, cf. however subsection 11.
Danmarks Nationalbank, central banks in countries within the European Union or countries with which the Union has concluded an agreement in the financial area, the European System of Central Banks and the European Central Bank in their capacity as monetary policy authorities, and 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 area, provided that the information is necessary for them to fulfill their statutory duties, including the implementation of monetary policy, supervision of payment and securities settlement systems, and the maintenance of the stability of the financial system.
An institution responsible for the clearing of securities or money, if it is necessary to ensure that the institution responds appropriately to defaults or potential defaults on the market where the institution is responsible for clearing.
The Danish Customs and Tax Administration in matters covered by Section 65, subsection 2, of the Tax Control Act.
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 area, in connection with crisis management of a manager of alternative investment funds.
Committees of Inquiry established by the European Parliament pursuant to Article 226 of the Treaty on the Functioning of the European Union.
The European Commission, if the information concerns information mentioned in Section 181, subsection 5. The European Securities and Markets Authority and the European Systemic Risk Board, as well as bodies established by these authorities, provided that the recipients of the information have a need for it to perform their tasks.
Financial supervisory authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial area, which are responsible for the supervision of managers of alternative investment funds, and bodies participating in managers' liquidation, bankruptcy proceedings, or similar procedures, institutions managing deposit, 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.
Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial area, which supervise bodies participating in 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, cf. however subsection 11.
Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial area, which are responsible for detecting violations of company law, provided that the recipients of the information have a need for it to perform their tasks and disclosure is made with a view to strengthening the stability and integrity of the financial system, cf. however subsection 11.
Experts assisting authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial area, which supervise bodies participating in 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, cf. however subsection 11.
Financial supervisory authorities in third countries responsible for the supervision of managers of alternative investment funds, and bodies participating in managers' liquidation, bankruptcy proceedings, or similar procedures, institutions managing deposit, investor, or insurance guarantee schemes, and persons responsible for the statutory audit of managers' accounts, cf. however subsections 10 and 11.
Bodies in third countries supervising bodies participating in 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, cf. however subsections 10 and 11.
Bodies in third countries responsible for detecting violations of company law, provided that disclosure is made with a view to strengthening the stability and integrity of the financial system, cf. however subsections 10 and 11.
Experts assisting authorities in third countries supervising bodies participating in 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, cf. however subsections 10 and 11.
Authorities performing tasks pursuant to 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 pursuant to the regulation.

Subsection 8. All persons who, pursuant to subsections 5-7, receive confidential information from the Financial Supervisory Authority are subject to the duty of confidentiality referred to in subsection 1 with respect to this information.

Subsection 9. Confidential information received pursuant to subsection 7, No. 20, second sentence, may, notwithstanding the duty of confidentiality referred to in subsection 8, be exchanged directly between the European Securities and Markets Authority on the one hand, and the European Systemic Risk Board, as well as bodies established by these authorities, on the other hand.

Subsection 10. Disclosure pursuant to subsection 7, Nos. 25-28, may only take place:

on the basis of an international cooperation agreement,
provided that the recipients are at least subject to a statutory duty of confidentiality corresponding to the duty of confidentiality pursuant to subsection 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,
when the recipients have a need for the information to perform their tasks, and
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 fulfilled.

Subsection 11. Disclosure pursuant to subsection 7, Nos. 6, 7, 11, 13, 14, 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 area, 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 disclosure of information pursuant to subsection 7, Nos. 14, 24, and 28, the Financial Supervisory Authority informs the authorities or bodies that provided the information of which experts the information will be forwarded to, specifying the experts' powers.

§ 171. Reactions given in accordance with this Act's § 156, cf. § 345, para. 12, no. 4, in the Act on Financial Business, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's board to an alternative investment fund manager under supervision, shall be published with the name of the manager, cf. however para. 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 under the Capital Markets Act. Simultaneously with the publication, the manager in question shall insert a link, which gives direct access to the reaction, on the front page of the manager's website in a visible manner, and it must be clearly apparent 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 communications, 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 alternative investment fund managers 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 § 156, cf. § 345, para. 12, no. 6, in the Act on Financial Business, and the Financial Supervisory Authority's decisions to refer cases to police investigation shall be published on the Financial Supervisory Authority's website with the name of the manager, cf. however para. 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 in the financial sector shall be published on the Financial Supervisory Authority's website with the name of the manager, cf. however para. 4. If the reaction, which is published in accordance with the 1st or 8th 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.

Para. 2. Reactions given in accordance with this Act's § 156, cf. § 345, para. 12, no. 4 and 6, in the Act on Financial Business, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's board to a company that is not under supervision, shall be published with the name of the company, cf. however para. 4.

Para. 3. If a case has been referred 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, cf. however para. 4. If the verdict is not final, or if it has been appealed, 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 a verdict has been passed or a fine imposed, or no later than at the time of publication required under the Capital Markets Act. Simultaneously with the publication, the manager in question shall insert a link, which gives 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 apparent 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 communications, 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 forwarding 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 alternative investment fund managers to publish on the manager's website applies only to legal persons. Publication in accordance with the 1st and 2nd sentences, which concern companies that are not under supervision, shall only take place on the Financial Supervisory Authority's website.

Para. 4. There shall be no publication of reactions in accordance with para. 1 regarding the requirements in § 13, para. 1-3, unless it concerns reactions pursuant to §§ 168 or 168 a for a violation of the requirements. Publication in accordance with para. 1-3 may, however, not take place if it would cause disproportionate damage to the manager or the alternative investment fund, or if investigative considerations speak against publication. The publication must not contain confidential information about customer relations or information covered by provisions in the Act on Public Administration regarding exemption of information about private matters and operational or business matters, etc. The publication must not contain confidential information originating from financial supervisory authorities in third countries, unless those authorities that provided the information have given their explicit permission.

Para. 5. If publication has been omitted in accordance with para. 4, 2nd sentence, there shall be publication in accordance with para. 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.

Para. 6. In cases where the Financial Supervisory Authority has published a decision to refer a case to police investigation in accordance with para. 1, 8th sentence, and para. 2, and a decision is made to drop prosecution or withdraw charges, or an acquittal is passed, the Financial Supervisory Authority shall, upon request from the company or manager concerned, publish information about this. The company or manager shall submit a copy of the decision to drop prosecution or withdraw charges or a copy of the verdict to the Financial Supervisory Authority simultaneously with the request for publication. If the decision to drop prosecution, withdrawal of charges, or 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 final decision to drop prosecution or final withdrawal of charges or issuance of a final acquittal, the Financial Supervisory Authority shall remove all information about the decision to refer the case to police investigation and any subsequent verdicts in the case from the Financial Supervisory Authority's website.

§ 172. The Financial Supervisory Authority shall inform the public about cases that have been processed by the Financial Supervisory Authority, the prosecution authorities, or the courts, and which are of general interest or significant for the understanding of the following provisions:

Good conduct, cf. § 18, para. 1, no. 1, and regulations issued pursuant to § 18, para. 3.
The depositary's independence, cf. § 53.
Agreement on placement of customers' portfolio assets and regulations issued pursuant thereto, cf. § 17.
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).

Para. 2. The Financial Supervisory Authority shall furthermore inform the public about the names of companies or persons who fail to apply for permission in accordance with § 11 or fail to register in accordance with § 9, para. 1.

Para. 3. The Financial Supervisory Authority may publish a statement about the Financial Supervisory Authority's practice pursuant to § 13, para. 1, to the extent that there are cases that are relevant to increasing transparency about the Financial Supervisory Authority's practice regarding suitability assessments.

§ 172 a. Employees of the Financial Supervisory Authority must not pass on information about a person when the person has reported an alternative investment fund manager 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 European Union regulations for the areas of the law that the Financial Supervisory Authority supervises, cf. however para. 2.

Para. 2. The provision in para. 1 does not prevent personal data from being passed on in accordance with § 170, para. 7.

Para. 3. All who receive personal data in accordance with para. 2 are subject to the duty of confidentiality referred to in para. 1 with regard to this data.

§ 172 b. If an alternative investment fund manager passes on information about the manager or alternative investment funds managed by the manager, and the information has become known to the public, the Financial Supervisory Authority may order the manager to publish corrective information within a deadline set by the Financial Supervisory Authority, if

the information is misleading according to the Financial Supervisory Authority's assessment and
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 alternative investment fund manager are traded, or financial stability in general.

Para. 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 in accordance with para. 1.

§ 173. As a party in relation to the Financial Supervisory Authority, only the alternative investment fund manager or the depositary covered by § 46, against which a decision made or to be made by the Financial Supervisory Authority is directed, is considered a party, cf. however para. 2 and 3.

Para. 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:

The parent company of an alternative investment fund manager.
Companies with which a manager has a special direct or indirect connection, and where the authority can obtain information and conduct inspection visits, cf. § 161, para. 4.
A natural or legal person from whom the Financial Supervisory Authority requires information for use in the Financial Supervisory Authority's operations or to decide whether this is covered by the provisions of this Act, cf. § 161, para. 5.
A person about whom the Financial Supervisory Authority receives information in connection with approval in accordance with § 13, para. 1-3.
The intended acquirer or holder of a qualifying holding, when the Financial Supervisory Authority processes cases regarding approval of acquisition, cf. § 11, para. 6.
The auditor of a manager with permission to manage alternative investment funds, when the Financial Supervisory Authority orders this to provide information about the manager's affairs.
A company that applies to be registered, cf. § 9, para. 1, or for permission to manage alternative investment funds, cf. § 11.
A member of the management of an alternative investment fund manager or a capital owner, when the authority denies an alternative investment fund manager permission or withdraws it wholly or partially, cf. § 11, para. 3, no. 3 and 4, and § 17.
Companies that the Financial Supervisory Authority finds have close connections to an alternative investment fund manager, when permission is denied in accordance with § 11, para. 3, no. 7, or withdrawn in accordance with § 17.
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 matters that directly relate to the fund.
The person who manages alternative investment funds without being registered or having permission.
The person who violates the Act's prohibition on using words in a company's name or designation of the company that are covered by the exclusive right of alternative investment fund managers to the name, cf. § 5, para. 2.

Para. 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 an alternative investment fund manager is also considered a party, if the Financial Supervisory Authority's decision is directed directly at the person in question.

Para. 4. As a party in relation to the Financial Supervisory Authority's decisions made as part of the authority's control of accounts submitted according to the rules in this Act's chapter 9 and the rules issued pursuant to § 61, para. 7, and § 131, any person whom the Financial Supervisory Authority considers a party to the case is otherwise considered a party.

§ 174. If the Financial Supervisory Authority assesses that an alternative investment fund manager, for which Denmark is the host country, does not comply with the rules for which Denmark is responsible for supervising, including §§ 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 illegal situation to an end. The Financial Supervisory Authority simultaneously notifies the competent authorities in the manager's home country of this.

Para. 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 § 67, para. 4, or if the manager does not bring a situation to an end after an order issued in accordance with para. 1, the Financial Supervisory Authority notifies the competent authorities in the manager's home country of this.

Para. 3. If an alternative investment fund manager, 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 in accordance with para. 1 and 2, continues not to provide the information that the Financial Supervisory Authority has requested in accordance with § 67, para. 4, or if the manager, according to the Financial Supervisory Authority's assessment, continues to violate the laws or administrative regulations applicable in Denmark, the Financial Supervisory Authority, after having notified the competent authorities in the manager's home country of this, may take appropriate measures to prevent or sanction further illegalities and, if necessary, prevent the manager from carrying out new transactions in Denmark.

Para. 4. The Financial Supervisory Authority may furthermore order the manager to cease managing alternative investment funds in Denmark.

§ 175. If the Financial Supervisory Authority has reason to suspect that an alternative investment fund manager, for which Denmark is the host country, does not comply with obligations following 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 shall contact the authorities in the manager's home country. The Financial Supervisory Authority submits the case to the responsible authorities, with the aim of the authority taking appropriate measures to clarify whether there is a violation of the 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.

Para. 2. If an alternative investment fund manager, 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 in accordance with para. 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, after having notified the competent authorities in the manager's home country, may 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.

Para. 3. The Financial Supervisory Authority may, in accordance with para. 2, prohibit the manager in question from marketing shares in the relevant alternative investment funds in Denmark.

Para. 4. Para. 1-3 apply correspondingly if the Financial Supervisory Authority cannot agree with the permission to manage alternative investment funds that a manager with domicile 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.

§ 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 shall 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.

Para. 2. The Financial Supervisory Authority shall inform the competent authorities in the manager's host country about the measures that the Financial Supervisory Authority takes in accordance with para. 1, 1st sentence.

Para. 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 reasons to believe that a manager supervised by the Financial Supervisory Authority has violated the provisions of this Act, the Financial Supervisory Authority shall take all necessary measures, including if necessary requesting further information from the relevant supervisory authorities in third countries for use in the case.

§ 177. If the Financial Supervisory Authority assesses that an alternative investment fund manager with registered domicile in a third country, for which Denmark is the home country, does not comply with its obligations in accordance with 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 shall notify the European Securities and Markets Authority of this without undue delay.

§ 178. The Financial Supervisory Authority may pass on a copy of the relevant cooperation agreements that the Financial Supervisory Authority has concluded in accordance with § 98, no. 1, § 117, no. 1, and § 128, para. 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 field, which are host countries for managers with home states in Denmark.

Subsection 2. The Financial Supervisory Authority may, in accordance with the procedures in the applicable regulatory technical standards referred to in Article 35(14), Article 37(17), or Article 40(14) of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, pass on information concerning 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 host country of the manager in question.

§ 179. When the stability of systemically important financial institutions or the integrity of markets is threatened by the manner in which one or more alternative investment fund managers act, the Financial Supervisory Authority shall notify the financial supervisory authorities in other Member States of the European Union thereof. The Financial Supervisory Authority shall send the necessary information to the authorities, with a view to enabling them to monitor or react to the consequences that the managers' actions may entail.

Subsection 2. When the Financial Supervisory Authority passes on information to an authority pursuant to subsection 1, the Financial Supervisory Authority shall simultaneously pass on the information to the European Securities and Markets Authority and the European Systemic Risk Board.

Subsection 3. The Financial Supervisory Authority shall send summary 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.

§ 179a. The Financial Supervisory Authority is the collecting body for the information that must be submitted in order to make them available on the European Single Access Point (ESAP). This applies to information that must be submitted in accordance with this Act or rules issued pursuant thereto, except § 131(6), or one of the following regulations:

Regulation of the European Parliament and of the Council on documents with central information on packaged and insurance-based retail investment products (PRIIPs).
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 in order to make them available on the European Single Access Point (ESAP), cf. Article 3(1) of the Regulation of the European Parliament and of the Council on the establishment of a European Single Access Point, which 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

§ 180. The Financial Supervisory Authority may bring a case before the European Securities and Markets Authority in the following cases:

If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether a condition in Article 21(6)(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.
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 field, and the authorities in the third country where the alternative investment fund is established.
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.
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 field is the correct reference country in connection with the manager's change of reference country, within 2 years after the manager has received a license to manage alternative investment funds.
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.
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 rules issued pursuant thereto regarding the activities for which the manager seeks authorization.
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, which has received authorization to market alternative investment funds or conduct management business, is subject, or by limitations in the supervisory authorities' powers in the relevant third country.
If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether there are appropriate cooperation agreements for each alternative investment fund that is from a third country and the competent authorities.
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 field, are listed as non-cooperative countries and territories by the Financial Action Task Force.
If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether the third country in which a manager has registered its domicile is listed as a non-cooperative country and territory by the Financial Action Task Force.
If the Financial Supervisory Authority disagrees with another competent authority's assessment of whether a manager may fail to comply with part of the legislation implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
If the content of a cooperation agreement that the Financial Supervisory Authority receives from other financial supervisory authorities within the European Union or countries with which the Union has concluded an agreement in the financial field does not meet the requirements of the applicable regulatory technical standard established pursuant to Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
If the Financial Supervisory Authority disagrees with a measure 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 field has taken pursuant to Article 45(4)-(9) of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
If the Financial Supervisory Authority believes that a manager, which has received Denmark as its reference country and has received authorization to manage alternative investment funds, should not have received authorization, including if the Financial Supervisory Authority believes 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 fulfilled is incorrect.
If the Financial Supervisory Authority disagrees with a decision that another competent authority has taken, whereby a manager has received authorization to manage alternative investment funds from that authority.
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 field refuses a request for exchange of information pursuant to Article 35(15), Article 37(19), and Article 40(15) of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
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 field does not, within a reasonable time limit, enter into a cooperation agreement as required in accordance with this Act, and if Denmark is the manager's reference country.
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 reference country, the competent authorities in the home countries of the affected alternative investment funds, which are from a country within the European Union or a country with which the Union has concluded an agreement in the financial field, and the authorities in the third country where the manager has registered its domicile.
If there is a discrepancy between the Financial Supervisory Authority and financial supervisory authorities in countries within the European Union or countries with which the Union has concluded an agreement in the financial field 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 thereof 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 field may bring a case before the European Securities and Markets Authority in the following cases:

If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether a condition in § 49(1), (2), (4) or (7) is fulfilled when marketing an alternative investment fund that has a depositary established in a third country.
If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether there are appropriate cooperation agreements between the Financial Supervisory Authority and the authorities in the third country where the alternative investment fund is established, when the Financial Supervisory Authority is the manager's home country.
If the competent authority disagrees with the Financial Supervisory Authority's assessment of which country is the manager's correct reference country, as a result of the competent authority assessing that the Financial Supervisory 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.
If the competent authority disagrees with the Financial Supervisory Authority's assessment of which country within the European Union or country with which the Union has concluded an agreement in the financial field is the correct reference country in connection with the manager's change of reference country, within 2 years after the manager has received a license to manage alternative investment funds, cf. § 121.
If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether the manager has a legal representative established in Denmark, cf. § 118(1) and (2).
If the competent authority disagrees with the Financial Supervisory 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 rules issued pursuant thereto regarding the activities for which the manager seeks authorization, cf. § 118(2) and (4).
If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether the Financial Supervisory Authority's or the competent authority's effective performance of its supervisory tasks is hindered by laws or administrative provisions in a third country to which a manager from a third country, which has received authorization to market alternative investment funds or conduct management business, is subject, or by limitations in the supervisory authorities' powers in the relevant third country, cf. § 117(4).
If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether there are appropriate cooperation agreements for each alternative investment fund that is from a third country, cf. § 96(1)(2), § 98(1), § 109(3), § 117(1), and § 130(3).
If the competent authority disagrees with the Financial Supervisory 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 field, are listed as non-cooperative countries and territories by the Financial Action Task Force, cf. § 98(2), § 109(4), § 117(2), and § 130(4).
If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether the third country in which a manager has registered its domicile is listed as a non-cooperative country and territory by the Financial Action Task Force.
If the competent authority disagrees with the Financial Supervisory Authority's assessment of whether a manager may fail to comply with part of the legislation implementing Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers, cf. § 120.
If the competent authority does not believe that the content of a cooperation agreement that the authority receives from the Financial Supervisory Authority meets the requirements of the applicable regulatory technical standard established pursuant to § 178(2).
If the competent authority disagrees with a measure that the Financial Supervisory Authority has taken pursuant to §§ 174-176.
If the competent authority believes that a manager, which has received Denmark as its reference country and has received authorization to manage alternative investment funds, should not have received authorization, including if the competent authority believes that the Financial Supervisory Authority's assessment of whether the conditions in § 117(1), (2) and (4), § 118(1)-(3), and § 119 are fulfilled is incorrect.
If there is disagreement regarding the decision that the Financial Supervisory Authority has taken pursuant to § 11(2), cf. § 116.
If the Financial Supervisory Authority refuses a request for exchange of information.
If the Financial Supervisory Authority does not, within a reasonable time limit, enter into a cooperation agreement pursuant to Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
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 field disagree with the Financial Supervisory Authority's assessment of whether there are appropriate cooperation agreements between the Financial Supervisory Authority, the competent authorities in the home countries of the affected alternative investment funds and the supervisory authorities in the country where the manager has its registered domicile, cf. § 117(1).
If there are discrepancies between the competent authorities and the Financial Supervisory Authority 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.

§ 181. The Financial Supervisory Authority shall without undue delay notify the European Securities and Markets Authority of the result of the first authorization procedure for managers with registered domicile in a third country, and of any changes in these managers' authorizations, including withdrawals thereof. The Financial Supervisory Authority shall inform the European Securities and Markets Authority of the applications for authorization from managers with registered domicile in third countries that the Financial Supervisory Authority has rejected, including the Financial Supervisory Authority shall provide information about the manager and about the reasons for the rejection.

Subsection 2. The Financial Supervisory Authority shall quarterly notify the European Securities and Markets Authority of which other authorizations to manage alternative investment funds have been granted or withdrawn pursuant to this Act.

Subsection 3. The Financial Supervisory Authority shall quarterly send to the European Securities and Markets Authority information about the alternative investment fund managers that are subject to the Financial Supervisory Authority's supervision and that manage or market alternative investment funds that are domiciled in another country, and about managers with domicile in a third country's marketing of funds in Denmark pursuant to § 130. The Financial Supervisory Authority shall send the information that is necessary for the European Securities and Markets Authority to assess whether the arrangement of 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 field, cross-border marketing and management of alternative investment fund

they function. The Danish Financial Supervisory Authority shall forward these details to the European Securities and Markets Authority until the European Securities and Markets Authority delivers an opinion in accordance with Article 67(1)(a) of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.

Subsection 4. The Danish Financial Supervisory Authority shall annually forward to the European Commission the information referred to 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 field, who manage or market alternative investment funds subject to the supervision of the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority shall also inform the European Commission of the date on which the marketing passport was implemented and, if applicable, used in Denmark.

Subsection 5. The information referred to in subsection 4 includes information on:

where the relevant managers have registered their domicile,
the alternative investment funds from countries within the European Union or countries with which the Union has concluded an agreement in the financial field, which are managed or marketed by the managers,
the alternative investment funds from a third country, which 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 field, 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 field,
identification of the alternative investment funds from a third country, which 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 field, and which are marketed in Denmark,
the legal basis on which the managers exercise their activities, and
circumstances relevant to understanding how the management and marketing of alternative investment funds by managers in countries within the European Union or countries with which the Union has concluded an agreement in the financial field function in practice.

Subsection 6. The Danish Financial Supervisory Authority shall quarterly forward information to the European Securities and Markets Authority regarding alternative investment fund managers subject to the supervision of the Danish Financial Supervisory Authority, 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 field, or in a third country. The Danish Financial Supervisory Authority shall forward these details to the European Securities and Markets Authority until the European Securities and Markets Authority delivers an opinion in accordance with 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 that effect, the Danish Financial Supervisory Authority may:

prohibit the marketing in Denmark of units in alternative investment funds from a third country,
prohibit the marketing in Denmark of units in alternative investment funds managed by a manager with registered domicile in a third country,
impose restrictions on managers with registered domicile 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, and
impose restrictions on managers with registered domicile 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.

Subsection 2. The Danish Financial Supervisory Authority may request the European Securities and Markets Authority to reconsider its decisions in accordance with Article 47 of Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.

Deadlines

Section 183. The deadlines set in or in accordance with this law begin to run from the day after the day on which the event triggering the deadline occurs. This applies to the calculation of both day, week, month, and year deadlines.

Subsection 2. If the deadline is specified in weeks, the deadline expires, in accordance with subsection 1, on the day of the week corresponding to the day on which the event triggering the deadline occurred.

Subsection 3. If the deadline is specified in months, the deadline expires, in accordance with subsection 1, on the day of the month corresponding to the day on which the event triggering the deadline occurred. If the day on which the event triggering the deadline occurred is the last day of a month, or if the deadline expires on a day of the month that does not exist, the deadline always expires on the last day of the month regardless of its length.

Subsection 4. If the deadline is specified in years, the deadline expires, in accordance with subsection 1, 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 Digitalization

Section 184. Alternative investment fund managers with permission to manage alternative investment funds in accordance with Section 11, managers with Denmark as the reference country who have received permission in accordance with Section 11, cf. Section 111(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 in accordance with Section 130(1), pay a fee to the Danish Financial Supervisory Authority. The fee is determined in accordance with Chapter 22 of the Act on Financial Business.

Section 185. The Minister for Business Affairs may set rules stating that written communication to and from the Danish Financial Supervisory Authority and to and from the Danish Business Authority regarding matters covered by this law or rules issued pursuant to this law must be conducted digitally.

Subsection 2. The Minister for Business Affairs may set detailed rules on digital communication, including the use of specific IT systems, special digital formats, and digital signatures, etc.

Section 186. A digital message is deemed to have been received when it is available to the addressee of the message.

Section 187. Where it is required by this law or by rules issued pursuant to this law that a document issued by parties other than the Danish Financial Supervisory Authority or the Danish 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 set 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
Penal, Entry into Force, and Transitional Provisions etc.

Chapter 27
Delegation and Appeal Provisions

Section 188. If the Minister for Business Affairs delegates his powers under the law to the Danish Financial Supervisory Authority, the Minister may set rules on the right of appeal, including that appeals cannot be brought before another administrative authority.

Section 189. Decisions made by the Danish Financial Supervisory Authority or the Danish Business Authority pursuant to the law or rules issued pursuant to the law, 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, Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 on a general framework for securitisation and establishing a specific framework for simple, transparent and standardised securitisation, 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, Regulation (EU) 2020/852 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 be brought before the Business Appeals Board by the person to whom the decision is addressed, no later than 4 weeks after the decision has been communicated to the person concerned.

Chapter 28
Penal Provisions

Section 190. Violation of Section 4(2), first sentence, Section 5(1)-(3), (4), first sentence, Section 6(1), Section 8(1) and (4), Section 9(1)-(3), Section 10(1), Section 11(1), Section 13(8), Section 15(1), Section 16(1), (2), first sentence, (4), first and third sentences, and (5) and (7), Section 18(1) and (2), Section 19, Section 20a, Section 23(1)-(5), Section 24(1)-(6), Section 25(1)-(3), Section 26, Section 27(1) and (2), Sections 29 and 30, Section 31(3) and (4), Section 32(1), Section 33, Section 34(1), Section 36(1) and (2), Sections 38-41, Section 42(2), Sections 43 and 45, Section 46(6), cf. Section 13(3), Sections 50-53, Section 54(1), (4) and (5), Section 59, Section 61(1)-(5), Section 62(1) and (2), Sections 64 and 65, Section 67(1)-(5), Section 68(1)-(3), Sections 72-74, Section 75(1), Section 77, Section 79(1), Section 81, Section 86(1), Section 87a(3) and (6), Section 88(1), Section 88a(1)-(3) and (5), (7), first sentence, and (8) and (9), Section 93(1), Section 95, Section 96(1), Sections 98 and 99, Section 101(1), Section 106(1), Section 108(1), Section 109(2), second sentence, Section 111, Section 118(1) and (4), Section 121(1)-(3), Section 123(1), Section 127, Section 128(1) and (10), Section 129(1), Section 134(6), first and second sentences, Section 135(1)-(3), Section 136(4), Section 137(4), Section 138, Section 139(2), first sentence, Section 141(1)-(5), Section 146(1), third sentence, Section 149(1), second sentence, and Sections 154a-154c, as well as Article 2(6), third-fifth sentences, Article 4(3) and (5), Article 51(1), first sentence, Article 52, Article 53(1), (2), first and third-sixth sentences, and (3)-(5), Article 54, Article 90(2), third sentence, and (3), Article 91, Article 98(6) and (7), Article 100(2), second sentence, and (4) and (5), Article 103, Article 104(4)-(7), Article 106(4), Article 107(4), and Article 109(1) in Commission Delegated Regulation (EU) No 231/2012 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(1), first sentence, and (2) and (3), Article 6(1), Article 7, Article 8(1), second sentence, Article 9(1), (3) and (4), Article 10, Article 11(1), Article 12(1) and (2), Article 13(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(1), first sentence, and (2) and (3), Article 6(1), Article 7, Article 8(1), second sentence, Article 9(1), (3) and (4), Article 10(1), Article 11, Article 12(1), Article 13(1)-(3), Article 14(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(1), Article 60(5), Article 70(1)-(4), and Article 72(1) in Regulation (EU) 2023/1114 of the European Parliament
and of the Council of 31 May 2023 on markets in crypto-assets, are punishable by a fine or imprisonment for up to 4 months, unless a higher penalty is incurred under other legislation.

Subsection 2. Violation of Section 15(4), Section 20(1)-(8), Section 21(1), (2), second sentence, and (3)-(5), Section 22(1)-(3), Section 27a(1), Section 27b(1), Section 27c(1), Section 28(1), (1) and (2), and (2), (1) and (2), Section 28a, Section 66a(8) and (10), Section 136a(3), (5) and (6), Section 163(3), (5) and (6), and Section 171(1), first-fifth sentences, and (3), first-seventh sentences, Article 5(1), Articles 6 and 7, Article 8(1)-(3), Article 9, Article 10(1), Article 13(1), (3) and (4), and Articles 14 and 19 in Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs), Article 4(1), Article 6, Article 7(1)-(4), Article 9, Article 10(1), Article 11(1)-(3), Articles 12-14, Article 15(1)-(5), Article 16(1)-(4) and (6), Article 17(1)-(6), (8) and (9), Article 18(1), Articles 19-21 and 23, Article 24(1), Article 25(1), Articles 26 and 27, Article 28(1)-(5), Article 29(1)-(5) and (7), Article 30(3), Article 31(3) and (4), Article 32(3) and (4), Article 33, Article 34(1) and (3), Article 35(1), Article 36, Article 37(1)-(3), and Article 44(1) in Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds, Article 64(8), Article 65(4), Article 66(1)-(5), Article 68(4)-(9), Article 69, Article 71(1)-(4), Article 72(2)-(4), Article 73(2) and (3), and Article 81(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(1)-(3), Article 6(1)-(8), Article 7(1), Article 8(1)-(7), Article 9(1)-(4), Article 10(1)-(4), Article 11(1)-(8) and (10), Article 12(1)-(4), (6) and (7), Article 13(1)-(7), Article 14(1)-(3), Article 16(1) and (2), Article 17(1)-(3), Article 18(1) and (2), Article 19(1), (3) and (4), Article 24(1)-(6), Article 25(1) and (3), Article 28(1)-(4), (7) and (8), Article 29(1) and (2), and Article 30(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 (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP), and Article 3(1), Article 4(1)-(4), Article 5, Article 6(1) and (3), Article 7(1), first paragraph, and (2), Article 8(1)-(2a), Article 9(1)-(4a), Article 10(1), Article 11(1)-(2), Article 12(1), and Article 13(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, are punishable by a fine.

Subsection 3. If a higher penalty is not incurred under the rest of the legislation, a fine shall be imposed on anyone who fails to provide information to the Danish Financial Supervisory Authority in accordance with Section 161(1), or to correct information in accordance with Section 161(2).

Subsection 4. An alternative investment fund manager who fails to comply with an order or prohibition given in accordance with Section 4(2), second sentence, Section 34(2), Section 69(4), Section 79(2) and (3), Section 86(2) and (3), Section 93(2) and (3), Section 101(2) and (3), Section 106(2) and (3), Section 122(1), Section 126(9) and (10), Section 128(11) and (12), Section 164(2), first sentence, Section 167, Section 174(4), and Section 175(3) shall be punished by a fine. A fine shall also be imposed on anyone who fails to comply with an order given in accordance with Section 163(1), first sentence, Section 168(2) and (3), third sentence, and Section 168a(2) and (3), third sentence. Furthermore, a fine shall be imposed on anyone who violates a prohibition, limitation, or restriction communicated in accordance with Article 17 or Article 24(2)(a), (b) or (d), or (4) in Regulation (EU) No 1286/2014 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 in accordance with Section 3(8), Section 5(7) and (10), Section 5a(2), Section 6(5) and (6), Section 9(4), Section 10(3), Section 11(7), Section 16(8)-(10), Section 18(3), Section 20(10) and (11), Section 22(4), Section 23(6), Section 24(7), Section 25(4), Section 26, Section 27(3), Section 32(3), Sections 37, 44 and 60, Section 61(7), Section 62(3), Section 66, Section 67(6), Section 68(4), Section 69(8), Sections 80 and 87, Section 88(2), Section 94, Section 96(2), Section 107, Section 108(2), Section 110, Section 119(3), Section 120(5), Section 123(2), Section 126(12), Section 128(14), Section 129(2), Section 130(5), Section 131(6), Section 132, Section 136a(8), Section 148(5), Section 152(4), Section 160(5), Section 162, Section 185(2), Section 187(2), and Section 188, a penalty of fine or imprisonment for up to 4 months may be set for violation of provisions in the rules.

Subsection 6. The Danish Financial Supervisory Authority may set rules on penalties of fines for violation of provisions contained in European Union regulations for the areas of the law that the Danish Financial Supervisory Authority supervises.

Subsection 7. Companies etc. (legal persons) may be subject to criminal liability in accordance with the rules in Chapter 5 of the Penal Code.

Subsection 8. If a member of the management of an alternative investment fund manager fails to take necessary measures in the event of loss or imminent risk of loss of significant magnitude, the person concerned shall be punished by a fine or imprisonment for up to 4 months, provided that a higher penalty is not incurred under the rest of the legislation.

Subsection 9. Persons associated with an alternative investment fund manager 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 cause loss to the manager or investors in an alternative investment fund managed by the manager, shall be punished by a fine or imprisonment for up to 4 months, provided that a higher penalty is not incurred under the rest of the legislation.

Subsection 10. The statute of limitations for criminal liability for violation of the provisions of this law or rules issued pursuant to this law is 5 years.

Section 191. If an alternative investment fund manager fails to timely comply with the duties towards the Danish Financial Supervisory Authority that fall upon the manager in accordance with Section 5(1), Section 10(1), Section 11(1), Section 61(2)(2), Section 67(1)-(5), Section 68(1)-(3), and Section 73(1)(3) and (6), or if a depositary fails to timely comply with the duties towards the Danish Financial Supervisory Authority that fall upon the depositary in accordance with Section 59, the Danish Financial Supervisory Authority may impose daily or weekly fines as a coercive measure on the persons concerned.

Section 2. If a physical or legal person fails to fulfill the duties that follow from Section 161, subsections 4 and 5, the Danish Financial Supervisory Authority may, as a coercive measure, impose daily or weekly fines on the physical or legal person or the persons responsible for the legal person.

Subsection 3. If an alternative investment fund manager fails to comply with an order issued pursuant to Section 168, subsection 1, and subsection 3, first sentence, the Danish 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 been granted permission pursuant to Section 46, subsection 3, fails to comply with an order issued pursuant to Section 168a, subsections 1 and 3, first sentence.

Subsection 4. If an alternative investment fund manager that has issued securities admitted to trading on a regulated market fails to fulfill its obligations under provisions established pursuant to Section 131, the Danish Financial Supervisory Authority may order the relevant manager to change the situation, including an order to publish amended or supplementary information. If deemed appropriate, the Danish Financial Supervisory Authority may itself publish the relevant information, publish the order, or suspend or delete the affected securities from trading on a regulated market.

Subsection 5. An alternative investment fund manager that fails to comply with an order from the Danish Financial Supervisory Authority or provides incorrect or misleading information to the Danish Financial Supervisory Authority in relation to the Authority's tasks under subsection 4 shall be punished with a fine, unless a higher penalty is incurred under other legislation.

Subsection 6. Subsections 1-3 apply mutatis mutandis to the Danish Financial Supervisory Authority in relation to the Authority's control pursuant to Section 155, subsection 1, second sentence.

Subsection 7. In regulations issued pursuant to the Act that establish duties for alternative investment fund managers or other physical or legal persons covered by the Act, provisions may be established stating that the Danish Financial Supervisory Authority may impose daily or weekly fines as a coercive measure.

Chapter 29
Entry into Force, Transitional Provisions, Amendments to Other Legislation, and Territorial Validity

Entry into Force

Section 192. The Act enters into force on July 22, 2013, subject to subsections 2 and 3.

Subsection 2. Section 28 and Section 197, No. 5, enter into force on July 22, 2014.

Subsection 3. The Minister of Business and Growth sets the time of entry into force of Sections 97-108 and 111-129, Section 181, subsection 6, and Section 197, No. 8.

Subsection 4. Section 20 applies to agreements entered into, extended, or renewed by alternative investment fund managers after the entry into force of the Act.

Subsection 5. Sections 21 and 22 first have effect for the individual alternative investment fund manager from the first general meeting or equivalent held after the entry into force of the Act.

Transitional Provisions

Section 193. Companies that are carrying out business on July 22, 2013, and which become subject to the provisions of this Act concerning alternative investment fund managers, may continue their business until July 22, 2014. Such companies must take all necessary measures to adapt their business so that it is in accordance with the rules of this Act concerning alternative investment fund managers, and submit an application for permission or have themselves registered before July 22, 2014. The company may thereafter continue its business in this country without permission until the Danish Financial Supervisory Authority has made a decision on the application.

Subsection 2. For companies that are carrying out business on July 22, 2013, and which become subject to the provisions of this Act concerning alternative investment fund managers, Section 11, subsection 3, No. 2, in conjunction with Section 13, does not apply when applying for permission.

Section 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 November 4, 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, before July 22, 2013, as long as the prospectus is valid.

Section 195. Companies that manage closed-type alternative investment funds before July 22, 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 July 22, 2013.

Section 196. Companies that manage closed-type alternative investment funds where the subscription period for investors has expired before July 22, 2013, and which are established with an expiry date no later than July 22, 2016, may continue to manage these alternative investment funds without submitting an application for permission 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 to 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 put into force wholly or partially for the Faroe Islands and Greenland by Royal Order with the changes that Faroese and Greenlandic conditions require.

Act No. 554 of May 7, 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:

November 18, 2025. 71 No. 1544.

Section 13

Subsection 1. The Act enters into force on January 10, 2020, subject to subsection 2.

Subsection 2. (Omitted)

Subsection 3. Rules established pursuant to Section 58a, subsection 5, of the Companies Act, Section 15g, subsection 5, of the Act on Certain Business Enterprises, Section 21a, subsection 4, of the Act on Business Foundations, Section 17a, subsection 5, of the Act on the European Company (SE Act), Section 14a, subsection 5, of the Act on the European Cooperative Society (SCE Act), Section 1a, subsection 4, of the Act on the Administration of European Economic Interest Grouping Regulations, Section 23, subsection 6, Section 81b, subsection 4, Section 85b, subsection 4, and Section 336a, subsection 4, of the Act on Financial Business, Section 68, subsection 5, of the Act on Supervision of Company Pension Funds, Section 136a, subsection 5, of the Act on Alternative Investment Fund Managers etc. and Section 14a, subsection 5, of the Act on Investment Funds etc. remain in force until they are repealed or replaced by regulations issued pursuant to Section 58a, subsection 9, of the Companies Act, Section 15g, subsection 9, of the Act on Certain Business Enterprises, Section 21a, subsection 8, of the Act on Business Foundations, Section 17a, subsection 9, of the Act on the European Company (SE Act), Section 14a, subsection 9, of the Act on the European Cooperative Society (SCE Act), Section 1a, subsection 8, of the Act on the Administration of European Economic Interest Grouping Regulations, Section 23, subsection 10, Section 81b, subsection 8, Section 85b, subsection 8, and Section 336a, subsection 8, of the Act on Financial Business, Section 111, subsection 8, of the Act on Company Pension Funds, Section 136a, subsection 9, of the Act on Alternative Investment Fund Managers etc. and Section 14a, subsection 9, of the Act on Investment Funds etc.

Act No. 641 of May 19, 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

Subsection 1. The Act enters into force on July 1, 2020, subject to subsections 2-6.

Subsections 2-5. (Omitted)

Subsection 6. The Minister of Business sets the time of entry into force of Section 1, Nos. 14, 15, 18 and 19, Section 2, No. 3, Section 3, No. 10, and Section 6, Nos. 2 and 3. The Minister of Business may hereunder establish that the provisions enter into force at different times.

Subsections 7-8. (Omitted)

Act No. 2382 of December 14, 2021 (Supplementing the Taxonomy Regulation and new model for SIFI designation) contains the following entry into force provision:

Section 19

Subsection 1. The Act enters into force on January 1, 2022, subject to subsection 2.

Subsection 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 December 17, 2021.

Subsections 3-7. (Omitted)

Subsection 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 December 17, 2023.

Act No. 2601 of December 28, 2021 (Implementation of initiatives in the agreement on the police and prosecution service's economy 2021-2023, including the establishment of the National Unit for Serious Crime) contains the following entry into force provision:

Section 23

The Act enters into force on January 1, 2022.

Act No. 568 of May 10, 2022 (Stricter requirements on targets and policies for the underrepresented gender) contains the following entry into force provision:

Section 11

Subsection 1. The Act enters into force on January 1, 2023.

Subsection 2. (Omitted)

Act No. 871 of June 21, 2022 on the Danish Export and Investment Fund contains the following entry into force provision:

Section 30. The Act enters into force on July 1, 2022, subject to subsection 2.

Subsection 2. The Minister of Business sets the time of entry into force of Sections 32-35 and 37-40. The Minister may establish that the provisions enter into force at different times.

Act No. 409 of April 25, 2023 (Implementation of the Liability Committee's proposal on stricter liability assessment for management members etc. in financial companies and amendment of the rules on suitability and integrity) contains the following entry into force provision:

Section 10

Subsection 1. The Act enters into force on July 1, 2023.

Subsections 2-18. (Omitted)

Subsection 19. Agreements on severance schemes that are entered into at the time of the entry into force of the Act between an alternative investment fund manager and a member of the board of directors shall be published on the manager's website pursuant to Section 20a in the Act on Alternative Investment Fund Managers etc. as amended by this Act's Section 6, No. 2, no later than 6 months after the entry into force of the Act.

November 18, 2025. 72 No. 1544.

Subsection 20. Section 20b, Section 20c, subsections 2 and 3, and Section 20d in the Act on Alternative Investment Fund Managers etc. as amended by this Act's Section 6, No. 2, apply to agreements on severance schemes for a member of the board of directors in an alternative investment fund manager, which have not yet been realized at the time of the entry into force of the Act.

Subsection 21. Section 20c, subsection 1, in the Act on Alternative Investment Fund Managers etc. as amended by this Act's Section 6, No. 2, applies to agreements on severance compensation for a member of the board of directors in an alternative investment fund manager, which are entered into, extended, or renewed after the entry into force of the Act.

Subsection 22. Section 20c, subsections 4 and 5, in the Act on Alternative Investment Fund Managers etc. as amended by this Act's Section 6, No. 2, does not apply to agreements where a member of the board of directors in an alternative investment fund manager has acquired a legal claim to severance compensation at the time of the entry into force of the Act. For such agreements, the previously valid rules apply.

Subsections 23-32 (Omitted)

Act No. 480 of May 12, 2023 (Extension of the coverage area of the Guarantee Fund for Property Insurance Companies to include life insurance companies carrying out occupational accident insurance business in Denmark, and to include motor liability insurance etc.) contains the following entry into force provision:

Section 10

Subsection 1. The Act enters into force the day after publication in the Danish Law Register, subject to subsections 2-4.

Subsection 2 (Omitted)

Subsection 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 July 1, 2023.

Subsections 4 and 5. (Omitted)

Act No. 1546 of December 12, 2023 (Real estate financing of offshore wind turbines, strengthening of the Danish Financial Supervisory Authority's supervisory powers and coverage of motor liability insurance at the Guarantee Fund for Property Insurance Companies etc.) contains the following entry into force provision:

Section 15

Subsection 1. The Act enters into force on January 1, 2024, subject to subsection 2.

Subsections 2-4. (Omitted)

Act No. 480 of May 22, 2024 (Implementation of the EU Directive on corporate sustainability reporting and the EU Directive on increasing size thresholds in the Accounting Directive etc.)2) contains the following entry into force provision:

Section 13

Subsection 1. The Act enters into force on June 1, 2024, subject to subsections 2 and 3.

Subsections 2-8. (Omitted)

Act No. 481 of May 22, 2024 (Supervision pursuant to the Regulation on digital operational resilience in the financial sector and the Regulation on markets for crypto-assets, rules for designation of administration company for the Guarantee Fund and remuneration rules for company pension funds)3) contains the following entry into force and transitional provision:

Section 17

Subsection 1. The Act enters into force on July 1, 2024, subject to subsections 2-5.

Subsection 2. Section 1, No. 2, Sections 332, 332a, 332b and 332d in the Act on Financial Business 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, subsection 2, No. 15, in the Act on Capital Markets as amended by this Act's Section 3, No. 18, and Section 5, Nos. 8 and 9, enter into force on June 30, 2024.

Subsections 3 and 4. (Omitted)

Subsection 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, subsection 2, No. 16, as amended by this Act's Section 3, No. 18, Section 251c in the Act on Capital Markets as amended by this Act's Section 3, No. 24, Section 4, Nos. 1 and 4, Section 275, subsection 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 January 17, 2025.

Subsections 6-16. (Omitted)

Act No. 1602 of December 17, 2024 (Gender Balance Act)4) , contains the following entry into force and transitional provision:

Section 16. The Act enters into force on December 28, 2024.

Subsection 2. The Act has effect for accounting years beginning on January 1, 2025 or later.

Subsection 3. (Omitted)

Act No. 1666 of December 30, 2024 (Access to a basic business account for businesses and associations, supervision pursuant to the Regulation on European Green Bonds and target-based assessment of the board of directors of the National Bank of Denmark etc.)5) contains the following entry into force and transitional provision:

Section 18

Subsection 1. The Act enters into force on January 1, 2025, subject to subsections 2 and 3

Subsections 2-10. (Omitted)

November 18, 2025. 73 No. 1544.

Act No. 1668 of December 30, 2024 (Amendment of certain laws and provisions in the area of the Ministry of Business as a result of task loss)6) contains the following entry into force and transitional provision:

Section 17

Subsection 1. The Act enters into force on January 1, 2025, subject to subsection 2.

Subsection 2. (Omitted)

Subsection 3. Section 2, Nos. 3 and 4, and Sections 12 and 14-16, have effect for accounting years beginning on January 1, 2024 or later.

Subsections 4-6. (Omitted)

Act No. 712 of June 20, 2025 (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, responsibility allocation and reporting lines, clearer rules for permission to 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 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 etc.)7) contains the following entry into force, effect and transitional provisions:

Section 22

Subsection 1. The Act enters into force on July 1, 2025, subject to subsections 2-13.

Subsections 2-4. (Omitted)

Subsection 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 March 1, 2026.

Subsection 6. Section 5, subsection 1, No. 64, in the Act on Financial Business 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 April 16, 2026.

Subsection 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, subsection 3, in the Act on Company Pension Funds as amended by this Act's Section 7, No. 16, enter into force on July 2, 2026.

Subsections 8 and 9. (Omitted)

Subsection 10. Section 1, No. 98, and Section 2, Nos. 45-48, enter into force on April 16, 2027.

Subsection 11. (Omitted)

Subsection 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. 1, 12, 19, 21, 22, 46 and 48, Section 7, Nos. 3-5, and Section 14, No. 4, enter into force on January 10, 2030.

Subsection 13. (Omitted)

Section 23

(Omitted)

Section 24

Subsection 1. Sections 26a, 26c and 26d in the Act on Alternative Investment Fund Managers etc. do not apply to managers who manage alternative investment funds that issue loans and which were established before April 15, 2024. For such managers, the previously valid rules apply until April 16, 2029.

Subsection 2. Until April 16, 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 26c, subsections 1-3, and Section 26d in the Act on Alternative Investment Fund Managers etc., 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 26c, subsections 1-3, and Section 26d in the Act on Alternative Investment Fund Managers etc., the manager managing these alternative investment funds must not increase this value or gearing above these limits.

Subsection 3. Sections 26a, 26c and 26d in the Act on Alternative Investment Fund Managers etc. do not apply to managers who manage alternative investment funds that issue loans and which were established before April 15, 2024 and do not raise further capital after April 15, 2024.

Subsection 4. Notwithstanding subsections 1-3, a manager managing alternative investment funds that issue loans and which were established before April 15, 2024 may choose to be covered by Sections 26a, 26c and 26d in the Act on Alternative Investment Fund Managers etc., if the Danish Financial Supervisory Authority is notified thereof.

Subsection 5. Section 26b, subsection 1, and Sections 26e-26g in the Act on Alternative Investment Fund Managers etc. do not apply to managers who manage alternative investment funds that have issued loans before April 15, 2024, insofar as these loans are concerned.

Subsections 6-8. (Omitted)

Subsection 9. Rules issued pursuant to Section 5, subsections 7-10, and Section 130, subsection 5, in the Act on Alternative Investment Fund Managers etc., cf. Act No. 231 of March 1, 2024, remain in force until they are repealed or replaced by rules issued pursuant to Section 5, subsections 9-12, and Section 130, subsection 6, in the Act on Alternative Investment Fund Managers etc., cf. this Act's Section 2, Nos. 10 and 54.

Subsection 10. (Omitted)

The Danish Financial Supervisory Authority, November 18, 2025

Louise Mogensen
/ Karina Vilhof Ankergren

November 18, 2025. 75 No. 1544.

The law amendment concerns Section 155, subsection 1, second sentence.
The law amendment concerns the footnote to the Act's title, Section 8, subsection 6, Section 27, subsection 2, No. 6, Section 155, subsection 1, seventh sentence, Section 170, subsection 7, No. 29, Section 171 subsection 1, sentences 9-11, Section 189, Section 190, subsections 1 and 2.
The law amendment concerns Section 28, subsection 11.
The law amendment concerns Section 154b, subsection 2, first sentence.
The law amendment concerns Section 131, subsection 7.
Law amendment concerns the first sentence in the footnote to the Act's title, Section 13, subsections 4-6, Section 155, subsection 1, fifth sentence, Section 168, subsections 4 and 8, Section 168a, subsections 1, 2, 4 and 8, Section 171, subsection 4, first sentence, and subsection 5, Section 172, subsection 3, Section 179a and Section 190, subsections 1 and 2.

November 18, 2025. 76 No. 1544.

Appendix 1
Functions that alternative investment fund managers may be permitted to perform

Investment management functions that a manager must at least perform in connection with the management of an alternative investment fund:
a) Portfolio management. b) Risk management.
Other functions that 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 shareholder/investor register.
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. provision of the services necessary for the fulfillment of the manager's entrusted tasks, facility management, administration of real estate, advising companies on capital structure, business strategy and related questions, advice 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.
Additional functions that a manager may be permitted to perform:
a) Management of investment portfolios, including portfolios owned by pension funds and labor market-related pension funds in accordance with the rules implementing Article 19, subsection 1, of Directive 2003/41/EC of the European Parliament and of the Council of June 3, 2003 on the activities and supervision of institutions for occupational retirement provision, in accordance with the mandates that investors have given on an individual discretionary basis. b) Accessory services, which include
i. investment advice,
ii. custody and administration in connection with shares or shares in undertakings for collective investment or
iii. receipt and transmission of orders concerning financial instruments.

Act on Alternative Investment Fund Managers

Lineage: In force

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