Act on Investment Undertakings and Other Investment Vehicles 1)

Hereby is published the Act on Investment Undertakings and Other Investment Vehicles, cf. Consolidated Act No. 1494 of 18 November 2025, with the amendments resulting from Section 3, items 1, 4-6, 8-20, 22-33, 36, 41-43, 47-49, 56 and 60, in Act No. 712 of 20 June 2025 and Section 3, items 3-6, 9 and 10, in Act No. 1638 of 16 December 2025.

The amendments resulting from Section 3, items 53, 54 and 58, in Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers and Other Investment Undertakings, the Act on Investment Undertakings and Other Investment Vehicles, the Money Laundering Act and various other laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structures, allocation of responsibility and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFMD-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 consolidated act, as they enter into force on 2 July 2026, cf. Section 22, subsection 7, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 3, items 35, 38 and 39, in Act No. 712 of 20 June 2025 on amending the Act on Financial Business, the Act on Alternative Investment Fund Managers and Other Investment Undertakings, the Act on Investment Undertakings and Other Investment Vehicles, the Money Laundering Act and various other

1. The law contains provisions that implement Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions, OJ 2007, No. L 79, page 11, Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (UCITS Directive), as amended by Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain directives as regards the establishment of the common European access point and its functioning, OJ L of 20 December 2023, OJ 2009, No. L 302, page 32, Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, good conduct, risk management and the content of the agreement between a depositary and an management company, OJ 2010, No. L 176, page 42, Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions on mergers of funds, master-feeder structures and notification procedures, OJ 2010, No. L 176, page 28, parts of Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions, OJ 2014, No. L 257, page 186 (UCITS V Directive), 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) 2012/648 and repealing Directives 2005/60/EC and 2006/70/EC (4th Anti-Money Laundering Directive), OJ 2015, No. L 141, page 73, parts of Directive 2017/828/EU of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term active ownership, OJ 2017, No. L 132, page 1, 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 2018, No. L 156, page 43, and parts of Directive 2019/1160/EU of the European Parliament and of the Council of 20 June 2019, OJ 2019, No. L 188, page 106, parts of Commission Delegated Directive (EU) 2021/1270 of 21 April 2021 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account in relation to undertakings for collective investment in transferable securities (UCITS), OJ 2021, No. L 277, page 141, 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, delivery of depositary and safekeeping services and lending by alternative investment funds. The law also includes certain provisions from Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards central investor information and the conditions to be met when central investor information or the prospectus is delivered on another durable medium than paper or via a website, OJ 2010, No. L 176, page 1, Commission Regulation (EU) No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard model for the notification letter and declaration of the undertaking for collective investment in transferable securities, use of electronic communication between competent authorities in connection with notifications and procedures at on-the-spot checks and investigations and exchange of information between competent authorities, OJ 2010, No. L 176, page 16, Regulation (EU) No 1131/2017 of the European Parliament and of the Council of 14 June 2017 on money market funds, OJ 2017, No. L 169, page 8, Regulation (EU) No 2402/2017 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 and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, OJ 2017, No. L 347, page 35, 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), OJ 2014, No. L 352, page 1, and Regulation (EU) 2023/2869 of the European Parliament and of the Council of 13 December 2023 amending certain regulations as regards the establishment of the common European access point and its functioning, OJ L of 20 December 2023. According to Article 288 of the TFEU, a regulation applies immediately in each Member State. The reproduction of these provisions in the law is therefore solely justified by practical considerations and does not affect the immediate validity of the regulations in Denmark.

Lovidende A 2026 Published on 2 May 2026 17 April 2026. No. 445. Ministry of Industry, Business and Financial Affairs, Danish Financial Supervisory Authority, ref. no. 26-003697 CQ003513

laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structures, allocation of responsibility and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFMD-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 consolidated act, as they enter into force on 10 January 2028, cf. Section 22, subsection 11, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 3, items 1, 2, 7 and 8, in Act No. 1638 of 16 December 2025 on amending the Act on Capital Markets, the Act on Financial Business, the Act on Investment Undertakings and Other Investment Vehicles and various other laws (Abolition of national prospectus threshold, partial abolition of prohibition on share classes in financial companies, insurance companies and fund brokerage companies, amendment of publication requirements for admission to trading on a multilateral trading facility, strengthening of the independence of the Danish Financial Supervisory Authority, etc.), are not incorporated in this consolidated act, as they enter into force on 25 June 2026, cf. Section 15, subsection 8, in Act No. 1638 of 16 December 2025.

Part I

General Provisions

Chapter 1

Scope of Application

Section 1. This Act applies to collective investment schemes that are Danish UCITS.

Subsection 2. Danish UCITS include:

1. Investment funds.
2. Companies for investment with variable capital (SIKAVs).
3. Securities funds.

Subsection 3. Danish UCITS may be:

1. Master institutions.
2. Feeder institutions.
3. Money market funds, money market SIKAVs and money market funds.
4. Short-term money market funds, short-term money market SIKAVs and short-term money market funds.

Subsection 4. Chapter 4 and Sections 29, 161, 162, 167-171, 178, 179, 182 and 184-187 apply to the marketing in this country of foreign UCITS.

Subsection 5. Sections 48 a-48 d apply only to investment funds that have not delegated the daily management to an investment management company or an administration company.

Chapter 2

Definitions

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

1. Financial instruments: a) Securities. b) Money market instruments. c) Shares issued by Danish UCITS and investment institutions, cf. Section 143, subsection 1, items 2 and 3. d) Derivative financial instruments. e) Deposits in credit institutions.

2. Securities: a) Shares and other securities which are equivalent to shares. b) Bonds and other forms of standardized debt instruments. c) All other transferable securities which give the right to acquire such securities by subscription or exchange.

3. Money market instruments: Financial instruments which are normally traded on the money market, are liquid, and can be valued at any time, cf. Sections 139 and 140.

4. UCITS: An investment institution which has authorization in accordance with rules implementing Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (UCITS Directive), and which, pursuant to Article 1, subsection 3, of the Directive, may be established a) by agreement as investment funds administered by investment management companies or administration companies (in Denmark: securities funds), b) as unit trusts, or c) by statutes as investment companies (in Denmark: investment funds and companies for investment with variable capital (SIKAVs)).

5. The home country of an investment institution (UCITS): The EU Member State or the country with which the Union has concluded an agreement in the financial field, in which the investment institution has obtained authorization in accordance with Article 5 of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (UCITS Directive).

6. The host country of an investment institution (UCITS): An EU Member State or a country with which the Union has concluded an agreement in the financial field, which is not the home country of the investment institution, and in which the shares in the investment institution are marketed.

7. Investment management company: A company which has authorization as an investment management company in accordance with Section 10 of the Act on Financial Business.

8. Administration company: A company which can administer UCITS (in Denmark: investment management companies).

9. Home country of the administration company: The EU Member State or the country with which the Union has concluded an agreement in the financial field, in which the administration company has its registered office.

10. Host country of the administration company: An EU Member State or a country with which the Union has concluded an agreement in the financial field, which is not the home country of the administration company, and in which the administration company has a branch or provides services.

11. Depositary: A credit institution with its registered office in this country or a branch located in this country of a corresponding foreign credit institution with its registered office in another country within the European Union or in a country with which the Union has concluded an agreement in the financial field, and depositaries, cf. Article 2, subsection 1, point (a), of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (UCITS Directive) for UCITS with their home in other EU or EEA countries, which have been entrusted with a) all of a UCITS' financial assets and b) the tasks set out in Sections 106-107 b of the Act on Financial Business respectively Chapter IV of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as amended by Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions.

12. Credit institution: A company whose business consists of receiving deposits or other repayable funds from the public and lending for its own account.

13. Parent undertaking: A company which has one or more subsidiary undertakings.

14. Subsidiary undertaking: A company which is subject to the controlling influence of a parent undertaking.

15. Group: A parent undertaking and its subsidiary undertakings, cf. Sections 5 a and 5 b of the Act on Financial Business.

16. Regulated market: A market which is covered by Article 4, subsection 1, item 21, of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments.

17. Other market: A market which is regulated, regularly operating, recognized and public, but which is not covered by the definition in Article 4, subsection 1, item 21, of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments.

18. OTC market: A market for the trading of financial instruments which is not covered by the markets mentioned in items 16 and 17.

19. Close links: a) Direct or indirect links of the type indicated in item 15, b) capital interests, which means a company's direct or indirect holding of 20 pct. or more of the voting rights or capital in a company, or c) the common connection of several companies or persons, cf. point (a), with a company.

20. Master institution: A UCITS, cf. item 4, including a Danish UCITS or a division thereof, which a) has at least one feeder institution, cf. item 21, among its investors, b) is not itself a feeder institution, and c) does not invest in a feeder institution.

21. Feeder institution: a) A UCITS, cf. item 4, or a division thereof, which has authorization in its home country to invest at least 85 pct. of its assets in shares in another UCITS, or b) a Danish UCITS or a division thereof, which has authorization pursuant to Section 12, subsection 2, respectively Section 15, subsection 4, Section 16, subsection 4, or Section 17, subsection 4.

22. Master-feeder structure: A feeder institution and the master institution into which the feeder institution has invested.

23. Competent authorities: The authorities which the individual EU Member States or a country with which the European Union has concluded an agreement in the financial field have appointed pursuant to Article 97 in Directive 2009/65/EC on the coordination of laws and administrative provisions relating to certain institutions for collective investment in transferable securities (UCITS) (UCITS Directive).

24. Capital association: An association which is covered by Chapter 23 of the Act on Alternative Investment Fund Managers and Other Investment Undertakings.

25. 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, except for owners of investment funds or SIKAVs, if the ownership 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.

26. Variable remuneration: Remuneration schemes where the individual value is not known in advance.

27. Sustainability risk: Sustainability risk as defined in Article 2, item 22, of 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.

28. Severance pay: Any form of payment which the recipient becomes entitled to in connection with his departure, and which a) does not constitute salary or value of personnel benefits during the notice period, b) does not constitute reasonable compensation for assuming non-compete clauses or investor clauses, or c) does not follow from mandatory legislation.

Part II

Authorization, Approval of Statutes, Depositary, Exclusive Right and Master-Feeder Structure

Chapter 3

Authorization of Danish UCITS, Approval of Statutes, etc.

Danish UCITS and Master Institutions

Section 3. Companies must have authorization from the Danish Financial Supervisory Authority as Danish UCITS, cf. however also Section 4, in order to carry out business which

1. consists in a) receiving funds from a wide circle or the public, which are placed in financial instruments in accordance with the rules in Chapter 14, observing a principle of risk diversification, or b) as a master institution, cf. Section 2, item 20, either receiving funds from a wide circle or the public and having a feeder institution among its investors or having at least two feeder institutions as investors and placing the funds in financial instruments observing a principle of risk diversification in accordance with the rules in Chapter 14, and
2. consists in redeeming the investor's share of the assets with funds originating from the assets at the investor's request.

Subsection 2. A Danish UCITS which receives funds as a master institution

1. must not itself be a feeder institution,
2. must notify the Danish Financial Supervisory Authority of the name of each of the feeder institutions from which it receives funds within 3 working days, and
3. must ensure that the feeder institution, its investment management company or administration company, its depositary and the competent authorities have timely access to all information required in accordance with the law or other rules issued with a view to implementing Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (UCITS Directive).

Subsection 3. Danish UCITS and foreign UCITS which have followed the procedure, cf. Section 27, subsection 1, have the exclusive right to address a wide circle or the public with a view to receiving funds for business as mentioned in subsection 1.

Subsection 4. Investment funds may only carry out business as mentioned in subsections 1 and 3 and Section 26 and have the exclusive right and duty to use "investment fund" in their name in letters and on other business papers, including electronic messages, and on the association's website, cf. however Section 4, subsection 2. Other companies must not use names or designations which are suitable to create the impression that they are investment funds.

Subsection 5. SIKAVs may only carry out business as mentioned in subsections 1 and 3 and Section 26 and have the exclusive right and duty to use the designation SIKAV in the company's name in letters and on other business papers, including electronic messages, and on the company's website, cf. however Section 4, subsection 2. Other companies must not use names or designations which are suitable to create the impression that they are SIKAVs.

Subsection 6. Securities funds may only carry out business as mentioned in subsections 1 and 3 and Section 26, subsection 1, and have the exclusive right and duty to use the designation securities fund in the securities fund's name in letters and on other business papers, including electronic messages, and on the securities fund's website, cf. however Section 4, subsection 2. The duties in the first sentence are incumbent, pursuant to Section 8, subsection 4, on the investment management company or administration company which administers the securities fund. Other companies must not use names or designations which are suitable to create the impression that they are securities funds.

Subsection 7. The Danish Financial Supervisory Authority forwards the information mentioned in subsection 2, item 2, to the competent authorities in another Member State within the European Union or a country with which the Union has concluded an agreement in the financial field, when the feeder institution has its home there.

Feeder Institutions

Section 4. Danish UCITS must, in addition to authorization pursuant to Section 3, have authorization from the Danish Financial Supervisory Authority as feeder institutions before the individual divisions in the Danish UCITS can invest at least 85 pct. of their assets in shares in a division of another UCITS (master institution). The Danish Financial Supervisory Authority's authorization must include authorization for the Danish UCITS (the feeder institution) to invest more than 20 pct. of its assets in the relevant master institution.

Subsection 2. Danish UCITS which are feeder institutions may only carry out business as mentioned in subsection 1 and Section 26.

Subsection 3. The feeder institution, its investment management company or its administration company is obliged to send the feeder institution's depositary all necessary information from the master institution, so that the depositary can comply with its obligations.

Subsection 4. If a Danish UCITS is part of a master-feeder structure, the following written agreements must be entered into with a view to investor protection:

1. The board of directors of an investment fund, a SIKAV or of an investment management company or administration company which administers a securities fund, must enter into an agreement that the master institution provides the feeder institution with all the documents and information which are necessary 17 April 2026. 4 No. 445.

ge, for the feeder institution to fulfill its duties under the law and to ensure that the master institution complies with investment limits.

2. The master institution’s depositary and the feeder institution’s depositary shall, if the institutions have different depositaries, enter into an agreement on the exchange of information to ensure that both depositaries can perform their duties.

3. The auditors chosen by the master institution and the feeder institution shall, if the institutions have different auditors, enter into an agreement on the exchange of information to ensure that both auditors can fulfill their obligations.

Subsection 5. If the master institution and the feeder institution have the same investment management company or administration company, the boards of directors of the two Danish UCITS or of the relevant investment management companies or administration companies may decide that the content of the agreements shall instead be set out in the investment management company’s or administration company’s internal policies.

Subsection 6. The Financial Supervisory Authority lays down detailed rules on the content of the agreements referred to in subsection 4, items 1-3, and the internal policies referred to in subsection 5.

Depositaries’ storage of financial assets

§ 5. Financial assets belonging to Danish UCITS shall be managed and stored separately for each individual compartment in a depositary approved by the Financial Supervisory Authority. The depositary must be able to provide sufficient financial and professional security to be able to actually perform the role for each individual Danish UCITS.

Subsection 2. There must be a written agreement on the management and storage of financial assets between the Danish UCITS and the depositary.

Subsection 3. Agreements under subsection 2 shall include a regulation of the exchange of information that is necessary for the depositary to perform its tasks in accordance with applicable rules.

Subsection 4. The Financial Supervisory Authority may lay down detailed rules on the content of agreements under subsection 2.

Organization etc. of investment undertakings

§ 6. Investment undertakings are self-administering associations. Anyone who owns a share of the association’s assets is an investor in the association.

Subsection 2. Investment undertakings shall be organized with one or more compartments, each based on a specific part of the assets in accordance with the provisions of the articles of association regarding this.

Subsection 3. Each compartment is liable only for its own obligations. Each compartment is also liable for its share of the common costs. If legal action has been taken in vain, or if it is otherwise proven that a compartment cannot fulfill its obligations under the second sentence, the other compartments are jointly and severally liable for the compartment’s share of the common costs.

Subsection 4. A compartment may be divided into share classes in accordance with the provisions of the articles of association regarding this.

Subsection 5. An investor in a compartment is not personally liable for the obligations of the investment undertaking or the compartment. The investor is liable only with its share of the assets (contribution).

Subsection 6. All investors in an investment undertaking shall have the same rights, insofar as matters concern all investors in the undertaking. All investors in a compartment shall have the same rights, insofar as matters concern only the investors in the compartment. The provisions in the first and second sentences may be derogated from as a result of the establishment of share classes, cf. § 18, the issuance of shares without right to dividend (ex coupon), cf. § 19, item 7, and the establishment of rules on restriction of voting rights, cf. § 19, item 11.

Organization etc. of SIKAVs

§ 7. A SIKAV must have a share capital that may vary on the terms set out in the SIKAV’s articles of association, cf. § 20, subsection 1, item 19. Anyone who owns a share in a compartment in a SIKAV is an investor in the SIKAV.

Subsection 2. A SIKAV may be established by one or more founders. A founder must not be bankrupt or undergoing reorganization. If a founder is a natural person, the person must be of age and must not be under guardianship under § 5 of the Guardianship Act or under joint guardianship under § 7 of the Guardianship Act. If the founder is a legal person, it must be entitled to acquire rights, enter into obligations, and be a party to legal proceedings.

Subsection 3. The founders must sign a deed of incorporation, which must contain information on the date from which the establishment shall have legal effect, and which must contain the SIKAV’s articles of association. If no board of directors and auditor have been chosen in connection with the establishment of the SIKAV, the founders must hold a general meeting to choose a board of directors and an auditor no later than 2 weeks from the signing of the deed of incorporation.

Subsection 4. SIKAVs shall be organized with one or more compartments, each based on a specific part of the assets in accordance with the provisions of the articles of association regarding this.

Subsection 5. Each compartment in a SIKAV is liable only for its own obligations. Each compartment is also liable for the compartment’s share of the common costs. If legal action has been taken in vain, or if it is otherwise proven that a compartment cannot fulfill its obligations under the second sentence, the other compartments are jointly and severally liable for the compartment’s share of the common costs.

Subsection 6. A compartment in a SIKAV may be divided into share classes in accordance with the provisions of the articles of association regarding this.

Subsection 7. An investor in a compartment is not personally liable for the obligations of the SIKAV or the compartment. The investor is liable only with its contribution.

Subsection 8. All investors in a SIKAV shall have the same rights, insofar as matters concern all investors in the SIKAV. All investors in a compartment shall have the same rights, insofar as matters concern only the investors in the compartment. The provisions in the first and second sentences may be derogated from as a result of the establishment of share classes, cf. § 18, the issuance of shares without right to dividend (ex coupon), cf. § 20, subsection 1, item 7, and the establishment of rules on restriction of voting rights, cf. § 20, subsection 1, item 12.

April 17, 2026. 5 No. 445.

Organization etc. of securities funds

§ 8. Securities funds shall consist of one or more compartments that are separate economic entities. Securities funds and their compartments are not independent legal persons. Securities funds may only be established and administered by investment management companies, cf. § 10 of the Act on Financial Business, or administration companies. Anyone who owns a share in a compartment in a securities fund is an investor in the securities fund.

Subsection 2. Each compartment in a securities fund is based on a specific part of the assets in accordance with the rules of the fund regulations regarding this.

Subsection 3. Each compartment in a securities fund is liable only for its own obligations. Each compartment is also liable for its share of the common costs. If legal action has been taken in vain, or if it is otherwise proven that a compartment cannot fulfill its obligations under the second sentence, the other compartments are jointly and severally liable for the compartment’s share of the common costs.

Subsection 4. To the extent that this law or regulations issued under this law impose duties on securities funds or their compartments, the duty lies with the investment management company or administration company that administers the fund.

Subsection 5. A compartment in a securities fund may be divided into share classes in accordance with the fund regulations.

Subsection 6. An investor in a compartment is not personally liable for the obligations of the securities fund or the compartment. The investor is liable only with its contribution.

Subsection 7. All investors in a securities fund shall have the same rights, insofar as matters concern all investors in the securities fund. All investors in a compartment shall have the same rights, insofar as matters concern only the investors in the compartment. The provisions in the first and second sentences may be derogated from as a result of the establishment of share classes, cf. § 18, and the issuance of shares without right to dividend (ex coupon), cf. § 21, item 8.

Authorization for investment undertakings

§ 9. The Financial Supervisory Authority authorizes an investment undertaking to carry out business if:

1. the undertaking is validly established,
2. the requirements in § 3, subsections 1-5, are met,
3. the members of the investment undertaking’s board of directors and management meet the requirements in § 57, or, if the board has not appointed a management, when the Financial Supervisory Authority has approved the investment undertaking’s delegation of daily management to an investment management company or an administration company, cf. § 22,
4. the investment undertaking or the administration company, if the investment undertaking has delegated daily management to it, has at least two natural persons employed on a full-time basis, who are resident in the European Union, who determine the investment undertaking’s business conduct, and who meet the requirements in § 57, subsections 1-3, cf. § 57, subsection 9,
5. the Financial Supervisory Authority has approved the investment undertaking’s articles of association,
6. the Financial Supervisory Authority has approved the investment undertaking’s choice of depositary, cf. § 25,
7. the investment undertaking’s activity plan, organization, risk management, internal policies, and administrative conditions are sound,
8. there are no close links, cf. § 2, item 19, between the applicant and other companies or persons that could hinder the performance of the Financial Supervisory Authority’s tasks,
9. the legislation in a country outside the European Union, which the Union has not concluded an agreement with in the financial sector, regarding a company or a person with whom the applicant has close links, will not hinder the performance of the Financial Supervisory Authority’s tasks,
10. the investment undertaking has assets of at least 300,000 euros, if the undertaking has not delegated daily management to an investment management company or to an administration company, and intangible assets are not included in the assets,
11. the minimum assets were subscribed at the founding general meeting and deposited in a blocked account at the depositary or an unconditional guarantee has been issued by a credit institution or an insurance company for the subscription of shares in the investment undertaking for the minimum amount of at least 300,000 euros,
12. the investment undertaking has its domicile in Denmark, and
13. the application for authorization meets the requirements set out in subsection 2.

Subsection 2. An application for authorization under § 3, subsections 1-5, shall contain the information necessary for the Financial Supervisory Authority to assess whether the conditions in subsection 1 are met.

Subsection 3. When the Financial Supervisory Authority has granted authorization under subsection 1, the investment undertaking may begin its business by investing the funds received from investors.

Authorization for SIKAVs

§ 10. The Financial Supervisory Authority authorizes a SIKAV to carry out business if:

1. the SIKAV is validly established in accordance with § 7, subsections 2-4,
2. the requirements in § 3, subsections 1-3 and 5, are met,
3. the members of the SIKAV’s board of directors meet the requirements in § 57 and the Financial Supervisory Authority has approved the SIKAV’s choice of investment management company or administration company, cf. § 23,
4. the SIKAV or the administration company, if the SIKAV has delegated daily management to it, has at least two natural persons employed on a full-time basis, who are resident in the European Union, who determine the SIKAV’s business conduct, and who meet the requirements in § 57, subsections 1-3, cf. § 57, subsection 9,
5. the Financial Supervisory Authority has approved the SIKAV’s articles of association,
6. the Financial Supervisory Authority has approved the SIKAV’s choice of depositary, cf. § 25,

April 17, 2026. 6 No. 445.

7. the SIKAV’s activity plan, organization, risk management, internal policies, and administrative conditions are sound,
8. there are no close links, cf. § 2, item 19, between the applicant and other companies or persons that could hinder the performance of the Financial Supervisory Authority’s tasks,
9. the legislation in a country outside the European Union, which the Union has not concluded an agreement with in the financial sector, regarding a company or a person with whom the applicant has close links, will not hinder the performance of the Financial Supervisory Authority’s tasks,
10. the SIKAV has its domicile in Denmark, and
11. the application for authorization meets the requirements in subsection 2.

Subsection 2. An application for authorization under § 3, subsections 1-3, 6 and 7, shall contain the information necessary for the Financial Supervisory Authority to assess whether the conditions in subsection 1 are met.

Subsection 3. When the Financial Supervisory Authority has granted authorization under subsection 1, the SIKAV may begin its business by investing the funds received from investors.

Authorization for securities funds

§ 11. The Financial Supervisory Authority authorizes a securities fund to carry out business if:

1. the requirements in § 3, subsections 1-3 and 6, are met,
2. the Financial Supervisory Authority has approved the fund regulations for the securities fund,
3. the Financial Supervisory Authority has approved the investment management company’s or administration company’s administration of this securities fund, cf. § 24,
4. the Financial Supervisory Authority has approved the investment management company’s or administration company’s choice of depositary, cf. § 25,
5. the investment management company’s or administration company’s activity plan regarding the securities fund is sound,
6. there are no close links, cf. § 2, item 19, between the applicant and other companies or persons that could hinder the performance of the Financial Supervisory Authority’s tasks,
7. the legislation in a country outside the European Union, which the Union has not concluded an agreement with in the financial sector, regarding a company or a person with whom the applicant has close links, will not hinder the performance of the Financial Supervisory Authority’s tasks, and
8. the application for authorization meets the requirements in subsection 2.

Subsection 2. An application for authorization under § 3, subsections 1-3 and 6, shall contain the information necessary for the Financial Supervisory Authority to assess whether the conditions in subsection 1 are met.

Subsection 3. When the Financial Supervisory Authority has granted authorization under subsection 1, the securities fund may begin its business by investing the funds received from investors.

Authorization as feeder institution or to change master institution

§ 12. A Danish UCITS that has or seeks authorization under §§ 9, 10 or 11, and which seeks authorization to invest as a feeder institution or to invest in a new master institution, shall submit:

1. its own and the master institution’s articles of association or fund regulations,
2. the prospectus and the document with central investor information for the relevant Danish UCITS and for the master institution,
3. the investment management company’s or administration company’s internal policies on the administration of the master-feeder structure, cf. § 4, subsection 5, or the agreement between the feeder institution and the master institution, if they are not to be administered by the same company, cf. § 4, subsection 4, item 1,
4. the information, cf. subsection 4, that must be provided to investors when the feeder institution already has authorization as a Danish UCITS,
5. the agreement on the exchange of information that the feeder institution’s and master institution’s depositaries enter into, cf. § 4, subsection 4, item 2, when they do not have the same depositary,
6. the agreement on the exchange of information that the feeder institution’s and master institution’s auditors enter into, cf. § 4, subsection 4, item 3, when they do not have the same auditor, and
7. a declaration in Danish, English, Norwegian or Swedish from the competent authorities in the master institution’s home country, if the institution does not have authorization here in the country, stating that it is not a feeder institution and does not own shares in a feeder institution.

Subsection 2. The Financial Supervisory Authority authorizes feeder institutions, cf. § 4, to carry out business, including to invest beyond the 20-percent limit in § 154, when the feeder institution has submitted the documents and information referred to in subsection 1 and the Financial Supervisory Authority assesses that the feeder institution, its depositary and auditor as well as the master institution meet the requirements in subsections 1 and 4 and § 4, including the rules issued by the Financial Supervisory Authority under subsection 6 and § 4, subsection 6. The Financial Supervisory Authority shall make a decision no later than 15 working days after the Financial Supervisory Authority has received a complete application.

Subsection 3. An application for authorization under § 4 shall contain the information necessary for the Financial Supervisory Authority to assess whether the conditions in subsections 1 and 4 are met.

Subsection 4. A Danish UCITS that is already carrying out business and subsequently receives authorization as a feeder institution, or that has received authorization to invest in a new master institution, shall no later than 30 days before the date referred to in item 3 provide the following to its investors:

1. A declaration that the Financial Supervisory Authority has granted authorization for the Danish UCITS to invest as a feeder institution in the master institution.
2. The central information referred to in § 103 for the feeder institution and the master institution.
3. Information on the date when the investment undertaking will begin to invest as a feeder institution in the master institution, or, if it has already invested therein, the date when its investments will exceed the limit in § 154, subsections 1 and 2.

April 17, 2026. 7 No. 445.

4. A declaration that investors have the right to demand redemption of their shares within a period of 30 days without other costs than the costs associated with the redemption. This right to redemption takes effect from the time when the feeder institution has provided the information referred to in this subsection.

Subsection 5. When the Financial Supervisory Authority has granted authorization under subsection 2, a Danish UCITS may begin its business as a feeder institution by investing the funds received from investors. A Danish UCITS that has authorization as a Danish UCITS, or that is a feeder institution and receives authorization to invest in a new master institution, may, however, only invest beyond the limit in § 154, subsection 1, after the expiration of the 30-day period referred to in subsection 4.

Subsection 6. The Financial Supervisory Authority lays down detailed rules on the format and manner in which the information and documents referred to in subsection 4 shall be provided to investors.

Refusal of authorization

§ 13. The Financial Supervisory Authority shall refuse the application for authorization if the Danish UCITS is legally prevented, including due to the articles of association or fund regulations, from marketing its shares in this country.

Subsection 2. If the Financial Supervisory Authority refuses to grant authorization to an investment undertaking, cf. § 9, it shall notify the undertaking no later than 6 months after the receipt of the application, or, if the application is incomplete, no later than 6 months after the undertaking has sent the information necessary to make a decision. The Financial Supervisory Authority shall in any case make a decision no later than 12 months after the receipt of the application. If the Financial Supervisory Authority has not issued an opinion on the application no later than 6 months after receipt of a complete application for authorization, the undertaking may bring the matter before the courts.

Subsection 3. If the Financial Supervisory Authority refuses to grant authorization to a SIKAV, cf. § 10, or a securities fund, cf. § 11, it shall notify the SIKAV’s or the securities fund’s investment management company or administration company respectively no later than 2 months after the receipt of the application, or, if the application is incomplete, no later than 2 months after the Financial Supervisory Authority has received the information necessary to make a decision. The Financial Supervisory Authority shall in any case make a decision no later than 12 months after the receipt of the application. If the Financial Supervisory Authority has not issued an opinion on the application no later than 2 months after receipt of a complete application for authorization, the SIKAV or the securities fund’s investment management company or administration company, cf. § 8, subsection 4, may bring the matter before the courts.

Subsection 4. If the Financial Supervisory Authority is to refuse a Danish UCITS an application to become a feeder institution or to invest in a new master institution, cf. § 12, the Financial Supervisory Authority shall give the refusal no later than 15 working days after the Financial Supervisory Authority has received a complete application.

Notifications of investment undertakings and SIKAVs to the Danish Business Authority

§ 14. When the Financial Supervisory Authority has granted an investment undertaking or a SIKAV authorization or has approved changes to an undertaking’s or a SIKAV’s articles of association, the Danish Business Authority shall carry out the necessary registrations, cf. subsection 3.

Subsection 2. Simultaneously with notification for registration with the Danish Business Authority, cf. subsection 1, and when requesting approval of changes to the articles of association, an undertaking or a SIKAV shall send a dated copy of the articles of association with the complete text to the Financial Supervisory Authority. The Financial Supervisory Authority informs the Danish Business Authority and the undertaking or SIKAV when the Financial Supervisory Authority has granted the undertaking or SIKAV authorization or has approved the changes to the articles of association.

Subsection 3. Chapter 2, § 366, § 367, subsection 1 and 4, and § 371 in the Companies Act apply with the necessary adjustments to investment undertakings and SIKAVs. Despite § 9, subsection 1, in the Companies Act, notification of changes to the articles of association must be received by the Danish Business Authority no later than 4 weeks after the decision to amend the articles of association is made.

§ 14 a. An investment undertaking and a SIKAV shall obtain information about the investment undertaking’s or SIKAV’s beneficial owners, including information about the beneficial owners’ rights.

Subsection 2. Anyone who directly or indirectly owns or controls the investment undertaking or the SIKAV shall, at the request of the investment undertaking or the SIKAV, provide the investment undertaking or the SIKAV with the information about the ownership structure that is necessary for the investment undertaking’s or the SIKAV’s identification of beneficial owners, including information about the beneficial owners’ rights.

Subsection 3. The investment undertaking and the SIKAV shall register the information, including information about the beneficial owners’ rights, in the Danish Business Authority’s IT system as soon as possible after the investment undertaking or the SIKAV has become aware that a person has become a beneficial owner. Any changes to the information registered about the beneficial owners shall be registered as soon as possible after the investment undertaking or the SIKAV has become aware of the change. The registered members of the investment undertaking’s board of directors or management or the SIKAV’s board of directors shall be regarded and registered as beneficial owners in the Danish Business Authority’s IT system if the investment undertaking or the SIKAV, after having exhausted all possibilities for identification, has no beneficial owners or no beneficial owners can be identified.

Subsection 4. Investment undertakings and SIKAVs shall investigate at least once a year whether there are changes to the registered information about beneficial owners. The result of the annual investigation shall be presented at the board meeting where the board approves the annual report.

Subsection 5. The investment undertaking and the SIKAV shall keep documentation for the information obtained about their beneficial owners for 5 years after the beneficial ownership ends. The investment undertaking and the SIKAV shall furthermore keep documentation for the information obtained about attempts to identify beneficial owners for 5 years after the completion of the identification attempt.

April 17, 2026. 8 No. 445.

Para. 6. The investment company or SIKAV shall, upon request, provide information about the investment company's or SIKAV's beneficial owners, including information about the investment company's or SIKAV's attempts to identify the investment company's or SIKAV's beneficial owners, to the Money Laundering Secretariat. The investment company or SIKAV shall furthermore, 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.

Para. 7. The Money Laundering Secretariat and other competent authorities may pass on information about beneficial owners that has been registered, cf. para. 3, or obtained, cf. para. 6, to competent authorities and financial intelligence units in other EU Member States.

Para. 8. Para. 1-7 shall not apply to investment companies or 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.

Para. 9. The Danish Business Authority shall establish detailed rules regarding the registration, availability, and publication of information in accordance with para. 1, 3, and 5 in the Danish Business Authority's IT system, including which information the investment company or SIKAV must register in the Authority's IT system.

Section 14 b. Investment companies and SIKAVs that must obtain, store, and register information about beneficial owners, cf. Section 14 a, shall, upon request, provide persons and businesses that are required to perform customer due diligence procedures in accordance with the Money Laundering Act with information about the ownership structure of the investment company or SIKAV.

Para. 2. If the Financial Supervisory Authority receives reports of discrepancies in the registered information about the beneficial owners of an investment company or SIKAV in accordance with the Money Laundering Act, the Financial Supervisory Authority shall investigate the matter. In this connection, the Financial Supervisory Authority may set a deadline for the correction of the matter vis-à-vis the investment company or SIKAV.

Para. 3. Upon request from the Financial Supervisory Authority, the Danish Business Authority may, concurrently with the investigation, cf. para. 2, publish a notice about the report in the Danish Business Authority's IT system. The investment company or SIKAV must be given the opportunity to object to the report before it is published, unless the purpose of publishing the notice about the report is thereby frustrated.

Approval of Amendments to Articles of Association and Fund Regulations and Permission for New Divisions

Section 15. The Financial Supervisory Authority approves amendments to an investment company's articles of association when the amendments have been validly adopted and are in accordance with this Act.

Para. 2. The Financial Supervisory Authority grants permission for new divisions in investment companies when

1. the division has been validly established and
2. the Financial Supervisory Authority has approved the articles of association provisions regarding the division.

Para. 3. An investment company whose newly established division wishes to deviate from the diversification rules in Chapter 15, except for Section 150, para. 1, for up to 6 months from the permission, must have the Financial Supervisory Authority's approval of the board's instructions for the division's compliance with the principle of risk diversification.

Para. 4. The Financial Supervisory Authority grants permission for new divisions in investment companies, cf. Section 3, para. 1, and Section 4, to invest as feeder funds, or for a division that invests as a feeder fund to invest in a new master fund, when the Financial Supervisory Authority assesses that the requirements in Section 4, para. 1, and Section 12, para. 1-4, with the necessary adjustments, are met. The Financial Supervisory Authority makes a decision no later than 15 working days after the Authority has received a complete application, cf. Section 12, para. 2, and Section 13, para. 4.

Section 16. The Financial Supervisory Authority approves amendments to a SIKAV's articles of association when the amendments have been validly adopted and are in accordance with this Act.

Para. 2. The Financial Supervisory Authority grants permission for new divisions in a SIKAV when

1. the division has been validly established and
2. the Financial Supervisory Authority has approved the articles of association provisions regarding the division.

Para. 3. A SIKAV whose newly established division wishes to deviate from the diversification rules in Chapter 15, except for Section 150, para. 1, for up to 6 months from the permission, must have the Financial Supervisory Authority's approval of the board's instructions for the division's compliance with the principle of risk diversification.

Para. 4. The Financial Supervisory Authority grants permission for new divisions in a SIKAV, cf. Section 3, para. 1, and Section 4, to invest as feeder funds, or for a division that invests as a feeder fund to invest in a new master fund, when the Financial Supervisory Authority assesses that the requirements in Section 4, para. 1, and Section 12, para. 1-4, with the necessary adjustments, are met. The Financial Supervisory Authority makes a decision no later than 15 working days after the Financial Supervisory Authority has received a complete application, cf. Section 12, para. 2, and Section 13, para. 4.

Section 17. The Financial Supervisory Authority approves amendments to the fund regulations for a securities fund when the amendments have been validly adopted by the board of the investment management company or administration company administering the securities fund and are in accordance with this Act. An amendment to the fund regulations cannot enter into force until the amendment has been approved by the Financial Supervisory Authority. The investment management company or administration company administering the relevant securities fund must notify the fund's investors of the amendments as soon as the Financial Supervisory Authority's approval is available.

Para. 2. The Financial Supervisory Authority grants permission for new divisions in a securities fund when the division has been validly established and the Financial Supervisory Authority has approved the fund regulations provisions regarding the division.

Para. 3. A securities fund whose newly established division wishes to deviate from the diversification rules in Chapter 15, except for Section 150, para. 1, for up to 6 months from the permission, must have the Financial Supervisory Authority's approval of the board's instructions for the division's compliance with the principle of risk diversification.

Para. 4. The Financial Supervisory Authority grants permission for new divisions in securities funds, cf. Section 3, para. 1, and Section 4, to invest as feeder funds, or for a division that invests as a feeder fund to invest in a new master fund, when the Financial Supervisory Authority assesses that the requirements in Section 4, para. 1, and Section 12, para. 1-4, with the necessary adjustments, are met. The Financial Supervisory Authority makes a decision no later than 15 working days after the Authority has received a complete application, cf. Section 12, para. 2, and Section 13, para. 4.

Share Classes

Section 18. The articles of association or fund regulations of a Danish UCITS may contain provisions that the Danish UCITS' divisions may be divided into share classes, and that the board may establish share classes in a division. In an existing division in an investment company or SIKAV, however, the division's investors must first have made a decision at a general meeting that the division may be divided into share classes. If it concerns a securities fund, it is the board of the securities fund's investment management company or administration company that makes the decision.

Para. 2. No later than 8 business days after the board has made a decision to establish a share class, the Danish UCITS must notify the Financial Supervisory Authority thereof. The notification must contain information about the share class's characteristics and the principles for the allocation of costs, cf. para. 4. The Danish UCITS must also send a declaration from its or the investment management company's auditor stating that the Danish UCITS' or investment management company's business practices, administrative systems, including registration systems, control environment, and accounting practices are satisfactory, insofar as they concern the administration of the types of share classes that the articles of association allow for the establishment of, or that the board has decided to offer. The auditor's declaration may be sent subsequently, but the Danish UCITS may only offer share classes when the Financial Supervisory Authority has stated that the Financial Supervisory Authority has no comments.

Para. 3. A share class does not have priority rights to any part of the division's assets, including any class-specific assets. It has only the right to a share of the return on the assets, including a share of the return on the common portfolio and the return on the class-specific assets.

Para. 4. If a division is divided into share classes, the board must establish principles for the allocation of costs between the share classes, such that each share class only bears its share of the division's common costs and the specific costs associated with the share class's specific characteristics.

Para. 5. The rules in para. 1-4 and Section 109 do not apply to ex-coupon share classes.

Para. 6. The Financial Supervisory Authority may establish detailed rules regarding share classes, including that certain types of share classes cannot be established.

Articles of Association for Investment Companies

Section 19. Investment companies' articles of association must contain provisions regarding

1. the company's purpose,
2. which category of investors the company receives funds from,
3. the company's name and any subsidiary names,
4. the municipality in this country where the company is to have its domicile (head office), or, if a company has delegated daily management to an investment management company or an administration company, the domicile and head office in accordance with Section 22, para. 2,
5. the company's division into divisions and the characteristics of the individual divisions, and whether the board may establish new divisions,
6. whether the company's divisions may be divided into share classes, the board's possibility of establishing share classes, including which types of share classes the board may establish, and the characteristics of these share classes, cf. Section 18, para. 1,
7. the company's possible issuance of shares without right to dividend (ex-coupon),
8. whether it is the general meeting or the board that chooses and makes decisions regarding the replacement of the company's depositary, on what conditions the replacement of the depositary may take place, and how investors are to be protected in such a replacement,
9. summons to general meetings and time and place for these,
10. which matters are to be processed at the ordinary general meeting,
11. the right to vote and its exercise, including any limitations on the right to vote,
12. the rules that apply for the adoption of proposals at the general meeting, including regarding amendments to the articles of association, the company's dissolution, and the transfer of divisions to another Danish UCITS,
13. board, management, or possibility for delegation of tasks in connection with daily management to an investment management company or an administration company, audit, on what conditions the replacement of the investment management company or administration company may take place, and how investors are to be protected in such a replacement,
14. who has the right to sign for the company, including who exercises the right to vote on the company's securities,
15. whether the individual division is certificate-issuing or account-keeping or both, as a result of the division being able to be divided into share classes,
16. whether the shares are issued with a nominal value or issued as unit shares, and in the former case the size of the shares (par value) and the design of any certificates,
17. whether the shares must be registered or may be bearer shares, and whether there are limitations on the transferability of the shares,
18. issuance and redemption of shares,
19. the selected liquidity management tools, cf. Section 74 a, with a view to possible use in the interest of the investors in the company's divisions,
20. whether the divisions' profits are to be distributed, including whether interim dividends may be paid more than once a year, or whether the profits are to be accumulated, and whether the general meeting in dividend-paying divisions may decide that the distribution is wholly or partly transferred to distribution for subsequent financial years,
21. how the company's assets are valued,
22. how the issuance and redemption price for the shares is determined,
23. which costs are borne by the individual divisions, and a maximum for how large a share the costs may constitute of the average assets in the financial year,
24. whether a division may distribute from the assets to ensure a stable distribution percentage,
25. a possible annual contribution of up to 2 pct. of a division's accounting assets to humanitarian or public interest organizations, cf. Section 26, para. 2,
26. whether the company may take out loans on behalf of its divisions, cf. Section 68,
27. the divisions' investment policy and the general rules for the individual division's placement of assets,
28. which markets the individual division may place funds on, cf. Section 139, when the Financial Supervisory Authority has not approved the relevant market,
29. indication of the countries and international institutions of a public nature that issue or guarantee the securities in which a division intends to invest more than 35 pct. of the division's assets, and
30. whether the company's annual report is to be prepared in English.

Articles of Association for SIKAVs

Section 20. Articles of association for SIKAVs must contain provisions regarding

1. the SIKAV's purpose,
2. which category of investors the SIKAV receives funds from,
3. the SIKAV's name and any subsidiary names,
4. the municipality in this country where the SIKAV has its domicile (head office), cf. para. 2,
5. the SIKAV's division into divisions and the characteristics of the individual divisions, and whether the board may establish new divisions,
6. whether the SIKAV's divisions may be divided into share classes, and the board's possibility of establishing share classes, including which types of share classes the board may establish, and the characteristics of these share classes, cf. Section 18, para. 1,
7. the SIKAV's possible issuance of shares without right to dividend (ex-coupon),
8. the board's choice of the SIKAV's investment management company or administration company, on what conditions the replacement of the investment management company or administration company may take place, and how investors are to be protected in such a replacement,
9. whether it is the general meeting or the board that chooses and makes decisions regarding the replacement of the SIKAV's depositary, on what conditions the replacement of the depositary may take place, and how investors are to be protected in such a replacement,
10. summons to general meetings and time and place for these,
11. which matters are to be processed at the ordinary general meeting,
12. the right to vote and its exercise, including any limitations on the right to vote,
13. the rules that apply for the adoption of proposals at the general meeting, including regarding amendments to the articles of association, the SIKAV's dissolution, and the transfer of divisions to another Danish UCITS,
14. board and audit,
15. who has the right to sign for the SIKAV, including who exercises the right to vote on the SIKAV's securities,
16. whether the individual division is certificate-issuing or account-keeping or both, as a result of the division being able to be divided into share classes,
17. whether the shares are issued with a nominal value or issued as unit shares, and in the former case the size of the shares (par value) and the design of any certificates,
18. whether the shares must be registered or may be bearer shares, and whether there are limitations on the transferability of the shares,
19. issuance and redemption of shares and the possibilities for suspending the SIKAV's redemption of shares,
20. the selected liquidity management tools, cf. Section 74 a, with a view to possible use in the interest of the investors in the SIKAV,
21. whether the divisions' profits are to be distributed, including whether interim dividends may be paid more than once a year, or whether the profits are to be accumulated, and whether the general meeting in dividend-paying divisions may decide that the distribution is wholly or partly transferred to distribution for subsequent financial years,
22. how the SIKAV's assets are valued,
23. how the issuance and redemption price for the shares is determined,
24. which costs are borne by the individual divisions, and a maximum for how large a share the costs may constitute of the average assets in the financial year,
25. whether a division may distribute from the assets to ensure a stable distribution percentage,
26. a possible annual contribution of up to 2 pct. of a division's accounting assets to humanitarian or public interest organizations, cf. Section 26, para. 2,
27. whether the SIKAV may take out loans on behalf of its divisions, cf. Section 68,
28. the divisions' investment policy and the general rules for the individual division's placement of assets,
29. which markets the individual division may place funds on, when the Financial Supervisory Authority has not approved the relevant market,
30. indication of the countries and international institutions of a public nature that issue or guarantee the securities in which a SIKAV intends to invest more than 35 pct. of one or more divisions' assets, and
31. whether the SIKAV's annual report is to be prepared in English.

Para. 2. A SIKAV has its domicile (head office) where the SIKAV's investment management company has its domicile (head office). If a SIKAV is administered by an administration company, the SIKAV has its head office where the administration company has its head office. When administered by an administration company, the SIKAV must enter into an agreement with a representative in this country and have its domicile in the municipality where the representative has their address. The representative represents the SIKAV in Denmark.

Fund Regulations for Securities Funds

Section 21. Fund regulations for securities funds must contain provisions regarding

1. the securities fund's purpose,
2. which category of investors the securities fund receives funds from,
3. the investment management company's or administration company's name and any subsidiary names and provisions regarding on what conditions the replacement of the investment management company or administration company may take place, and how investors are to be protected in such a replacement,
4. the municipality in this country where the investment management company has its domicile (head office), or the address of the securities fund's administration company,
5. the securities fund's name and any subsidiary names,
6. the securities fund's division into divisions and the characteristics of the individual divisions and whether the investment management company's or administration company's board may establish new divisions,
7. whether the securities fund's divisions may be divided into share classes, and the board's possibility of establishing share classes, including which types of share classes the board may establish, and the characteristics of these share classes, cf. Section 18, para. 1,
8. the securities fund's possible issuance of shares without right to dividend (ex-coupon),
9. choice and replacement of the securities fund's depositary, on what conditions the replacement of the depositary may take place, and how investors are to be protected in such a replacement,
10. the rules that apply for the amendment of fund regulations, dissolution of the securities fund, and transfer of divisions to another Danish UCITS,
11. that it is the investment management company or administration company that has the right to sign for the securities fund in accordance with the company's signing rules, and who exercises the right to vote on securities belonging to the securities fund,
12. whether the individual division is certificate-issuing or account-keeping or both, as a result of the division being able to be divided into share classes,
13. whether the shares are issued with a nominal value or issued as unit shares, and in the former case the size of the shares (par value) and the design of any certificates,
14. whether the shares must be registered or may be bearer shares, and whether there are limitations on the transferability of the shares,
15. issuance and redemption of shares and the possibilities for suspending the securities fund's redemption of shares,
16. the selected liquidity management tools, cf. Section 74 a, with a view to possible use in the interest of the investors in the securities fund,
17. whether the divisions' profits are to be distributed, including whether interim dividends may be paid more than once a year, or whether the profits are to be accumulated,
18. how the securities fund's assets are valued,
19. how the issuance and redemption price for the shares is determined,
20. which costs are borne by the individual divisions, and whether a maximum for how large a share the costs may constitute of the average assets in the financial year,
21. whether a division may distribute from the assets to ensure a stable distribution percentage,
22. whether the investment management company or administration company may take out loans on behalf of the securities fund's divisions, cf. Section 68,
23. the divisions' investment policy and the general rules for the individual division's placement of assets,
24. which markets the individual division may place funds on, when the Financial Supervisory Authority has not approved the relevant market,
25. indication of the countries and international institutions of a public nature that issue or guarantee the securities in which a securities fund intends to invest more than 35 pct. of one or more divisions' assets, and
26. whether the annual report for the securities fund is to be prepared in English.

Investment Companies' Delegation of Daily Management to an Investment Management Company or an Administration Company

Section 22. The Financial Supervisory Authority approves an investment company's delegation of daily management to an investment management company or an administration company, cf. Section 47, para. 4, when

1. the company's board has made a decision to enter into an agreement regarding the delegation of daily management to an investment management company or an administration company,

2. the board has stated that the delegation results in more efficient administration of the investment company's business,

3. the investment management company or administration company has permission to administer investment undertakings,

4. the board of directors of the investment management company or administration company has declared that the company has sufficient resources and qualified staff to administer the undertaking,

5. the investment management company or administration company must perform so many of the undertaking's tasks that it does not merely function as a shell company with regard to the relevant undertaking,

6. the administration company, the depositary, and the investment undertaking have entered into an agreement regulating the exchange of information necessary for the depositary to perform its tasks in accordance with Section 106 of the Financial Business Act, when daily management is delegated to an administration company, and

7. the Danish Financial Supervisory Authority has no comments on the application.

Subsection 2. An investment undertaking that has delegated daily management to an investment management company has its head office where the investment management company has its head office. If an investment undertaking has delegated daily management to an administration company, the undertaking has its head office where the administration company has its address. The undertaking must enter into an agreement with a representative in this country and have its domicile in the municipality where the representative has their address. The representative represents the investment undertaking in Denmark.

Approval of SIKAVs' investment management companies or administration companies

Section 23. The Danish Financial Supervisory Authority approves a SIKAV's choice of investment management company or administration company, cf. Section 49, subsection 2, when

1. the SIKAV's board of directors has entered into an administration agreement with an investment management company or an administration company,
2. the investment management company or administration company has permission to administer SIKAVs,
3. the board of directors of the investment management company or administration company has declared that the company has sufficient resources and qualified staff to administer the SIKAV,
4. the investment management company must perform so many of the SIKAV's tasks that it does not merely function as a shell company with regard to the relevant SIKAV,
5. the administration company, the depositary, and the SIKAV's board of directors have entered into an agreement regulating the exchange of information necessary for the depositary to perform its tasks in accordance with Section 106 of the Financial Business Act, when the SIKAV's board of directors has entered into an agreement with an administration company, and
6. the Danish Financial Supervisory Authority has no comments on the application.

Approval of investment management companies or administration companies' administration of securities funds

Section 24. The Danish Financial Supervisory Authority approves an investment management company's or an administration company's administration of a securities fund when

1. the investment management company or administration company has permission to administer securities funds,
2. the board of directors of the investment management company or administration company has declared that the company has sufficient resources and qualified staff to administer the securities fund,
3. the investment management company or administration company must perform so many of the securities fund's tasks that it does not merely function as a shell company with regard to the relevant securities fund,
4. the administration company and the depositary have entered into an agreement regulating the exchange of information necessary for the depositary to perform its tasks in accordance with Section 106 of the Financial Business Act, when the securities fund is administered by an administration company, and
5. the Danish Financial Supervisory Authority has no comments on the application.

Approval of a Danish UCITS' depositary

Section 25. The Danish Financial Supervisory Authority approves a Danish UCITS' choice of depositary when

1. a lawful decision has been made pursuant to the articles of association or fund regulations to enter into an agreement with the depositary, cf. Section 19, item 8, Section 20, subsection 1, item 9, or Section 21, item 9,
2. the depositary meets the conditions in Section 2, item 11,
3. the depositary's board of directors or the responsible manager for the depositary function has declared that the depositary can provide sufficient financial and professional security to genuinely be able to perform the role,
4. the depositary's business practices for the depositary function, cf. Section 106, subsection 2, of the Financial Business Act, are satisfactory,
5. the depositary for a Danish UCITS has entered into an agreement regulating the exchange of information necessary for the depositary to perform its tasks in accordance with Section 106 of the Financial Business Act with a) the board of directors and administration company of an investment undertaking that has delegated daily management to the administration company, b) the board of directors and administration company of a SIKAV that has entered into an administration agreement with the company, or c) the administration company of a securities fund,
6. the depositary has entered into an agreement, cf. Section 4, subsection 4, item 2, if the Danish UCITS is a feeder fund participating in a master-feeder structure where the master fund and the feeder fund have different depositaries, and
7. the Danish Financial Supervisory Authority has no comments on the application.

17 April 2026. 13 No. 445.

Access of Danish UCITS to own shares in an investment management company and contributions to humanitarian or public interest organizations

Section 26. A Danish UCITS may alone or together with other Danish UCITS and capital undertakings own an investment management company that exclusively and solely on behalf of the relevant Danish UCITS and capital undertakings performs administration, investment, or marketing activities.

Subsection 2. Investment undertakings and SIKAVs may, when stated in the articles of association, make an annual contribution of up to 2 percent of the accounting assets to humanitarian or public interest organizations with which the investment undertaking or SIKAV has entered into an agreement regarding this.

Chapter 4 Cross-border Business Foreign Investment Undertakings

Section 27. A foreign investment undertaking that has received permission in accordance with the rules in 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 Directive) to perform the activities mentioned in Sections 3 and 4 by the competent authorities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area pursuant to 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 Directive), and which wishes to market its shares directly or indirectly in this country, may begin to market its shares when the Danish Financial Supervisory Authority has received notification thereof with the complete documentation from the competent authorities in the undertaking's home country.

Subsection 2. The Danish Financial Supervisory Authority may set detailed rules on the marketing of shares by these foreign investment undertakings in this country.

Cross-border marketing by Danish UCITS

Section 28. A Danish UCITS that wishes to market its shares in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area must send a notification thereof to the Danish Financial Supervisory Authority. The notification must meet the requirements in Commission Regulation No. 584/2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the format and content of the standard model for notification letters and declarations on investment undertakings, use of electronic communication between competent authorities in connection with notifications and procedures for on-the-spot checks and investigations and exchange of information between competent authorities. The Danish UCITS must state in the notification where the competent authorities in the host country can electronically access the documents that the Danish UCITS must attach to the application, any translations thereof, and subsequent changes to the documents. The notification must also contain the information, including the Danish UCITS' address, necessary for the host country's supervisory authorities to send invoices and notifications regarding statutory fees and charges and information on facilities for performing tasks regarding the processing of subscription, redemption, and repurchase orders and making other payments to investors in connection with shares in the Danish UCITS.

Subsection 2. The Danish UCITS must at least one month before implementing a change to the information specified in the notification, cf. subsection 1, or a change regarding the share classes to be marketed, give written notice of the change to the Danish Financial Supervisory Authority and to the supervisory authorities in the host country. The Danish Financial Supervisory Authority must, within 15 working days after receiving all the information, cf. the first sentence, notify the Danish UCITS that the Danish UCITS may not implement a change if the change results in the Danish UCITS no longer complying with this Act or rules issued pursuant to this Act.

Subsection 3. If a planned change is implemented despite the Danish Financial Supervisory Authority's notification pursuant to subsection 2, or if an unforeseen change has occurred whereby the Danish UCITS no longer complies with this Act or rules issued pursuant thereto, or if the Danish UCITS otherwise no longer complies with this Act or rules issued pursuant thereto, the Danish Financial Supervisory Authority must take the necessary measures, including, if necessary, prohibiting the marketing of the Danish UCITS or withdrawing the Danish UCITS' permission, cf. Section 110. The Danish Financial Supervisory Authority must without undue delay notify the competent authorities in the Danish UCITS' host country of the measures taken.

Subsection 4. A Danish UCITS that wishes to market its shares in a country that is not a member of the European Union, or in a country with which the Union has not concluded an agreement in the financial area, must give notice thereof to the Danish Financial Supervisory Authority and to the competent authorities in the other country in accordance with the requirements applicable there.

Subsection 5. The Danish Financial Supervisory Authority sets detailed rules on Danish UCITS' marketing of shares abroad.

Section 28a. A Danish UCITS may submit a notification regarding the termination of agreements entered into for the purpose of marketing shares, including possibly share classes, in a member state or in a country with which the European Union has concluded an agreement in the financial area, for which the Danish UCITS has submitted a notification, cf. Section 28, and where the following conditions are met:

1. A general offer for repurchase or redemption has been made a) without any fees or deductions, b) of all such shares or capital shares in alternative investment funds held by investors in the relevant member state, c) which is publicly available for at least 30 working days, and 17 April 2026. 14 No. 445.

d) which has been addressed individually either directly or via financial intermediaries to all investors in the relevant member state whose identity is known. 2) The intention to terminate agreements entered into for the purpose of marketing such shares in the relevant member state is published via a publicly available medium, including using digital communication commonly used for marketing Danish UCITS and suitable for a typical investor in Danish UCITS. 3) Any agreements with financial intermediaries or with the party to whom the marketing is delegated are amended or terminated with effect from the date of the notification of termination to prevent any new or further direct or indirect offering or any new or further direct or indirect placement of the shares specified in the notification of termination in the member state mentioned in subsection 2. From the date of notification of termination, the Danish UCITS must cease any new or further direct or indirect offering or any new or further direct or indirect placement of shares that were subject to the notification of termination in the relevant member state.

Subsection 2. The information mentioned in subsection 1, items 1 and 2, must clearly describe the consequences for investors if they do not accept the offer to redeem or repurchase their shares. The information mentioned in subsection 1, items 1 and 2, must be made available in the official language or one of the official languages of the member state to which the Danish UCITS has submitted a notification, cf. Section 28, subsection 1, or in a language approved by the supervisory authorities in the relevant member state.

Subsection 3. The Danish UCITS must send a notification to the Danish Financial Supervisory Authority containing the information mentioned in subsection 1.

Subsection 4. The Danish Financial Supervisory Authority must ensure that the Danish UCITS' notification is complete. The Danish Financial Supervisory Authority must forward the notification to the competent authorities in the member state specified in the notification mentioned in subsection 1, and to ESMA, no later than 15 working days after receiving a complete notification. After forwarding the notification, the Danish Financial Supervisory Authority must immediately notify the Danish UCITS thereof.

Subsection 5. The Danish UCITS must provide investors who continue to invest in the Danish UCITS and the Danish Financial Supervisory Authority with the information mentioned in Sections VI and VII or mentioned in rules issued pursuant to provisions in Sections VI and VII, and the information that the Danish UCITS must provide in accordance with rules set by the host country's authorities pursuant to Article 94 of the Directive of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. Digital communication or other means of remote communication may be used, provided that the information and communication means are available to investors in the official language or one of the official languages of the member state where the investor is located, or in a language approved by that member state's competent authorities.

Part III Good Conduct Chapter 5 Good Conduct

Section 29. Danish UCITS must be operated in accordance with fair business practices and good practice within their respective areas of business. The same applies to foreign UCITS that are legal persons when they market their shares in this country.

Subsection 2. The Minister for Business Affairs sets detailed rules on fair business practices and good practice within the business area, including for Danish and foreign UCITS' marketing of shares in this country.

Part IV General Meeting and Management etc. Chapter 6 General Meeting in Investment Undertakings

Section 30. The notice of the general meeting in an investment undertaking must be publicly available and in accordance with the provisions of the articles of association. The press must have access to the general meetings. The general meeting may decide that the press does not have the right to make audio and video recordings.

Subsection 2. The notice of the general meeting must be sent to investors who have requested it.

Section 31. If an investment undertaking does not have a board of directors, or if an investment undertaking fails to call a general meeting that must be held pursuant to the Act, the articles of association, or a general meeting resolution, the general meeting is called by the Danish Financial Supervisory Authority upon request from a member of the undertaking's board of directors or management, the auditor elected by the general meeting, or an investor. The Danish Financial Supervisory Authority may set the agenda for the general meeting.

Subsection 2. A general meeting called by the Danish Financial Supervisory Authority is chaired by a person authorized by the Danish Financial Supervisory Authority to do so, and the investment undertaking's board of directors or the investment management company's management must provide the minutes of the general meeting and the audit report. If the external auditor does not keep an audit report regarding the annual report, other corresponding documentation is provided. The expenses for the general meeting are advanced by the Danish Financial Supervisory Authority, but ultimately borne by the undertaking or the undertaking's investment management company or administration company.

Section 32. The general meeting is the highest authority of the investment undertaking.

Subsection 2. Investors' right to make decisions in the undertaking is exercised at the general meeting, cf. however subsections 3 and 4.

Subsection 3. The powers exercised by the investment undertaking's general meeting belong to the investors of a division at the general meeting, insofar as 17 April 2026. 15 No. 445.

1. approval of the division's annual accounts,
2. amendment of the articles of association's rules for the placement of the division's assets,
3. liquidation or merger of the division, and
4. other matters that exclusively concern the division.

Subsection 4. The powers exercised by the investment undertaking's general meeting belong to the investors of a share class in a division at the general meeting, insofar as

1. amendment of the specific characteristics of the share class,
2. liquidation of the share class, and
3. other matters that exclusively concern the share class.

Subsection 5. Every investor has the right, in accordance with the provisions of the articles of association regarding this, to demand that a specific topic be included on the agenda.

Subsection 6. The general meeting may decide by simple majority that the annual report shall be prepared in English. The general meeting may similarly decide by simple majority that the annual report shall again be prepared in Danish. The general meeting's decision according to the first and second sentences must be recorded in the articles of association.

Subsection 7. The board of directors and management must, when requested by an investor and in the board's opinion can be done without significant harm to the undertaking, make available information at the general meeting on all matters that are significant for the assessment of the annual report and the undertaking's position otherwise or for matters on which a decision must be made at the general meeting.

Section 33. Unless the articles of association provide otherwise, the investment undertaking's board of directors may decide that, as a supplement to physical attendance at the general meeting, investors may participate electronically in the general meeting, including voting electronically without being physically present at the general meeting, i.e., that a partially electronic general meeting is held, cf. subsections 3 and 4.

Subsection 2. The general meeting may decide that the general meeting is held solely electronically without access to physical attendance, i.e., as a fully electronic general meeting, cf. subsections 3-5. The decision must contain information on how electronic media are used in connection with participation in the general meeting. The decision must be recorded in the articles of association. Section 35 applies to the decision and to amendments thereto.

Subsection 3. The investment undertaking's board of directors sets the detailed requirements for the electronic systems used at a partially or fully electronic general meeting. The notice of the general meeting must contain information regarding this, and it must be stated in the notice how investors register for electronic participation, and where they can find information on the procedure in connection with electronic participation in the general meeting.

Subsection 4. It is a prerequisite for holding both partially and fully electronic general meetings that the board of directors ensures that the general meeting is conducted in a satisfactory manner. The system used must be designed in such a way that the Act's requirements for holding the general meeting are met, including investors' access to participate in and express themselves and vote at the general meeting. The system used must also reliably be able to determine which investors participate in the general meeting, what capital and voting rights they represent, and the result of the votes.

Subsection 5. If an investment undertaking has issued bearer shares and has not introduced a record date, the undertaking must state in the notice of participation in the general meeting how owners of such shares must document their entitlement to participate in the electronic general meeting. This must also appear in the undertaking's articles of association.

Section 34. Every investor must be ensured voting rights at the general meeting in proportion to their share. However, every investor must have at least one vote. The articles of association may stipulate that no investor may cast votes for more than a certain percentage of the assets or for more than a specific amount.

Subsection 2. If voting rights are conditional on registration in the investment undertaking's register, the registration deadline may not be longer than 1 week.

Section 35. A decision to amend the articles of association is only valid if it is approved by at least 2/3 of both the votes cast and the part of the assets represented at the general meeting. A decision to amend the articles of association must otherwise meet the additional provisions that the articles of association may contain.

Subsection 2. Amendment of the articles of association for investment undertakings cannot take effect until the amendment is approved by the Danish Financial Supervisory Authority.

Subsection 3. An amendment to the articles of association resulting from the general meeting's decision on the choice of language in which annual reports are prepared, cf. Section 32, subsection 6, takes effect regardless of subsection 2 at the time of the decision.

Section 36. The general meeting may authorize the board of directors to establish divisions and share classes.

Section 37. A decision on an investment undertaking's sale of shares in the undertaking's investment management company must, cf. however subsection 2, be made by the undertaking's general meeting according to the same rules that apply to amendments of the articles of association. The investment undertaking's board of directors may, however, make a decision on the sale of shares in the undertaking's investment management company to other undertakings, cf. Section 26, subsection 1, that have chosen the relevant company as their investment management company.

Subsection 2. The investment undertaking's board of directors must prepare a statement on the advantages and disadvantages seen in relation to the undertaking's expected development upon a sale of shares in the undertaking's investment management company, cf. subsection 1, first sentence. The statement must be sent to the investors of the undertaking who are registered in a securities central and in the undertaking's books, simultaneously with the notice of the general meeting. From the same time, the statement must be made available for inspection at the undertaking's office. 17 April 2026. 16 No. 445.

§ 38. The association shall keep a protocol of the proceedings at the general meeting. The protocol shall be signed by the chairman. Subsection 2. No later than 2 weeks after the holding of the general meeting, the general meeting protocol or a certified copy thereof shall be available for the investors at the association's office.

Chapter 7 General Meeting in SIKAVs

§ 39. The notice of the general meeting in a SIKAV shall be publicly available and in accordance with the provisions of the articles of association. The press shall have access to the general meeting. The general meeting may decide that the press does not have the right to make audio and video recordings. Subsection 2. The notice of the general meeting shall be sent to the investors who have requested it.

§ 40. If a SIKAV does not have a board, or if a SIKAV fails to call a general meeting that is to be held in accordance with the law, the articles of association, or a decision of a general meeting, the general meeting shall be called by the Danish Financial Supervisory Authority upon request from a member of the SIKAV's board, a member of the management of the SIKAV's investment management company or administration company, the auditor elected by the general meeting, or an investor. The Supervisory Authority may set the agenda for the general meeting. Subsection 2. A general meeting called by the Danish Financial Supervisory Authority shall be chaired by a person authorized by the Danish Financial Supervisory Authority to do so, and the SIKAV's board shall hand over the general meeting protocol and the audit protocol. If the external auditor does not keep an audit protocol regarding the annual report, other corresponding documentation shall be handed over. The expenses for the general meeting shall be advanced by the Danish Financial Supervisory Authority, but ultimately borne by the SIKAV or the SIKAV's investment management company or administration company.

§ 41. The general meeting is the highest authority in a SIKAV. Subsection 2. The investors' right to make decisions in the SIKAV is exercised at the general meeting, subject to subsections 3 and 4. Subsection 3. The powers exercised by the general meeting of the SIKAV belong to the investors of a section at the general meeting, insofar as concerns

1. approval of the section's annual accounts,
2. amendment of the articles of association's rules for the placement of the section's assets,
3. the winding up or merger of the section, and
4. other matters that exclusively concern the section. Subsection 4. The powers exercised by the general meeting of the SIKAV belong to the investors in a share class in a section at the general meeting, insofar as concerns
5. amendment of the specific characteristics of the share class,
6. the winding up of the share class, and
7. other matters that exclusively concern the share class. Subsection 5. Every investor has the right, in accordance with the provisions of the articles of association, to demand that a specific item be included on the agenda. Subsection 6. The general meeting may decide by simple majority that the annual report shall be prepared in English. The general meeting may similarly decide by simple majority that the annual report shall again be prepared in Danish. The general meeting's decision according to the first and second sentences shall be included in the articles of association. Subsection 7. The board shall, when requested by an investor, and if the board deems it possible without significant harm to the SIKAV, make available information at the general meeting on all matters that are significant for the assessment of the annual report and the SIKAV's position in general, or for matters on which decisions are to be made at the general meeting.

§ 42. Unless the articles of association provide otherwise, the SIKAV's board may decide that, as a supplement to physical attendance at the general meeting, investors may participate electronically in the general meeting, including voting electronically without being physically present at the general meeting, i.e., that a partially electronic general meeting is held, subject to subsections 3 and 4. Subsection 2. The general meeting may decide that the general meeting is held solely electronically without access to physical attendance, i.e., as a fully electronic general meeting, subject to subsections 3-5. The decision shall contain information on how electronic media are used in connection with participation in the general meeting. The decision shall be included in the articles of association. Section 44 applies to the decision and to amendments thereto. Subsection 3. The SIKAV's board sets the detailed requirements for the electronic systems used at a partially or fully electronic general meeting. The notice of the general meeting shall contain information on this, and it shall also appear from the notice how investors register for electronic participation, and where they can find information on the procedure in connection with electronic participation in the general meeting. Subsection 4. It is a prerequisite for the holding of both a partially and a fully electronic general meeting that the board ensures that the general meeting is conducted in a secure manner. The system used shall be designed in such a way that the law's requirements for the holding of a general meeting are met, including investors' access to participate in and express themselves and vote at the general meeting. The system used shall also reliably be able to determine which investors participate in the general meeting, what capital and voting rights they represent, and the result of the votes. Subsection 5. If a SIKAV has issued bearer shares and has not introduced a record date, the company shall in the notice of participation in the general meeting state how the owners of such shares are to document their entitlement to participate in the electronic general meeting. This shall also appear from the SIKAV's articles of association.

§ 43. Every investor shall be ensured voting rights at the general meeting in proportion to their share in the SIKAV. However, every investor shall have at least one vote. It may be determined in the articles of association that no investor may cast a vote for more than a certain percentage of the share capital or for more than a specific amount. Subsection 2. If voting rights are conditional on registration in the SIKAV's protocol, the registration deadline may not be longer than 1 week.

§ 44. A decision to amend the SIKAV's articles of association is only valid if it is approved by at least 2/3 of both the votes cast and the part of the SIKAV's capital represented at the general meeting. A decision to amend the articles of association must otherwise comply with the further regulations that the articles of association may contain. Subsection 2. Amendment of the articles of association for the SIKAV may not enter into force until the amendment is approved by the Danish Financial Supervisory Authority. Subsection 3. An amendment to the articles of association that follows from the general meeting's decision on the choice of which language the annual reports are to be prepared in, cf. Section 41, subsection 6, enters into force regardless of subsection 2 at the time of the decision.

§ 45. The SIKAV's general meeting may authorize the board to create sections and share classes.

§ 46. The SIKAV shall keep a protocol of the proceedings at the general meeting. The protocol shall be signed by the chairman. Subsection 2. No later than 2 weeks after the holding of the general meeting, the general meeting protocol or a certified copy thereof shall be available for the investors at the office of the investment management company or administration company.

Chapter 8 Management etc. General Provisions on the Management of Investment Funds

§ 47. Investment funds shall have a board and a management. The board shall oversee the overall management of the association's business. The board and the management shall manage the association's affairs. The board and the management shall act independently and exclusively in the interest of the association. Subsection 2. The board appoints a management that handles the daily management of the investment fund. The management shall follow the guidelines and instructions given by the board. The daily management does not include dispositions that, given the association's circumstances, are of an unusual nature or of great significance. Such dispositions may only be made by the management after special authorization from the board, unless the board's decision cannot be awaited without significant disadvantage to the association's business. The board shall in such cases be notified as soon as possible about the disposition taken. Subsection 3. The board shall ensure that the investment fund has sufficient qualified staff and the necessary professional expertise to handle the administration of the association and to assess the handling of tasks that the board has delegated. The association must thereby be able to make investment decisions regarding the association's assets. If the board has entered into agreements on portfolio management, the association must have employees who can evaluate the investments made and the results achieved. Subsection 4. The board may, instead of appointing a management, cf. subsection 2, delegate the daily management of the investment fund to an investment management company or to an administration company. The delegation must be approved by the Danish Financial Supervisory Authority, cf. Section 22, and be in accordance with Sections 64 and 65. Subsection 5. The board shall consist of at least 3 members, who are elected by the general meeting. No members of the board of an investment fund may be members of the board for or employed by the depositary company or another company with which the association has entered into significant agreements, or companies that are affiliated with these companies, subject to subsections 6-8. Subsection 6. A minority of the investment fund's board members may, regardless of subsection 5, be members of the board for the investment management company or administration company to which the board has delegated the daily management of the association. However, a board member may not be chairman of the investment management company's or administration company's board. Subsection 7. The board members may, regardless of subsection 5, be members of the board for an investment management company or administration company to which the board has delegated the daily management of the association, if the investment fund alone or together with other Danish UCITS or capital funds owns the company in question. Subsection 8. An employee in the investment management company chosen according to the company law's provisions on group representation may, regardless of the provision in subsection 5, be a member of the board for an association, provided that the association alone or together with other associations owns the investment management company.

Delegation by Investment Funds (the Board)

§ 48. When the board has delegated the daily management, cf. Section 47, subsection 4, the director of the investment management company or administration company shall perform the tasks that otherwise fall to an association's director. Subsection 2. The board may, in accordance with Sections 64-66, delegate tasks that constitute part of the association's administration to a company that has permission to perform the relevant tasks. The board ensures that the performance of the delegated tasks is in accordance with the rules that implement the directive on the coordination of laws and administrative provisions concerning certain undertakings for collective investment in transferable securities (UCITS directive). This obligation applies regardless of the legislative status, or regardless of where those who are assigned responsibility, or those who are further delegated responsibility, are located. Subsection 3. The board may only enter into an agreement on portfolio management with a company that fulfills the conditions in Section 64, subsection 1, and which is not the depositary company for the investment fund or another company whose interests may conflict with the interests of the relevant association and its investors. Subsection 4. When an investment fund's board makes a decision on delegation, cf. subsection 2, first sentence, and subsection 3, and Section 47, subsection 4, the delegation must result in more efficient operation of the association's business and comply with the conditions set out in Sections 64-66. The board must be able to objectively justify its entire delegation structure. Subsection 5. The obligations of the board, any investment management company or administration company, and the depositary company are not affected by the fact that the board has delegated tasks to third parties. Subsection 6. The board and the investment management company or administration company shall ensure supervision of the performance of the delegated tasks, cf. Sections 64-66. Subsection 7. The board may not delegate such a large part of the administrative tasks that the investment management company or administration company can no longer be considered to be the manager of the investment fund, and to such an extent that the investment management company or administration company becomes a shell company, insofar as concerns tasks in connection with the administration of the investment fund. Subsection 8. Marketing, which is handled by one or more distributors acting on their own behalf, and which markets the investment fund in accordance with the Directive of the European Parliament and of the Council on markets in financial instruments or through insurance-based investment products in accordance with the Directive of the European Parliament and of the Council on insurance distribution, is not considered a delegation covered by the requirements for delegation, cf. Section 48, subsections 2-7, and Sections 64-66, regardless of any distribution agreement between the investment management company or administration company and the distributor. Subsection 9. The board of an investment fund that invests as a feeder fund shall ensure that the association carries out effective control of the master fund's business. The association may use information and documents received from the master fund or its investment management company or administration company, depositary company, and auditor, unless the association has reason to doubt the accuracy of the master fund's information and documents. Subsection 10. The board and the investment management company may enter into an agreement that the investment management company may further delegate tasks that are not significant.

Remuneration in Investment Funds

§ 48 a. In an investment fund's remuneration of members of the board and management and other employees, whose activities have significant influence on the risk profile of one or more sections, the board shall ensure that the following are fulfilled:

1. The variable salary components to a member of the board or management may not exceed 50 pct. of the honorarium or the fixed basic salary including pension.
2. The variable salary components to other employees, whose activities have significant influence on the risk profile of one or more sections, may not exceed 100 pct. of the fixed basic salary including pension.
3. An investment fund's general meeting may, however, decide that the variable salary components to other employees, whose activities have significant influence on the risk profile of one or more sections, cf. no. 2, may amount to up to 200 pct. of the fixed basic salary including pension, provided that the following requirements are fulfilled: a) The investment fund shall, no later than at the notice of the general meeting, inform the general meeting that a decision is sought on the use of a higher maximum ceiling. b) The general meeting shall make the decision on the use of a higher maximum ceiling based on a detailed recommendation from the investment fund, 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 investment fund's assets. The members shall receive the recommendation no later than simultaneously with the notice of the general meeting. c) The investment fund shall, no later than simultaneously with the communication of the recommendation to the members, cf. letter b, inform the Danish Financial Supervisory Authority about the recommendation to the members, including the proposed higher maximum ceiling and the justification for the proposal. The investment fund shall, upon request from the Danish Financial Supervisory Authority, prove that the proposed higher maximum ceiling is not in conflict with the investment fund's ability to maintain sufficient start-up capital, cf. Section 9, subsection 1, no. 10. d) The decision on the use of a higher maximum ceiling must be approved by the investment fund's general meeting with at least 66 pct. of the votes cast, provided that at least 50 pct. of the voting shares are represented at the general meeting. If less than 50 pct. of the voting shares are represented at the general meeting, the decision must be approved by at least 75 pct. of the votes cast. An employee who is a member of the investment fund may not participate in the vote on this at the general meeting if the employee has a significant interest in the decision that may conflict with the investment fund's interest. e) The investment fund shall, no later than 8 days after the general meeting, inform the Danish Financial Supervisory Authority about the general meeting's decision, including the size of any decided higher maximum ceiling.
4. Subject to the investment fund's fund rules and articles of association, a significant part and at least 50 pct. of a variable salary component to a member of the board and management and other employees, whose activities have significant influence on the risk profile of one or more sections, shall at the time of its calculation consist of a balance of shares or corresponding instruments in

the relevant investment fund, which reflects the value of the relevant departments.

5. The investment fund's payment of at least 40 percent of a variable salary component, with larger amounts at least 60 percent, shall take place over a period of at least 4 years with commencement 1 year after the calculation date, however for a member of the board and the executive management at least 5 years, with an equal distribution over the years or with an increasing share at the end of the period.

6. The investment fund may refrain from paying a variable salary component entirely or partially, if the payment of the variable salary component does not give the investment fund the opportunity to maintain a sufficient start capital, cf. Section 9, subsection 1, no. 10, or if Finanstilsynet assesses that there is a likely risk thereof.

Subsection 2. For a member of the board and the executive management in the investment fund, options regarding shares or similar instruments may not exceed 12.5 percent of the honorarium or the fixed base salary including pension at the time of their calculation.

Subsection 3. The investment fund must ensure that shares and instruments etc., which are transferred to a member of the board or the executive management or other employees, whose activities have significant influence on the risk profile of one or more departments, as part of the variable salary mentioned in subsection 1, no. 4, may not be disposed of by these persons for a suitable period. The investment fund must also ensure that these persons may not hedge the risk associated with these shares and instruments etc.

Subsection 4. The investment fund must ensure that the payment or transfer of the deferred variable salary component according to subsection 1, no. 5, to a member of the board and the executive management and other employees, whose activities have significant influence on the risk profile of a department in the investment fund, is conditional on the criteria that formed the basis for the calculation of the variable salary component still being met at the time of payment, and conditional on the person concerned having complied with appropriate requirements for suitability and integrity and not having participated in or been responsible for behavior that has resulted in significant losses for the investment fund.

Subsection 5. The investment fund must ensure that the board, the executive management and other employees, whose activities have significant influence on the risk profile of one or more departments, who receive variable salary, must repay the variable salary entirely or partially, if the variable salary was paid based on information about results that can be documented to be incorrect, and if the recipient was in bad faith.

Subsection 6. If the investment fund awards the board, the executive management or other employees, whose activities have significant influence on the risk profile of one or more departments, a pension benefit that constitutes variable salary, cf. Section 2, no. 26, the investment fund must, if the recipient leaves the investment fund before the pension date, retain this pension benefit in the form of shares or instruments as mentioned in subsection 1, no. 4, for 5 years. Subsection 4 and 5 apply correspondingly to the cases mentioned in the first sentence. If the recipient is a member of the board or employed by the investment fund at the time of retirement, the investment fund must pay the variable part of the pension benefit to the recipient in the form of the shares or instruments mentioned in subsection 1, no. 4, without the possibility of disposal or utilization for a period of 5 years. Subsection 5 applies correspondingly to the cases mentioned in the third sentence.

Subsection 7. Subsections 1-6 do not apply to matters covered by a collective agreement.

Section 48 b. An investment fund that has assets, which together exceed 1.25 billion euros, and which simultaneously has more than 50 employees, must establish a remuneration committee.

Subsection 2. The chairman and members of the remuneration committee must be members of the board in the investment fund that establishes the remuneration committee. The remuneration committee must be composed such that the members have the necessary knowledge and the necessary qualifications and competencies to understand and monitor the investment fund's salary policy and practice, risk management and control activities, particularly insofar as it concerns the adaptation of the investment fund's remuneration structure to the investment fund's risk profile and management of capital and liquidity, and are able to make a qualified and independent assessment of whether the investment fund's remuneration, including salary policy and related business practices, is in compliance with Section 48 a, Section 48 c, subsection 1, and regulations issued pursuant to Section 48 d.

Subsection 3. The remuneration committee shall conduct the preparatory work for the board's decisions regarding remuneration, including salary policy and other decisions thereon, which can have an influence on the investment fund's risk management, and in this connection conduct the following:

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

2. The remuneration committee must ensure that the information presented to the general meeting about the investment fund's salary policy and practice and the information according to Section 48 a, subsection 1, no. 3, letters a and b, are sufficient.

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

4. The remuneration committee must assess the investment fund's and the departments' total results and ensure that the executive management has evaluated whether the result criteria that formed the basis for the calculation of variable salary for the investment fund's members of the board and executive management and other employees, whose activities have significant influence on the risk profile of one or more departments, are still met at the time of payment, cf. Section 48 a, subsection 4.

5. The remuneration committee must control selected evaluations conducted by the executive management, cf. no. 4, to test whether the conditions in Section 48 a, subsection 4, are met.

6. The remuneration committee must ensure that the independent control functions and other relevant functions are involved, insofar as it is necessary for the implementation of the tasks in no. 1-5, and insofar as it is necessary, seek external advice.

Subsection 4. The committee may perform other tasks regarding remuneration. The committee must in the preparatory work safeguard the investment fund's long-term interests, including also in relation to the members, and the public interest.

Section 48 c. An investment fund must have a written salary policy that is in compliance with and promotes sound and effective risk management.

Subsection 2. The general meeting of the investment fund must approve the investment fund's salary policy, cf. subsection 1, including guidelines for the allocation of variable salary and guidelines for severance payments.

Subsection 3. In an investment fund, the chairman of the board must in his report to the investment fund's general meeting account for the remuneration of the investment fund's board and executive management. The report must contain information about the remuneration in the previous financial year and about the expected remuneration in the current and the coming financial year.

Subsection 4. The investment fund must publish the total remuneration for each individual member of the board and executive management, which the person concerned has earned from the investment fund as part of this role in the relevant financial year. The investment fund must indicate in the annual report where the information according to the first sentence can be found. The information must be publicly accessible for at least 10 years from the time of the publication of the latest annual report.

Section 48 d. The Minister for Business Affairs may set detailed regulations for investment funds regarding the definition of other employees, whose activities have significant influence on the risk profile of one or more departments.

Subsection 2. The Minister for Business Affairs may set detailed regulations regarding investment funds' duty to publish information about their remuneration of the board, executive management and other employees, whose activities have significant influence on the risk profile of one or more departments.

Subsection 3. The Minister for Business Affairs may set detailed regulations regarding the matters mentioned in Section 48 a, subsections 1-6, and Section 48 c, subsection 1.

Section 48 e. If an investment fund enters into an agreement on a severance scheme with a member of the executive management, and the value of the scheme exceeds an amount corresponding to the person concerned's total remuneration in the last 2 financial years including pension, the investment fund must 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 must take place on the investment fund's website in the same place where the investment fund's salary policy is published, and must take place as soon as possible and no later than 3 business days after the agreement is entered into. The information about a member of the executive management's severance scheme must be available as long as the agreement is valid.

Section 48 f. Salary in an agreed notice period to a member of the executive management in an investment fund, which is not matched by a usual work obligation, must be paid monthly during the notice period.

Section 48 g. A severance payment to a member of the executive management in an investment fund must reflect the results that are achieved by performing the position, and must not reward misconduct or lack of results.

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

Subsection 3. The payment of the severance payment may earliest begin, after any salary in the notice period is paid out fully.

Subsection 4. The board must recommend the payment of the severance payment, if the board assesses that the director during his employment has exhibited behavior that may be considered to constitute serious managerial negligence. The board must withhold the payment of the severance payment, if the investment fund is charged with criminal offenses that can be attributed to the director, or if the board becomes aware that the director is charged with criminal offenses that were committed in connection with the person concerned's employment in the investment fund.

Subsection 5. The board must demand repayment of a severance payment that has been paid out entirely or partially, before the board has become aware of behavior or matters covered by subsection 4.

Section 48 h. Sections 48 e-48 g cannot be deviated from by agreement, including by agreement on a severance scheme for a member of the executive management in an investment fund, which is entered into with another company in the group, which is not covered by the regulations.

General provisions on the management of SIKAVs

Section 49. SIKAVs must have a board, which consists of at least 3 members, who are elected by the general meeting. The board must manage the SIKAV's business. The board must act independently and exclusively in the SIKAV's interest.

Subsection 2. The board must choose an investment management company or an administration company, which administers the SIKAV, cf. Section 52, subsection 1, no. 4. The board in the SIKAV must assess that the investment management company or administration company is qualified and able to perform the administration. An administration agreement, which a SIKAV enters into with an investment management company or administration company, must be in writing.

The board's tasks in investment funds and SIKAVs

Section 50. The board must ensure a sound organization of the investment fund's or SIKAV's business in relation to the tasks that the board must perform for the investment fund or the SIKAV. The business must be in compliance with the law and the articles of association. The board must ensure that the departments' asset conditions are at all times sound in relation to the department's and the fund's or SIKAV's operations. The board must ensure that accounting and asset management are controlled in a manner that is satisfactory in relation to the investment fund's or SIKAV's conditions.

Subsection 2. The board must establish detailed regulations regarding the execution of its role by means of a code of conduct.

Subsection 3. Finanstilsynet may set detailed regulations regarding the content of the code of conduct.

Section 51. The board of an investment fund must

1. define the overall policy for the fund's business,

2. identify the significant risks of the individual departments and possible share classes and define their risk profile based on the investment policy established in the articles of association,

3. establish a policy regarding conflicts of interest and be able to demonstrate conflicts of interest that could harm the investment fund's and its investors' interests, between the fund and other Danish UCITS or capital funds, between departments and share classes and between the fund and its contractual partners and ensure that these conflicts of interest are limited as much as possible,

4. choose the custodian company that shall store the fund's financial assets, unless it is the general meeting that chooses the custodian company according to the articles of association,

5. establish a policy for diversity in the board, which promotes sufficient diversity in qualifications and competencies among the board's members, and

6. establish detailed policies and procedures for the activation and deactivation of any chosen liquidity management tool, cf. Section 74 a.

Subsection 2. Based on the law's and the articles of association's frameworks and the board's risk assessment and the individual departments' and possible share classes' risk profile, cf. subsection 1, no. 2 and 3, the board must give the executive management written guidelines, which must at minimum contain

1. controllable frameworks for which and how large risks the executive management may impose on the individual departments and possible share classes,

2. the principles for the calculation of the individual risk types,

3. regulations regarding which dispositions require the board's approval and which dispositions the executive management can perform as part of its role, and

4. regulations regarding how and to what extent the executive management must report to the board about the departments' and possible share classes' risks, including about the utilization of the frameworks in the law and in the guidelines for the executive management and about the compliance with limits set in the law and in the articles of association.

Subsection 3. The board must continuously take a position on whether the fund's articles of association and the departments' and possible share classes' risk profile and the guidelines for the executive management are sound in relation to the fund's organization and resources, the size of the investments, liquidity and complexity and the market conditions that the fund is subject to.

Subsection 4. The board must ensure that its members have sufficient collective knowledge, professional competence and experience to be able to understand the investment fund's activities and the risks associated with them.

Subsection 5. The board must continuously assess whether the executive management performs its tasks in compliance with the fund's articles of association and the risk profile and guidelines established for the departments and possible share classes. The board must take appropriate measures if this is not the case. Furthermore, the board must continuously assess whether the tasks that the board has delegated are performed in compliance with the agreement, and whether the delegation improves the efficiency of the fund's business.

Subsection 6. The board must continuously assess whether the custodian company performs its tasks in compliance with the entered agreement. The board must take appropriate measures if this is not the case.

Subsection 7. Finanstilsynet may set detailed regulations regarding the obligations that lie on the board and the executive management for an investment fund pursuant to subsections 1-6.

Section 52. The board of a SIKAV must

1. define the overall policy for the SIKAV's business,

2. identify the significant risks of the individual departments and possible share classes and define their risk profile based on the investment policy established in the articles of association,

3. establish a policy for the identification and handling of the board's possible conflicts of interest,

4. choose the investment management company or administration company that shall administer the SIKAV,

5. choose the custodian company that shall store the SIKAV's financial assets, unless it is the general meeting that chooses the custodian company according to the articles of association,

6. establish a policy for diversity in the board, which promotes sufficient diversity in qualifications and competencies among the board's members, and

7. establish detailed policies and procedures for the activation and deactivation of any chosen liquidity management tool, cf. Section 74 a.

Subsection 2. The board must continuously take a position on whether the SIKAV's articles of association and the departments' and possible share classes' risk profile are sound in relation to the size of the investments, liquidity and complexity and the market conditions that the SIKAV is subject to.

Subsection 3. Based on the articles of association, the board must in an investment instruction to the investment management company or administration company define the investment frameworks that shall apply for the SIKAV.

Subsection 4. The board must ensure that its members have sufficient collective knowledge, professional competence and experience

to be able to understand SIKAV's activities and the risks associated therewith.

Subsection 5. The Board shall continuously assess whether the investment management company or the administration company performs its tasks in accordance with the agreement entered into and the investment instruction, including whether the investments made and the results achieved are in accordance with what has been agreed. The Board shall take appropriate measures if this is not the case.

Subsection 6. The Board shall continuously assess whether the depositary performs its tasks in accordance with the agreement entered into. The Board shall take appropriate measures if this is not the case.

Subsection 7. The Danish Financial Supervisory Authority may lay down further rules on the obligations incumbent on the board of a SIKAV pursuant to subsections 1-6.

Tasks of the Board and Management in Investment Management Companies Administering Securities Funds and Administration of Securities Funds

§ 53. The board of an investment management company administering a securities fund shall

1. determine the overall policy for the securities fund,
2. identify the significant risks of the individual compartments and any share classes and determine their risk profile on the basis of the investment policy laid down in the fund regulations, and
3. determine detailed policies and procedures for activating and deactivating any chosen liquidity management tool as well as operational and administrative arrangements for the use of the relevant tool, cf. § 74a.

Subsection 2. On the basis of the framework of the fund regulations and the board's risk assessment and the risk profile of the individual compartments and any share classes, the board shall give the management written guidelines regarding the securities fund. The guidelines must contain at least

1. controllable frameworks for which and how large risks the management may impose on the individual compartments and any share classes,
2. the principles for calculating the different types of risks,
3. rules on which dispositions require the board's approval and which dispositions the management may carry out as part of its position, and
4. rules on how and to what extent the management must report to the board on the risks of the compartments and any share classes, including on the utilization of the frameworks in the law and in the guidelines for the management and on compliance with limits set in the law and in the fund regulations.

Subsection 3. The Board shall continuously assess whether the fund regulations for the securities fund and the risk profile of the compartments and any share classes as well as the guidelines for the management are sound in relation to the company's resources and the size of the securities fund's investments, liquidity and complexity as well as the market conditions to which the investment management company and the securities fund are subject.

Subsection 4. The Board shall continuously assess whether the management performs its tasks in accordance with the fund regulations for the securities fund and the risk profile established for the compartments and any share classes as well as the guidelines for the management. The Board shall take appropriate measures if this is not the case.

Subsection 5. The Board shall choose the depositary that shall keep the securities fund's financial assets. The Board shall continuously assess whether the depositary performs its tasks in accordance with the agreement entered into. The Board shall take appropriate measures if this is not the case.

Subsection 6. The Danish Financial Supervisory Authority may lay down further rules on the obligations incumbent on the board and management of an investment management company pursuant to subsections 1-5, and on the company's administration of securities funds.

Board Meetings etc. in Investment Funds and SIKAVs

§ 54. The chairman of the board shall ensure that the board holds meetings when necessary and see to that all members are summoned. Any member of the board, a director, an external auditor and the internal audit head may demand that the board be summoned. A director, an external auditor and the internal audit head have the right to be present and speak at board meetings, unless the board decides otherwise in the individual matter. External auditors and the internal audit head always have the right to participate in board meetings during the processing of matters that have significance for the audit or for the preparation of the annual report.

Subsection 2. External auditors and the internal audit head are obliged to participate in the board's processing of matters if requested by even one board member.

Subsection 3. The board shall ensure that minutes are kept of the discussions in the board, which are signed by all attending members. A board member, a director, an external auditor or the internal audit head who disagrees with the board's decision has the right to have his opinion entered in the minutes.

Subsection 4. The board of an investment fund or a SIKAV may decide that the board holds joint board meetings for several investment funds or SIKAVs that have the same board. The minutes referred to in subsection 3 concerning the board's discussions must in such cases be drawn up in such a way that it clearly appears which reporting, discussions and decisions concern the individual investment fund or the individual SIKAV.

Subsection 5. The board of an investment fund may, to the extent that it is reasonable, decide that the fund and other investment funds that have the same board may have the following common documents:

1. Rules of procedure for the board, cf. § 50, subsection 2.

2. Guidelines to the management for the fund's business, cf. § 51, subsection 2.

3. Administration agreement.

4. Depositary agreement.

5. Agreements on investment advice.

6. Agreements on marketing.

Subsection 6. The board of a SIKAV may, to the extent that it is reasonable, decide that the SIKAV and other SIKAVs that have the same board may have the following common documents:

1. Rules of procedure for the board, cf. § 50, subsection 2.
2. Administration agreement.
3. Depositary agreement.

Subsection 7. If the board makes a decision pursuant to subsection 5 or 6, it must clearly appear from the documents which provisions are common and which concern the individual fund or SIKAV.

Subsection 8. The Danish Financial Supervisory Authority may lay down further rules on the conditions under which investment funds or SIKAVs may have common documents, cf. subsections 5 and 6.

Impartiality of Management Members in Danish UCITS

§ 55. Members of the management of an investment fund or a SIKAV, its depositary and its possible investment management company or administration company may not, without the consent of the investment fund's or SIKAV's board, transfer securities or other assets to the investment fund or SIKAV or acquire such assets from the investment fund or SIKAV. Consent must be given in each individual case and entered in the board's discussion minutes.

Subsection 2. Members of the management of a securities fund's depositary, investment management company or administration company may not, without the consent of the board in the securities fund's investment management company or administration company, transfer securities or other assets to the securities fund or acquire such assets from the securities fund. Consent must be given in each individual case and entered in the board's discussion minutes.

Subsection 3. A management member may not participate in the processing of questions about agreements between the investment fund or SIKAV and the person himself or herself or about lawsuits against the person himself or herself or lawsuits against third parties or about agreements between the fund or SIKAV and third parties, if the management member has a significant interest therein that may conflict with the interest of the fund or SIKAV.

Subsection 4. A board member or a director in a securities fund's investment management company or administration company may not participate in the processing of questions about agreements concerning the securities fund and the person himself or herself, or about lawsuits against the person himself or herself or lawsuits against third parties or about agreements concerning the securities fund and third parties, if the board member or director has a significant interest therein that may conflict with the interest of the securities fund.

Duty of Danish UCITS to Notify the Danish Financial Supervisory Authority of Special Circumstances

§ 56. An investment fund and a SIKAV or their investment management company or administration company must immediately notify the Danish Financial Supervisory Authority of information about circumstances that are of decisive importance for the continued operation of the fund or SIKAV or a compartment. The investment management company or administration company for a securities fund must notify the Danish Financial Supervisory Authority of information about circumstances that are of decisive importance for the continued operation of the securities fund or a compartment.

Subsection 2. The same applies to each member of the management in a Danish UCITS and each member of the board or management in an investment management company or administration company that administers a Danish UCITS.

Requirements for Individual Management Members in Investment Funds and SIKAVs

§ 57. A member of the board or management in an investment fund or of the board in a SIKAV must at all times have sufficient knowledge, professional competence and experience to be able to exercise his office or perform his position in the respective investment fund or SIKAV.

Subsection 2. A member of the board or management in an investment fund or of the board in a SIKAV must at all times have a sufficiently good reputation and display honesty, integrity and independence to be able to effectively evaluate and challenge decisions made by the daily management.

Subsection 3. A member of the board or management may not:

1. Be subject to or become subject to criminal liability for violation of the Criminal Code or the financial legislation, if the violation entails a risk that the person concerned cannot perform his office or position in a satisfactory manner.
2. Have filed a petition for restructuring proceedings, bankruptcy or debt relief or be under restructuring proceedings, bankruptcy proceedings or debt relief.
3. Due to his economic situation or via a company that he owns, participates in the operation of or has significant influence over, have caused or cause losses or risk of loss to the investment fund or SIKAV.
4. Have displayed or display behavior where there is reason to assume that the person concerned will not perform the office or position in a satisfactory manner.

Subsection 4. When a person assumes an office as board member or a position as director in an investment fund or an office as board member in a SIKAV, the Danish Financial Supervisory Authority ensures that the person fulfills the fitness and propriety requirements in subsections 1-3. The Danish Financial Supervisory Authority makes a decision on whether the person can hold the office or position in the respective business.

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

Subsection 6. The Danish Financial Supervisory Authority may in special cases, where the Danish Financial Supervisory Authority assesses that a person does not have sufficient professional prerequisites or experience in relation to the position as a member of the management in an investment fund, as assessed for the person, make a decision that the person may hold the position under further specified conditions.

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

Subsection 8. Members of the board or management in an investment fund or members of the board in a SIKAV must notify the Danish Financial Supervisory Authority of information about circumstances mentioned in subsections 1 and 3 in connection with their entry into the fund's or SIKAV's management and of information about circumstances mentioned in subsections 2 and 3 if the circumstances change subsequently.

Subsection 9. Subsections 1-8 apply correspondingly to persons covered by § 9, subsection 1, no. 4, and § 10, subsection 1, no. 4.

Target Figures and Policies for the Underrepresented Sex

§ 58. In investment funds and SIKAVs where the value of the fund's or SIKAV's assets is at least 500 million DKK or more in 2 consecutive accounting years, the board shall

1. establish target figures for the proportion of general meeting-elected members of the underrepresented sex in the board, unless there is an equal distribution of women and men among the general meeting-elected members of the board,
2. establish target figures for the proportion of the underrepresented sex on the investment fund's or SIKAV's other management levels, unless there is an equal distribution of women and men on the other management levels, and
3. draw up a policy to increase the proportion of the underrepresented sex on the investment fund's or SIKAV's other management levels, unless there is an equal distribution of women and men on the other management levels, cf. however subsection 2.

Subsection 2. Investment funds that have employed fewer than 50 employees in the most recent accounting year may refrain from drawing up a policy to increase the proportion of the underrepresented sex on their other management levels.

Subsection 3. Other management levels refer to two management levels below the board. The first management level below the board comprises the management and the persons who are organizationally at the same management level as the management. The second management level comprises persons with personnel responsibility who report directly to the first management level below the board.

Subsection 4. The board shall establish a new and higher target figure for the proportion of the underrepresented sex pursuant to subsection 1, nos. 1 and 2, when the investment fund or SIKAV has reached its previously established target figure, or a new target figure when the time horizon for the expected fulfillment has expired.

Prohibition on Management Being Members of the Board

§ 59. The office as board member in an investment fund may not be combined with the position as director, internal audit head or deputy internal audit head in the fund or in its investment management company or administration company. However, the board may temporarily appoint one of its members as director in the event of the fund's director being unavailable. The person concerned may not exercise voting rights in the board in such cases.

Subsection 2. The office as board member in a SIKAV may not be combined with the position as director, internal audit head or deputy internal audit head in the SIKAV's investment management company or administration company.

Prohibition on Employees Speculating

§ 60. Persons who, according to law or articles of association, are employed by the board in an investment fund, and employees for whom there is a significant risk of conflict between their own interests and the fund's interests, may not for their own account or through companies they control,

1. take out loans or draw on already approved credits to buy securities when the purchased securities are pledged as security for the loan or credit,
2. acquire, issue or trade with derivative financial instruments, unless the purpose is risk hedging,
3. acquire capital shares except for shares in Danish UCITS, capital funds and foreign investment institutions, cf. § 143, subsection 1, nos. 2 and 3, with a view to selling these earlier than 6 months after acquisition, or
4. acquire positions in foreign currency except for the euro, when the position taking is done with a view to anything other than payment for the purchase of securities, goods, services, purchase or operation of real estate or for use in travel.

Subsection 2. The group of persons mentioned in subsection 1 may not acquire capital shares in companies that operate as mentioned in subsection 1, nos. 1-4. This does not apply, however, to the purchase of shares in banks, insurance companies, mortgage credit institutions or fund brokerage companies and shares in Danish UCITS, capital funds and foreign investment institutions, cf. § 143, subsection 1, nos. 2 and 3.

Subsection 3. The board must take a stance on which employees there is a significant risk of conflict between their own interests and the fund's interests, and therefore should be covered by the prohibition. The board must ensure that the relevant persons are aware of this. § 190 applies from the point in time where the person concerned has received information about this.

Subsection 4. The board must prepare guidelines for controlling compliance with the prohibitions in subsections 1 and 2, first sentence, for persons covered by subsection 1, including on reporting of asset positions.

Subsection 5. The external audit must once a year review the fund's guidelines pursuant to subsection 4 and in the audit protocol regarding the annual report state whether the guidelines are considered satisfactory and have functioned appropriately, and whether the fund's control procedures have given rise to remarks. If no audit protocol is kept, the information mentioned in the first sentence must appear from other corresponding documentation.

Subsection 6. A custodial institution is obliged upon request from the board in the fund to give the fund's external audit access to information about accounts and deposits and to issue extracts therefrom for persons covered by subsection 1.

Permission to Participate in the Management of Other Business etc.

§ 61. Persons who, according to law or articles of association, are employed by the board for a fund, may not without

17. april 2026. 25 Nr. 445.

The board's permission to own or operate independent business activities or as a board member, employee, or in any other way participate in the management or operation of other business activities than the association, cf. however subsection 4 and 5 and § 98, subsection 8 and 9.

Subsection 2. Other employees in an association, for whom there is a significant risk of conflicts between their own interests and the association's interests, may not without the management's permission own or operate independent business activities or as a board member, employee, or in any other way participate in the management or operation of another business activity than the association. The board shall be informed of permissions granted by the management.

Subsection 3. The board shall take a position on which employees there is a significant risk of conflicts between their own interests and the investment association's interests, and who therefore need the management's permission, cf. subsection 2, to own or operate independent business activities or as a board member, employee, or in any other way participate in the management or operation of another business activity than the association. The board shall ensure that the persons concerned are aware of this. § 190 applies from the time when the person concerned has received information about this.

Subsection 4. Directors and other senior employees must not be members of the board for or employed by the depositary company or another company with which the association has entered into significant agreements, or in companies that are group-related to these companies.

Subsection 5. The persons mentioned in subsections 1 and 2 may, however, hold corresponding positions in other investment associations, where there is overlap of personnel for the majority of the members of the board.

Subsection 6. All permissions granted by the board in accordance with subsection 3 shall appear in the board's minutes.

Subsection 7. The association shall at least once a year publish information about the positions that the board has given permission for in accordance with subsection 1. Furthermore, the external auditor in the audit report to the annual report shall give a declaration on whether the association owns securities issued by business activities covered by subsections 1 and 2. If no audit report is kept, the declaration mentioned in the second sentence shall appear in other corresponding documentation.

Disclosure of Confidential Information

§ 62. Board members, directors, other employees, and auditors in a Danish UCITS or in the Danish UCITS' depositary company, investment management company, or administration company must not unauthorizedly disclose or exploit confidential information that they have become aware of in the exercise of their position or office.

Subsection 2. The person who receives the information mentioned in subsection 1 is subject to the confidentiality obligation mentioned in subsection 1.

Subsection 3. Auditors for Danish UCITS, who receive funds as master institutions, and auditors for Danish UCITS, which invest as feeder institutions, may in accordance with subsection 1 exchange information in accordance with an agreement in accordance with § 4, subsection 4, no. 3.

Subsection 4. Depositary companies for investment associations, which receive funds as master institutions, and depositary companies for investment associations, which invest as feeder institutions, may exchange information in accordance with an agreement in accordance with § 4, subsection 4, no. 2.

Design of Investment Funds and SIKAVs etc.

§ 63. An investment association shall have effective forms of corporate governance, including

1. a clear organizational structure with a well-defined, transparent, and consistent division of responsibilities,
2. good administrative and accounting practices,
3. written business procedures for all significant activity areas,
4. effective procedures to identify, manage, monitor, and report on the risks that the association is or may be exposed to,
5. the resources necessary for the proper implementation of its business, and appropriate use of these,
6. procedures with a view to separating functions in connection with handling and prevention of conflicts of interest,
7. comprehensive internal control procedures,
8. secure control and security measures in the IT area, and
9. operational and administrative arrangements for the use of liquidity management tools.

Subsection 2. An investment association shall take into account sustainability risks when the investment association fulfills the requirements in subsection 1.

Subsection 3. A SIKAV shall have effective forms of corporate governance, including a clear organizational structure with a well-defined, transparent, and consistent division of responsibilities, and operational and administrative arrangements for the use of liquidity management tools.

Subsection 4. An investment association shall build and organize its business in such a way that the risk of conflicts of interest is limited as much as possible. If the association is managed together with other associations, the conflicts of interest between these shall be limited as much as possible.

Subsection 5. The Danish Financial Supervisory Authority may set detailed rules on

1. the matters mentioned in subsections 1-3,
2. remuneration and fees, when the board, management, and staff in an investment association or the board in a SIKAV, a Danish UCITS' investment management company or administration company, or investment advisors are remunerated or otherwise compensated other than with fixed amounts,
3. how investment associations and SIKAVs shall demonstrate and limit conflicts of interest,
4. transactions that are entered into between an investment association or its investment management company or administration company and a company with which the association or its investment management company or administration company has entered into significant agreements, or other companies that are group-related to such a company,

17. april 2026. 26 Nr. 445.

5. transactions that are entered into between a SIKAV or its investment management company or administration company and a company with which the SIKAV or its investment management company or administration company has entered into significant agreements, or other companies that are group-related to such a company, and

6. transactions that are entered into between an investment management company or administration company on behalf of a securities fund and a company with which the investment management company or administration company has entered into significant agreements, or other companies that are group-related to such a company.

Subsection 6. Transactions carried out in violation of the rules set in accordance with subsection 5, nos. 4-6, are invalid. Payments from an investment association or SIKAV or their investment management company or administration company or an investment management company or administration company on behalf of a securities fund, which are carried out in connection with transactions in violation of rules set in accordance with subsection 4, shall be refunded together with an annual interest on the amount corresponding to the interest set according to § 5, subsection 1 and 2, in the Interest Act.

Reporting Scheme

§ 63 a. An investment association and a SIKAV shall have a scheme where their employees can report violations or potential violations of the financial regulation committed by the investment association or SIKAV, including by employees or members of the board in the investment association or SIKAV, via a special, independent, and separate channel. Reports can be made anonymously. An investment association and a SIKAV shall follow up on reports to the scheme and be able to document in writing how the business has followed up on the reports. The Act on Protection of Whistleblowers applies to the scheme in the first sentence, cf. however § 2 in the Act on Protection of Whistleblowers.

Subsection 2. The scheme in subsection 1 can be established via collective agreement.

Subsection 3. Subsection 1 applies only to investment associations and SIKAVs that employ more than five employees. The scheme mentioned in subsections 1 and 2 shall be established no later than 3 months after the business has hired the sixth employee.

Subsection 4. The Danish Financial Supervisory Authority may in special cases, where the Danish Financial Supervisory Authority assesses that it would be pointless to establish a scheme, exempt from the requirement in subsection 1.

§ 63 b. An investment association and a SIKAV must not subject employees or former employees to unfavorable treatment or unfavorable consequences as a result of the employee or former employee having reported the investment association's or SIKAV's violation or potential violation of the financial regulation to the Danish Financial Supervisory Authority or to a scheme in the investment association or SIKAV. The same applies in connection with the determination, allocation, and payment of variable salary to employees or former employees.

Subsection 2. Employees or former employees whose rights are violated by a breach of subsection 1 may be awarded compensation in accordance with the principles in the Act on Equal Treatment of Men and Women with regard to Employment etc. The compensation is set with regard to the employee's or former employee's period of employment and the circumstances of the case otherwise.

Subsection 3. Subsections 1 and 2 cannot be derogated from by agreement to the detriment of the employee or former employee.

§ 63 c. If an employee or a former employee and an investment association or a SIKAV enter into an agreement on a confidentiality clause, it shall 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.

Subsection 2. Notwithstanding subsection 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 investment association or SIKAV. The same applies to reports to schemes according to § 63 a.

Investment Associations' Access to Delegate Administrative Tasks Beyond Daily Management

§ 64. An investment association shall ensure that the businesses to which the association delegates tasks are qualified and able to perform the relevant tasks. In cases where the delegation concerns investment management, the board may only delegate tasks to businesses that have permission to or are registered for the management of assets, cf. however § 48, subsection 3, and which are subject to supervision.

Subsection 2. The business to which the investment association has delegated tasks may only re-delegate the delegated tasks or part thereof to another business with permission in each case from the association's board, and only if this delegation results in more efficient administration of the association, cf. however § 48, subsection 10.

Subsection 3. The investment association's delegation of tasks must not prevent effective supervision of the association and must not prevent the association's administration from functioning or prevent the association from being managed in the interest of investors and customers.

Subsection 4. The association may only delegate tasks in connection with investment management to businesses that have their seat in a country outside the European Union or countries with which the Union has entered into an agreement in the financial area, when the Danish Financial Supervisory Authority can cooperate with the supervisory authorities in the relevant country.

§ 65. In delegation of tasks, an investment association shall ensure that the delegation agreement gives the association's management the opportunity at any time to effectively monitor the activities performed by the business to which the task is delegated.

Subsection 2. The agreement on delegation must not prevent the association from at any time giving further instructions to the business to which the task is delegated, and from terminating the agreement with immediate effect, if it is in the interest of investors and customers.

§ 66. An investment association, which intends to delegate the execution of tasks, cf. § 48, subsection 2, first sentence, shall, before the delegation schemes enter into force, notify the Danish Financial Supervisory Authority in writing about the content and conditions of the agreement. The same applies if a business, to which an investment association delegates tasks, with the board's consent re-delegates a task, cf. § 64, subsection 2.

Subsection 2. The Danish Financial Supervisory Authority sets detailed rules on,

1. when the conditions in subsection 1, § 48, subsections 2-4 and 6, § 64, and § 65 are fulfilled,
2. when an investment management company or administration company is considered to have delegated tasks to such an extent that the company is considered a shell company according to § 48, subsection 7, and can no longer be considered to administer the investment association, and
3. which tasks in relation to delegation are considered significant.

Section V General Provisions Chapter 9 Granting and Taking of Loans etc.

§ 67. A Danish UCITS must not grant loans to or provide guarantees for third parties.

Subsection 2. A Danish UCITS may, however, assume the liability connected with the acquisition of shares that are not fully paid. Such liabilities must not exceed 5 pct. of a section's assets.

§ 68. A Danish UCITS must not take loans.

Subsection 2. The Danish Financial Supervisory Authority may, however, allow a Danish UCITS on behalf of a section

1. to take short-term loans of up to 10 pct. of a section's assets except for loans with investment purposes, and

2. to take loans of up to 10 pct. of a section's assets for the acquisition of real estate that is absolutely necessary for the exercise of the Danish UCITS' business.

Subsection 3. The loans mentioned in subsection 2, nos. 1 and 2, may together amount to at most 15 pct. of a section's assets.

§ 69. A Danish UCITS must not carry out naked sales of securities, money market instruments, shares in collective investment undertakings, derivative financial instruments, and other money market instruments.

§ 70. Instruments that are admitted to trading on a regulated market or on another market shall, if they are traded outside the regulated markets in countries within the European Union or in countries with which the Union has entered into an agreement in the financial area, or corresponding markets in other countries, be traded at the same or a more favorable price than the one that could be obtained on the relevant market taking the size of the transaction into consideration.

§ 71. A Danish UCITS may acquire movable and immovable property if it is absolutely necessary for the exercise of its business.

Issuance of Shares

§ 72. The board of an investment association and SIKAV decides when a section carries out issuance of shares. For securities funds, the decision is taken by the board of the investment management company or administration company.

§ 73. Shares in a section of a Danish UCITS can only be subscribed against simultaneous payment of the issue price. Subscription cannot be made subject to conditions or at a discount. Fund shares are not covered by the first sentence.

Subsection 2. The Danish Financial Supervisory Authority may order a Danish UCITS to postpone the issuance of shares in a section if it is in the interest of investors or the public.

Subsection 3. The Danish Financial Supervisory Authority sets rules on the calculation of the issue price and on the information that a Danish UCITS shall publish about this.

Redemption of Shares

§ 74. A Danish UCITS shall redeem shares when an investor requests it.

Subsection 2. A Danish UCITS may postpone redemption of shares as mentioned in Annex 1, no. 1, when

1. the net asset value cannot be determined due to market conditions, or

2. the consideration of equal treatment of investors requires that the net asset value is first determined when the assets necessary for the redemption of shares are realized.

Subsection 3. A feeder institution may, in addition to the cases mentioned in subsection 2, postpone redemption of shares if the master institution, which the feeder institution invests in, on its own initiative or after the Danish Financial Supervisory Authority or another competent authority's order has postponed its redemption of shares.

Subsection 4. A Danish UCITS may, when it is in the interest of investors, temporarily postpone subscription, repurchase, and redemption of shares as mentioned in Annex 1, no. 1, or activate or deactivate liquidity management tools chosen from nos. 2-8 in Annex 1 in accordance with § 74 a. A Danish UCITS may, when it is in the interest of investors, activate side pockets as mentioned in Annex 1, no. 9.

Subsection 5. A Danish UCITS may only use postponement of subscription, repurchase, and redemption or activate side pockets, cf. subsection 4, in exceptional cases when the circumstances require it, and when the interest of investors is taken into consideration.

Subsection 6. A Danish UCITS notifies the Danish Financial Supervisory Authority in the following cases:

1. Immediately after activation or deactivation of the liquidity management tool mentioned in Annex 1, no. 2, about postponement of subscription, repurchase, and redemption.

2. Immediately after activation or deactivation of one or more of the liquidity management tools as mentioned in subsection 4 in a way that does not follow the normal business procedure as set in the Danish UCITS' articles of association or fund rules.

3. Within a reasonable time limit before activation or deactivation of side pockets as mentioned in subsection 5.

17. april 2026. 28 Nr. 445.

Subsection 7. The Danish Financial Supervisory Authority immediately informs the competent authorities in the investment management company's home country, the competent authorities in other countries in the European Union or in countries with which the Union has entered into an agreement in the financial area, if the Danish UCITS markets its shares there, and the European Securities and Markets Authority about any notification that the Danish Financial Supervisory Authority receives in accordance with subsection 6. If there are potential risks for the stability and integrity of the financial system, the Danish Financial Supervisory Authority immediately informs the European Systemic Risk Board about any notification that the Danish Financial Supervisory Authority receives in accordance with subsection 6.

Subsection 8. The Danish Financial Supervisory Authority may order a Danish UCITS to activate or deactivate the liquidity management tool as mentioned in Annex 1, no. 1, when there are risks for investor protection or financial stability. The following conditions must be fulfilled:

1. It is in the interest of investors.

2. It is under extraordinary circumstances.

3. The Danish UCITS has been consulted.

4. Activation or deactivation is necessary from a reasonable and balanced point of view.

Subsection 9. The Danish Financial Supervisory Authority notifies the competent authorities in the investment management company's home country, the competent authorities in other countries in the European Union or in countries with which the Union has entered into an agreement in the financial area, if the Danish UCITS markets its shares there, and the European Securities and Markets Authority about any order given according to subsection 8. If there are potential risks for the stability and integrity of the financial system, the Danish Financial Supervisory Authority immediately informs the European Systemic Risk Board about any order given according to subsection 8.

Subsection 10. The Danish Financial Supervisory Authority sets rules on the calculation of the redemption price and on the information that a Danish UCITS shall publish about this.

§ 74 a. A Danish UCITS shall choose at least two relevant liquidity management tools from the list in Annex 1, nos. 2-8. The selection shall be based on an appropriateness assessment of these tools, insofar as the section's intended investment strategy, liquidity profile, and redemption policy, cf. subsections 2 and 3.

Subsection 2. A Danish UCITS' choice of liquidity management tools in accordance with subsection 1 must not only include the tools that appear in Annex 1, nos. 5 and 6.

Subsection 3. Notwithstanding subsection 1, a Danish UCITS may choose only one liquidity management tool from those mentioned in the list in Annex 1, nos. 2-8, if the relevant Danish UCITS is approved as a money market fund in accordance with the Regulation of the European Parliament and of the Council on Money Market Funds.

Subsection 4. The Danish UCITS shall notify the Danish Financial Supervisory Authority about the choices of liquidity management tools mentioned in subsections 1-3 and the corresponding detailed policies and procedures for activation and deactivation of the chosen liquidity management tools, cf. § 51, subsection 1, no. 6, § 52, subsection 1, no. 7, and § 53, subsection 1, no. 3.

§ 74 b. A Danish UCITS may redeem shares in kind, cf. however subsections 2 and 3.

Subsection 2. Redemption in kind, cf. Annex 1, no. 8, can only be used to fulfill redemption requests from professional investors, and if the redemption in kind corresponds to a pro rata share of the section's assets, cf. however subsection 3.

Subsection 3. Notwithstanding subsection 2, the redemption in kind does not need to correspond to a pro rata share of the section's assets if the section is exclusively marketed to professional investors, or if the purpose of the section's investment policy is to replicate the composition of a specific stock or bond index, and if the relevant section is an exchange-traded fund as defined in Article 4, subsection 1, no. 46, in the Directive of the European Parliament and of the Council on Markets in Financial Instruments.

§ 75. If a Danish UCITS has made an error that has resulted in a deviation of 0.5 pct. or more in the calculation of the issue or redemption price, the Danish UCITS shall ensure that the affected investors are notified about the error, and publish information about the error. The Danish UCITS shall, within 3 business days after the error is discovered, begin correction of the error.

Subsection 2. The Danish Financial Supervisory Authority may set detailed rules on Danish UCITS' duty to notify the affected investors about errors of 0.5 pct. or more in the calculation of the issue or redemption price.

§ 76. When a section in a Danish UCITS invests in shares in other sections or in foreign investment institutions that are managed directly or through delegation by the same investment management company or by another company with which the investment management company is connected through common administration or control or through a significant direct or indirect participation, the investment management company or the other company must not charge subscription or redemption fees for the section's investments in shares in the other sections or in the foreign investment institutions.

§ 77. A master institution must not

1. charge a subscription fee when a feeder institution invests in shares in the master institution, or

2. charge a redemption fee when a feeder institution redeems shares in the master institution.

§ 78. If a feeder institution, its investment management company or administration company, or a person acting on behalf of the feeder institution, receives sales fees, commissions, or money when the feeder institution invests in shares in a master institution, the received amount shall belong to the feeder institution's assets.

17. april 2026. 29 Nr. 445.

Chapter 10 Investment Certificates etc. § 79. If a sub-fund is certificate-issuing, it shall issue one or more investment certificates to each investor. If a sub-fund is account-keeping, the relevant Danish UCITS shall keep a register of the investors' shares and issue a printout of the register to the investors as documentation of the investors' share of the sub-fund's assets. § 80. If a sub-fund's shares are issued following a decision by the board of directors through a securities depository, all costs associated therewith shall be borne by the sub-fund. The Danish UCITS shall enter into an agreement with one or more account-keeping institutions so that the investors can, at the sub-fund's expense:

1. have their shares etc. registered and stored there, and
2. receive notification of dividends etc. and an annual account statement. Subsection 2. Investors have the right to themselves appoint an account-keeping institution that performs the tasks mentioned in subsection 1, items 1 and 2, at the sub-fund's expense, provided that the institution undertakes to perform the tasks for the same cost as the sub-fund would have incurred with an institution with which the Danish UCITS has entered into an agreement. § 81. If an investment certificate is transferred as property or pledge, § 14, subsection 1 and 2, of the Act on Debentures applies mutatis mutandis. This does not apply, however, if, in accordance with a provision in the Danish UCITS' articles of association or fund regulations, an unequivocal and conspicuous reservation has been made in the investment certificate stating that it is not a negotiable instrument. Section VI Annual Report, Audit and Use of the Year's Surplus Chapter 11 Annual Report and Audit § 82. Danish UCITS shall prepare an annual report, which shall consist at least of a management report and a management statement for the relevant Danish UCITS, and an annual account for each individual sub-fund consisting of an income statement, a balance sheet and notes, including a statement of the accounting policies applied. When an annual account has been audited, the auditor's report forms part of the annual report. Subsection 2. The statement of the accounting policies applied may, regardless of subsection 1, be prepared as a joint statement for the sub-funds. Subsection 3. The annual report shall be prepared in accordance with the rules in this chapter and rules issued pursuant to § 95. § 83. The board of directors and the executive management shall prepare the annual report for an investment fund. The board of directors shall prepare the annual report for a SIKAV. For investment funds, the annual report shall be prepared by the board of directors and executive management of the investment management company or administration company. Subsection 2. Each individual member of the management is responsible for ensuring that the annual report is prepared in accordance with legislation and any additional requirements for accounts in the articles of association, fund regulations or agreement. Furthermore, each individual member of the management is responsible for ensuring that the annual account can be audited in good time and that the annual report can be approved in good time. Finally, each individual member of the board of directors is responsible for ensuring that the annual report is sent to the Danish Financial Supervisory Authority, cf. § 93, subsection 1, and the Danish Business Authority, cf. § 94, subsection 1, within the time limits set by legislation. § 84. All members of the management, cf. § 83, subsection 1, shall sign the annual report when it has been prepared and date the signature. They shall give their signature in connection with a management statement, in which each individual member's name and function in relation to the Danish UCITS are clearly indicated, and in which they declare whether:
3. the annual report has been prepared in accordance with the requirements of legislation and any requirements in the articles of association, fund regulations or agreement,
4. the annual account gives a true and fair view of the Danish UCITS' sub-funds' assets and liabilities and financial position as well as the result, and
5. the management report contains a true and fair description of the development in the Danish UCITS' sub-funds' activities and financial affairs and a description of the most significant risks and uncertainties that the Danish UCITS or the sub-funds respectively may be affected by. Subsection 2. If the annual report is signed digitally, cf. § 187, the requirement in subsection 1 that the signature and the dating of the signature be given in connection with the management statement is waived. The signer's name must, however, be clearly indicated in connection with the management statement. Subsection 3. If the management has included supplementary reports in the annual report, the management must declare in the management statement whether the report gives a true and fair description within the framework of generally accepted guidelines for such reports. Subsection 4. Even if a member of the management disagrees entirely or partially with the annual report or has objections to its approval with the content that has been decided upon, the member cannot refrain from signing. The member of the management may, however, indicate their objections with a concrete and comprehensive justification in connection with their signature and the management statement. § 85. The annual account shall give a true and fair view of the Danish UCITS' sub-funds' assets and liabilities and financial position as well as the result. The management report shall contain a true and fair description of the matters dealt with in the report. Subsection 2. If the application of the rules in this Act or rules issued pursuant to § 95 is not sufficient to give a true and fair view as mentioned in subsection 1, additional information shall be provided in the annual account. Subsection 3. If the application of the rules in this chapter or rules issued pursuant to § 95 in special cases would conflict with the requirement in subsection 1, first sentence, they shall be departed from so that this requirement is met. Such a departure shall be disclosed in the notes every year and always justified concretely and comprehensively with information about the impact, including as far as possible the financial impact, the departure has on the Danish UCITS' sub-funds' assets and liabilities and financial position as well as the result. § 86. In order for the annual account to give a true and fair view, and for the management report to contain a true and fair description, cf. § 85, the rules in subsections 2 and 3 must be met. Subsection 2. The annual report shall be prepared in such a way as to support the users of the accounts in their economic decisions. The users of the accounts referred to are persons, companies, organizations and public authorities etc., whose economic decisions are normally expected to be affected by an annual report, including current or future investors, creditors, employees, customers, alliance partners, the local community and grant-giving and fiscal authorities. The decisions referred to must at least concern:
6. the allocation of the user's own resources,
7. the management of the Danish UCITS' resources by the management, and
8. the distribution of the Danish UCITS' resources. Subsection 3. The annual report shall disclose matters that are normally relevant to the users of the accounts, cf. subsection 2. The information must additionally be reliable, in relation to what the users of the accounts normally expect. § 87. The annual report shall be prepared on the following basic assumptions:
9. It shall be prepared in a clear and comprehensible manner (clarity).
10. Account shall be taken of the actual circumstances and not of formalities without real content (substance).
11. All relevant matters shall be included in the annual report, unless they are insignificant (materiality). If several insignificant matters are considered together to be significant, they must, however, be included.
12. The operation of an activity is assumed to continue (going concern), unless it should not or cannot be assumed to be able to continue. If an activity is wound up, the classification and presentation as well as recognition and measurement shall be adapted to this wind-up.
13. Any change in value shall be shown regardless of the impact on the assets and the income statement (neutrality).
14. Transactions, events and changes in value shall be recognized when they occur, regardless of the time of payment (accrual basis).
15. Recognition methods and measurement bases shall be applied consistently to the same category of matters (consistency).
16. Each transaction, event and change in value shall be recognized and measured separately, and the individual matters must not be offset against each other (gross value).
17. The opening balance for the financial year shall correspond to the closing balance for the preceding financial year (formal continuity). Subsection 2. Presentation and classification, consolidation method, recognition method and measurement basis as well as the monetary unit used must not be changed from year to year (real continuity). Change may, however, be made if this better achieves a true and fair view, or if the change is necessary to comply with new legislative rules or new rules issued pursuant to § 95. Subsection 3. The provisions in subsection 1, items 6-9, and subsection 2 may be departed from in special cases. In that event, § 85, subsection 3, second sentence, applies mutatis mutandis. Subsection 4. The Minister for Business may, regardless of subsection 1, item 8, set rules on the obligation to offset. § 88. Assets and liabilities shall, unless otherwise provided pursuant to § 95, be measured at fair value. Assets and liabilities shall be written up and down in accordance therewith, and write-ups and write-downs shall be recognized in the income statement, unless otherwise provided pursuant to § 95. § 89. Supplementary reports, e.g. reports on knowledge and employees' conditions, on environmental matters, on the Danish UCITS' social responsibility and on the Danish UCITS' ethical objectives and follow-up thereon, shall give a true and fair description within the framework of generally accepted guidelines for such reports. They must meet the quality requirements in § 86, subsection 3, and, with the relaxations that follow from the nature of the matter, the basic assumptions in § 87, subsections 1 and 2. Subsection 2. The methods and measurement bases on which the reports are prepared must be apparent from the supplementary reports. § 90. The financial year shall follow the calendar year. Subsection 2. The first financial period may cover a shorter or longer period than 12 months, but no more than 18 months. Subsection 3. The Danish UCITS must ensure that subsidiaries have the same financial year as the Danish UCITS, unless this is not possible due to circumstances beyond the control of the Danish UCITS and its subsidiaries. § 91. Recognition, measurement and disclosure in monetary units shall be made in Danish kroner or in euros. The Danish Financial Supervisory Authority may, in rules issued pursuant to § 95, stipulate that the amounts are stated in other foreign currencies that are relevant for the relevant Danish UCITS' sub-funds or share classes. § 92. The annual report shall be audited by the Danish UCITS' external auditors, cf. § 98. The audit does not cover the management report and the supplementary reports included in the annual report, cf. § 89. The auditor must, however, give an opinion on whether the information in the management report is consistent with the annual account. § 93. The annual report shall, in the form in which it has been presented and approved by the board of directors, be sent in one copy to the Danish Financial Supervisory Authority without undue delay after the board meeting where the annual report is finally approved. Subsection 2. The external auditor's audit protocol regarding the annual report and the audit protocol regarding the annual report from the internal audit director shall be sent to the Danish Financial Supervisory Authority simultaneously with the submission of the annual report pursuant to subsection 1. If the external auditor does not keep an audit protocol regarding the annual report, other corresponding documentation shall be submitted. § 94. The approved annual report shall be submitted to the Danish Business Authority without undue delay after final approval and no later than 4 months after the end of the financial year. The prepared interim report shall likewise be submitted to the Danish Business Authority no later than 2 months after the end of the interim period. Subsection 2. The submitted annual report must at least contain the mandatory components and the full auditor's report. If the company wishes to have supplementary reports as mentioned in § 89 published, these must be sent together with the mandatory components of the annual report, so that the mandatory components and the supplementary reports together appear as one document designated as the annual report. Subsection 3. The Danish Financial Supervisory Authority may, after consultation with the Danish Business Authority, set detailed rules on the submission of annual reports and interim reports to the Danish Business Authority and rules on the publication of annual reports and interim reports. Detailed rules may be set therein on the submission of annual reports and interim reports digitally to the Danish Business Authority, and that communication in connection therewith shall be carried out digitally. Subsection 4. The Danish UCITS shall, upon request, issue the latest audited annual report and the latest half-year report free of charge. Subsection 5. A feeder institution with a foreign master institution shall send the master institution's annual report and half-year report to the Danish Financial Supervisory Authority by digital communication. § 95. The Minister for Business sets detailed rules for the annual report, including rules on the recognition and measurement of assets, liabilities, income and expenses, the presentation of the income statement and balance sheet as well as requirements for notes and the management report. Subsection 2. The Minister for Business may also set rules for group accounts, including rules on when an annual report must include a group account. Subsection 3. The Minister for Business may set rules for the preparation and publication of financial reports covering periods shorter than the annual report. Subsection 4. The Minister for Business may set detailed rules on the publication of annual reports for investment funds. § 96. With a view to ensuring that Danish UCITS' annual reports are in accordance with the rules in this chapter and the rules issued pursuant to § 95, the Danish Financial Supervisory Authority may:
18. provide guidance,
19. point out violations, and
20. order that errors be corrected and violations be discontinued. § 97. Danish UCITS shall make regular accounting reports to the Danish Financial Supervisory Authority in accordance with forms and guidelines thereto prepared by the Danish Financial Supervisory Authority. Reports shall be sent to the Danish Financial Supervisory Authority in electronic form. Subsection 2. The Danish Financial Supervisory Authority may grant exemption from the requirement in subsection 1, second sentence. § 98. The Danish UCITS must have at least one state-authorised auditor. The Danish Financial Supervisory Authority may in special cases appoint an additional auditor. This auditor functions on the same terms and according to the same rules as the auditors elected by the general meeting. Subsection 2. The auditors of a Danish UCITS must also be auditors in their subsidiaries. Subsection 3. The Danish Financial Supervisory Authority may dismiss an auditor who is found obviously unsuitable for their duties and instead appoint another auditor, cf. subsection 1, who functions until a new election can be made. Subsection 4. In the event of a change of auditor, the Danish UCITS and the auditor must each give the Danish Financial Supervisory Authority a statement if the change is due to special circumstances. Subsection 5. The Danish Financial Supervisory Authority may order the auditor and the internal audit director to provide information about the circumstances in a Danish UCITS or in a Danish UCITS' subsidiaries. Subsection 6. The Danish Financial Supervisory Authority may arrange an extraordinary audit in a Danish UCITS or in one of its subsidiaries. The Danish UCITS may be ordered to pay for the execution of the audit. The Danish Financial Supervisory Authority approves the size of the fee. Subsection 7. §§ 144-149 of the Companies Act on audit apply mutatis mutandis with the necessary adaptations to Danish UCITS. Subsection 8. The board of directors may not, cf. § 61, subsection 1, allow internal audit and deputy audit directors to perform audit tasks in companies outside the group. The board of directors may not also allow internal audit and deputy audit directors to perform other work within the Danish UCITS or the group. The Danish Financial Supervisory Authority may in special cases grant exemption from the first sentence. Subsection 9. The board of directors may not, cf. § 61, subsection 1, allow internal audit and deputy audit directors to take on duties that cause them to conflict with impartiality provisions corresponding to those that, pursuant to the Auditor Act and Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of undertakings of public interest, apply to external auditors for undertakings of public interest. Subsection 10. The Danish Financial Supervisory Authority sets detailed rules on the implementation of the audit in Danish UCITS and in their subsidiaries. Thereby, the Danish Financial Supervisory Authority may set provisions on internal audit and on the implementation of the system audit in common data centres. § 99. When Danish UCITS, which are part of a master-feeder structure, do not have the same auditor, the auditors must enter into an agreement on the exchange of information, cf. § 4, subsection 4, item 3, which must ensure that the auditors' obligations can be fulfilled, including the obligations mentioned in subsection 2. Subsection 2. The auditor in the feeder institution must, when formulating their statement, take into account the statement or any preliminary declaration, cf. second sentence, in the master institution and specifically in their statement pass on information about reservations or supplementary information that appear in the auditor's report or the preliminary declaration in the master institution, and declare on their significance for the feeder institution. If the master institution and the feeder institution have different financial years, the auditor in the master institution must prepare a preliminary declaration on the date of the feeder institution's financial year-end. § 100. An external auditor must immediately notify the Danish Financial Supervisory Authority of any matter and any decision regarding the Danish UCITS and its sub-funds of which the auditor becomes aware in the course of performing their duties as auditor, and which may:
21. constitute a significant violation of legislative provisions or regulations that set the conditions for the granting of authorization, or that specifically concern the Danish UCITS' and its sub-funds' activities,
22. affect the continued operation of the Danish UCITS' and its sub-funds', or
23. lead to a refusal to sign the accounts or to the conclusion being modified. Subsection 2. The obligation to notify also covers any matter and any decision covered by subsection 1, of which the external auditor becomes aware as auditor for a company that has close connections with the Danish UCITS, the investment company, the administration company or the depositary. Use of the Year's Surplus in Danish UCITS § 101. A sub-fund's or a share class's surplus (net income) must either be distributed to investors in the form of dividends or allocated to increase the assets in accordance with the articles of association or fund regulations thereon, cf. however § 19, item 25, as far as investment funds are concerned, and § 20, subsection 1, item 26, as far as SIKAVs are concerned. At least once a year, a sub-fund or a share class must pay out dividends or, in the case of allocation, notify investors of the size of the allocated amount. Subsection 2. The general meeting of an investment fund or SIKAV may, in accordance with the provisions of the articles of association thereon, decide that dividends are wholly or partially transferred to distribution for subsequent financial years. Subsection 3. As far as investment funds are concerned, the board of directors of the investment management company or administration company may, in accordance with the fund regulations, decide that dividends are wholly or partially transferred to distribution for subsequent financial years. Section VII Prospects, Central Information and Information on Share Classes Chapter 12 Information Prospect § 102. When offering shares, a Danish UCITS must publish a prospectus for the Danish UCITS or for each sub-fund or group of sub-funds under the same Danish UCITS. Subsection 2. The Danish UCITS must issue the prospectus free of charge to investors or interested investors upon request. Subsection 3. The Danish UCITS must continuously keep the essential parts of a prospectus up to date. Subsection 4. Prospectuses and changes thereto must be sent to the Danish Financial Supervisory Authority simultaneously with the publication. Subsection 5. The Danish Financial Supervisory Authority sets detailed rules on the information that prospectuses must contain, how and when the prospectus must be issued, and on the updating of prospectuses. Central Information § 103. When offering shares in a Danish UCITS, the Danish UCITS must prepare and publish on its website a document with central information for each sub-fund or share class in accordance with the requirements of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), cf. however subsection 2. Subsection 2. When offering shares in a Danish UCITS to professional investors, the Danish UCITS may, instead of preparing a document as mentioned in subsection 1, prepare a document with central investor information for each sub-fund or share class that meets the requirements of Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards central investor information and the conditions to be met when central investor information or the prospectus is issued on another durable medium than paper or via a website. Central investor information, including the name of the Danish UCITS, constitutes information that must be given prior to the conclusion of an agreement. The information must be reasonable and clear, it must not be misleading, and it must be consistent with the relevant parts of the prospectus. Subsection 3. The Danish UCITS regularly reviews the information in the document, cf. subsections 1 and 2, and changes the document if the review shows that this is necessary. The amended version must be made immediately available on the Danish UCITS' website. Subsection 4. The document, cf. subsection 1 or 2, and subsequent changes thereto must be sent to the Danish Financial Supervisory Authority no later than 3 business days after publication. From 10 January 2028, the document and subsequent changes thereto must be sent to the Danish Financial Supervisory Authority simultaneously with publication. § 103 a. (Repealed) Obligations for Master Institutions § 104. A master institution must in good time provide each feeder institution that invests the major part of its funds in the master institution with all the documents and information necessary for the feeder institution to fulfil its obligations under this Act. Subsection 2. Upon request, the feeder institution must issue the agreement mentioned in § 4, subsection 4, item 1, and the annual and half-year reports free of charge to the feeder institution's investors or interested investors.

Publication of Issue and Redemption Prices and Other Material Matters

§ 105. A Danish UCITS shall publish the price at issue and redemption at least twice a month. Subsection 2. The Financial Supervisory Authority may permit publication to take place only once a month if this does not harm the interests of investors.

§ 106. In connection with any subscription or redemption of shares in a Danish UCITS, the Danish UCITS or intermediaries of shares in the Danish UCITS shall provide information to the investor about the price at issue or redemption.

Other Information

§ 107. A Danish UCITS that has share classes shall state on its website which share classes have been established, including providing information about the characteristics applicable to each share class and the principles for the allocation of costs. If the company does not have a website, the aforementioned information about share classes shall be provided upon request.

§ 108. A Danish UCITS shall within 3 business days publish information about the suspension or postponement of redemption of shares, about the replacement of the depositary, investment management company, or administration company, about changes in fee rates in relation to investors, and about changes in other material matters.

§ 108a. An investment fund that has not delegated daily management to an investment management company shall prepare and publish a policy on active ownership of companies whose shares are admitted to trading on a regulated market, describing how the investment fund integrates active ownership into its investment strategy. Subsection 2. The policy on active ownership, cf. subsection 1, shall describe how the investment fund

1. monitors companies in which it invests, within relevant areas, including strategy, financial and non-financial results, risk, capital structure, social and environmental impact, and good corporate governance,
2. engages in dialogue with companies in which it invests,
3. exercises voting rights and other rights attached to shares,
4. cooperates with other shareholders,
5. communicates with stakeholders in companies in which it invests, and
6. handles actual and potential conflicts of interest in connection with the shareholder's active ownership. Subsection 3. An investment fund that has not delegated daily management to an investment management company shall publish annually how the investment fund's policy on active ownership has been implemented, including a general description of voting and a report on the most significant votes and the fund's use of advisory proxy services. Subsection 4. An investment fund that has not delegated daily management to an investment management company shall publish how the investment fund voted at general meetings of companies in which it holds shares. Votes that are insignificant due to the subject matter of the vote or the size of the capital share in the relevant company may be omitted from the publication. Subsection 5. An investment fund that has not delegated daily management to an investment management company may choose not to comply with one or more of the requirements in subsections 1-4 if the investment fund publishes a clear and reasoned explanation of why the fund has chosen this. Subsection 6. The information to be published pursuant to subsections 1-5 shall be freely available on the investment fund's website. Subsection 7. Rules on conflicts of interest in other legislation applicable to investment funds that have not delegated daily management to an investment management company apply mutatis mutandis in connection with activities regarding active ownership.

Section VIII Termination Chapter 13 Winding up, withdrawal of license, liquidation, simplified winding up, bankruptcy, merger, split, transfer, status change, and conversion

Winding up of Share Classes

§ 109. A decision to wind up a share class in an investment fund or SIKAV is made by the investors in the share class at a general meeting, cf. however subsection 2. If the investors in the share class do not wish to have their shares transferred to another share class, the winding up is carried out by the section redeeming all shares issued in the share class. Subsection 2. If a share class in an investment fund or SIKAV has never had investors, the board of directors may make a decision to wind up the share class. Subsection 3. A decision to wind up a share class in a securities fund is made by the board of directors of the investment management company or administration company that administers the fund. Before the winding up is carried out, the board of directors shall inform the Financial Supervisory Authority, which must approve the winding up and its terms. If the investors in the share class do not wish to have their shares transferred to another share class, the winding up is carried out by the section redeeming all shares issued in the share class. Subsection 4. The Financial Supervisory Authority may order a Danish UCITS to wind up a share class if the share class has not commenced its business no later than 12 months after the board of directors has made a decision on the establishment of the share class. Subsection 5. When a share class has been wound up, the Danish UCITS shall immediately notify the Financial Supervisory Authority thereof. If the winding up concerns a share class in an investment fund or SIKAV, the notification in the first sentence shall state the reason for the decision and who made the decision. Subsection 6. The Financial Supervisory Authority may deprive a Danish UCITS of the right to have share classes if the Danish UCITS' or its investment management company's or administration company's administrative systems, accounting practices, or handling and prevention of conflicts of interest do not ensure the interests of investors.

Withdrawal of License

§ 110. The Financial Supervisory Authority may withdraw or suspend a Danish UCITS' or section's license if the Danish UCITS or section

1. requests this,
2. no longer meets the conditions for obtaining a license,
3. does not commence business no later than 12 months after the grant of the license,
4. does not exercise business for a period of more than 6 months,
5. commits a serious or repeated violation of rules in this law or of rules issued pursuant to the law, or
6. commits serious or repeated violations of the Money Laundering Act. Subsection 2. If an investment management company's or an administration company's license to administer the securities fund is withdrawn, the Financial Supervisory Authority shall appoint an administrator who takes the securities fund under administration. The administrator must be an investment management company that shall safeguard the interests of the securities fund and its investors. The administrator shall without undue delay ensure that the securities fund is transferred to an investment management company that can take over and continue the administration of the securities fund. If the Financial Supervisory Authority cannot appoint an administrator, or if the securities fund cannot be transferred to another investment management company, the securities fund shall be wound up by liquidation. Subsection 3. The remuneration for the administrator and other costs in connection with the administration shall be paid by the original investment management company or administration company. If this company does not have the necessary funds, the aforementioned costs shall be paid from the securities fund's assets. The amount of the remuneration is determined after negotiation with the Financial Supervisory Authority.

§ 110a. The Financial Supervisory Authority may exercise the powers following from Article 24, subsection 2, points (a), (b), and (d), and subsection 4, of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs).

§ 111. When the Financial Supervisory Authority withdraws a Danish UCITS' or a section's license pursuant to § 110, these shall be wound up.

Winding Up

§ 112. A decision to wind up an investment fund, SIKAV, or a section in one of these is made by the general meeting, cf. however § 116. Subsection 2. The general meeting's decision to wind up pursuant to subsection 1 shall state whether the winding up shall be carried out by liquidation or by simplified winding up. Subsection 3. A decision to wind up a securities fund or a section in a securities fund is made by the board of directors of the investment management company or administration company that administers the fund. The board of directors shall, immediately following the decision to wind up, inform the investors, including stating when the winding up is expected to be carried out. Subsection 4. The board of directors' decision to wind up pursuant to subsection 3 shall state whether the winding up shall be carried out by liquidation or by simplified winding up. Subsection 5. The Financial Supervisory Authority may set a deadline for the adoption of a decision pursuant to subsections 1 and 3. If the deadline is exceeded, the Financial Supervisory Authority may decide that the winding up shall be carried out by liquidation and appoint a liquidator. Subsection 6. The Financial Supervisory Authority may, if the interests of a Danish UCITS' investors or creditors so dictate, determine that the winding up shall be carried out by liquidation. Subsection 7. The rules in subsections 1-6 do not apply to winding up pursuant to § 119, subsection 7, § 125, subsection 7, and § 130, subsection 4.

Liquidation

§ 113. The general meeting's or board of directors' decision on liquidation shall contain a provision on who shall be the liquidator. The liquidator takes over the management. Subsection 2. The Financial Supervisory Authority may appoint a liquidator to carry out the liquidation instead of or together with the person or persons chosen by the general meeting, if the interests of the investors or the fund's creditors so dictate. Subsection 3. The liquidator may be dismissed at any time by the authority that appointed the person in question.

§ 114. The liquidator shall notify the Financial Supervisory Authority no later than 2 weeks after the general meeting's or board of directors' decision on liquidation that a decision has been made. Subsection 2. A Danish UCITS or a section thereof that is under liquidation shall retain its name with the addition "in liquidation". Subsection 3. The liquidator shall, as soon as possible, by a notice in the Official Gazette with a warning of at least 3 months, invite creditors of a Danish UCITS to register their claims. The invitation to register claims shall simultaneously be sent to all known creditors. Subsection 4. If the liquidator cannot recognize a claim that is registered, the liquidator shall notify the creditor thereof by registered mail 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 5. The liquidator may earliest distribute the liquidation proceeds and conclude the liquidation proceedings when the deadline set in the notice referred to in subsection 3 has expired and

1. possible disputes pursuant to subsection 4 have been resolved and
2. all debt to creditors has been paid. Subsection 6. The liquidator shall ensure that a liquidation account is prepared, which is audited by the Danish UCITS' auditor. Subsection 7. In the liquidation of an investment fund or SIKAV or a section thereof, the liquidation account in audited form shall be approved by the general meeting. Within 2 weeks after the general meeting's approval of the audited liquidation account, the liquidator shall notify the Financial Supervisory Authority thereof, enclosing one copy of the liquidation account. Subsection 8. In the liquidation of a securities fund or a section in a securities fund, the liquidator shall, when an audited liquidation account is available, submit one copy thereof to the Financial Supervisory Authority.

Simplified Winding Up

§ 115. The Financial Supervisory Authority may, upon application from a Danish UCITS, permit the Danish UCITS or a section thereof to be wound up by simplified winding up, when the Financial Supervisory Authority deems it prudent and in the interests of investors. Subsection 2. The application shall be accompanied by

1. a plan for how the Danish UCITS wishes to wind up,
2. a declaration from the Danish UCITS' depositary or another credit institution that the institution will guarantee due, undued, and disputed debt, and
3. the fund's articles of association, where the fund has added "under winding up" to the fund's or section's name. Subsection 3. When the Financial Supervisory Authority has granted permission for simplified winding up, the fund may commence the winding up. Subsection 4. A simplified winding up of a Danish UCITS or a section thereof is only valid when the Financial Supervisory Authority has given final approval of the winding up. Subsection 5. Before the Financial Supervisory Authority can give final approval of a simplified winding up pursuant to subsection 4, the management of the Danish UCITS shall send a declaration to the Financial Supervisory Authority that all debt to creditors has been paid and that investors have received the distribution of the winding up proceeds. If the wound-up entity is subject to tax, the Danish UCITS shall furthermore send a declaration from the tax authorities that there are no tax and duty requirements regarding the wound-up entity. Subsection 6. The Financial Supervisory Authority may dispense with the requirements in subsection 2, point 2, and subsection 5, if the Authority assesses that this is not contrary to the interests of investors or creditors.

Winding up of Investment Funds, SIKAVs, and Sections Thereof Without Investors

§ 116. If an investment fund or SIKAV or a section thereof has never had investors, a decision to wind up is made by the board of directors. Subsection 2. The board of directors shall notify the Financial Supervisory Authority of the decision pursuant to subsection 1. The notification shall be accompanied by a declaration from the board of directors stating that the investment fund, SIKAV, or section thereof has no debt and has never had any investors. Subsection 3. The winding up of an investment fund, SIKAV, or section thereof that has never had investors is only valid when the Financial Supervisory Authority has approved the winding up. Subsection 4. The Financial Supervisory Authority may set a deadline for the adoption of the decision referred to in subsection 1. If the deadline is exceeded, the Financial Supervisory Authority may decide that an investment fund, SIKAV, or section thereof shall be wound up by liquidation and appoint a liquidator.

Financial Supervisory Authority's Powers and Danish UCITS' Duties During Winding Up

§ 117. The provisions of this law regarding the Financial Supervisory Authority's powers and Danish UCITS' duties towards the Financial Supervisory Authority apply mutatis mutandis to Danish UCITS and sections thereof that are under winding up.

Bankruptcy

§ 118. The rules on bankruptcy applicable to companies in § 233, subsections 1, 2, and 4, and § 234, subsection 2, first and third sentences, of the Companies Act apply with the necessary adjustments mutatis mutandis to Danish UCITS and sections thereof. Subsection 2. § 233, § 234, subsections 1 and 3, and § 235 on bankruptcy in the Act on Financial Business apply with the necessary adjustments mutatis mutandis to Danish UCITS and sections thereof. Subsection 3. If an investment management company or an administration company that administers a securities fund is declared bankrupt, the Financial Supervisory Authority shall appoint an administrator who takes the securities fund under administration. The administrator, who must be an investment management company, shall safeguard the interests of investors, whereby investors collectively occupy a separate position in the bankruptcy estate. The administrator shall, together with the trustee in bankruptcy, without undue delay ensure that the securities fund is transferred to an investment management company that can take over and continue the administration of the fund. Individual enforcement cannot be asserted against the assets of the securities fund. If the Financial Supervisory Authority cannot appoint an administrator, or if the securities fund cannot be transferred to another investment management company, the trustee in bankruptcy shall wind up the securities fund. Subsection 4. The remuneration for the administrator and other costs in connection with the administration shall be paid from the securities fund's assets. The amount of the remuneration is determined after negotiation with the Financial Supervisory Authority.

Merger

§ 119. A Danish UCITS may merge with another Danish UCITS, and a section in a Danish UCITS may merge with another section in a Danish UCITS. Prior to the merger, the merging entities shall publish a merger plan. Merger may take place without the creditors' consent. Subsection 2. A merger of Danish UCITS or sections thereof is not valid until the Financial Supervisory Authority has approved the merger. Subsection 3. A merger of Danish UCITS is carried out by the ceasing Danish UCITS transferring its sections to the continuing Danish UCITS. Subsection 4. A merger of sections is carried out by the ceasing section transferring assets and liabilities as a whole to the continuing section. Subsection 5. In the merger of sections, investors in the ceasing section shall have exchanged their shares for shares in the continuing section. Upon exchange of shares, investors in the ceasing section become investors in the continuing section. Subsection 6. Excess amounts arising from the exchange of shares in a merger between sections shall be paid to investors by the ceasing section. Subsection 7. A decision to merge the only or last section in a Danish UCITS, where this is the ceasing entity, is deemed simultaneously to be a decision to wind up the Danish UCITS. An application to the Financial Supervisory Authority for approval of such a merger shall be accompanied by a declaration from the Danish UCITS' management that all debt to creditors, which is not taken over by the continuing entity as part of the merger, has been paid.

§ 120. In an investment fund, SIKAV, or section thereof, a decision on merger in the ceasing entity is made by the general meeting and in the continuing entity by the board of directors. Subsection 2. A decision on merger of a securities fund or section thereof is made by the board of directors of the fund's investment management company or administration company.

§ 121. The entities ceasing by merger are deemed wound up when the Financial Supervisory Authority has approved the merger and the merger has been carried out.

§ 122. The Financial Supervisory Authority may set detailed rules on merger.

Cross-Border Merger

§ 123. The rules on cross-border merger in §§ 124 and 125 apply to a merger of

1. a section in a Danish UCITS and one or more UCITS or sections thereof established in one or more other EU Member States or in one or more countries with which the Union has concluded an agreement in the financial sector,
2. two or more sections in one or more Danish UCITS, whereby a new investment institution is established in another EU Member State or in a country with which the Union has concluded an agreement in the financial sector, or
3. two or more sections in one or more Danish UCITS, where at least one of the institutions has notified marketing in another EU Member State or in a country with which the Union has concluded an agreement in the financial sector.

§ 124. A decision that a section shall merge cross-border is made in a SIKAV or investment fund by the general meeting if the section is the ceasing entity. Subsection 2. A decision that a section shall merge cross-border is made in a SIKAV or investment fund by the board of directors if the section is the continuing entity. Subsection 3. A decision on cross-border merger of a section in a securities fund is made by the board of directors of the securities fund's investment management company or administration company.

§ 125. A section in a Danish UCITS may merge cross-border with another UCITS or sections thereof. Prior to the merger, the merging entities shall publish a merger plan. Merger may take place without the creditors' consent. Subsection 2. A cross-border merger, where the ceasing entity has a license in this country, is not valid until the Financial Supervisory Authority has approved the merger. Subsection 3. The entities ceasing by merger are deemed wound up when the Financial Supervisory Authority has approved the merger and the merger has been carried out. Subsection 4. A merger is carried out by the ceasing entity or the ceasing entities transferring assets and liabilities as a whole to the continuing entity. Subsection 5. In the merger, investors in the ceasing entity shall have exchanged their shares for shares in the continuing entity. Upon exchange of shares, investors in the ceasing entity become investors in the continuing entity. Subsection 6. Excess amounts arising from the exchange of shares in the ceasing entity with shares in the continuing entity shall be paid to investors in the ceasing entity. Such an amount may not exceed 10 percent of the value of the shares exchanged from the ceasing entity. Subsection 7. A decision to merge the only or last section in a Danish UCITS, where this is the ceasing entity, is deemed simultaneously to be a decision to wind up the Danish UCITS. An application to the Financial Supervisory Authority for approval of such a merger shall be accompanied by a declaration from the Danish UCITS' management that all debt to creditors, which is not taken over by the continuing entity as part of the merger, has been paid. Subsection 8. The Financial Supervisory Authority may set detailed rules on cross-border merger.

Split

§ 126. A section in a Danish UCITS may be split. Prior to the split, the Danish UCITS shall publish a split plan. Subsection 2. A split of a section is not valid until the Financial Supervisory Authority has approved the split. Subsection 3. A split is carried out by a part of or all of a section's assets and liabilities being transferred to one or more

1. existing sections or
2. newly established sections. Subsection 4. A split may take place without the creditors' consent. If a creditor in the split section is not satisfied, each of the other participating sections in the split is jointly and severally liable for obligations that existed at the time of the publication of the split plan. However, the other participating sections are liable only up to an amount corresponding to the net value they received in the split. Subsection 5. In the split, investors in the split section shall have exchanged their shares for shares in one of the continuing sections. Upon the exchange, investors in the split section become investors in one of the continuing sections. Points 1 and 2 do not apply to investors who continue to be investors in a section that, in the split, only gives up part of the section's assets and liabilities.

Paragraph 6. Any excess amount arising from the exchange of shares shall be paid out to the investors of the split-off fund.

Section 127. In a fund of an investment company or SIKAV, a decision on the split-off of the general meeting and a decision on the receipt of part of another fund's assets and liabilities as part of a split-off shall be made by the general meeting.

Section 128. A decision on the split-off of a fund in a securities fund or the receipt by a fund of part of another fund's assets and liabilities as part of a split-off shall be made by the board of the fund's investment management company or administration company.

Section 129. The Financial Supervisory Authority may lay down further rules on split-offs.

Transfer of a Fund

Section 130. A fund in a Danish UCITS may be transferred to another Danish UCITS.

Paragraph 2. A transfer of a fund is not valid until the Financial Supervisory Authority has approved the transfer.

Paragraph 3. Upon transfer, the investors in the transferred fund become members of the Danish UCITS to which the fund is transferred.

Paragraph 4. A decision on the transfer of the only or last fund in a Danish UCITS is deemed to be simultaneously a decision on the winding up of the Danish UCITS. An application to the Financial Supervisory Authority for approval of such a transfer must be accompanied by a declaration from the management of the Danish UCITS that all debt to creditors, for which the fund will not be liable after the transfer, has been paid.

Section 131. A decision on the transfer of a fund shall be made in the investment company or SIKAV from which the fund is transferred by the general meeting.

Paragraph 2. A decision on the transfer of a fund shall be made in the investment company or SIKAV to which the fund is transferred by the board.

Paragraph 3. For securities funds, a decision on the transfer of a fund shall be made by the board of the investment management company or administration company administering the relevant securities fund.

Paragraph 4. A decision on the transfer of a fund must state the time and the reason for the transfer.

Section 132. The board of the transferring and receiving investment company or SIKAV and the board of the investment management company or administration company administering the transferring and receiving securities fund shall, after the transfer has been decided, send an application for approval of the transfer to the Financial Supervisory Authority.

Paragraph 2. The application must be accompanied by

1. documentation that a decision on the transfer has been made, and
2. a declaration from the board of the transferring company or SIKAV or from the board of the investment management company or administration company administering the transferring securities fund, stating that the fund will have paid its share of the common costs relating to the transferring company, SIKAV, or securities fund at the time of the transfer.

Section 133. When the Financial Supervisory Authority approves a transfer of a fund, the fund is deemed to have been transferred at the time set in the transfer decision.

Section 134. The Financial Supervisory Authority may lay down further rules on the transfer of funds.

Change of Status and Conversion

Section 135. A Danish UCITS or a fund thereof may not change its status such that the entity no longer meets the conditions to be a Danish UCITS or a fund thereof.

Paragraph 2. A Danish UCITS or a fund thereof may only be converted to another type of Danish UCITS or fund thereof if it is done as part of a merger, split-off, or transfer, subject to Paragraph 3.

Paragraph 3. An investment company may be converted to a SIKAV following a resolution by the general meeting.

Termination of Master-Feeder Structure

Section 136. A master fund may not enter into liquidation earlier than 3 months after the fund has notified all its investors, the Financial Supervisory Authority, and the competent authorities in the home countries of the fund's feeder funds thereof. The first sentence does not apply if the Financial Supervisory Authority makes a decision on liquidation, cf. Section 112, Paragraph 5.

Paragraph 2. If a feeder fund's master fund enters into liquidation, the feeder fund must make a decision to

1. enter into liquidation,
2. invest at least 85 percent of the fund's assets in another master fund, or
3. convert to a Danish UCITS of the same type that is not a feeder fund.

Paragraph 3. A decision pursuant to Paragraph 2 shall be made by the general meeting in feeder funds that are investment companies and SIKAVs, and for feeder funds that are securities funds, by the board of the investment management company or administration company administering the securities fund.

Section 137. If a feeder fund's master fund merges with another investment fund or is split off, the feeder fund must make a decision to

1. continue to invest in the master fund,
2. enter into liquidation,
3. invest at least 85 percent of the fund's assets in another master fund, or
4. convert to a Danish UCITS of the same type that is not a feeder fund.

Paragraph 2. A decision pursuant to Paragraph 1 shall be made by the general meeting in feeder funds that are investment companies and SIKAVs, and for feeder funds that are securities funds, by the board of the investment management company or administration company administering the securities fund.

April 17, 2026. 38 No. 445.

Section 138. A master fund must give a feeder fund the opportunity to redeem all shares in the master fund before a merger or split-off of the master fund is carried out.

Paragraph 2. The Financial Supervisory Authority may lay down further rules on the liquidation, merger, and split-off of a master fund.

Chapter 9 Danish UCITS' Placement of Funds and Liquidity etc. Chapter 14 Instrument Rules Securities and Money Market Instruments

Section 139. A fund may invest in securities and money market instruments that

1. have been admitted to or traded on a regulated market, cf. Section 2, No. 16,
2. are traded on another market in an EU Member State, cf. Section 2, No. 17, or
3. are officially listed on a stock exchange in a third country, or are traded on another regulated market in a third country that is regularly operating, recognized, and public, provided that the choice of such a stock exchange or such a market is approved by the Financial Supervisory Authority or specified in the Danish UCITS' articles of association or fund rules.

Paragraph 2. A fund may, regardless of Paragraph 1, invest in newly issued securities if

1. the issuance terms include an undertaking that an application for admission to trading on one of the markets mentioned in Paragraph 1 will be made, and
2. permission for admission to trading is obtained within 1 year after the issuance.

Paragraph 3. When the board of an investment company or SIKAV or the board of an investment management company administering a securities fund has decided that a fund of a Danish UCITS may invest in one of the markets mentioned in Paragraph 1, Nos. 2 and 3, the Danish UCITS must be able to document that the market meets the conditions of being regulated, regularly operating, recognized, and public.

Paragraph 4. A fund may invest up to 10 percent of its assets in other securities or money market instruments than those mentioned in Paragraphs 1 and 2 and Section 140. The fund must, however, continue to invest within its investment policy.

Paragraph 5. If a fund in a Danish UCITS is exposed to a securitization that no longer meets the requirements of Regulation (EU) No 2017/2402 of the European Parliament and of the Council on securitisation and establishing a specific framework for simple, transparent and standardised securitisation, the management must act in the interests of the investors and, if necessary, take corrective measures.

Section 140. A fund may invest in other money market instruments than those traded on a regulated market if the issuance or issuer of such money market instruments is itself regulated with a view to protecting investors and savings, and if these instruments are

1. issued or guaranteed by a central, regional, or local authority or a central bank in a country within the European Union or in a country with which the Union has concluded an agreement in the financial field,
2. issued or guaranteed by a third country or, in the case of a federal state, by one of its constituent states,
3. issued or guaranteed by the European Central Bank, the European Investment Bank, or an international institution of a public character in which one or more Member States participate,
4. issued or guaranteed by undertakings subject to supervision under the established criteria in EU regulation or subject to and following supervisory rules that the Financial Supervisory Authority considers to be at least as strict as EU regulation, if these undertakings are located in a country with which the Union has concluded an agreement in the financial field or in another country,
5. issued by a bond-issuing institute established by special law, located in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, or
6. issued by issuers whose securities are traded on a market as mentioned in Section 139, Paragraph 1 or 2.

Deposits

Section 141. A fund may, as part of its investment policy, deposit funds in a credit institution with its statutory seat in a country within the European Union, in a country with which the Union has concluded an agreement in the financial field, or in another country, if the credit institutions are subject to and follow supervisory rules that the Financial Supervisory Authority considers to be at least as strict as EU regulation. These deposits must

1. be on demand or
2. be callable or mature within at most 12 months.

Paragraph 2. A fund may hold liquid funds in an accessory capacity.

Derivative Financial Instruments

Section 142. A fund may use derivative financial instruments and equivalent instruments that are cash-settled and traded on the markets mentioned in Section 139, Paragraphs 1 and 2, and derivative financial instruments traded OTC.

Paragraph 2. For derivative financial instruments traded OTC, in addition to what is mentioned in Paragraph 1,

1. the counterparties must be institutions subject to supervision and belonging to categories approved by the Financial Supervisory Authority,
2. the derivative financial instruments must be able to be valued daily in a reliable and verifiable manner, and
3. the derivative financial instruments must at all times be able to be sold, realized, or unwound via an unwind transaction at a fair value on the initiative of the Danish UCITS or the fund.

Paragraph 3. The Financial Supervisory Authority lays down further rules for funds of a Danish UCITS' access to use derivative financial instruments, including which instruments may be underlying assets for the derivative financial instruments.

Paragraph 4. Danish UCITS must report to the Financial Supervisory Authority which types of derivative financial instruments their funds have invested in, the underlying risks, the quantitative limitations, and the methods that the Danish UCITS use to assess the risks associated with transactions in derivative financial instruments.

Paragraph 5. The Financial Supervisory Authority may lay down further rules on how and how often the Danish UCITS must report pursuant to Paragraph 4, and on the content of the reports.

Shares in Danish UCITS and Other Investment Undertakings

Section 143. A fund may invest in shares in

1. funds in Danish UCITS,
2. investment undertakings with their statutory seat in a country in the European Union or in a country with which the Union has concluded an agreement in the financial field, and which are approved pursuant to 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), and
3. investment undertakings, a) which aim to raise funds from a wide circle of investors or the public, which are invested in instruments in accordance with the rules in this chapter and the diversification rules in Chapter 15, observing a principle of risk spreading, b) whose shares must be redeemed directly or indirectly with funds derived from the assets upon request by a participant, c) which provide participants with protection corresponding to the protection that investors in a Danish UCITS have, and which, with regard to the rules on separate management of assets, borrowing, lending, and trading in securities and money market instruments without cover, meet the requirements 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), and d) which publish an annual report and a half-yearly report.

Paragraph 2. A fund may only invest in shares in the funds in Danish UCITS and investment undertakings mentioned in Paragraph 1, provided that these, according to their articles of association or fund rules, may place at most 10 percent of their assets in shares in funds in Danish UCITS and investment undertakings.

Mortgage Bonds

Section 144. A fund may invest in registered mortgage bonds on real estate in this country, insofar as they at all times either have a lien within 80 percent of the property's market value or are secured by a guarantee provided by a credit institution, an insurance company, or a pension fund.

Paragraph 2. A fund holding registered mortgage bonds of the type mentioned in Paragraph 1 may, in the event of default on the mortgage bond, temporarily take over the mortgaged property at a forced auction. The Danish UCITS must report the takeover of a real estate property to the Financial Supervisory Authority.

Paragraph 3. The Financial Supervisory Authority lays down further rules for the approval of guarantees, the determination of market value, and the calculation of the aforementioned debt.

General Limitations

Section 145. A fund may not enter into agreements that reduce the liquidity of the instruments in which the fund has placed its assets.

Paragraph 2. A fund may not acquire precious metals or certificates for these.

Section 146. The Financial Supervisory Authority may lay down further rules on

1. the placement of funds in financial instruments by funds of Danish UCITS, including which conditions the individual financial instrument must meet, and which measures the Danish UCITS must take before a fund places funds in a specific financial instrument, and
2. which criteria an index must meet if it is to be included in the investment policy of a fund, and which measures the Danish UCITS must take before a fund of the Danish UCITS places funds in accordance with the composition of an index.

Reports on Assets, Placement of Funds, Liquidity etc.

Section 146a. The Financial Supervisory Authority may lay down further rules on the reporting of information on a Danish UCITS' assets, placement of funds, liquidity etc.

Chapter 15 Diversification Rules Securities and Money Market Instruments

Section 147. A fund may invest at most its assets in securities and money market instruments issued by the same issuer or issuers in the same group within the following limits:

1. 5 percent of the fund's assets. This limit may, however, be increased to 10 percent if the total value of investments exceeding 5 percent does not exceed 40 percent of the fund's assets. In calculating the 40 percent limit, the securities and money market instruments covered by Nos. 2-4 are not included as investments exceeding 5 percent.
2. 25 percent of the fund's assets in bonds issued by KommuneKredit, bonds issued by Danmarks Skibskredit A/S, mortgage bonds issued by Danish mortgage credit institutions, and similar mortgage bonds issued by credit institutions approved by a country that is a member of the European Union or a country with which the Union has concluded an agreement in the financial field, when a competent authority has notified the bond issuances and issuers to the Commission. If a fund invests more than 5 percent of its assets in such bonds issued by the same issuer or issuers in the same group, the total value of such investments must not exceed 80 percent of the fund's assets.
3. 25 percent of the fund's assets in special covered bonds (SCB) and special covered mortgage bonds (SCMB) issued by Danish credit institutions, mortgage credit institutions, or Danmarks Skibskredit A/S or in similar special covered bonds issued by similar credit institutions approved by a country within the European Union or by a country with which the Union has concluded an agreement in the financial field, when a competent authority has notified the bond issuances and issuers to the Commission. If a fund invests more than 5 percent of its assets in such bonds issued by the same issuer or issuers in the same group, the total value of such investments must not exceed 80 percent of the fund's assets.
4. 35 percent of the fund's assets in securities or money market instruments issued or guaranteed by a Member State, by its local public authority, by a third country, or by an international institution of a public character in which one or more Member States participate, and which are approved by the Financial Supervisory Authority.

Paragraph 2. Subject to the individual placement limits in Paragraph 1, No. 1, a fund may, however, invest up to 20 percent of the fund's assets in securities and money market instruments issued by issuers in the same group.

Paragraph 3. A fund's investments pursuant to Paragraph 1, Nos. 2 and 3, must not exceed 25 percent of the fund's assets when the bonds are issued by the same issuer or issuers in the same group.

Section 148. Notwithstanding the diversification rule in Section 147, Paragraph 1, No. 4, a fund may, however, invest up to 100 percent of the fund's assets in securities or money market instruments covered by Section 147, Paragraph 1, No. 4, provided that the holding consists of securities or money market instruments from at least six different issuances and the securities or money market instruments from one and the same issuance do not exceed 30 percent of the fund's assets.

Paragraph 2. If the possibility in Paragraph 1 is used, a fund may not invest in other financial instruments issued by the same issuer or issuers in the same group.

Section 149. Notwithstanding the diversification limits set in Section 147, a fund may invest up to 20 percent of its assets in shares or bonds issued by the same issuer or issuers in the same group, provided that the investments, according to the Danish UCITS' articles of association, aim to replicate specific share or bond indices approved by the Financial Supervisory Authority for this purpose.

Paragraph 2. The Financial Supervisory Authority may approve a share or bond index if the index

1. has a sufficiently varied composition,
2. constitutes a suitable benchmark for the market to which it refers, and
3. is published in an appropriate manner.

Paragraph 3. The Financial Supervisory Authority may grant permission for the limit in Paragraph 1 to be increased up to 35 percent of a fund's assets, when justified by unusual market conditions. The Financial Supervisory Authority may only allow investments up to this limit for an issuer or issuers in a group.

Paragraph 4. A fund must, within 1 month after changes have occurred in the index being replicated, adjust its holding of shares or bonds to the changes. If the index that the Danish UCITS or the fund replicates ceases to exist, the Danish UCITS must, within 6 months, either have carried out changes to its articles of association so that it replicates a new index, or have begun the winding up of the fund.

Paragraph 5. For investments pursuant to Paragraphs 1 and 3, Sections 157 and 158 apply.

Deposits and Liquid Funds in an Accessory Capacity

Section 150. A fund may place at most 20 percent of its assets in deposits and liquid funds in an accessory capacity in one credit institution or in credit institutions in the same group. Newly established funds may, however, exceed the limit in the first sentence for up to 6 months from the date of the fund's approval.

Paragraph 2. For deposits pursuant to Paragraph 1, Section 156 applies.

Paragraph 3. When the general meeting of an investment company or SIKAV or the board of an investment management company or administration company administering a securities fund has decided that a fund is to cease, and the Financial Supervisory Authority has granted permission for this, the fund may deviate from the placement limit in Paragraph 1, if the board finds it prudent.

Derivative Financial Instruments

Section 151. A fund may use derivative financial instruments traded on the markets mentioned in Section 139, Paragraphs 1 and 2, and derivative financial instruments traded OTC, provided that the exposure in the derivative financial instruments' underlying assets and direct investments in the same assets vis-à-vis individual issuers or issuers in the same group does not together exceed the placement limits following from Sections 147, 148, and 150.

Paragraph 2. The diversification limits in Paragraph 1 do not apply when a fund uses derivative financial instruments based on an index approved pursuant to Section 149, Paragraph 2.

Paragraph 3. For investments pursuant to Paragraphs 1 and 2, Sections 157 and 158 apply correspondingly. Furthermore, Section 156 applies for investments pursuant to Paragraph 1.

Section 152. If a fund uses derivative financial instruments traded OTC, the counterparty risk on the contractual counterparty must not exceed

1. 10 percent of the fund's assets, if the counterparty is a credit institution meeting the conditions in Section 141, Paragraph 1, or
2. 5 percent of the fund's assets in other cases.

April 17, 2026. 41 No. 445.

Paragraph 2. Section 156 applies to investments under paragraph 1.

Section 153. The Danish Financial Supervisory Authority lays down detailed rules on the calculation of risks in connection with derivative financial instruments.

Shares in Danish UCITS and other investment undertakings

Section 154. A sub-fund of a Danish UCITS may invest no more than 20 percent of its assets in a single sub-fund of a Danish UCITS or an investment undertaking as referred to in Section 143, paragraph 1, items 2 and 3. If an investment undertaking as referred to in Section 143, paragraph 1, item 2 or 3, is divided into sub-funds, the limit in the first sentence applies at the sub-fund level.

Paragraph 2. A sub-fund may in total invest no more than 30 percent of its assets in investment undertakings as referred to in Section 143, paragraph 1, item 3.

Paragraph 3. Section 157 applies correspondingly to investments under paragraph 1.

Section 155. When a sub-fund of a Danish UCITS invests in shares in investment undertakings and sub-funds thereof as referred to in Section 143, the holdings of instruments of those undertakings shall not be taken into account when calculating the placement limits for the sub-fund's own holdings of instruments.

General limitations

Section 156. Subject to the limits in Section 147, paragraph 1, item 1, and paragraph 2, and Sections 150 and 151, the investments and placements of a sub-fund respectively under Section 147, paragraph 1, item 1, and paragraph 2, and Sections 150 and 151, may together amount to 20 percent of the sub-fund's assets, where it is the same issuer or issuers in the same group that have issued the instruments in which the sub-fund invests, respectively in the credit institution or institutions in which the sub-fund has placed deposits or liquid assets on an ancillary basis.

Paragraph 2. Subject to the limits in Section 147 and Sections 150 and 151, the investments and placements of a sub-fund respectively under Section 147 and Sections 150 and 151 may together amount to 35 percent of the sub-fund's assets, where it is the same issuer or issuers in the same group that have issued the instruments in which the sub-fund invests, respectively in the credit institution or institutions in which the sub-fund has placed deposits or liquid assets on an ancillary basis.

Section 157. A Danish UCITS may not acquire shares with voting rights in a single joint-stock company that give the Danish UCITS the possibility of exercising significant influence on the joint-stock company.

Paragraph 2. Several Danish UCITSs that have the same board of directors or investment management company may not together exercise significant influence on a single joint-stock company.

Paragraph 3. A sub-fund of a Danish UCITS may not acquire more than

1. 10 percent of the shares without voting rights from a single issuer,
2. 10 percent of the bonds from a single issuer,
3. 10 percent of the money market instruments from a single issuer, or
4. 25 percent of the shares from a single sub-fund of a Danish UCITS or a single investment undertaking as referred to in Section 143, paragraph 1, items 2 and 3.

Paragraph 4. The limits set in paragraph 3, items 2-4, need not be observed upon acquisition if it is not possible at that time to calculate the gross amount of the bonds or money market instruments or the net amount of the issued securities.

Section 158. The limitations in Section 157 do not apply to the acquisition of

1. securities and money market instruments issued or guaranteed by a) a country, or b) an international institution of a public character in which one or more Member States participate, and
2. shares in companies that exclusively and only on behalf of the Danish UCITS(s) and any capital investment funds exercise investment management, advisory, or marketing activities.

Section 159. The limits set in Section 139, paragraph 4, or in this chapter may be exceeded where such exceedances follow from reasons over which a Danish UCITS or a sub-fund thereof has no influence, or as a result of a sub-fund exercising subscription rights attached to instruments that form part of the sub-fund's assets.

Paragraph 2. If the limits set in Section 139, paragraph 4, or in this chapter are exceeded for reasons as mentioned in paragraph 1 and these exceedances are not reduced no later than 8 banking days after the exceedance, the Danish UCITS shall immediately report this to the Danish Financial Supervisory Authority. In this case, the Danish Financial Supervisory Authority may exceptionally grant permission for the exceedance to be reduced over a longer period if it is in the interests of the investors.

Section 159a. If the Danish UCITS activates side pockets, cf. Section 74, paragraph 4, by means of the separation of assets, the separated assets may be excluded from the calculation of the limits set in Section 139, paragraph 4, and in this chapter.

Master-feeder structures

Section 160. A Danish UCITS that forms part of a master-feeder structure as a feeder undertaking shall invest at least 85 percent of its assets in shares in another Danish UCITS or in an investment undertaking covered by 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) (the UCITS Directive) or a sub-fund thereof, and up to 15 percent of its assets in

1. liquid assets on an ancillary basis, cf. Section 141, paragraph 2,
2. derivative financial instruments that may only be used for hedging purposes, cf. Section 142, or
3. movable property or immovable property that is essential for the direct exercise of the feeder undertaking's business.

Paragraph 2. The risk-spreading rules in Section 3, paragraph 1, item 1, Sections 147, 150, 154 and 155, and Section 157, paragraph 3, item 4, do not apply to feeder undertakings.

17 April 2026. 42 No. 445.

Paragraph 3. When determining whether a feeder undertaking complies with Section 151, the feeder undertaking shall combine the feeder undertaking's direct exposure in derivative financial instruments, cf. paragraph 1, item 2, with either

1. the feeder undertaking's indirect exposure in the master undertaking's actual holdings of derivative financial instruments, or
2. the feeder undertaking's indirect exposure in the master undertaking's potential maximum holdings of derivative financial instruments in accordance with the master undertaking's articles of association or fund rules.

Part X Supervision and Fees etc. Chapter 16 Supervision and Fees etc. General rules on supervision

Section 161. The Danish Financial Supervisory Authority ensures compliance with the following:

1. The Act and the rules issued pursuant to the Act, except Section 60, paragraphs 1 and 2, and Section 63b, cf. paragraph 2.
2. The articles of association or fund rules of Danish UCITS, when the Danish Financial Supervisory Authority has approved the articles of association or fund rules.
3. Rules issued pursuant to Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (the UCITS Directive).
4. Regulation (EU) No 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and rules issued pursuant thereto.
5. Regulation (EU) No 1131/2017 of the European Parliament and of the Council of 14 June 2017 on money market funds and rules issued pursuant thereto.
6. 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 Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014, and rules issued pursuant thereto.
7. Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product, and rules issued pursuant thereto.
8. 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, and rules issued pursuant thereto.
9. 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, and rules issued pursuant thereto.
10. 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), and rules issued pursuant thereto.
11. Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 on the creation of a common European data access point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability, and rules issued pursuant thereto.
12. Article 2, paragraph 2, first subparagraph, point (c), second subparagraph, of Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on transparency and integrity concerning environmental, social and governance (ESG) rating activities, and rules issued pursuant thereto.

Paragraph 2. The Danish Business Authority ensures compliance with Section 14, paragraphs 1 and 3. The Danish Financial Supervisory Authority verifies that the rules on information in annual and half-yearly reports in Sections 82-92 and in rules issued pursuant to Section 95 are complied with for Danish UCITS that have issued securities traded on a regulated market, cf. Section 213, paragraphs 1-5 and 8, in the Capital Markets Act.

Paragraph 3. In its supervisory activities, the Danish Financial Supervisory Authority shall place emphasis on the sustainability of the individual Danish UCITS' business model. The organisation of supervisory activities shall be based on a materiality consideration, where the supervisory effort is proportionate to the potential risks or harmful effects.

Paragraph 4. The Danish Financial Supervisory Authority may use external assistance in special cases.

Paragraph 5. The Minister for Industry, Business and Financial Affairs may lay down detailed rules for the Danish Financial Supervisory Authority's procedures with a view to implementing EU law.

Section 162. The Board of the Danish Financial Supervisory Authority participates in the supervision of Danish UCITS with competence corresponding to that conferred on the Board pursuant to Section 345 of the Financial Business Act.

Section 163. The Danish Financial Supervisory Authority shall investigate the affairs of the Danish UCITS, including by reviewing ongoing reports and by inspections at the individual Danish UCITS.

Paragraph 2. After an inspection of a Danish UCITS, the Danish Financial Supervisory Authority holds a meeting with the participation of the Danish UCITS' management, investment management company or administration company, and the external auditor and the head of internal audit, unless the inspection only concerns limited areas of activity at the Danish UCITS. At the meeting, the Danish Financial Supervisory Authority shall communicate its conclusions regarding the inspection.

Paragraph 3. After an inspection visit, the Danish Financial Supervisory Authority sends significant conclusions in the form of a written report to the Danish UCITS' board of directors, executive management, external auditor, and head of internal audit.

Section 164. Danish UCITS shall provide the Danish Financial Supervisory Authority with the information necessary for the supervisory activities.

Paragraph 2. Danish UCITS that have provided information under paragraph 1 are obliged to correct the information to the Danish Financial Supervisory Authority as soon as possible if the UCITS subsequently establishes the following: 17 April 2026. 43 No. 445.

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

Paragraph 3. The Danish Financial Supervisory Authority may at any time, upon due identification and without a court order, access a Danish UCITS with a view to obtaining information and conducting inspections.

Paragraph 4. To the extent necessary for assessing a Danish UCITS' financial position, the Danish Financial Supervisory Authority may obtain information and at any time, upon due identification and without a court order, access the companies with which the Danish UCITS has a special direct or indirect connection.

Paragraph 5. The Danish Financial Supervisory Authority may require 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 the Act.

Paragraph 6. The Danish Financial Supervisory Authority may at any time, upon due identification and without a court order, access a supplier or sub-supplier with a view to obtaining information about activities that have been outsourced.

Paragraph 7. The Danish Financial Supervisory Authority may obtain information under paragraphs 1 and 3-5 for use by the authorities and bodies mentioned in Section 175, paragraph 6, items 16-28, etc.

Section 165. The Minister for Industry, Business and Financial Affairs may lay down rules on the obligation for Danish UCITS and branches of foreign credit institutions that are depositary companies for Danish UCITS, cf. Section 2, item 11, to publish information about the Danish Financial Supervisory Authority's assessment of the Danish UCITS or the branch of the foreign credit institution, and about the Danish Financial Supervisory Authority's possibility of publishing the information before the Danish UCITS or the branch of the foreign credit institution.

Paragraph 2. The Danish Financial Supervisory Authority may lay down rules implementing guidelines issued by the European Securities and Markets Authority.

Section 165a. The Danish Financial Supervisory Authority is the collecting body for the information that must be submitted with a view to making them available on the common European data access point (ESAP). This applies to information that must be submitted in accordance with this Act or rules issued pursuant thereto, except Section 94, paragraph 3, or the European Parliament and Council Regulation on sustainability-related disclosures in the financial services sector.

Paragraph 2. The Danish Financial Supervisory Authority is also the collecting body for information submitted on a voluntary basis with a view to making them available on the common European data access point (ESAP), cf. Article 3, paragraph 1, of the European Parliament and Council Regulation on the creation of a common European data access point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability.

Section 166. The Danish Financial Supervisory Authority may order a Danish UCITS to have an independent investigation of one or more matters at the Danish UCITS conducted and to bear the costs thereof, if the Danish Financial Supervisory Authority assesses that this is of significant importance for the supervision of the Danish UCITS and it is not a matter of a common type of investigation for the Danish Financial Supervisory Authority. The result of the independent investigation shall be given in a written report, which must be available by a date set by the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority may determine that the experts, cf. paragraphs 2-6, shall continuously report to the Danish Financial Supervisory Authority on matters in connection with the investigation.

Paragraph 2. The independent investigation shall be conducted by one or more experts. The Danish UCITS appoints the experts within a deadline set by the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority must approve the proposed experts.

Paragraph 3. The Danish UCITS shall provide the experts with the information necessary for the conduct of the independent investigation.

Paragraph 4. The experts shall deliver a copy of the written report on the investigation to the Danish Financial Supervisory Authority, no later than simultaneously with the report being delivered to the Danish UCITS.

Paragraph 5. The experts 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 risk profile or business model of the Danish UCITS or a sub-fund, which may entail a not insignificant risk that these matters may develop such that the Danish UCITS or a sub-fund will lose its authorization.

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

Paragraph 7. The Board of the Danish Financial Supervisory Authority makes decisions in matters regarding orders under paragraph 1.

Section 167. The Danish Financial Supervisory Authority may cooperate with other Danish authorities to ensure compliance with this Act and with rules issued pursuant to the Act. The Danish Financial Supervisory Authority may delegate tasks to other authorities, bodies, or persons that are Danish.

Section 168. The Danish Financial Supervisory Authority may request the competent authorities in another EU Member State or in a country with which the Union has concluded an agreement in the financial sector to assist in ensuring compliance with the Act and with the rules issued pursuant to the Act, through supervisory activities, on-site checks, or inspections in another EU Member State's territory.

Paragraph 2. If a foreign investment undertaking performs or has performed acts in this country that are contrary to other provisions not harmonised pursuant to 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) (the UCITS Directive), the Danish Financial Supervisory Authority may take measures against the investment undertaking in accordance with the applicable rules.

Paragraph 3. If the competent authorities in another EU Member State or in a country with which the Union has concluded an agreement in the financial sector, and which is the home country of a foreign investment undertaking, fail to take adequate measures or fail to react within a reasonable time, and the investment undertaking continues to act in a manner detrimental to investors in this country, the Danish Financial Supervisory Authority may

1. after having notified the competent authorities in the investment undertaking's home country thereof, take all necessary measures to protect investors, and the Danish Financial Supervisory Authority may in this connection prevent the investment undertaking in question from continuing to market shares in this country, or
2. bring the matter to the attention of the European Securities and Markets Board.

Paragraph 4. If the Danish Financial Supervisory Authority has good reason to suspect that foreign investment undertakings perform or have performed acts in another EU Member State's territory that are contrary to provisions in 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) (the UCITS Directive), the Danish Financial Supervisory Authority shall give the competent authorities in the other EU Member State as accurate a notification as possible.

Section 169. The Danish Financial Supervisory Authority shall cooperate with the competent authorities in other EU Member States or in countries with which the Union has concluded an agreement in the financial sector to assist in supervisory activities, on-site checks, or inspections in this country, when it concerns foreign UCITS or Danish UCITS that are subject to Danish supervision but operate in other EU Member States.

Paragraph 2. If a competent authority in another EU Member State or in a country with which the Union has concluded an agreement in the financial sector requests the Danish Financial Supervisory Authority to assist in a check or investigation of a foreign UCITS or a Danish UCITS, cf. paragraph 1, the Danish Financial Supervisory Authority may

1. conduct the check or investigation itself,
2. allow the requesting authority to conduct the check or investigation itself, or
3. have a auditor or other expert conduct the check or investigation.

Paragraph 3. If a Danish investment management company objects to a competent foreign authority's investigation, cf. paragraph 2, the investigation may only be conducted with the Danish Financial Supervisory Authority's assistance.

Paragraph 4. The Danish Financial Supervisory Authority may lay down detailed rules on cooperation with competent authorities in other EU Member States or in countries with which the Union has concluded an agreement in the financial sector.

Section 170. The Consumer Ombudsman may bring a case regarding actions that contravene fair business practices and good practice, cf. Section 29, including cases regarding injunctions, orders, compensation, and recovery of unlawfully charged amounts. Section 24, Section 25, paragraph 2, Section 28, paragraph 1, Section 32, paragraph 1, and Sections 33 and 34 of the Marketing Practices Act apply correspondingly to cases that the Consumer Ombudsman wishes to bring pursuant to the provision in the first sentence. The Consumer Ombudsman may be appointed as class representative in a class action, cf. Chapter 23a of the Administration of Justice Act.

Paragraph 2. The Danish Financial Supervisory Authority may order the correction of matters that are contrary to Section 29. In this connection, the Danish Financial Supervisory Authority may conduct inspection visits at branches of administration companies and investment undertakings.

Section 171. The Danish Financial Supervisory Authority notifies the Consumer Ombudsman if the Danish Financial Supervisory Authority becomes aware that a company's customers may have suffered losses as a result of the company having violated Section 29.

Paragraph 2. The Consumer Ombudsman has access to all information in the Danish Financial Supervisory Authority's cases covered by paragraph 1, regardless of Section 175.

Section 172. The Danish Financial Supervisory Authority may order the board of directors of an investment undertaking to dismiss a director or an employee who determines business conduct, within a deadline set by the Danish Financial Supervisory Authority, if this person, pursuant to Section 57, paragraphs 2 and 3, cannot hold the position.

Paragraph 2. The Danish Financial Supervisory Authority may order a member of the board of directors in an investment undertaking or SIKAV to resign from their office within a deadline set by the Danish Financial Supervisory Authority, if this person, pursuant to Section 57, paragraphs 2 and 3, cannot hold the office.

Paragraph 3. The Danish Financial Supervisory Authority may order the board of directors of an investment undertaking to dismiss a director or an employee who determines business conduct, when charges have been brought against this person in a criminal case regarding violation of the Penal Code, this Act, or other financial legislation, until the criminal case is resolved, if a conviction would entail that the person concerned does not meet the requirements in Section 57, paragraph 3, item 1. The Danish Financial Supervisory Authority sets a deadline 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 board of directors in an investment undertaking or SIKAV to resign from their office. The Danish Financial Supervisory Authority sets a deadline for compliance with the order.

Paragraph 4. The duration of orders issued under paragraphs 1 and 2 on the basis of Section 57, paragraphs 2 and 3, must be stated in the order.

Paragraph 5. Orders issued in accordance with paragraphs 1-3 may be demanded to be brought before the courts by the board of directors and by the person to whom the order relates. A demand to this effect must be submitted to the Danish Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. A demand to bring the matter before the courts does not have suspensive effect on the order, but the court may by ruling determine that the director concerned or the board member concerned may maintain their position or office during the proceedings. The Danish Financial Supervisory Authority brings the matter before the courts within 4 weeks after receipt of the demand to this effect. The case is brought in the forms of civil procedure.

Paragraph 6. The Danish Financial Supervisory Authority may of its own initiative or upon request withdraw an order issued under paragraph 2 and paragraph 3, third sentence. If the Danish Financial Supervisory Authority rejects a request for withdrawal, the applicant may demand the rejection to be brought before the courts. A request to this effect must be submitted to the Danish Financial Supervisory Authority within 17 April 2026. 45 No. 445.

4 weeks after the refusal is 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 refusal to revoke has been upheld by a court. If there is access to judicial review pursuant to the 4th sentence, the Financial Supervisory Authority must bring the case before the courts within 4 weeks after receipt of the request to that effect. The case is brought in the forms of civil procedure.

Subsection 7. If the board of an investment fund has not dismissed the director within the set deadline, the Financial Supervisory Authority may withdraw the company’s license. The Financial Supervisory Authority may furthermore withdraw the license of the investment fund or SIKAV if a board member does not comply with an order issued pursuant to subsections 2 and 3.

Subsection 8. Decisions in cases pursuant to Section 57, subsections 1-3, which are made pursuant to Section 57, subsection 4, may be requested to be brought before the courts by the investment fund or SIKAV and by the person to whom the decision relates. The request must be submitted to the Financial Supervisory Authority within 4 weeks after the decision is 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, during the handling of the case, enter into the office or position for which the person has sought approval. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to that effect. The case is brought in the forms of civil procedure.

Section 173. The Financial Supervisory Authority may, independently or in cooperation with other authorities, carry out investigations that are suitable to promote transparency in the investment sector, and publish the results of these.

Section 174. In the event that a Danish UCITS or a branch thereof has gone bankrupt or the greater part of the Danish UCITS’ or branch’s operations have ceased or been transferred, the Financial Supervisory Authority shall prepare a report on the reasons therefor, if the state, in connection with or for a shorter period prior to this, has provided a guarantee or made funds available to the Danish UCITS or branch, its creditors, or a purchaser of the whole or parts of the Danish UCITS.

Subsection 2. The Financial Supervisory Authority shall publish the report in subsection 1. In connection with the publication, Section 175 does not apply, unless the information concerns customer relations or third parties who are or have been involved in attempts to save the relevant Danish UCITS or branch.

Subsection 3. The report pursuant to subsection 1 shall describe the Financial Supervisory Authority’s role during the process leading up to the bankruptcy, etc.

Section 175. Employees of the Financial Supervisory Authority are, under liability under the Criminal Code Sections 152-152 e, obliged to keep confidential information that they become aware of through supervisory activities. The same applies to persons who perform service tasks as part of the Financial Supervisory Authority’s operations, and experts who act on behalf of the Authority. This also applies after the termination of employment or contractual relationships. The 1st-3rd sentences also apply to employees of the Business Authority, insofar as it concerns information that they become aware of through the handling of tasks pursuant to Section 213, subsections 1-5 and 8, in the Act on Financial Markets.

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 pass on confidential information.

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

1. Good conduct, cf. Section 29, and regulations issued pursuant to Section 29, subsection 2.
2. Decisions regarding changes to articles of association, cf. Section 35, subsection 2, and Section 44, and changes to fund regulations, cf. Section 17, subsection 1.
3. Decisions regarding the administrative and accounting practices, business procedures, and control procedures of investment funds and SIKAVs, cf. Section 63, and decisions regarding the administrative and accounting practices, business procedures, and control procedures in investment management companies that administer securities funds, cf. Section 71 in the Act on Financial Business.
4. Prohibition on charging double fees, cf. Sections 76-78.
5. The duty to report calculation errors, cf. Section 75.
6. Incurrence of expenses in connection with the issuance of shares through a securities central, cf. Sections 80 and 111.
7. Prospectuses and regulations on prospectuses, cf. Section 102.
8. Publication of issue and redemption prices, cf. Sections 105-107.
9. Withdrawal of licenses of Danish UCITS, cf. Section 111.
10. Placement of funds by Danish UCITS, cf. Chapters 14 and 15.
11. Central information pursuant to Section 103.

Subsection 4. The provision in subsection 1 does not prevent the Financial Supervisory Authority from passing on confidential information in summary or aggregated form from its own operations, when neither the individual Danish UCITS nor its investors can be identified.

Subsection 5. Confidential information may be passed on during a civil court case when a Danish UCITS or a branch thereof has been declared bankrupt or entered into liquidation, and provided that the information does not concern the investors’ relations or third parties who are or have been involved in attempts to save the Danish UCITS or branch.

Subsection 6. The provision in subsection 1 does not prevent confidential information from being passed on to:

1. The Systemic Risk Council.
2. Public authorities, including the prosecution and the police, in connection with the investigation and prosecution of possible criminal offenses covered by the Criminal Code, tax legislation, or supervisory legislation.
3. The relevant minister as part of their overarching supervision.
4. Administrative authorities and courts that handle decisions made by the Financial Supervisory Authority.
5. The Parliamentary Ombudsman.
6. A parliamentary commission established by the Folketing, cf. however subsection 12.
7. Inquiry commissions established by law or pursuant to the Act on Inquiry Commissions, cf. however subsection 12.
8. The Folketing’s standing committees regarding a Danish UCITS’ or branch’s general economic matters, insofar as it concerns crisis management of Danish UCITS, 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 cases covered by the 1st sentence.
9. The Auditor General and the National Audit Office.
10. Stakeholders, including authorities, involved in attempts to save a distressed Danish UCITS or branch thereof, 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 therefor.
11. The Bankruptcy Court, cf. however subsection 12, other authorities that participate in the Danish UCITS’ or branch’s liquidation, bankruptcy proceedings, or similar procedures, and trustees, and persons who are responsible for the statutory audit of a Danish UCITS’ accounts, provided that the recipients of the information have a need therefor to perform their tasks.
12. The Business Authority in its capacity as supervisory authority for compliance with company law, when the disclosure is intended to strengthen the stability and integrity of the financial system, and the Business Authority and the Audit Council in their capacity as supervisory authorities for the statutory audit of accounts for a Danish UCITS or a branch thereof, provided that the recipients have a need for the information to perform their tasks, cf. however subsection 12.
13. Experts who assist the Financial Supervisory Authority, the Business Authority, the Audit Council, and institutions that administer depositor, investor, or insurance guarantee schemes, in the performance of their supervisory tasks, provided that the recipients have a need for the information to perform their tasks, cf. however subsection 12.
14. Danmarks Nationalbank, central banks in countries within the European Union or countries with which the Union has concluded an agreement in the financial field, the European System of Central Banks and the European Central Bank in their capacity as monetary policy authorities, and public authorities that supervise payment systems in Denmark and other countries within the European Union, or countries with which the Union has concluded an agreement in the financial field, provided that the information is necessary for them to fulfill their statutory tasks, including the execution of monetary policy, supervision of payment and securities settlement systems, and the maintenance of the stability of the financial system.
15. An institution that performs 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.
16. Financial supervisory authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, that are responsible for supervision of investment institutions, financial companies, financing institutions, or financial markets, authorities and bodies that are responsible for maintaining financial stability through macroprudential regulation, authorities or bodies that aim to ensure financial stability, depositor guarantee schemes established by agreement or law as referred to in Directive 94/19/EU on deposit guarantee schemes, bodies that participate in the liquidation, bankruptcy proceedings, or similar procedures of financial companies and investment institutions, and persons who are responsible for the statutory audit of the investment institution’s accounts, provided that the recipients of the information have a need therefor to perform their tasks.
17. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, that supervise bodies that participate in liquidation, bankruptcy proceedings, or similar procedures for a Danish UCITS or a branch thereof, authorities that are responsible for supervising depositor guarantee schemes established by agreement or law as referred to in Directive 94/19/EU on deposit guarantee schemes, and authorities that supervise persons who are responsible for the statutory audit of accounts for a Danish UCITS or a branch thereof, provided that the recipients of the information have a need therefor to perform their tasks, cf. however subsection 12.
18. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, that are responsible for detecting breaches of company law, provided that the recipients of the information have a need therefor to perform their tasks and the disclosure is intended to strengthen the stability and integrity of the financial system, cf. however subsection 12.
19. Experts who assist authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, that supervise bodies that participate in liquidation, bankruptcy proceedings, or similar procedures for a Danish UCITS or a branch thereof, authorities that are responsible for supervising depositor guarantee schemes established by agreement or law as referred to in Directive 94/19/EU on deposit guarantee schemes, and authorities that supervise persons who are responsible for the statutory audit of accounts for a Danish UCITS or a branch thereof, provided that the recipients of the information have a need therefor to perform their tasks, cf. however subsection 12.
20. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, that are responsible for controlling compliance with rules for financial information from issuers of securities admitted to trading on a regulated market.
21. Ministers responsible for financial legislation in countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, in connection with crisis management of a Danish UCITS.
22. Committees of Inquiry established by the European Parliament pursuant to Article 226 of the Treaty on the Functioning of the European Union.
23. The European Systemic Risk Board, the European Securities and Markets Authority, and bodies established by the European Securities and Markets Authority, provided that the recipients of the information have a need therefor to perform their tasks.
24. Financial supervisory authorities in countries outside the European Union, with which the Union has not concluded an agreement in the financial field, that are responsible for supervision of foreign investment institutions, financial companies, financing institutions, or financial markets, authorities and bodies that are responsible for maintaining financial stability through macroprudential regulation, authorities or bodies that aim to ensure financial stability, depositor guarantee schemes established by agreement or law as referred to in Directive 94/19/EU on deposit guarantee schemes, bodies that administer depositor guarantee schemes and investor guarantee schemes, bodies that participate in the liquidation, bankruptcy proceedings, or similar procedures of financial companies and investment institutions, and persons who are responsible for the statutory audit of the investment institution’s accounts, cf. however subsections 11 and 12.
25. Bodies in other countries outside the European Union, with which the Union has not concluded an agreement in the financial field, that supervise bodies that participate in liquidation, bankruptcy proceedings, or similar procedures for a Danish UCITS or a branch thereof, authorities that are responsible for supervising depositor guarantee schemes established by agreement or law as referred to in Directive 94/19/EU on deposit guarantee schemes, and authorities that supervise persons who are responsible for the statutory audit of accounts for a Danish UCITS or a branch thereof, cf. however subsections 11 and 12.
26. Bodies in other countries outside the European Union, with which the Union has not concluded an agreement in the financial field, that are responsible for detecting breaches of company law, provided that the disclosure is intended to strengthen the stability and integrity of the financial system, cf. however subsections 11 and 12.
27. Experts who assist authorities in other countries outside the European Union, with which the Union has not concluded an agreement in the financial field, that supervise bodies that participate in liquidation, bankruptcy proceedings, or similar procedures for a Danish UCITS or a branch thereof, authorities that are responsible for supervising depositor guarantee schemes established by agreement or law as referred to in Directive 94/19/EU on deposit guarantee schemes, and authorities that supervise persons who are responsible for the statutory audit of accounts for a Danish UCITS or a branch thereof, cf. however subsections 11 and 12.
28. The Tax Administration, provided that the Tax Administration has a need therefor to perform its tasks.

Subsection 7. All who, pursuant to subsections 5 and 6, receive confidential information from the Financial Supervisory Authority are subject to the duty of confidentiality referred to in subsection 1 with regard to this information.

Subsection 8. Confidential information received pursuant to subsection 6, item 21, may regardless of the duty of confidentiality be exchanged directly between on the one hand the European Securities and Markets Authority and bodies established by this authority, and on the other hand the European Systemic Risk Board.

Subsection 9. Confidential information that the Financial Supervisory Authority receives may only be used in connection with the supervisory task to impose sanctions, or if the Authority’s decision is appealed to a higher administrative authority or brought before the courts.

Subsection 10. The right to receive confidential information from the Folketing’s standing committee pursuant to subsection 6, item 8, is limited to documents in cases established in the Financial Supervisory Authority after 16 September 1995.

Subsection 11. Disclosure pursuant to subsection 6, items 24-27, may only take place

1. on the basis of an international cooperation agreement, and
2. 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 have a need for the information to perform their tasks.

Subsection 12. Disclosure pursuant to subsection 6, items 6, 7, 11-13, 17-19, and 24-28, of confidential information originating from countries within the European Union or countries with which the Union has concluded an agreement in the financial field, may furthermore only take place if the authorities that provided the information have given their explicit consent, and may only be used for the purpose to which the consent relates. In the disclosure of information pursuant to subsection 6, items 13, 19, and 27, 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.

Section 175 a. Employees of the Financial Supervisory Authority must not disclose information about a person when the person has reported an investment fund, a SIKAV, or a person to the Financial Supervisory Authority for a violation or potential violation of the financial regulation that the Financial Supervisory Authority supervises, cf. however subsection 2.

Subsection 2. The provision in subsection 1 does not prevent personal data from being disclosed pursuant to Section 175, subsection 6.

Paragraph 3. All persons who, pursuant to paragraph 2, receive personal data are subject to the duty of confidentiality referred to in paragraph 1 with regard to such data.

§ 176. Reactions given pursuant to this Act’s § 162, cf. § 345, paragraph 12, no. 4, of the Financial Business Act, or by the Danish Financial Supervisory Authority after delegation from the Danish Financial Supervisory Authority’s Board of Directors to a Danish UCITS under supervision, shall be published with the name of the Danish UCITS, cf. however paragraph 4. The Danish UCITS 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 relevant Danish UCITS 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 relevant Danish UCITS shall insert a link, which provides direct access to the reaction, on the front page of the relevant Danish UCITS’ 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 Danish Financial Supervisory Authority. If the relevant Danish UCITS comments on the reaction, this shall be done in continuation of the reaction, and the comments must be clearly separated from the reaction. Removal of the link on the front page and the information from the relevant Danish UCITS’ website shall take place according to the same principles as the relevant Danish UCITS applies 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 or meeting of the representative body. The duty of Danish UCITS to publish the information on the Danish UCITS’ website applies only to legal persons and other economic entities, including investment funds. The Danish Financial Supervisory Authority shall publish the information on its website. Reactions given pursuant to § 162, cf. § 345, paragraph 12, no. 6, of the Financial Business Act, and the Danish Financial Supervisory Authority’s decisions to hand over cases to police investigation shall be published on the Danish Financial Supervisory Authority’s website with the name of the Danish UCITS, cf. however paragraph 4.

Paragraph 2. Reactions given pursuant to this Act’s § 162, cf. § 345, paragraph 12, no. 4 and 6, of the Financial Business Act, or by the Danish Financial Supervisory Authority after delegation from the Danish Financial Supervisory Authority’s Board of Directors to a company that is not under supervision, shall be published with the name of the company, cf. however paragraph 4.

Paragraph 3. If a case has been handed over to police investigation, and a final or partial guilty verdict has been passed or a fine imposed, there shall be publication of the verdict, the imposition of the fine, or a summary thereof, cf. however paragraph 4. If the verdict is not final, or if it has been appealed or protested, this must appear in the publication. The Danish UCITS’ publication shall take place on the relevant Danish UCITS’ 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 relevant Danish UCITS shall insert a link, which provides direct access to the verdict, the imposition of the fine, or the summary, on the front page of the relevant Danish UCITS’ 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 relevant Danish UCITS 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 relevant Danish UCITS’ website shall take place according to the same principles as the relevant Danish UCITS applies 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 or meeting of the representative body. The relevant Danish UCITS shall notify the Danish Financial Supervisory Authority of the publication, including forwarding a copy of the verdict or the imposition of the fine. The Danish Financial Supervisory Authority shall thereafter publish the verdict, the imposition of the fine, or a summary thereof on its website. The duty of Danish UCITS to publish on the Danish UCITS’ website applies only to legal persons and other economic entities, including investment funds. Publication pursuant to the first and second sentences, which concerns companies that are not under supervision, shall only take place on the Danish Financial Supervisory Authority’s website.

Paragraph 4. There shall be no publication of reactions pursuant to paragraph 1 regarding the requirements in § 57, paragraphs 1-3, unless it concerns reactions pursuant to § 172 for a violation of the requirements. Publication pursuant to paragraphs 1-3 may, however, not take place if it would cause disproportionate damage to the Danish UCITS, if it would endanger the stability of the financial markets, 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 Access to Information in the 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 other countries within or outside the European Union, unless the authorities that provided the information have given their explicit consent.

Paragraph 5. If publication has been omitted pursuant to paragraph 4, second sentence, there shall be publication pursuant to paragraphs 1-3 when the considerations that necessitated the omission are no longer valid. This applies, however, only for up to 2 years after the date of the reaction.

Paragraph 6. In cases where the Danish Financial Supervisory Authority has published a decision to hand over a case to police investigation pursuant to paragraph 1, eighth sentence, and paragraph 2, and a decision is made to drop prosecution or withdraw charges, or an acquittal is passed, the Danish Financial Supervisory Authority shall, upon request from the company or the Danish UCITS concerned, publish information regarding this. The company or the Danish UCITS shall submit a copy of the decision to drop prosecution or withdraw charges or a copy of the verdict to the Danish Financial Supervisory Authority simultaneously with the request for publication. If the decision to drop prosecution, the withdrawal of charges, or the verdict is not final, this must appear in the publication. If the Danish Financial Supervisory Authority receives documentation proving that the case has been concluded by a final decision to drop prosecution or a final withdrawal of charges or the passing of a final acquittal, the Danish Financial Supervisory Authority shall remove all information about the decision to hand over the case to police investigation and any subsequent verdicts in the case from the Danish Financial Supervisory Authority’s website.

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

1. Good conduct, cf. § 29 and regulations issued pursuant to § 29, paragraph 2.
2. Decisions regarding amendments to articles of association, cf. § 35, paragraph 2, and § 44, and amendments to fund regulations, cf. § 17, paragraph 1.
3. Decisions regarding the administrative and accounting practices, business procedures, and control procedures of investment undertakings and SIKAVs, cf. § 63, and decisions regarding the administrative and accounting practices, business procedures, and control procedures in investment management companies administering investment funds, cf. § 71 of the Financial Business Act.
4. Prohibition on charging double fees, cf. §§ 76-78.
5. The duty to report calculation errors, cf. § 75.
6. Incurrence of expenses in connection with the issuance of shares through a securities depository, cf. §§ 80 and 111.
7. Prospectuses and regulations on prospectuses, cf. § 102.
8. Publication of issue and redemption prices, cf. §§ 105-107.
9. Withdrawal of Danish UCITS’ licenses, cf. § 111.
10. Danish UCITS’ placement of funds, cf. chapters 14 and 15.
11. Central information, cf. § 103.

Paragraph 2. The Danish Financial Supervisory Authority shall further inform the public about the name of a company that operates as an investment undertaking, SIKAV, or investment fund without a license.

Paragraph 3. The Danish Financial Supervisory Authority may publish a statement regarding the Danish Financial Supervisory Authority’s practice pursuant to § 57, paragraph 1, to the extent that there are cases relevant to increasing transparency regarding the Danish Financial Supervisory Authority’s practice in suitability assessments.

§ 177 a. If a Danish UCITS passes on information about the Danish UCITS, and the information has come to the public’s knowledge, the Danish Financial Supervisory Authority may order the Danish UCITS to publish correcting information within a deadline set by the Danish Financial Supervisory Authority, if

1. the information, in the Danish Financial Supervisory Authority’s assessment, is misleading and
2. the Danish Financial Supervisory Authority assesses that the information may harm the Danish UCITS’ investors, the other creditors, the financial market on which shares issued by the Danish UCITS are traded, or financial stability in general.

Paragraph 2. If the Danish UCITS does not correct the information in accordance with the Danish Financial Supervisory Authority’s order and within the deadline set by the Danish Financial Supervisory Authority, the Danish Financial Supervisory Authority may publish the order issued pursuant to paragraph 1.

§ 178. The Danish Financial Supervisory Authority shall notify a Danish UCITS, which as a feeder institution invests in a Danish UCITS that is a master institution, of the following:

1. Any decision or supervisory reaction that the Danish Financial Supervisory Authority makes regarding the master institution.
2. The Danish Financial Supervisory Authority’s finding that the master institution has violated provisions on master institutions in this Act or regulations issued pursuant to the Act.
3. Information that the master institution’s auditor has communicated to the Danish Financial Supervisory Authority, cf. § 100, regarding the master institution, its investment management company, administration company, depositary, or auditor.

Paragraph 2. The Danish Financial Supervisory Authority shall notify the competent authorities in a feeder institution’s home country, when the feeder institution invests in a Danish UCITS that is a master institution, of the following:

1. Any decision or supervisory reaction that the Danish Financial Supervisory Authority makes regarding the master institution.
2. The Danish Financial Supervisory Authority’s finding that the master institution has violated provisions on master institutions in this Act or regulations issued pursuant to the Act.
3. Information that the master institution’s auditor has communicated to the Danish Financial Supervisory Authority, cf. § 100, regarding the master institution, its investment management company, administration company, depositary, or auditor.

Paragraph 3. The competent authority that the Danish Financial Supervisory Authority notifies pursuant to paragraph 2 may notify the feeder institution of the Danish Financial Supervisory Authority’s information.

Paragraph 4. When the Danish Financial Supervisory Authority receives information as mentioned in paragraph 2 from competent authorities in another EU Member State, the Danish Financial Supervisory Authority shall immediately pass on the information to the Danish UCITS(s) that as a feeder institution have invested in the relevant master institution.

§ 179. As a party in relation to the Danish Financial Supervisory Authority, only the investment undertaking, SIKAV, investment management company or administration company of an investment fund, or the foreign investment institution, for which the Danish Financial Supervisory Authority has made or will make a decision pursuant to this Act or regulations established pursuant to this Act, Regulation (EU) No 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, 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, or 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, or regulations issued pursuant thereto, shall be considered, cf. however paragraphs 2 and 3.

Paragraph 2. The following shall also be considered parties to the Danish Financial Supervisory Authority’s decision, insofar as the part of the case concerns the relevant person:

1. The person who violates the Act’s requirement that business as a Danish UCITS may only be conducted with a license from the Danish Financial Supervisory Authority.
2. A company that applies for a license as a Danish UCITS.
3. A member of the management of an investment undertaking, SIKAV, or the investment management company or administration company that administers an investment fund, when the Danish Financial Supervisory Authority refuses to grant a license, cf. § 9, or withdraws the license, cf. § 111.
4. The auditor in a Danish UCITS, when the Danish Financial Supervisory Authority dismisses this or orders this to provide information about the Danish UCITS, cf. § 98, paragraphs 4 and 5, and in cases where the elected auditors for a Danish UCITS have not fulfilled their reporting obligations to the Danish Financial Supervisory Authority pursuant to § 100.
5. The person from whom the Danish Financial Supervisory Authority obtains information to decide whether the person is covered by the Act’s provisions, cf. § 164, paragraph 4.

Paragraph 3. As a party, the following natural persons are also considered, if the Danish Financial Supervisory Authority’s decision is directed directly at the person:

1. A board member, an auditor, a director, or other senior employees in an investment undertaking.
2. A board member or an auditor in a SIKAV.
3. An auditor in an investment fund.
4. A board member, an auditor, a director, or other senior employees in an investment management company or an administration company that administers a Danish UCITS.

Paragraph 4. Party status and party rights pursuant to paragraphs 2 and 3 are limited to matters where the Authority’s decisions were made after 8 October 1998. Insofar as it concerns the transfer of confidential information, cf. § 62, party status and party rights are limited to matters where the Authority’s decision is made after 1 February 2004.

§ 180. The Danish Financial Supervisory Authority, in cooperation with the Danish Business Authority, shall annually submit a report to the Minister for Industry, Business and Financial Affairs on the status of the issuance of regulations on good conduct and on the experience with the application of the regulations, cf. § 29, paragraph 2.

§ 181. § 356 in the Financial Business Act applies mutatis mutandis to employees of the Danish Financial Supervisory Authority when it concerns the Danish Financial Supervisory Authority’s business under this Act.

Fees

§ 182. Danish UCITS and foreign investment institutions covered by § 27 pay fees to the Danish Financial Supervisory Authority. The fee is determined according to chapter 22 of the Financial Business Act.

§ 183. (Repealed)

Deadlines

§ 184. The deadlines set in or pursuant to this Act begin to run from and including the day after the day on which the event triggering the deadline occurs. This applies in the calculation of both day, week, month, and year deadlines.

Paragraph 2. If the deadline is specified in weeks, the deadline, cf. paragraph 1, expires on the day of the week of the day on which the event triggering the deadline occurred.

Paragraph 3. If the deadline is specified in months, the deadline, cf. paragraph 1, expires on the day of the month of 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.

Paragraph 4. If the deadline is specified in years, the deadline, cf. paragraph 1, expires on the anniversary of the day on which the event triggering the deadline occurred.

Paragraph 5. If a deadline expires on a weekend, a public holiday, Constitution Day, Christmas Eve, or New Year’s Eve, the deadline is extended to the next business day.

Digital Communication

§ 185. The Minister for Industry, Business and Financial Affairs may establish regulations 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 Act or regulations issued pursuant to this Act, shall be conducted digitally.

Paragraph 2. The Minister for Industry, Business and Financial Affairs may establish detailed regulations on digital communication, including the use of specific IT systems, special digital formats, and digital signatures, etc.

§ 186. A digital message is considered to have arrived when it is available to the addressee of the message.

§ 187. Where it is required in this Act or in regulations issued pursuant to this Act that a document issued by others 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 paragraph 2. Such documents are equated with documents with a personal signature.

Paragraph 2. The Minister for Industry, Business and Financial Affairs may establish detailed regulations on deviation from the signature requirement. It may be specified hereunder that the requirement for a personal signature cannot be deviated from for certain types of documents.

Chapter 17 Delegation and Appeal Provisions

§ 188. If the Minister for Industry, Business and Financial Affairs delegates his powers under the Act to the Danish Financial Supervisory Authority, the Minister may establish regulations on the right of appeal, including that appeals cannot be brought before another administrative authority.

§ 189. Decisions made by the Danish Financial Supervisory Authority or the Danish Business Authority pursuant to the Act or regulations issued pursuant to the Act, Regulation (EU) No 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, 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, or 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, or

17. april 2026. 51 Nr. 445.

establishing a framework to promote sustainable investments, 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) 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 notified to the person concerned.

Section XI Penalties, Entry into Force and Transitional Provisions etc.

Chapter 18 Penalty Provisions etc.

§ 190. Violation of § 3, subsections 1-6, § 4, subsections 1-4, § 5, § 9, subsection 3, § 10, subsection 3, § 11, subsection 3, § 12, subsections 4 and 5, § 18, subsections 2 and 4, § 28, subsections 1 and 4, § 28a, subsection 3, § 37, subsection 1, first sentence, § 47, subsections 1-3, § 48, subsections 1, 3, 4, 6 and 7, § 49, § 50, subsections 1 and 2, § 51, subsections 1-6, § 52, subsections 1-6, § 53, subsections 1-5, § 54, subsection 1, first sentence, and subsection 3, § 55, § 56, subsection 2, § 57, subsection 8, cf. subsection 3, items 1 and 2, § 58, subsection 1, items 1 and 2, § 62, subsections 1 and 2, § 64, subsections 1-4, § 65, § 66, subsection 1, § 67, subsection 1, § 68, subsection 1, § 69, § 73, subsection 1, § 74, subsections 1-3 and 6, § 74a, § 74b, § 75, subsection 1, §§ 76-78, § 82, subsection 1, first sentence, § 83, subsection 1, § 84, subsections 1 and 3 and subsection 4, first sentence, § 85, § 86, subsections 1 and 2, § 87, subsection 1, subsection 2, first sentence, and subsection 3, second sentence, §§ 88-90, § 91, first sentence, § 92, first sentence, § 93, § 94, subsections 1 and 5, § 97, subsection 1, first sentence, § 98, subsection 1, first sentence, and subsections 2 and 4, §§ 99 and 100, § 102, subsections 1, 3 and 4, § 103, subsection 1, § 104, subsection 1, § 105, subsection 1, §§ 107 and 108, § 109, subsection 5, § 114, subsections 1, 5 and 6, § 116, subsection 2, § 132, subsection 1, §§ 139-141, § 142, subsections 1, 2 and 4, § 143, § 144, subsection 1 and subsection 2, second sentence, §§ 145, 147 and 148, § 149, subsections 1, 4 and 5, § 150, § 151, subsections 1 and 3, §§ 152, 154 and 156, § 157, subsections 1-3, § 159, subsection 2, first sentence, and § 160, subsection 1, shall be punished by a fine or imprisonment for up to 4 months, unless a higher penalty is incurred under the rest of the legislation. Violation of § 14a, subsections 3, 5 and 6, §§ 38 and 46, § 48a, subsections 1-6, §§ 48b, 48c and 48e, § 51, subsection 1, item 5, § 52, subsection 1, item 6, § 59, subsection 1, first sentence, and subsection 2, § 60, subsection 1, subsection 2, first sentence, and subsection 3, first and second sentences, § 61, subsection 1, subsection 2, first sentence, subsection 3, first and second sentences, and subsections 4 and 6, § 63, subsections 1 and 3, § 63a, subsection 1, § 63b, subsection 1, § 63c, subsection 1, § 102, subsections 4 and 6, § 103, subsection 4, second sentence, and subsection 6, § 108b, subsections 1 and 3, § 166, subsection 3, § 176, subsection 1, first-fifth sentences, subsection 3, first-seventh sentences, and subsection 5, and § 199, subsection 1, shall be punished by a fine.

Subsection 2. If a higher penalty is not incurred under the rest of the legislation, a fine shall be imposed on the person who fails to provide the Danish Financial Supervisory Authority with information pursuant to § 164, subsection 1, or to correct information pursuant to § 164, subsection 2.

Subsection 3. A fine shall be imposed on the person who fails to comply with an order given pursuant to § 170, subsection 2, first sentence. A fine shall also be imposed on a board member who fails to comply with an order given pursuant to § 172, subsections 2 and 3, third sentence.

Subsection 4. Violation of Article 4, subsection 1, Article 6, Article 7, subsections 1-4, Article 9, Article 10, subsection 1, Article 11, subsections 1-3, Articles 12-14, Article 15, subsections 1-5, Article 16, subsections 1-4 and 6, Article 17, subsections 1-6, 8 and 9, Article 18, subsection 1, Articles 19-21 and 23, Article 24, subsection 1, Article 25, subsection 1, Articles 26 and 27, Article 28, subsections 1-5, Article 29, subsections 1-5 and 7, Article 30, subsection 3, Article 31, subsections 3 and 4, Article 32, subsections 3 and 4, Article 33, Article 34, subsections 1 and 3, Article 35, subsection 1, Article 36, Article 37, subsections 1-3, and Article 44, subsection 1, of Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and Articles 5 and 6 of Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP), shall be punished by a fine.

Subsection 5. A fine shall be imposed on the person who violates a prohibition, restriction or limitation communicated pursuant to Article 17 or Article 24, subsection 2, points (a), (b) or (d), or subsection 4, of 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 6. In regulations issued pursuant to the Act, penalties of a fine or imprisonment for up to 4 months may be established for violation of provisions in the regulations.

Subsection 7. If a member of the management of an investment fund or SIKAV, or a member of the management of the investment management company or administration company for a Danish UCITS, fails to take necessary measures in the event of loss or imminent risk of loss of a significant magnitude, the person concerned shall be punished by a fine or imprisonment for up to 4 months, insofar as a higher penalty is not incurred under the rest of the legislation.

Subsection 8. Persons associated with a Danish UCITS who provide false or misleading information concerning matters relating to the Danish UCITS to public authorities, to the public, to any company body, or to investors in the Danish UCITS, or who are guilty of gross or repeated negligence or carelessness that may result in loss for the Danish UCITS, shall be punished by a fine or imprisonment for up to 4 months, insofar as a higher penalty is not incurred under the rest of the legislation.

Subsection 9. The limitation period for criminal liability for violations of the provisions of the Act or rules issued pursuant to the Act is 5 years.

§ 191. If the board, management, auditor, investment management company, administration company, depositary company or liquidator of a Danish UCITS fails to comply in due time with the duties incumbent upon them pursuant to the Act or rules issued pursuant to the Act towards the Danish Financial Supervisory Authority or the Danish Business Authority, the Danish Financial Supervisory Authority or the Danish Business Authority may, as a coercive measure, impose daily or weekly fines on the persons concerned.

§ 192. If a Danish UCITS that has issued shares admitted to trading on a regulated market fails to fulfill its obligations under the provisions in §§ 82-92 or provisions established pursuant to § 95, the Danish Financial Supervisory Authority may order the Danish UCITS concerned 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 information concerned, publish the order, or suspend or delete the affected shares from trading on a regulated market.

Subsection 2. The investment fund, SIKAV’s or securities fund’s investment management company or administration company that fails to comply with an order given pursuant to subsection 1 or provides false or misleading information to the Danish Financial Supervisory Authority in relation to the Authority’s tasks pursuant to subsection 1, shall be punished by a fine, insofar as a higher penalty is not incurred under other legislation.

Chapter 19 Entry into Force, Transitional Provisions, the Faroe Islands and Greenland

Entry into Force

§ 193. The Act shall enter into force on 22 July 2013, cf. however subsection 2.

Subsection 2. §§ 1-134, § 135, subsections 1 and 2, §§ 136-164, § 165, subsection 1, and §§ 166-192 shall enter into force on 22 July 2014.

Subsection 3. Simultaneously with the entry into force of the Act, § 19, subsections 1 and 2, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, is repealed. For applications received by the Danish Financial Supervisory Authority no later than 21 July 2013, the previously applicable rules shall apply.

Subsection 4. Foreign investment institutions that have obtained permission to market their shares directly or indirectly pursuant to § 19 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, must comply with the provisions of the current Act on Investment Funds and Similar Undertakings and Statutory Order No 1298 of 14 December 2012 on the marketing of foreign investment institutions in Denmark. They may continue marketing pursuant to this provision until their administration company has obtained permission as a manager in its home country pursuant to rules implementing Article 7, subsection 1, or Article 37, subsection 1, of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers, and has notified marketing of shares in the investment institution concerned pursuant to rules implementing Article 32, subsection 2, Article 35, subsection 3, Article 39, subsection 2, or Article 40, subsection 3, of Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers, or has obtained permission from the Danish Financial Supervisory Authority to market shares in the investment institution concerned pursuant to Section VI, cf. § 5, subsection 4, of the Act on Alternative Investment Fund Managers etc., but only until 22 July 2014. The above in the first sentence applies correspondingly if the investment institution changes its administration company to a manager who has obtained permission pursuant to § 11, subsection 3, of the Act on Alternative Investment Fund Managers etc. to manage alternative investment funds, including previous investment institutions that have obtained permission from the Danish Financial Supervisory Authority pursuant to § 19 of the Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, to market their shares.

Subsection 5. The current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, is repealed on 22 July 2014.

Subsection 6. Administrative regulations issued pursuant to the Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, are maintained until they are repealed by administrative regulations issued pursuant to this Act.

Subsection 7. §§ 82-101 concerning Danish UCITS’ annual reports, audit and use of the year’s profit shall first apply to annual reports and interim reports for accounting periods beginning on 1 January 2015 or later. The provisions of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall apply to annual reports and interim reports covering periods up to and including 31 December 2014.

Transitional Provisions Special Funds and Hedge Funds

§ 194. Special funds and hedge funds must notify the Danish Financial Supervisory Authority no later than 1 April 2014 that they have brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. and have amended their articles of association at a general meeting, or notify that they have decided to terminate the fund, cf. Chapter 12 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013.

Subsection 2. If a special fund or hedge fund, cf. subsection 1, does not bring its business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. by amending its articles of association so that the fund meets the requirements of the Act on Alternative Investment Fund Managers etc., or does not make a decision to terminate, by 1 April 2014, the Danish Financial Supervisory Authority may withdraw the fund’s permission, and the fund shall be liquidated. The Danish Financial Supervisory Authority may appoint a liquidator. The provisions in §§ 95 and 96 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall apply to the liquidation. The Danish Financial Supervisory Authority may in very special cases grant dispensation from the deadline in the first sentence.

Subsection 3. Special funds that have amended their articles of association and brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. may, notwithstanding § 6, subsection 3, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, continue to use the designations special fund, placement fund, money market fund or investment institution fund.

Subsection 4. Hedge funds that have amended their articles of association and brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. may, notwithstanding § 7, subsection 3, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, continue to use the designation hedge fund.

Single-Investor Funds

§ 195. Single-investor funds, cf. § 161 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, must notify the Danish Financial Supervisory Authority no later than 1 April 2014 that they have brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. and have amended their articles of association at a general meeting, or notify that they have decided to wind up the fund, cf. §§ 167-169 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013.

Subsection 2. If a single-investor fund, cf. subsection 1, does not bring its business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. by amending its articles of association so that the fund meets the requirements of the Act on Alternative Investment Fund Managers etc., or does not make a decision to wind up, by 1 April 2014, the Danish Financial Supervisory Authority must revoke the single-investor fund’s approval, and the fund must be wound up by liquidation. The Danish Financial Supervisory Authority may appoint a liquidator. The provisions in §§ 95 and 96 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall apply to the liquidation with the necessary adaptations. The Danish Financial Supervisory Authority may in very special cases grant dispensation from the deadline in the first sentence.

Professional Funds

§ 196. Professional funds, cf. § 147 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, must notify the Danish Financial Supervisory Authority no later than 1 April 2014 that they have brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. and have amended their articles of association at a general meeting, or notify that they have decided to dissolve the fund, cf. § 160, subsection 1, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, cf. § 20 of the Act on Certain Business Enterprises.

Subsection 2. If a professional fund, cf. subsection 1, does not bring its business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. by amending its articles of association so that they meet the requirements of the Act on Alternative Investment Fund Managers etc., or does not make a decision to dissolve, by 1 April 2014, the Danish Financial Supervisory Authority shall delete the professional fund from its register. § 160, subsection 4, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall not apply.

Subsection 3. Professional funds that have amended their articles of association and brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. may, notwithstanding § 147, subsection 3, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, continue to use the designation professional fund.

Subsection 4. If a professional fund, cf. subsections 1 and 2, has not reported article of association amendments or dissolution to the Danish Business Authority no later than 4 weeks after the expiry of the deadline in subsection 1, the Danish Financial Supervisory Authority may decide that the fund shall be wound up by liquidation. The Danish Financial Supervisory Authority may appoint a liquidator. The provisions in §§ 95 and 96 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall apply to the liquidation with the necessary adaptations.

Other Collective Investment Schemes

§ 197. Other collective investment schemes, cf. § 195 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, which have hitherto been registered as business enterprises pursuant to the Act on Certain Business Enterprises, must notify the Danish Business Authority no later than 1 April 2014 that they have brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. and have amended their articles of association at a general meeting or otherwise legalized the business of the investment scheme, or that they have decided to dissolve the collective investment scheme.

Subsection 2. If another collective investment scheme, cf. subsection 1, does not report amendment of its articles of association so that the fund meets the requirements of Chapter 23 of the Act on Alternative Investment Fund Managers etc., or decision to dissolve, to the Danish Business Authority no later than 1 April 2014, the Danish Financial Supervisory Authority may decide that the fund shall be wound up by liquidation. The Danish Financial Supervisory Authority may appoint a liquidator. The provisions in §§ 95 and 96 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall apply to the liquidation with the necessary adaptations.

Non-Approved Single-Investor Funds

§ 198. Non-approved single-investor funds must notify the Danish Business Authority no later than 1 April 2014 that they have brought their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers etc. and have amended their articles of association at a general meeting, or that they have decided to dissolve the fund, cf. § 224, subsection 1, of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013.

Subsection 2. If a non-approved single-investor fund, cf. subsection 1, does not report amendment of its articles of association so that the fund meets the requirements of Chapter 23 of the Act on Alternative Investment Fund Managers etc., or decision to dissolve, to the Danish Business Authority no later than 1 April 2014, the Danish Financial Supervisory Authority may decide that the fund shall be wound up by liquidation. The Danish Financial Supervisory Authority may appoint a liquidator. The provisions in §§ 95 and 96 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, shall apply to the liquidation with the necessary adaptations.

Notification of Non-Approved Single-Investor Funds and Other Collective Investment Schemes to the Danish Financial Supervisory Authority

§ 199. Investment management companies that, upon the entry into force of the Act, administer non-approved single-investor funds, cf. § 224 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, and investment management companies and credit institutions that administer other collective investment schemes, cf. § 195 of the current Act on Investment Funds and Similar Undertakings, cf. Statutory Order No 333 of 20 March 2013, must no later than 1 December 2013 notify the names and CVR numbers of the

administered non-approved single-member funds and other collective investment schemes to the Danish Financial Supervisory Authority.

Subsection 2. The Danish Financial Supervisory Authority forwards a list with names and CVR numbers of the non-approved single-member funds and other alternative investment schemes, cf. subsection 1, to the Business Authority and ensures in cooperation with the Business Authority that the non-approved single-member funds and other collective investment schemes either bring their business into compliance with Chapter 23 of the Act on Alternative Investment Fund Managers and amend their articles of association at a general meeting or make a decision to dissolve the fund.

Danish UCITS' investment in investment funds

§ 200. Danish UCITS, whose sections at the entry into force of this Act invest in shares in special funds in accordance with § 124, subsection 1, no. 3, of the current Act on Investment Funds and Other Collective Investment Undertakings, cf. Act No. 333 of 20 March 2013, or shares in corresponding foreign investment institutions, which Danish UCITS can no longer invest in, shall liquidate these investments when the fund or the foreign investment institution ceases to be a special fund or an investment institution under supervision, but no later than 22 July 2014. The Danish Financial Supervisory Authority may in very special cases grant exemption from the deadline in the first sentence.

§ 201. This Act does not apply to the Faroe Islands and Greenland, but may be put into force wholly or partly for the Faroe Islands and Greenland by Royal Order with the changes that the Faroese and Greenlandic conditions require.

Act No. 532 of 29 April 2015 (Right to a basic deposit account, implementation of changes to the Transparency Directive, modernisation of the rules for submission of annual reports, extension of insurance companies' operation of other business, clarification of the regulation of refinancing risk for mortgage bonds and other matters, and implementation of the Mortgage Credit Directive and other matters) contains the following entry-into-force and transitional provision:

§ 16

Subsection 1. This Act enters into force on 3 July 2015, cf. however subsections 2-9.

Subsections 2-8. (Omitted)

Subsection 9. The Minister of Business and Growth sets the time for the entry into force of § 1, nos. 3-5, § 2, nos. 7, 9-11 and 15, § 8, nos. 1-4, and § 9, nos. 1, 3 and 4, and § 12. The Minister of Business and Growth may thereby set that the provisions enter into force at different times.

Subsections 10-17. (Omitted)

Act No. 369 of 9 April 2019 (Implementation of changes to the Shareholder Rights Directive on encouragement of long-term active ownership) contains the following entry-into-force and transitional provision:

§ 9

Subsection 1. This Act enters into force on 10 June 2019, cf. however subsection 2.

Subsections 2 and 3. (Omitted)

Subsection 4. §§ 101a and 101b in the Act on Financial Business as amended by this Act's § 3, nos. 3 and 4, and §§ 66a and 66b in the Act on Alternative Investment Fund Managers as amended by this Act's § 4, no. 3, § 5, no. 2, § 6, no. 2, § 7, no. 1, and § 8, no. 1, apply to the financial year beginning from 1 January 2020.

Act No. 554 of 7 May 2019 (Amendment of the rules on beneficial owners as a result of the 5th Anti-Money Laundering Directive) contains the following entry-into-force provision:

§ 13

Subsection 1. This Act enters into force on 10 January 2020, cf. however subsection 2.

Subsection 2. (Omitted)

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

Act No. 641 of 19 May 2020 (Changes 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:

§ 9

Subsection 1. This Act enters into force on 1 July 2020, cf. however subsections 2-6.

17 April 2026. 55 No. 445.

Subsections 2-5. (Omitted)

Subsection 6. The Minister of Enterprise sets the time for the entry into force of § 1, nos. 14, 15, 18 and 19, § 2, no. 3, § 3, no. 10, and § 6, nos. 2 and 3. The Minister of Enterprise may thereby set that the provisions enter into force at different times.

Subsections 7 and 8. (Omitted)

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

§ 11

Subsection 1. This Act enters into force on 1 January 2023.

Subsection 2. (Omitted)

Act No. 570 of 10 May 2022 (Appointment of resolution authorities for distressed central counterparties and rules for life insurance companies offering health and accident insurance and other matters) contains the following entry-into-force provision:

§ 13

Subsection 1. This Act enters into force on 1 July 2022, cf. however subsections 2-4.

Subsection 2. § 1, nos. 15-18, and § 3, nos. 8, 9 and 17, enter into force on 1 August 2022.

Subsection 3. (Omitted)

Subsection 4. § 3, nos. 12-16 and 18, enter into force on 31 December 2022.

Subsections 5-7. (Omitted)

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

§ 10

Subsection 1. This Act enters into force on 1 July 2023.

Subsections 2-14. (Omitted)

Subsection 15. Agreements on severance schemes, which at the time of the entry into force of this Act are concluded between an investment fund and a member of the executive board, shall be published on the investment fund's website in accordance with § 48e in the Act on Investment Funds and other matters as amended by this Act's § 5, no. 2, no later than 6 months after the entry into force of this Act.

Subsection 16. § 48f, § 48g, subsections 2 and 3, and § 48h in the Act on Investment Funds and other matters as amended by this Act's § 5, no. 2, apply to agreements on severance schemes for a member of the executive board in an investment fund, which have not yet become due at the time of the entry into force of this Act.

Subsection 17. § 48g, subsection 1, in the Act on Investment Funds and other matters as amended by this Act's § 5, no. 2, applies to agreements on severance payments for a member of the executive board in an investment fund, which are concluded, extended or renewed after the entry into force of this Act.

Subsection 18. § 48g, subsections 4 and 5, in the Act on Investment Funds and other matters as amended by this Act's § 5, no. 2, do not apply to agreements where the director in an investment fund has acquired a legal right to the severance payment at the time of the entry into force of this Act. For such agreements, the previously applicable rules apply.

Subsections 19-32. (Omitted)

Act No. 1546 of 12 December 2023 (Mortgage lending 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 and other matters) contains the following entry-into-force provision:

§ 15

Subsection 1. This Act enters into force on 1 January 2024, cf. however subsection 2.

Subsections 2-4. (Omitted)

Act No. 480 of 22 May 2024 (Implementation of the EU Directive on corporate sustainability reporting and the EU Directive on the increase of size thresholds in the Accounting Directive and other matters) contains the following entry-into-force provision:

§ 13

Subsection 1. This Act enters into force on 1 June 2024, cf. however subsections 2 and 3.

Subsections 2-8. (Omitted)

Act No. 1666 of 30 December 2024 (Access to a basic business account for business enterprises and associations, supervision under the regulation on European green bonds and annual target setting for the executive board of Danmarks Nationalbank and other matters) contains the following entry-into-force provision:

§ 18

Subsection 1. This Act enters into force on 1 January 2025, cf. however subsections 2 and 3.

Subsections 2-10. (Omitted)

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

17 April 2026. 56 No. 445.

§ 17

Subsection 1. This Act enters into force on 1 January 2025, cf. however subsection 2.

Subsection 2. (Omitted)

Subsection 3. § 2, nos. 3 and 4, and §§ 12 and 14-16, have effect for financial years beginning on 1 January 2024 or later.

Subsections 4-6. (Omitted)

Act No. 712 of 20 June 2025 (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for 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 shareholdings in other companies, penalisation of the disclosure regulation, modernisation of the rules in the FAIF-UCITS II Directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of a number of published information and other matters)2), as amended by Act No. 1638 of 16 December 2025, contains the following entry-into-force, effect and transitional provisions:

§ 22

Subsection 1. This Act enters into force on 1 July 2025, cf. however subsections 2-13.

Subsections 2-4. (Omitted)

Subsection 5. § 1, nos. 100 and 102, § 2, no. 56, § 3, no. 42, § 5, no. 21, § 6, no. 37, and § 7, no. 7, enter into force on 1 March 2026.

Subsection 6. § 5, subsection 1, no. 64, in the Act on Financial Business as amended by this Act's § 1, no. 8, § 1, nos. 10-16, 37, 40-48, 52-54, 99, 118, 119 and 122, § 2, nos. 2-14, 16-43, 49-54, 62-64, 69-76, 78, 80 and 84-87, and § 3, nos. 1, 4-6, 8-20, 22-33, 36, 41, 43, 47-49, 56 and 60, enter into force on 16 April 2026.

Subsection 7. § 1, nos. 117, 120 and 124, § 2, nos. 77 and 83, § 3, nos. 53, 54 and 58, § 5, nos. 25, 27 and 31, § 6, no. 56, § 7, nos. 11 and 15, and § 117, subsection 3, in the Act on Company Pension Funds as amended by this Act's § 7, no. 16, enter into force on 2 July 2026.

Subsections 8-10. (Omitted)

Subsection 11. § 3, nos. 35, 38 and 39, enter into force on 10 January 2028.

Subsections 12 and 13. (Omitted)

§ 23

(Omitted)

§ 24

Subsections 1-6. (Omitted)

Subsection 7. § 1, no. 128, § 2, no. 82, § 3, no. 59, § 5, no. 27, and § 117, subsection 2, in the Act on Company Pension Funds as amended by this Act's § 7, no. 17, § 8, no. 14, and § 9, no. 18, do not apply to violations of Article 13, subsection 3, first paragraph, in the 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, which occur before 2 July 2026. For such violations, the previously applicable rules apply.

Subsections 8 and 9. (Omitted)

Subsection 10. Rules issued pursuant to § 74, subsection 7, and § 102, subsection 5, in the Act on Investment Funds and other matters, cf. Act No. 1163 of 13 November 2024, remain in force until they are repealed or replaced by rules issued pursuant to § 74, subsection 10, and § 102, subsection 8, in the Act on Investment Funds and other matters, cf. this Act's § 3, nos. 31 and 35.

Act No. 1638 of 16 December 2025 (Abolition of national prospectus threshold, partial abolition of prohibition on share classes in financial companies, insurance companies and fund broker companies, amendment of publication requirements upon admission to trading on a multilateral trading facility, strengthening of the Danish Financial Supervisory Authority's independence and other matters)3) contains the following entry-into-force provision:

§ 15

Subsection 1. This Act enters into force on 1 January 2026, cf. however subsections 2-13.

Subsections 2-4. (Omitted)

Subsection 5. § 2, nos. 7, 8, 13-15 and 19, § 3, nos. 3-6, 9 and 10, and § 6, nos. 1, 2, 6 and 7, enter into force on 16 April 2026.

Subsections 6 and 7. (Omitted)

Subsection 8. § 3, nos. 1, 2, 7 and 8, and § 4, nos. 2 and 4-6, enter into force on 25 June 2026.

Subsections 9-14. (Omitted)

The Danish Financial Supervisory Authority, 17 April 2026

Louise Mogensen / Karina Vilhof Ankergren

17 April 2026. 57 No. 445.

2. The law amendment concerns the 1st sentence in the footnote to the law's title, § 19, no. 19, § 20, no. 20, § 21, no. 16, § 48, subsection 2, 2nd and 3rd sentences, and subsection 4, 7 and 8, § 51, subsection 1, nos. 4-6, § 52, subsection 1, nos. 5-7, § 53, subsection 1, nos. 1-3, § 63, subsection 1, nos. 7-9, and subsection 3, § 64, subsections 2 and 3, § 65, subsection 2, § 66, subsection 1, § 74, subsections 2 and 4-9, §§ 74a and 74b, § 101, subsection 1, § 103, subsection 2, 2nd and 3rd sentences, § 159a, § 161, subsection 1, nos. 11 and 12, § 164, subsection 7, § 175, subsection 6, nos. 2 and 28, and subsection 12, 1st sentence, § 190, subsection 1, 1st sentence, and Annex 1.

3. The law amendment concerns § 9, subsection 1, no. 4, § 10, subsection 1, no. 4, § 48a, subsection 1, no. 3, letter c, 2nd sentence, and no. 6, § 57, subsection 9, and § 172, subsection 1, and subsection 3, 1st sentence.

17 April 2026. 58 No. 445.

Annex 1

Liquidity management tools available for a Danish UCITS:

1. Suspension of subscription, repurchase and redemption: Suspension of subscription, repurchase and redemption means that temporarily no subscription, repurchase and redemption of the fund's shares or capital shares are permitted.
2. Redemption gate: A redemption gate means a temporary and partial restriction of the shareholders' or capital owners' right to redeem their shares or capital shares, such that investors can only redeem a certain part of their shares or capital shares.
3. Extension of notice periods: Extension of notice period means an extension of the notice period that shareholders or capital owners must give fund managers beyond a minimum period that is appropriate for the fund, when they redeem their shares or capital shares.
4. Redemption fee: A redemption fee is a fee within a pre-determined interval, which takes into account the costs of liquidation, which is paid to the fund by shareholders or capital owners when they redeem shares or capital shares, and which ensures that shareholders or capital owners who remain in the fund are not unfairly disadvantaged.
5. Swing pricing: Swing pricing is a pre-determined mechanism whereby the net asset value of shares or capital shares in an investment fund is adjusted by means of a factor ("swing factor") that reflects the costs of liquidation.
6. Dual pricing: Dual pricing is a pre-determined mechanism whereby the subscription, repurchase and redemption prices for shares or capital shares in an investment fund are set by adjusting the net asset value per share or capital share by a factor that reflects the costs of liquidation.
7. Anti-dilution charge: An anti-dilution charge is a fee that a shareholder or capital owner pays to the fund upon subscription, repurchase or redemption of shares or capital shares, which compensates the fund for the costs of liquidation arising due to the size of the transaction, and which ensures that other shareholders or capital owners are not unfairly disadvantaged.
8. In-kind redemption: In-kind redemption means the transfer of the fund's assets instead of cash in order to meet redemption requests from shareholders or capital owners.
9. Side pockets: Side pockets means the separation of certain assets, whose economic or legal characteristics have changed significantly or become uncertain due to extraordinary circumstances, from the fund's remaining assets.