Registration and Publication of Owner Information at the Danish Business Authority

Order on the Registration of and Access to Information on Owners at the Danish Business Authority1)

Pursuant to Section 12, subsections 1 and 2, Section 55, subsection 3, Section 56, subsection 2, third sentence, Section 57a, subsection 6, Section 58a, subsection 9, and Section 367, subsection 4, of the Companies Act (selskabsloven), cf. Statutory Order No. 331 of 20 March 2025, as amended by Act No. 710 of 20 June 2025, Section 15f and Section 23, subsection 2, of the Act on Certain Business Enterprises (erhvervsvirksomhedsloven), cf. Statutory Order No. 330 of 20 March 2025, Section 21a, subsection 8, of the Act on Commercial Foundations, cf. Statutory Order No. 321 of 20 March 2025, Section 17a, subsection 9, of the Act on the European Company (SE Act), cf. Statutory Order No. 735 of 5 July 2019, Section 14a, subsection 9, of the Act on the European Cooperative Society (SCE Act), cf. Statutory Order No. 658 of 1 July 2019, Section 1a, subsection 8, of the Act on the Administration of the European Economic Community's Regulations on the Introduction of European Economic Interest Groupings, cf. Statutory Order No. 667 of 1 July 2019, Section 81b, subsection 8, Section 85b, subsection 8, and Section 336a, subsection 8, of the Act on Financial Business, cf. Statutory Order No. 650 of 9 June 2025, Section 35 of the Act on Insurance Business in Cross-Border Pension Funds, Life Insurance Companies and General Insurance Companies etc. (Act on Insurance Business), cf. Statutory Order No. 169 of 16 February 2025, Section 111, subsection 8, of the Act on Company Pension Funds, cf. Statutory Order No. 183 of 26 February 2024, Section 136a, subsection 9, of the Act on Alternative Investment Fund Managers etc., cf. Statutory Order No. 231 of 1 March 2024, Section 14a, subsection 9, of the Act on Investment Funds etc., cf. Statutory Order No. 1163 of 13 November 2024, Section 11a, subsection 3, Section 18a, subsection 4, Section 18b, subsection 2, and Section 18d, subsection 2, of the Act on the Central Business Register, cf. Statutory Order No. 1052 of 16 October 2019, as amended by Act No. 710 of 20 June 2025, Section 4, subsection 8, and Section 52, subsection 8, of the Act on Foundations and Certain Associations, cf. Statutory Order No. 2020 of 11 December 2020, and Section 46a, subsection 9, of the Act on Preventive Measures against Money Laundering and Financing of Terrorism (the Money Laundering Act), cf. Statutory Order No. 807 of 21 June 2024, it is hereby ordered and authorized:

Chapter 1

Owner Information in Companies Covered by the Companies Act

Legal Owners

Notification to the Capital Company of Significant Shareholdings

§ 1. Pursuant to Section 55, subsection 1, of the Companies Act, any person holding share capital in a capital company must notify the company of significant shareholdings. The notification must be given to the company no later than 2 weeks after one of the thresholds in Section 55, subsection 1, of the Companies Act is reached or is no longer reached. The company shall enter the information in the register of members.

Subsection 2. The capital owner's notification to the company must contain the information set out in Section 56, subsection 2, of the Companies Act.

§ 2. Any person holding shares admitted to trading on a regulated market or on a multilateral trading facility, who pursuant to the Order on Major Shareholders, cf. Order No. 1256 of 4 November 2015, is not covered by the obligation to give notification pursuant to Section 29 of the Act on Financial Business etc., cf. Statutory Order No. 1530 of 2 December 2015, is not covered by the obligation to notify the joint-stock company of significant shareholdings pursuant to Section 55, subsection 1, of the Companies Act, subject to subsection 2.

Subsection 2. Notwithstanding subsection 1, notification must be given pursuant to Section 55, subsection 1, of the Companies Act if the holding threshold of 100 percent is reached or is no longer reached.

1. The Order contains provisions implementing parts of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, OJ 2015, No L 141, page 73, parts of Directive (EU) 2018/843 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 (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms that Member States must introduce to prevent the use of the financial system for the purpose of money laundering or terrorist financing, amending Directive (EU) 2019/1937 and amending and repealing Directive (EU) 2015/849, OJ L of 19 June 2024.

Law Gazette A
2025 Issued on 5 July 2025
30 June 2025. No. 987.
Min. of Industry, Business and Financial Affairs,
Danish Business Authority, Case No. 2024-5021
CQ003297

Registration of Significant Shareholdings

§ 3. When establishing a capital company, registration of the company's capital owners who hold significant shareholdings, cf. Section 1, subsection 1, must be carried out no later than simultaneously with the registration of the company in the Danish Business Authority's IT system, or registration must be carried out that the company has no capital owners holding such significant shareholdings.

Subsection 2. The capital company must furthermore register any changes to the information covered by subsection 1 as soon as possible, including that the thresholds in Section 1, subsection 1, are reached or are no longer reached.

Subsection 3. If a capital company establishes that it no longer has capital owners holding significant shareholdings in the company, this fact must be registered in the Danish Business Authority's IT system as soon as possible.

Chapter 2

Registration of Minor Holdings of Bearer Shares

§ 4. A purchaser of one or more bearer shares in a joint-stock company, which collectively hold less than 5 percent of the company's share capital's voting rights or less than 5 percent of the company's share capital, must register themselves in the Danish Business Authority's IT system no later than 2 weeks after the acquisition, subject to Section 57a, subsection 4, of the Companies Act.

Subsection 2. The registration pursuant to subsection 1 must contain the information set out in Section 57a, subsection 2, of the Companies Act.

Subsection 3. Upon the transfer of one or more bearer shares registered pursuant to subsection 1, it must be registered in the Danish Business Authority's IT system no later than 2 weeks after the transfer that the transferor no longer holds the shares, and the date of the transfer must be registered, subject to Section 57a, subsection 4, of the Companies Act.

Chapter 3

Beneficial Owners

§ 5. Capital companies, including companies carrying out activities covered by the Act on Financial Business, must obtain information about the company's beneficial owners, including information about the beneficial owners' rights, cf. Section 58a, subsection 1, of the Companies Act.

Subsection 2. The rights may include the following:

1. Share capital in the capital company, owned directly or indirectly, including potential share capital, and possibly which class they belong to.
2. Control by other means.

§ 6. The capital company must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 5, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds share capital, the total number of share capital distributed among voting rights and capital must be registered. The holding includes:

1. Share capital, if the voting right belongs to a company that the person controls.
2. Share capital that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If share capital is owned through a chain of controlled companies, this information must be registered.

Subsection 4. If the capital company does not have or cannot identify beneficial owners, the company's management shall be registered as beneficial owners. Subsequent changes to the management composition, which are registered in the Danish Business Authority's IT system, will automatically be transferred to the information about beneficial owners.

Subsection 5. The capital company must register the information about beneficial owners in the Danish Business Authority's IT system as soon as possible after the company has become aware that a person has become a beneficial owner and after any changes to the information that is registered.

Chapter 4

Owner Information in Companies Covered by the Act on Certain Business Enterprises

Legal Owners

Notification to the Limited Partnership of Significant Ownership Interests

§ 7. Pursuant to Section 55, subsection 1, of the Companies Act, cf. Section 15f in the Act on Certain Business Enterprises, any person holding ownership interests in a limited partnership that is subject to registration pursuant to Section 2, subsection 3, second sentence, of the Act on Certain Business Enterprises, must notify the limited partnership of significant ownership interests. The notification must be given to the limited partnership no later than 2 weeks after one of the thresholds in Section 55, subsection 1, of the Companies Act is reached or is no longer reached.

Subsection 2. The owner's notification to the limited partnership must contain the information set out in Section 56, subsection 2, of the Companies Act, cf. Section 15f in the Act on Certain Business Enterprises.

§ 8. Any person holding ownership interests admitted to trading on a regulated market or on a multilateral trading facility, who pursuant to the Order on Major Shareholders, cf. Order No. 1256 of 4 November 2015, is not covered by the obligation to give notification pursuant to Section 29 of the Act on Financial Business etc., cf. Statutory Order No. 1530 of 2 December 2015, is not covered by the obligation to notify the limited partnership of significant ownership interests pursuant to Section 55, subsection 1, of the Companies Act, cf. Section 15f in the Act on Certain Business Enterprises, subject to subsection 2.

Subsection 2. Notwithstanding subsection 1, notification must be given pursuant to Section 55, subsection 1, of the Companies Act, cf. Section 15f in the Act on Certain Business Enterprises, if the holding threshold of 100 percent is reached or is no longer reached.

Registration of Significant Ownership Interests

§ 9. When establishing a limited partnership that is subject to registration pursuant to Section 2, subsection 3, second sentence, of the Act on Certain Business Enterprises, registration of the company's owners who hold significant ownership interests, cf. Section 3, subsection 1, must be carried out no later than simultaneously with the registration of the company, or registration must be carried out that the company has no owners holding such significant ownership interests.

Subsection 2. The limited partnership must furthermore register any changes to the information covered by subsection 1 as soon as possible, including that the thresholds in Section 55, subsection 1, of the Companies Act, cf. Section 15f in the Act on Certain Business Enterprises, are reached or are no longer reached.

Subsection 3. If a limited partnership establishes that it no longer has owners holding significant ownership interests in the company, this fact must be registered in the Danish Business Authority's IT system as soon as possible.

Chapter 5

Beneficial Owners

§ 10. General partnerships, limited partnerships, and limited liability companies must obtain information about the company's beneficial owners, including information about the beneficial owners' rights, cf. Section 15g, subsection 1, of the Act on Certain Business Enterprises.

Subsection 2. The rights may include the following:

1. Ownership interests in the company, owned directly or indirectly.
2. Control by other means.

§ 11. The company must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 10, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds ownership interests, the total number of ownership interests distributed among voting rights and capital must be registered. The holding includes:

1. Ownership interests, if the voting right belongs to a company that the person controls.
2. Ownership interests that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If ownership interests are owned through a chain of controlled companies, this information must be registered.

Subsection 4. If the company does not have or cannot identify beneficial owners, the company's daily management shall be registered as beneficial owners. Subsequent changes to the management composition, which are registered in the Danish Business Authority's IT system, in companies that have a registered management consisting of natural persons, will automatically be transferred to the information about beneficial owners. General partnerships and limited partnerships that do not have a management consisting of natural persons registered in the Danish Business Authority's IT system must register the natural person or persons who manage the company as beneficial owners.

Subsection 5. The company must register the information about beneficial owners in the Danish Business Authority's IT system as soon as possible after the company has become aware that a person has become a beneficial owner and after any changes to the information that is registered.

Chapter 6

Owner Information in Foundations Covered by the Act on Commercial Foundations

Beneficial Owners

§ 12. Commercial foundations must obtain information about the foundation's beneficial owners, including information about the beneficial owners' rights, cf. Section 21a, subsection 1, of the Act on Commercial Foundations.

§ 13. The foundation must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 12. The date of the beneficial ownership's entry and possible termination must also be registered. For foundations established no later than 23 May 2017, the registration date of the beneficial ownership may be registered if the date of the beneficial ownership cannot be established.

Subsection 2. For the foundation's board, no information about rights must be registered, unless the individual members of the board are considered beneficial owners in other ways.

Subsection 3. The foundation must register the name of the group of persons in whose main interest the foundation was established or operates, if the individuals benefiting from the foundation's distributions are not yet known.

Subsection 4. The first time the foundation's board must be registered as beneficial owners, the foundation must register the information in the Danish Business Authority's IT system. Subsequent changes to the board composition, which are registered, will automatically be transferred to the information about beneficial owners.

Chapter 7

Owner Information in SE Companies Covered by the Act on the European Company (SE Act)

Beneficial Owners

§ 14. SE companies must obtain information about the company's beneficial owners, including information about the beneficial owners' rights, cf. Section 17a, subsection 1, of the SE Act.

Subsection 2. The rights may include the following:

1. Share capital in the SE company, owned directly or indirectly, including potential share capital and possibly which class they belong to.
2. Control by other means.

§ 15. The SE company must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 14, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds share capital, the total number of share capital distributed among voting rights and capital must be registered. The holding includes:

1. Share capital, if the voting right belongs to a company that the person controls.
2. Share capital that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If share capital is owned through a chain of controlled companies, this information must be registered.

Subsection 4. If the SE company does not have or cannot identify beneficial owners, the company's daily management shall be registered as beneficial owners. Subsequent changes to the management composition, which are registered in the Danish Business Authority's IT system, will automatically be transferred to the information about beneficial owners.

Subsection 5. The SE company must register the information about beneficial owners in the Danish Business Authority's IT system as soon as possible after the company has become aware that a person has become a beneficial owner and after any changes to the information that is registered.

Chapter 8

Owner Information in SCE Companies Covered by the Act on the European Cooperative Society (SCE Act)

Beneficial Owners

§ 16. SCE companies must obtain information about the cooperative society's beneficial owners, including information about the beneficial owners' rights, cf. Section 14a, subsection 1, of the SCE Act.

Subsection 2. The rights may include the following:

1. Ownership interests in the company, owned directly or indirectly.
2. Control by other means.

§ 17. The SCE company must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 16, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds ownership interests, the total number of ownership interests distributed among voting rights and capital must be registered. The holding includes:

1. Ownership interests, if the voting right belongs to a company that the person controls.
2. Ownership interests that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If ownership interests are owned through a chain of controlled companies, this information must be registered.

Subsection 4. If the cooperative society does not have or cannot identify beneficial owners, the company's daily management shall be registered as beneficial owners. Subsequent changes to the management composition, which are registered in the Danish Business Authority's IT system, will automatically be transferred to the information about beneficial owners.

Subsection 5. The SCE company must register the information about beneficial owners in the Danish Business Authority's IT system as soon as possible after the company has become aware that a person has become a beneficial owner and after any changes to the information that is registered.

Chapter 9

Owner Information in Companies Covered by the Act on the Administration of the European Economic Community's Regulations on the Introduction of European Economic Interest Groupings

Beneficial Owners

§ 18. European Economic Interest Groupings must obtain information about the company's beneficial owners, including information about the beneficial owners' rights, cf. Section 1a, subsection 1, of the Act on the Administration of the European Economic Community's Regulations on the Introduction of European Economic Interest Groupings.

Subsection 2. The rights may include the following:

1. Ownership interests in the company, owned directly or indirectly.
2. Control by other means.

§ 19. European Economic Interest Groupings must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 18, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds ownership interests, the total number of ownership interests distributed among voting rights and capital must be registered. The holding includes:

1. Ownership interests, if the voting right belongs to a company that the person controls.
2. Ownership interests that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If ownership interests are owned through a chain of controlled companies, this information must be registered.

Subsection 4. If the company does not have or cannot identify beneficial owners, the company's daily management shall be registered as beneficial owners. European Economic Interest Groupings that do not have a management consisting of natural persons registered in the Danish Business Authority's IT system must register the natural person or persons who manage the company as beneficial owners. Subsequent changes to the management composition, which are registered in the Danish Business Authority's IT system, will automatically be transferred to the information about beneficial owners.

Subsection 5. The company must register the information about beneficial owners in the Danish Business Authority's IT system as soon as possible after the company has become aware that a person has become a beneficial owner and after any changes to the information that is registered.

Chapter 10

Owner Information in Certain Companies Covered by the Act on Financial Business

Beneficial Owners

§ 20. Savings banks and savings institutions must obtain information about the savings bank's or savings institution's beneficial owners, including information about the beneficial owners' rights, cf. Section 81b, subsection 1, and Section 336a, subsection 1, of the Act on Financial Business.

Subsection 2. The rights may include the following:

1. Capital holdings in the company, owned directly or indirectly, including potential share capital, and possibly which class they belong to.
2. Control by other means.

§ 21. Cooperative banks must obtain information about the company's beneficial owners, including information about the beneficial owners' rights, cf. Section 85b, subsection 1, of the Act on Financial Business.

Subsection 2. The rights may include the following:

1. Ownership interests in the company, owned directly or indirectly.
2. Control by other means.

§ 22. The company must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 20, subsection 2, or Section 21, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds ownership interests, the total number of ownership interests distributed among voting rights and capital must be registered. The holding includes:

1. Ownership interests, if the voting right belongs to a company that the person controls.
2. Ownership interests that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If ownership interests are owned through a chain of controlled companies, this information must be registered.

Subsection 4. If the company does not have or cannot identify beneficial owners, the company's management shall be registered as beneficial owners. Subsequent changes to the management composition, which are registered in the Danish Business Authority's IT system, will automatically be transferred to the information about beneficial owners.

Subsection 5. The company must register the information about beneficial owners in the Danish Business Authority's IT system as soon as possible after the company has become aware that a person has become a beneficial owner and after any changes to the information that is registered.

Chapter 11

Owner Information in Certain Companies Covered by the Act on Insurance Business

Beneficial Owners

§ 23. Mutual companies and cross-border pension funds must obtain information about the company's beneficial owners, including information about the beneficial owners' rights, cf. Section 32, subsection 1, of the Act on Insurance Business.

Subsection 2. The rights may include the following:

1. Ownership interests in the company, owned directly or indirectly.
2. Control by other means.

§ 24. The company must register the beneficial owners and the information about what the beneficial ownership consists of in the Danish Business Authority's IT system, cf. Section 23, subsection 2. The date of the beneficial ownership's entry and possible termination must also be registered.

Subsection 2. If a person holds ownership interests, the total number of ownership interests distributed among voting rights and capital must be registered. The holding includes:

1. Ownership interests, if the voting right belongs to a company that the person controls.
2. Ownership interests that the person has pledged as security, unless the pledgee holds the voting right and declares an intention to exercise it.

Subsection 3. If ownership interests are owned through a chain of controlled companies, this information must be registered.