Section I	General provisions
Chapter 1	Scope of application
Chapter 2	Definitions
TITLE II	Authorisation for undertakings, approval of statutes, delegation to an investment management company and the depotcompany, exclusive, enterprise area for Danish UCITS, master-feeder structure, special associations and hedge associations, and departments thereof ;
Chapter 3	Authorisation for Danish UCITS, including feeders institutes, special associations and hedge funds, and departments thereof, and the approval of the statutes and so on.
Chapter 4	Cross-border business
TITLE III	Good practice.
Chapter 5	Good practice.
TITLE IV	General Assembly and Management, etc.
Chapter 6	General Assembly of UCITS, special associations and hedge funds
Chapter 6 a	General Assembly in SIKAV ' s
Chapter 7	Governance etc.
Section V	General provisions
Chapter 8	Benefit and take of loans etc.
Chapter 9	Investment certificates etc.
TITLE VI	Annual report, revision and use of the annual profit
Chapter 10	Annual report and review for Danish UCITS, special associations and hedge funds
TITLE VII	Prospectuses, central investor information and information on the other classes
Chapter 11	Information
TITLE VIII	Co-intervention or cessation of Danish UCITS, associations, etc.
Chapter 12	The execution of the other classes, the withdrawal of consent, the execution of Danish UCITS, special associations and hedge associations and their departments, winding-up proceedings, simplified settlement, bankruptcy, merger, transfer, status change and transformation ; and cessation of master feeder structure
TITLE IX	Danske UCITS ' placement of funds and liquidity, etc.
Chapter 13	Instrument rules for UCITS
Chapter 14	Propagation rules for Danish UCITS
TITLE X	The establishment of funds and liquidity, etc., etc.
Chapter 15	Location Associations
Chapter 16	The placement of funds and liquidity of the headers of hedge and liquidity, etc.
TITLE XI	Professional associations, sheep's associations and other collective investment associations
Chapter 17	Professional associations
Chapter 18	Fåmen's associations.
Chapter 19	Community rules for professional associations and sheep ' s associations
Chapter 20	Other collective investment schemes
TITLE XII	Supervision and levies, etc.
Chapter 21	Supervision and levies, etc.
Chapter 22	Delegation and Clapping
TITLE XIII	Penalty, entry into force and transitional provisions, etc.
Chapter 23	Penalty provisions, etc.
Chapter 24	Registration and regulation of registered non-approved sheep ' s associations
Chapter 25	Entry into force, transitional provisions, changes to other legislation, the Faroe Islands and Greenland

Completion of the law on investment associations and so on. 1)

This shall be the subject of the law. 456 of 18. May 2011 on investment associations, etc., with the changes resulting from Article 8 of Act No 155 of 28. February 2012 and Section 1 of the Law No 557 of 18. June 2012.

Section I

General provisions

Chapter 1

Scope of application

§ 1. This law shall apply to collective investment schemes, cf. paragraph 2-5 and 8, which receive funding from a wider circle or the public, and associations which do not receive the funds from the public, cf. paragraph Six and seven.

Paragraph 2. Chapter 3-14 and 21-23 shall apply to Danish UCITS, including

1) Master institutes,

2) feeders,

3) money-market associations and

4) short-money-money-money associations.

Paragraph 3. Chapters 3 to 12, 15 and 21-23 shall apply to special associations, i.e.

1) locations associations,

2) money-saving associations,

3) short money-sheet associations ; and

4) investment institution associations.

Paragraph 4. Chapters 3 to 12, 16 and 21-23 shall apply to hedge funds.

Paragraph 5. Chapter 4 shall apply to the placing on the market of foreign investment institutions in this country and on the notification of the placing on the market of another country within the European Union, or in a country with which the Union has concluded agreement ; in financial matters, pursuant to the European Parliament's and Council Directive on the coordination of laws, regulations and administrative provisions relating to collective investment in transferable securities (UCITS Directive). In addition, section 196-197, 202-206, 210, 212,213, 216 and 217 shall apply to foreign investment undertakings.

Paragraph 6. Chapters 17 and 19, sections 197 and 210-218, as well as Chapter 22 and 23, shall apply to professional associations.

Paragraph 7. Chapter 18, 19 and 21 to 23 shall apply to approved sheep ' s associations.

Paragraph 8. Chapters 20 and Clause 210, 212 and 221 shall apply to other collective investment schemes other than those referred to in paragraph 1. 2-5 mentioned.

Niner. 9. Chapter 24 shall apply to the registration of non-approved sheep ' s associations on the registration of the Corporate Management Board.

§ 2. The law shall not apply to the following establishments :

1) Capital companies that are limited to limited liability companies.

2) Capital corporations, which are anti-party companies.

3) Collective investment schemes which invest in shares or parties for the purpose of only or in conjunction with other investors to acquire capital companies that are limited to companies and partners in order to participate in management and operation of these (equity funds).

4) Collective investment schemes for employees of a company or group when those who place funds in the collective investment scheme must be employed in the company or group.

Paragraph 2. However, the financial supervision may decide that the measures referred to in paragraph 1 shall be taken. 1, no. The provisions of Article 1 (4) shall be subject to section 1 (4). 2-4 or paragraph 1. 8.

Chapter 2

Definitions

§ 3. For the purposes of this Act :

1) Financial instruments :

a) Securities.

b) The instruments of the Penga market.

c) Parts issued by other associations, departments or UCITS.

d) Derived financial instruments.

(e) Deposits to credit institutions.

2) Securities :

a) Stocks and other securities that can be placed on the same page with shares.

b) Obligations and other forms of standardised debt instruments (the case of the case of debt).

c) All other transferable securities giving the right to acquire such securities by drawing or rebutting.

3) Peanal market instruments : Financial instruments that are normally traded on the money market, which are liquid, and which at any time can be valued, cf. § § 120 and 121.

4) Foreign UCITS : Any foreign collective investment scheme, the undertaking of which is equivalent to those in section 1 (1). 2-4 and 8, mentioned arrangements.

5) UCITS : An UCITS which is authorized under the UCITS Directive and which, pursuant to Article 1 (1), is authorized under the UCITS Directive. 3, can be created

a) under contract as investment funds, managed by investment management companies or management companies (in Denmark : securities funds),

b) as "trusts" (unit trusts), or

c) in accordance with the Staff Regulations of UCITS (in Denmark : investment associations and companies for investment capital that are variable (SIKAV ' s))

6) An EU investment institution (UCITS) country : The Member State in which the UCITS Directive has been authorised under Article 5 of the UCITS Directive.

7) A host Member State of the European Investment Institute (UCITS) : A Member State which is not the home Member State of the UCITS where the units of the UCITS are marketed.

8) Investment management company : A company that has a permit as an investment management company in section 10 of the Act of Financial Company.

9) Administration Company : A corporation whose ordinary company is the administration of UCITS.

10) Home country of administration : The Member State in which the management company has its registered office.

11) Host Country of Administration : A Member State which is not the home country of the administration and where the management company has branch or the performance of services.

12) Depotcompany : A financial institution with its registered office in this country or in the country situated in the country situated in a branch of a similar foreign credit institution having its registered office in another country within the European Union or in a country with which the Union is to have the same place ; concluded agreement in the financial sphere and the depositary, cf. Article 2 (2) of the UCITS Directive. 1 (a) of UCITS established in other EU or EEA countries, which have been given the transfer ;

a) all financial assets or UCITS or of the UCITS ; and

b) the tasks set out in section 106 and 107 of the Community ' s financial undertaking respectively Chapter IV or Chapter V of the UCITS Directive, Section 3.

13) Credit Institute : A company whose business is made up of the public to receive deposits or other funds to be repaid and to grant loans for its own account.

14) Moderating company : A company that has one or more subsidiaries.

15) Data business : A business that is subject to a moderation of a parent company.

16) Corporate : A parent company and its subsidiaries, cf. § § 5 a and 5 b, in the Act of Financial Company.

17) Regulated market : A market which is covered by Article 4 (1). 1, no. 14, in Directive 2004 /39/EC of the European Parliament and of the Council on the markets for financial instruments, amending Council Directive 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC, (MiFID).

18) Second market : A market that is regulated, regularly working, recognised and publicly, but which is not covered by the definition in Article 4 (2). 1, no. Fourteen, in the MiFID Directive.

(19) The OTC market : A market for the circulation of financial instruments that are not covered by item (s). Seventeen and 18 markets mentioned.

20) Narrow connections :

a) Direct or indirect compounds of the one in paragraph 1 : 16 entered,

b) capital interests by means of a company ' s direct or indirect possession of 20%. or more of the voting rights or capital of a business, or

c) the common link of several companies or persons, cf. (a) with a business.

21) Master institute : A UCITS, cf. no. 5, including an investment association or a department thereof,

a) have at least one feeder institution, cf. no. 22, among his attendees,

b) not myself is a feeder institution, and

c) are not investing in a feeder institution.

(22) Feeders institute :

a) A UCITS, cf. no. 5, or a department of which authorized in his country of origin to invest at least 85%. of his fortune in a other UCITS ; or

b) a Danish UCITS, or a section thereof, subject to section 10 (1). 5, cf. § 5, section 12 (2), respectively. 3.

23) Master-feeder structure : A feeder institution and the masterpiece that the feeder institute has invested in.

24) Competent authorities : The authorities designated by the individual Member States of the European Union or in a country concluded by the Union in the financial sphere have been designated by Article 97 of Directive 2009 /65/EC of the European Parliament and of the Council (UCITS Directive).

25) Professional investor : An investor who possesses the necessary experience, knowledge and expertise to make its own investment decisions and make a correct assessment of the risks associated with it.

26) Non-approved sheep's associations : Associations with few investors who can be registered by the Danish Agency for the Agency, subject to Chapter 24, but which are not under the supervision of the Financial supervision.

Paragraph 2. The SEC may lay down detailed rules on who can be regarded as professional investors, cf. no. 25.

TITLE II

Authorisation for undertakings, approval of statutes, delegation to an investment management company and the depotcompany, exclusive, enterprise area for Danish UCITS, master-feeder structure, special associations and hedge associations, and departments thereof ;

Chapter 3

Authorisation for Danish UCITS, including feeders institutes, special associations and hedge funds, and departments thereof, and the approval of the statutes and so on.

Danske UCITS and masterinstitutes

§ 4. Businesses must be allowed to be licensed by the Danish UCITS, cf. however, Section 5 also, in order to be able to carry out activities,

1) consists of

a) in the case of a wider circle or public opinion, in accordance with the rules laid down in Chapter 13, in financial instruments, in accordance with the rules laid down in Chapter 13, in financial instruments, or

b) as a master institution, cf. § 3, nr. 21, either to receive funds from a wider circle or the public and have a feeder institution among its investors, or to have at least two feeders institutions such as investors, and which :

2) at an investor ' s request to cash the share of the investor by means of assets derived from the assets.

Paragraph 2. A Danish UCITS receiving funds as a master institute,

1) must not be a feeder institution,

2) within three business days, the Financial supervision of each feeder institution from which it receives funds must be notified, within three working days,

3) shall ensure the feeder institution, its investment management company or management company, its depotcompany and the competent authorities in timely access to all information required under the law or other rules that have been issued, in order to implement the UCITS Directive.

Paragraph 3. Danish UCITS, together with the UCITS referred to in Section 18, shall be entitled to turn to a further group or public opinion in order to receive the funds for the establishment referred to in paragraph 1. 1.

Paragraph 4. Investment associations may carry out activities as referred to in paragraph 1. 1 and 3 and § 17 and have the sole and obligation to use the "investment organization" in their name in letters and on other business documents, including electronic communications, as well as on the association's website, cf. however, section 5 (5), 2. other undertakings shall not use names or names suitable for the impression that they are investment associations.

Paragraph 5. Investment associations which invest exclusively in cash-arding instruments must add '(money society association)' by their name, and departments which invest exclusively in cash-arding instruments, to add '(cash market sharing)' after their name ; Name. If the UCITS adds "(short money-arcing association)" or a department which invests in cash-arcing instruments, adds a '(card)' to its name, the association or department shall comply with the terms of the provisions, the Financial supervision of the Commission ; Issuer after section 127.

Paragraph 6. SIKAVs may only engage in activities as referred to in paragraph 1. Paragraph 1 and 3 as well as section 17 (3). 1 and have sole and obligation to use the term "SIKAV" in the name of the company in letters and on other business documents, including electronic communications, and on the company's website, cf. however, section 5 (5), 2. Other companies may not use names or designations suitable for provoking the impression that they are SIKAVs.

Paragraph 7. SIKAVs that invest exclusively in money-saving instruments must add '(money-arkeds-SIKAV)' by their name, and departments which invest exclusively in money-arcing instruments, should add '(cash market sharing)' according to the name of the department. If the SIKAV adds "(card money arkeds-SIKAV)" or a department which invests in cash archangel instruments, adds a "(card)" to his name, the SIKAV or department shall comply with the conditions laid down in the Financial Authority in accordance with the provisions of the Financial Instruments, of section 127.

Paragraph 8. The securities funds may only be used in the business as referred to in paragraph 1. Paragraph 1 and 3 as well as section 17 (3). 1 and have the sole and obligation to use the title ' securities fund ` in the name of the securities fund in letters and on other business documents, including electronic communications, and on the foundation's website, cf. however, section 5 (5), Two, the pencils of 1. Act. falls within the meaning of section 9 b (b), 4, the investment management company or management company that administers the Securities Fund. Other companies must not use names or names that are suitable for creating the impression that they are securities funds.

Niner. 9. Securities funds that invest exclusively in money-saving instruments must add '(money fund)' according to their names, and departments which invest exclusively in money-arcing instruments, should add '(cash market sharing)' according to their names. If the securities fund adds "(card money fund)" or a department which invests in cash-arding instruments, adds a "(card)" to his name, the securities fund or department shall comply with the terms of the provisions laid down in the Financial supervision of the Financial Regulation, Issuer in accordance with section 127.

Paragraph 10. A society seeking authorization under paragraph 1. 1, must have a fortune of at least 10 million. DKK in each department. Immaterial assets are not included in the assets.

Feederinstitutes

§ 5. Danish UCITS must, in addition to the section 4, have permission of the Financial supervision as a feeder institution, before the individual departments of the Danish UCITS may invest at least 85%. of their assets in units in a department or by UCITS (master institute). The authorisation of the financial system shall include authorisation for the Danish UCITS (feeder Institute) to invest more than 20%. of his fortune in the master institute.

Paragraph 2. Danish UCITS, which is a feeder institution, may only carry out activities as referred to in paragraph 1. One and seventeen.

Paragraph 3. The FeederInstitute, its investment management company or its management company, shall have a duty to send the debit institution all necessary information from the master department so that the debit company can comply with its obligations.

Paragraph 4. If a Danish UCITS is part of a master feeder structure, the following written agreements shall be concluded with a view to investor protection :

1) The Management Board of a UCITS, a SIKAV or an investment management company or management company that administers a securities fund, must agree that the master institute gives the feeder institute all the documents and information necessary to enable the feed department to fulfil its duties in accordance with the law and ensure that the master institute complies with the locations of the placements.

2) The institution of the MasterFoundation and the feeder institution shall, if its institutions have different depots, enter into an agreement on the exchange of information to ensure that both debtors can carry out their duties.

3) If the institutions have different auditors, the MasterFoundation and the feeder institution's selected accountants must agree on the exchange of information in order to ensure that both auditors can meet their obligations.

Paragraph 5. Has the master department and the feeder institution of the same investment management company or management company, may the boards of the two Danish UCITS or the investment management companies or the management companies concerned may be, decide that the content of the agreements should be included in the investment management company or the management company's business practices.

Paragraph 6. The SEC shall lay down detailed rules on the content of the provisions referred to in paragraph 1. 4, no. Parag-1-3, agreements and the agreements referred to in paragraph 1. 5 mentioned business practices.

Special associations

§ 6. Undertakings must be given the authorisation of the Financial supervision as special associations in order to be able to perform activities that consist of :

1) in the case of a wider circle or public opinion, to receive funds, which, in accordance with the principle of risk dispersion, be placed in the financial instruments referred to in Chapter 15 ; and

2) to cash in an investor ' s share of the assets resulting from the assets resulting from the provisions of the Regulations of the Staff Regulations.

Paragraph 2. Special associations, together with the institutions referred to in Section 19, shall be eligible for a further group or public opinion in order to receive funds for the business as referred to in paragraph 1. 1.

Paragraph 3. Special associations may only carry out activities referred to in paragraph 1. 1 and 17, and have the sole and obligation to use the "special association" respectively, respectively, the ' location ', ' monetary union ` or ' investment institution ' ` in their names in letters and other business documents, including electronic communications, and on other business documents ; and The union's website. Other companies must not use names or designations suitable to create the impression that they are special associations. If a monetary archangel society is called "(short money-arcing association)" or a department which invests in cash-arding instruments, characterized as "(card)", the association or department shall comply with the terms of the provisions, the Financial supervision of the Commission ; issue the home meal in section 127.

Paragraph 4. A union seeking authorization from the first paragraph of the European Union. 1, must have a fortune of at least 10 million. DKK in each department. Immaterial assets cannot be taken into account in the assets.

Hedge associations

§ 7. Undertakings not authorised under Section 4-6 shall be subject to the approval of the Financial supervision as a hedge association in order to be able to carry out the activities of the undertaking, which consists of :

1) from a wider circle or the general public to receive funds ;

2) placing the funds in financial instruments as referred to in Annex 5 to the Act of Financial Instruments and in cash products, including currency in accordance with the rules of association laid down in the association ' s instruments of investment and risk ; and

3) in the case of an investor ' s request, the share of the assets of assets resulting from the assets resulting from the provisions of the Staff Regulations shall be provided, subject to at least once a month.

Paragraph 2. Hedge associations, together with the undertakings referred to in Section 19, have the sole right to appeal to a further group or public opinion in order to receive the funds for the establishment referred to in paragraph 1. 1.

Paragraph 3. Hedge associations may only carry out activities as referred to in paragraph 1. 1 and 17 and have the sole and obligation to use the term 'hedgeunification' in their name in letters and on other business papers, including electronic communications, and on the association's website. Other companies must not use names or designations suitable to create the impression that they are hedge funds.

Paragraph 4. A union seeking authorization under paragraph 1. 1, must have a fortune of at least 25 million. DKK in each department. Immaterial assets cannot be taken into account in the assets. The Provenu of loans, which the association records on behalf of a department, and intangible assets cannot form part of the assets.

The storage of assets of assets belonging to Danish UCITS, special associations and hedge funds

§ 8. Financial assets belonging to Danish UCITS, special associations or hedge funds must be managed and stored separately for the individual departments in a debit company approved by the Financial supervision. The deposits must be able to provide adequate financial and professional security in order to be able effectively to apply for the individual unification.

Organizing and other organisations of Danish UCITS and hedge funds

§ 9. Investment associations, specialised associations and hedge funds are self-dearting associations. Anyone who owns a share of the association's fortune is the investor in the association.

Paragraph 2. Investment associations, specialised associations and hedge funds must be organised with one or more departments, each based on a particular part of the assets in accordance with the provisions of the Staff Regulations.

Paragraph 3. Each ward shall be liable only for its own obligations. However, each department shall, however, be liable for its share of the common costs. In vain, prosecutions have been made, or is it otherwise proven that a branch cannot fulfil its obligations after 2. a point, shall be liable to the other departments in the joint share of the joint costs.

Paragraph 4. A division may be divided into the other classes according to the provisions of the Staff Regulations.

Paragraph 5. An investor in a union alone, with the one or the other part owned by the member of a department's fortune. Any part of a trade union or department ' s assets shall result in the same rights, cf. However, section 13 on the other classes, section 14, no. 7 on units without the right to yield (ex coupupon) and section 27 on the right to vote.

§ 9 a. A SIKAV shall have a selfable capital that may vary on the terms set out in the SIKAV statutes, cf. § 14 a, nr. Anyone who owns a stake in a department in a SIKAV is an investor in the SIKAV.

Paragraph 2. A SIKAV can be created by one or more founders. A founder may not be under bankruptcy or redesign. If a founder is a physical person, the person shall be mynard and may not be in the guardianship of section 5 in the guardianship or during the congregate of section 7 of the guardiship of the guardianship. If a founder is a legal person, then this must be empowered to acquire rights, make commitments and be a party to legal proceedings.

Paragraph 3. The founders must sign a foundation document for information on which the date of the foundation shall have a legal effect and which must include the statute of SIKAV. If the foundations of the SIKAV are not made by the Management Board and auditor, the pins shall be held no later than two weeks from the signing of the founding documents held by the General Assembly for the choice of the management board and the auditor.

Paragraph 4. SIKAV ' s is to be organised with one or more departments, each based on a particular part of the assets according to the provisions of the Staff Regulations.

Paragraph 5. Each ward in a SIKAV shall be liable only for its own obligations. However, each department shall, however, be liable for the share share of the common costs. In vain, prosecutions have been made, or is it otherwise proven that a branch cannot fulfil its obligations after 2. a point, shall be liable to the other departments in the joint share of the joint costs.

Paragraph 6. A branch in a SIKAV may be divided into the other classes according to the provisions of the Staff Regulations.

Paragraph 7. An investor in a SIKAV alone, with the one or the other investor owned by the investor of a department's fortune. Any proportion of the capital of SIKAV or a department's capital shall result in the same rights, cf. however, section 13 on the other classes, section 14 (a) (1). 1, no. 7 on the units without the right to yield (ex coupon) and paragraph 31 e on the right to vote.

§ 9 b. The securities funds must consist of one or more departments, which are separate economic entities. The securities funds and their departments are not independent legal persons. Securities and securities funds can only be established and managed by investment management companies, cf. section 10 of the financial undertaking, or the management company, cf. the section 3 (3) of this law. 1, no. Anyone who owns a stake in a department store in a securities fund is the investor in the fund.

Paragraph 2. Each section of a securities fund is based on a specific part of the assets following the rules of the Fund rules.

Paragraph 3. Each section of a securities fund is only liable for its own obligations. However, each department shall, however, be liable for its share of the common costs. In vain, prosecutions have been made, or is it otherwise proven that a branch cannot fulfil its obligations after 2. a point, shall be liable to the other departments in the joint share of the joint costs.

Paragraph 4. To the extent that this law or regulation issued under this law shall impose obligations on securities funds or these departments duties, the obligation shall be the responsibility of the investment management company or the management company to which the Fund is administered.

Paragraph 5. A branch of a securities fund can be divided into other classes according to the Fund regulations.

Paragraph 6. An investor in a securities fund alone with the one or the shares that the investor owns of a department's fortune. Any portion of the assets of a securities fund must result in the same rights, cf. However, section 13 on the Andelclasses, and section 14 (b) No 8, whether shares without the right to yield (ex coupon).

Authorisation for Danish UCITS, including feeders ' institutions, specialised associations and hedge funds

§ 10. The Financial supervision allows an association to operate, if

1) The association is a valid diocese,

2) the requirements of section 4 (4) ; 1-5 and 10, section 5, section 6 or section 7 is fulfilled,

3) members of the Board of Governess and Management Board shall comply with the requirements of section 39 or, if the Board of Directors does not employ a board of directors when the SEC has approved the association's delegation of the day-to-day management to an investment management company or a the members of the UCITS delegation of the day-to-day administration to an administration company, cf. § 15,

4) The SEC has approved the association's statutes,

5) The SEC has approved the union's choice of the debit party, cf. § 16,

6) The association's activity plan, organisation, risk management, business and administrative matters are defensiable,

7) there are no close links, cf. § 3, nr. 20, between the applicant and other undertakings or persons who want to make the goods to be more difficult to carry out the tasks of the Financial Tasks,

8) the law of a country outside the European Union, which the Union has not concluded in the financial sphere, relating to a company or a person with which the applicant has close links, will not be able to make the goods to be more difficult to make ; The tasks of the financial system,

9) the assets of each department, which shall at least be 10 million. DKK for each department in investment associations and special associations and 25 million. DKK in the field of hedge funds, the sign of the founding general assembly and inserted into a restricted account in the deposits or an unconditional guarantee has been made by an institution or an insurance undertaking on the drawing of shares in each section of the Commission ; the minimum amount of at least 10 million, DKK 25 million respectively. kr.,

10) the association of the association in Denmark and

11) the application for authorisation satisfies the requirements set out in paragraph 1. 6.

Paragraph 2. The Financial supervision allows a SIKAV to operate, if

1) The SIKAV is valid according to section 9 (a) (a). 2-4,

2) the requirements of section 4 (4) ; 1-3, 6 and 7, and if the SIKAV has applied for a permit for the feeder institution requirements in section 5, have been met,

3) members of the Board of Directors of SIKAV meet the requirements of section 39 and the Financial supervision has approved SIKAV's choice of investment management company or management company, cf. § 15 a,

4) The SEC has approved SIKAV's statutes,

5) The SEC has approved SIKAV's choice of the debit party, cf. § 16,

6) The activity plan of the SIKAV, organisation, risk management, business and administrative matters are defensiable,

7) there are no close links, cf. § 3, nr. 20, between the applicant and other undertakings or persons who want to make the goods to be more difficult to carry out the tasks of the Financial Tasks,

8) the law of a country outside the European Union, which the Union has not concluded in the financial sphere, relating to a company or a person with which the applicant has close links, will not be able to make the goods to be more difficult to make ; The tasks of the financial system,

9) The SIKAV is based in Denmark, and

10) the application for authorisation satisfies the requirements of paragraph 1. 6.

Paragraph 3. Financial supervision allows a securities fund to carry out business if :

1) the requirements of section 4 (4) ; 1 3, 8 and 9, and if the securities fund has requested permission from the feeder institution requirements in section 5, have been met,

2) The SEC has approved the Fund rules for the fund,

3) The SEC has approved the management of the investment management company or the management company of this securities fund,

4) The SEC has approved the investment management company or the management company's choice of the debit party, cf. § 16,

5) the investment management company ' s activity plan for the Fund is justifiable,

6) there are no close links, cf. § 3, nr. 20, between the applicant and other undertakings or persons who want to make the goods to be more difficult to carry out the tasks of the Financial Tasks,

7) the law of a country outside the European Union, which the Union has not concluded in the financial sphere, relating to a company or a person with which the applicant has close links, will not be able to make the goods to be more difficult to make ; The tasks of the financial system, and

8) the application for authorization fulfils the requirements of paragraph 1. 6.

Paragraph 4. A Danish UCITS that seeks permission to invest as a feeder institution, or to invest in a new master institute, must submit :

1) the Staff Regulations or Fund Regulations of its own and its Foundation ;

2) prospectus and document with central investor information for the Danish UCITS in question and the master institute,

3) the investment management company or management company's management company management practices for the management of the master-feeder structure, cf. Section 5 (5). 5, or the Agreement between the feeder institute and the master institute, if they are not to be administered by the same company, cf. Section 5 (5). 4, no. 1,

4) the information, cf. paragraph 5 to deliver to investors when the feeder department already has permission as a Danish UCITS,

5) the agreement on the exchange of information provided for by the institution of the feeder institution and the Foundation ' s debit undertakings, cf. Section 5 (5). 4, no. 2 when they do not have the same depots,

6) the agreement on the exchange of information provided for by the accountants of the feeder institution and the master institution, cf. Section 5 (5). 4, no. 3 when they do not have the same accountant, and

7) a statement of Danish, English, Norwegian or Swedish by the competent authorities of the home Member State of the master institution, the institution of which is not authorized in this country, that it is not a feeder institution, nor owns shares in a feeder institution.

Paragraph 5. Financial supervision allows feeders institutions, cf. § 5, to conduct business, including to invest more than the 20% threshold in § 135, cf. section 124 when the feeder institution has submitted the information referred to in paragraph 1. 4 mentioned documents and information, and the Financial supervision estimates that the feeder institute, its depot company and the auditor and the master department satisfy the requirements of paragraph 1. Articles 4 and 7 and 5, including rules, Financial supervision issues pursuant to paragraph 1. 8 and 5 (5). 6. The SEC must take a decision within 15 (15) business days after the Financial supervision has received a full application.

Paragraph 6. An application for a permit under section 4 to 7 shall contain the information necessary for the assessment of the conditions laid down in the Financial Authority for the Financial Authority. 1 and 4 are fulfilled.

Paragraph 7. A Danish UCITS which already operates and then receives permission from the feeder institute, or which has been granted permission to invest in a new master institution, shall not later than 30 days before the date referred to in paragraph 1. 3 handing over the following to his investors :

1) A statement that the Danish UCITS has given permission to the Danish UCITS as a feeder institution in the master institute.

2) The central investor information referred to in section 84 for the feeder institute and the master institute.

3) Information about the date on which the Danish UCITS will begin to invest as a feeder institute in the Master Institute, or if it has already invested it, the date on which its investments will exceed the limit of section 135 (5). One and two.

4) A statement that, within 30 days, investors in the UCITS have the right to demand a solution of their units without costs other than the costs of the solution. This right of entry shall take effect from the date on which the feeder institution has provided information in this paragraph.

Paragraph 8. The SEC shall lay down detailed rules on the format and manner in which they shall be laid down in paragraph 1. 7 mentioned information and documents shall be provided.

Niner. 9. Where the Finance Board has granted authorisation pursuant to paragraph 1. The Danish UCITS, special association or hedge union, may begin its business by investing the funds received from investors. However, a Danish UCITS authorized by the feeder institution may first invest beyond the limit referred to in section 135 (5). 1, after the end of the 30-day period referred to in paragraph 7 of the 30-day period.

Paragraph 10. The SEC must refuse the application for authorisation if the Danish UCITS, special association or hedge union law, including because of its statutes or the fund rules, is prevented from placing the shares in this country on the market.

Paragraph 11. Commit the Financial supervision to grant permission to an investment association, special association or hedge union, cf. paragraph 1, the association shall be notified to the association within six months of receipt of the application or, if the application is incomplete, within six months after the association has sent the information necessary to take a decision. The financial supervision shall, in any case, take a decision within 12 months of receipt of the application. In the case of the Financial supervision, not later than six months after receipt of an application for a permit, the association may bring the case to the courts.

Nock. 12. If the Financial Regulation is to grant permission to a SIKAV or a securities fund, the investment management company or management company of SIKAV shall be communicated to the investment management company or the management company within two months of the receipt of the application, respectively ; or, if the application is incomplete no later than two months after the Financial supervision has received the information necessary to make the decision. The financial supervision shall, in any case, take a decision within 12 months of receipt of the application. In the case of the Financial Authority not within two months of the receipt of an application for a permit issued an opinion on the application, the investment management company or the management company of SIKAV may or the management company of the SIKAV or the management company, cf. 9 (b) (b) 4, bring the matter to the courts.

Paragraph 13. If the Financial supervision is to provide a Danish UCITS refused on an application to become a feeder institute or to invest in a new master institute, cf. paragraph 4, the Financial Control Board shall provide the cover within 15 working days after the Financial supervision has received a full application.

Acquisitions of investment associations, SIKAVs, special associations or hedge associations for the Danish Agency for Business Affairs,

§ 11. When the Financial supervision has granted an investment association, a SIKAV, a special association or a hedge association or has approved changes to a union or a SIKAV statute, the Corporate Board may carry out the necessary registrations, cf. paragraph 3.

Paragraph 2. At the same time as the Registration for Registration of the Danish Agency for Service, cf. paragraph 1, and at the request for approval of the status of statutes, a association or SIKAV shall send a dated and signed copy of the statutes with the full text of the Financial supervision. When the SEC has granted the association or SIKAV or has approved the memorandum of association, the FL shall forward a copy of the memorandum with its approval to the Danish Agency for the Administrative Board and shall return the required statutes ; The association or the SIKAVM.

Paragraph 3. Chapter 2, section 366, section 367, paragraph. One and four, and section 371 in the corporate law, are making up the necessary adjustments to investment associations, SIKAVs, special associations and hedge funds. Notwithstanding paragraph 9, paragraph 1. 1, in the law of company law, the notification of the memorandum of association shall be received in the Danish Agency for the Agency no later than four weeks after the decision to amend the statutes has been taken.

Paragraph 4. Instead of sending a dated and signed copy of the statutes with the complete version of the Financial supervision referred to in paragraph 1. 2, may the association or SIKAV may send the Financial Regulations to the Financial supervision by using digital communication, cf. § 218.

Approval of amendment of the Staff Regulations and Fund Provisions for Danish UCITS, Special Associations and hedge funds, as well as permission to new departments

§ 12. The Financial supervision approves the amendment of a association's statutes when the changes are valid and are in accordance with this law.

Paragraph 2. The SEC gives permission for new departments in investment associations, specialised associations and hedge funds when :

1) the department is a valid diocese,

2) The SEC has approved the Statutes relating to the department,

3) in the areas of investment associations and special associations, a fortune shall be at least 10 million. DKK and departments of hedge funds have a fortune of at least 25 million. crane, and

4) the minimum assets of the department are either drawn and inserted into a restricted account in the depositaries, or an unconditional guarantee has been made by a credit institution or an insurance undertaking on the drawing of shares for at least 10 million. DKK in the areas of investment associations and special associations, respectively 25 million respectively ; DKK in chambers of hedge funds.

Paragraph 3. The SEC gives permission to make new departments in investment associations, cf. sections 4 and 5, invests as a feeder institution, or to a department that invests as a feeder institution, invests in a new master institute when the SEC assesses the requirements of section 5 (5). Paragraph 10 (1) and 10 (1). 4-7, with the necessary adjustments being fulfilled. The SEC shall take a decision no later than 15 working days after the supervision has received a full application, cf. ~ 10 (1)) FIVE, TWO. pkt., and paragraph. 13.

§ 12 a. The Financial supervision approves the amendment of the statutes of a SIKAV when the changes are valid and are in accordance with this law.

Paragraph 2. The SEC gives permission to new departments in a SIKAV, when

1) the department is a valid diocese, and

2) The SEC has approved the Statutes relating to the department.

Paragraph 3. The SEC gives permission to make new departments in a SIKAV, cf. sections 4 and 5, invest as a feeder institution, or to a department that invests as a feeder institution, invests in a new master institute when the SEC assesses the requirements of section 5 (5). Paragraph 10 (1) and 10 (1). 4-7, with the necessary adjustments being fulfilled. The SEC shall take the decision within 15 days of receipt of an adequate application, cf. 15 days after the financial supervision of the Financial Regulation. ~ 10 (1)) FIVE, TWO. pkt., and paragraph. 13.

§ 12 b. Financial supervision approves changes to the Fund rules of a securities fund when the changes are valid by the Management Board of the investment management company or management company that administering the securities fund and are in compliance with this law ; a change to the Fund provisions may not enter into force until the amendment is approved by the Financial supervision. The investment management company or management company that administering the relevant securities fund shall notify the Fund ' s investors as soon as the approval of the Finance-synet approval is available.

Paragraph 2. The SEC gives permission for new departments in a securities fund when the department is fully established and the SEC has approved the Fund provisions relating to the department.

Paragraph 3. The SEC gives permission for new departments in the securities funds, cf. sections 4 and 5, invests as a feeder institution, or to a department that invests as a feeder institution, invests in a new master institute when the SEC assesses the requirements of section 5 (5). Paragraph 10 (1) and 10 (1). 4-7, with the necessary adjustments being fulfilled. The SEC shall take a decision within 15 working days after the supervision has received a full application, cf. ~ 10 (1)) FIVE, TWO. pkt., and paragraph. 13.

Parts of investment associations, special associations and hedge funds

§ 13. When the rules of association or the fund rules of a Danish UCITS, special association or hedge association contain provisions that the relevant UCITS or association departments may be divided into other classes, may the Administrative Board, after the articles of association, or Fund regulations establish other shares in a department. In an existing section, it is necessary to establish that the department's investors at a general meeting have taken a decision that the department can be divided into other classes. It must be stated in the department's name, if the board of directors can establish the second classes in the section.

Paragraph 2. An investment association or in a special association shall have a fortune of at least 10 million in the form of a unit of investment. curfew and an other-class in a hedge fund must have a fortune of at least 25 million. DKK The assets of the component class shall, within six months of the Management Board ' s decision on establishment, have either been drawn and inserted into a restricted account at the debit party or an unconditional guarantee from a financial institution, one an insurance undertaking or a pension fund drawing of shares for at least 10 million ; DKK 25 million respectively. DKK

Paragraph 3. No later than 8 working days after the Board of Directors decided on the establishment of an agricultural category, notification shall be sent to the Finance-sighted. The notification shall contain information on the characteristics of the second class and the principles governing the allocation of costs, cf. paragraph The Danish UCITS, special association or hedge association shall also send a declaration by the Danish UCITS, the special association or hedge association or investment management company ' s auditor that the Danish UCITS in question, the business procedures of the specialized association or hedge union or of the investment management company, administrative systems, including registration systems, control and accounting practices are reassuring in the administration of the types of cooperative, which the bylaws provide for the establishment of, or, as the board of directors have decided to offer. The auditor's declaration may be issued afterwards, but the Danish UCITS, the special association or hedge association cannot first make the other classes when the SEC has announced that the Financial supervision does not have any comments to make.

Paragraph 4. An andlover does not have preferential rights to any portion of the department's assets, including any class-specific assets. It has sole right to a part of the return on assets, including part of the return of the common portfolio and the return of the class-specific assets.

Paragraph 5. If a division is divided into other classes, the Management Board shall lay down the principles governing the allocation of costs between the classes, so that each of the classes only carries its share of the share of the department and the special costs which are connected with the specific characteristics of the second class.

Paragraph 6. The rules of paragraph 1. 1-5 and Section 91 shall not apply to ex cupon classes.

Paragraph 7. The SEC may lay down detailed rules on the other classes, including that certain types of andlover classes cannot be established.

Entities for investment associations, special associations and hedge funds

§ 14. The instruments of investment, specialist associations and hedge associations must include provisions relating to :

1) the purpose of the association,

2) the category of investors the association receives from,

3) name and possible binnames of the association ;

4) the municipality of the country in which the association must have its head office (headquarters), or, if a association has delegated the day-to-day management to an investment management company or an investment association has delegated the day-to-day management to a management company, head office and principal office in accordance with section 15 (3). 2,

5) the division of departments in departments and the characteristics of each department and whether the management board may establish new divisions ;

6) whether the departments ' departments may be divided into other classes, and on the ability of the Management Board to set up the other classes, including the types of shares of the Management Board, and those of the other classes, cf. Section 13 (1). 1,

7) the possible issuance of any shares without the right to yield (ex coupupon),

8) the choice and replacement of the assembly's depotcompany,

9) summons for the assemblies and the time and place of these,

10) the issues to be addressed at the general meeting of the general ;

11) the right to vote and its exercise, including any restrictions in the right to vote,

12) the rules applicable to the adoption of proposals at the general assembly, including amending the Staff Regulations, the solution and transfer of departments to another association, SIKAV or the Securities Fund,

13) management board, board management or delegation of tasks related to the day-to-day management of an investment management company or management company, and auditing ;

14) Who has the right to draw the association, including who is exercising the right to the association's transferable securities,

15) whether the individual department is evidence-issuing or account-leading or both, as a result of the division of the division into the other classes,

16) the extent to which the shares are nominal or as a form of units, and in the former, the size of the shares (detecting) and the design of any evidence,

17) whether or not the shares must be read or may sound on the holder of the second place, and whether there are limitations in the negotiability of the Andelands ;

18) the emission and arrangement of units, including those relating to special associations, of limitation thereto, and the possibilities of suspending the unifying and unifying units of the association ;

(19) the surpluses of the divisions, including whether aconimal trading can be made several times a year, or whether the proceeds are to be accumulated and whether the annual meeting of profit-paying departments may decide that the load is to be wholly or partially specified ; will be transferred to the encoding for subsequent financial years,

20) the value of the association's assets,

21) the manner in which the emission and the trigger price for the units are fixed,

(22) the costs incurred by each department and a maximum of the amount of the costs to be made of the average cost of the financial year,

23) whether a division can entrust the assets to ensure a stable encoding rate,

24) a possible annual contribution of not more than 2%. by a department ' s financial assets for humanitarian or non-profit-making organizations, cf. § 17, paragraph 1. 2,

25) whether the association can record loans on behalf of its departments, cf. § 49,

26) the investment policy of the association and the individual departments and the general rules for the allocation of the assets, including which markets or individual departments may put the funds on when the Financial supervision does not have ; approved the market in question and, on the hedge funds, the investment policy and risk profile of each department ; and

27) Indication of the States, public authorities or international institutions of a public nature which shall issue or guarantee the securities in which a reconciliation is intended to invest more than 35%. by one or more of the division ' s assets.

Attachments for SIKAV '

§ 14 a. Attachments for SIKAV ' are to include provisions on

1) SIKAV's purpose,

2) the category of investors SIKAV is receiving funds from,

3) SIKAV ' s names and possible binnames,

4) the municipality of this country where the SIKAV has its head office (main office), cf. paragraph 2,

5) The characteristics of the SIKAV in departments and the characteristics of each department, and whether the management board may establish new divisions,

6) whether the SIKAV ' s departments may be divided into other classes and on the ability of the Management Board to set up the other classes, including the nature of the board of directors, and the characteristics of those other classes, cf. Section 13 (1). 1,

7) SIKAV ' s possible issuance of shares without the right to yield (ex coupon),

8) the decision of the Management Board of the SIKAV investment management company or the management company and its replacement ;

9) the choice and replacement of SIKAV's debit company,

10) summons for the assemblies and the time and place of these,

11) the issues to be addressed at the general meeting of the general ;

12) the right to vote and its exercise, including any restrictions in the right to vote,

13) the rules applicable to the adoption of proposals at the general assembly, including amending statutes, the solution of SIKAV and the relocation of departments to another Danish UCITS ;

14) board and audit,

15) who has the right to draw the SIKAV, including who is exercising the right to vote on SIKAV's transferable securities,

16) whether the individual department is evidence-issuing or account-leading or both, as a result of the division of the division into the other classes,

17) the extent to which the shares are nominal or as a form of units, and in the former is the size of the shares (detecting) and the design of any evidence,

18) whether or not the shares must be read or may sound on the holder of the second place, and whether there are limitations in the negotiability of the Andelands ;

(19) the emission and the arrangement of shares and the possibilities of suspending the solution of the SIKAV to the shares of SIKAV ;

20) the surpluses of the divisions, including whether aconimal trading can be made several times a year, or whether the proceeds are to be accumulated and whether the annual meeting of profit-paying departments may decide that the load is to be wholly or partially specified ; will be transferred to the encoding for subsequent financial years,

21) the way the assets of the SIKAV are valued,

(22) the manner in which emission and solution prices are fixed for the units,

23) the costs incurred by each department and a maximum of the amount of the costs to be made of the average cost of the financial year,

24) whether a division can entrust the assets to ensure a stable encoding rate,

25) a possible annual contribution of not more than 2%. by a department ' s financial assets for humanitarian or non-profit-making organizations, cf. § 17, paragraph 1. 2,

26) whether the SIKAV can take up loans on behalf of its departments, cf. § 49,

27) SIKAV ' s and the individual department ' s investment policy and the general rules for the allocation of the assets, including which markets SIKAV or individual branch can place the funds on when the SEC has not approved the market in question, and

28) Indication of the States, public authorities or international institutions of a public nature which shall issue or guarantee the securities in which a SIKAV intends to invest more than 35%. by one or more of the division ' s assets.

Paragraph 2. A SIKAV has its head office (principal office) where the investment management company of the SIKAV has its head office (main office). If a SIKAV is managed by an administration company, however, the SIKAV will have a head office where the administration company has head office. The SIKAV must, when administered by an administration company, enter into agreement with a representative in this country and have its head office in the local authority where the representative has the address. The representative representing the SIKAV in Denmark.

Fund rules for securities funds

Section 14 b. Fund rules for securities funds shall include provisions concerning :

1) the purpose of the fund,

2) the category of the investors the Fund receives from,

3) the name and the name of the investment management company or the administration company, and any binary names,

4) the municipality of this country in which the investment management company has its head office (headquarters), or the address of the fund management company,

5) the name and potential binnames of the paper font,

6) the division of securities in departments and the characteristics of each department and the management board of the investment management company or the management company can establish new divisions ;

7) whether the Fund ' s departments may be divided into other classes and on the ability of the Management Board to set up the other classes, including the nature of the board of directors, and the characteristics of those other classes, cf. Section 13 (1). 1,

8) the possible issuance of any shares without entitlement to the yield (ex coupupon),

9) the choice and replacement of the fund's depot company,

10) the rules applicable to changes to the Fund (s) of the Fund, the solution and transfer of departments to another Danish UCITS ;

11) that it is the investment management company or the management company that has the right to draw the securities fund in accordance with the company's drawing rules and who is exercising the right to vote on the securities belonging to the Fund,

12) whether the individual department is evidence-issuing or account-leading or both, as a result of the division of the division into the other classes,

13) the extent to which the shares are nominal or as a form of units, and in the former is the size of the shares (detecting) and the design of any evidence,

14) whether or not the shares must be read or may sound on the holder of the second place, and whether there are limitations in the negotiability of the Andelands ;

15) the emission and the arrangement of shares and the possibilities of suspending the contribution of the Fund to the shares ;

16) the surpluses of the department, including whether aconimal trading can be made several times a year, or whether the proceeds must be accumulated,

17) how the assets assets are valued,

18) the manner in which the emission and the trigger price for the units are fixed,

(19) the costs incurred by each department and a maximum of the amount of the costs to be made of the average cost of the financial year,

20) whether a division can entrust the assets to ensure a stable encoding rate,

21) whether or not the investment management company or the management company can accept loans on behalf of the departments of the securities fund, cf. § 49,

(22) the investment policy of each department and the general rules for the allocation of the assets, including which markets the individual department may put the funds on when the SEC has not approved the market in question ; and

23) Indication of the States, public authorities or international institutions of a public nature which shall issue or guarantee the securities in which a fund intends to invest more than 35%. by one or more of the division ' s assets.

Approval of the members of the UCITS, the Delegation of the Special Association and hedge associations of the day-to-day management of an investment management company or management company

§ 15. The Financial supervision approves a union delegation of the day-to-day management of an investment management company or an investment union delegation of the day-to-day management to an administration company, cf. Section 32 (1). 4 when

1) the Board of Governing Board has taken a decision to conclude an agreement on the delegation of the day-to-day management of an investment management company or an administration company,

2) the board has explained that the delegation will lead to a more efficient administration of the association ' s activities,

3) the investment management company or management company is authorized to administer this type of association,

4) the management of the investment management company or the management company has declared that the company has sufficient resources and qualified staff to manage the association ;

5) the investment management company or the management company shall carry out so many of the tasks of the association not only acting as an empty undertaking in respect of the association in question ;

6) the management company, the debit company and the investment association have concluded an agreement on the regulation of the exchange of information necessary for the undertaking to carry out its tasks under section 106 of the Act of Finance, when : the management of the day-to-day administration is delegated to an administration company ; and

7) The financial supervision does not have any comments on the application.

Paragraph 2. A union that has delegated the day-to-day management to an investment management company has a head office where the investment management company has its headquarters. If an investment union has delegated the day-to-day management to an administration company, the association has the head office where the management company has its address. The association shall conclude an agreement with a representative here in the country and have its head office in the municipality where the representative has the address. The representative represents the unification of Denmark.

Authorisation of the investment management company or management company of SIKAV

§ 15 a. The Financial supervision approves a SIKAV choice of investment management company or management company, cf. § 33 a, paragraph. 2 when

1) The Board of Directors of the SIKAV has entered into an agreement on administration with an investment management company or an administration company ;

2) the investment management company or the management company are authorized to administer SIKAVs,

3) the management of the investment management company has declared that the company has sufficient resources and qualified staff to administer the SIKAV ;

4) the investment management company shall perform so many of the tasks of SIKAV that it does not simply act as an empty undertaking in the case of the SIKAV concerned ;

5) the management company, the debit company and the Board of Directors of the SIKAV have reached an agreement on the regulation of the exchange of information necessary for the undertaking to carry out its tasks under section 106 of the Act of Finance, when : The Board of Directors of the SIKAV has concluded an agreement with an administration company, and

6) The financial supervision does not have any comments on the application.

Approval of the management of securities funds by investment management firms or management companies

§ 15 b. The Financial supervision approves an investment management company or management company management of a securities fund when

1) the investment management company or the management company are authorized to administer securities funds ;

2) the management of the investment management company or the management company has declared that the company has sufficient resources and qualified staff to manage the securities fund ;

3) the investment management company or the management company shall carry out so many of the tasks of the securities fund, not merely acting as an empty undertaking in the case of the securities concerned,

4) the management company and the debit party have concluded an agreement on the regulation of the exchange of information needed for the debit undertaking to perform its tasks under Section 106 of the Act of Finance, when the securities fund, administered by an administration company, and

5) The financial supervision does not have any comments on the application.

Approval of Danish UCITS, special associations and hedge associations choice of depots of depot companies

§ 16. Financial supervision approves a Danish UCITS ', special association and hedge union selection of depots when

1) pursuant to the Staff Regulations or Fund Regulations, a lawful decision has been taken to conclude an agreement with the debit party, cf. § 14, no. 8, section 14 (a) (1). 1, no. 9, or § 14 b, nr. 9,

2) the depot company satisfies the conditions in section 3., paragraph 1. 1, no. 12.

3) the management of the debit company or the director of the debit function has declared that the debit company can provide adequate financial and professional security in order to be able to exercise, in a real, professional life,

4) the business order of the debit company for the debit company, cf. Section 106 (4). 2, in the law of financial activities, is reassuring ;

5) the debit company for a Danish UCITS has entered into an agreement on the regulation of the exchange of information necessary for the undertaking to perform its tasks under Section 106 of the Act of Finance, with

a) the management board and the management company of an investment organization that has delegated the day-to-day management to the management company ;

b) the management board and the management company of a SIKAV, which has entered into an agreement on the administration of the company ; or

c) the management company of a securities fund,

6) the debit party has concluded agreement, cf. Section 5 (5). 4, no. 2, if the Danish UCITS is a feeder institution that is part of a master-feeder structure, where the master institute and the feeder institute have different depots ; and

7) The financial supervision does not have any comments on the application.

Danske UCITS ', Special associations and hedge organizations' access to ownership of shares in an investment management company and associations and SIKKAs ' access to contribute to humanitarian or non-profit organisations

§ 17. A Danish UCITS, special association or hedge association alone or in combination with other Danish UCITS, special associations and hedge funds and professional associations and approved sheep ' s associations shall own an investment management company which is exclusively limited to : on behalf of the Danish UCITS or of the Danish UCITS or associations concerned, the administration, investment or marketing activities shall be exercised by the administration of the administration of the Member States.

Paragraph 2. Simplifications and SIKAV may, where it is stated in the Staff Regulations, make an annual contribution of not more than 2%. of the financial assets of humanitarian or non-profit-making organisations concluded by the association with the association agreement.

Chapter 4

Cross-border business

Foreign investment undertakings covered by the UCITS Directive

§ 18. A foreign investment institution that has been granted authorisation under the rules of the UCITS Directive to carry out it in section 4 of the competent authorities of another country within the European Union or in a country with which the Union is to have the power of the Union ; Agreement concluded in the financial area under the UCITS Directive and which wishes to market its shares directly or indirectly in this country may begin to market its units when the SEC has received notice of them from them ; competent authorities of the home country of the institution.

Paragraph 2. The SEC shall lay down detailed rules concerning the placing on the market of these foreign investment institutions in this country.

Other foreign UCITS

§ 19. The SEC may authorise direct or indirect marketing in this country of shares issued by a foreign investment institution authorized under the legislation of its home country, which is not subject to the provisions of The UCITS Directive and which has been subject to the supervision of the home Member State when it complies with the provisions laid down by the Financial Regulations pursuant to paragraph 1. 3. The placing on the market must not begin until the SEC has given authorisation to the marketing.

Paragraph 2. The SEC may refuse authorization if the legislation or non-cooperation with the competent authorities of the country in which the UCITS has been granted authorisation and is under supervision will make the tasks of the Financial Tasks difficult.

Paragraph 3. The SEC shall lay down detailed rules on the conditions under which foreign UCITS are not covered by Section 1 (1). 5 shall be able to market their shares in this country and the documentation to be sent to the Financial supervision in relation to the application.

Danske UCITS

20. 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 agreements in the financial sphere, shall send a notification to the Financial Authority. The notification shall comply with the requirements of Commission Regulation No 2 ; 584/2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to the form and content of the standard declaration of notification and declaration of the UCITS, use of electronic communications between competent authorities ; authorities in the notification and procedures of checks and investigations on the spot, as well as the exchange of information between competent authorities.

Paragraph 2. A Danish UCITS that wishes to market its shares in a country which is not a member of the European Union or in a country that the Union has not signed up to in the financial sphere shall give notice to the Finance-Board and to the the competent authorities of the other country in accordance with the requirements applicable there.

Paragraph 3. The SEC provides detailed rules for the placing on the market of Danish UCITS on the market of units abroad.

Danske associations not covered by the UCITS Directive

§ 21. A non-approved Danish association, which does not comply with the provisions of the UCITS Directive and which wishes to market its units in another country, shall give notice to the Financial supervision and to the competent authorities of the Directive ; other countries in accordance with the requirements applicable there.

TITLE III

Good practice.

Chapter 5

Good practice.

§ 22. Danish UCITS, specialised associations and hedge funds must be conducted in accordance with edible business practices and good practice within their respective corporate areas.

Paragraph 2. The Minister for the Industry and Growth Pact lays down detailed rules on reestablishment and good practice for Danish UCITS, special associations and hedge funds.

TITLE IV

General Assembly and Management, etc.

Chapter 6

General Assembly of UCITS, special associations and hedge funds

-23. Invocation to the general assembly of a association shall be made available to the public and in accordance with the provisions of the Staff Regulations. The press must have access to the generals.

Paragraph 2. Invocation to the General Assembly must be sent to the investors who have requested it.

§ 24. Does a association not have a Board of Directors or omission to convene a general assembly to be held in accordance with the law, the statutes or a general assembly decision, convenes the General Assembly of the Financial supervision at the request of the Commission ; member of the Board of Directors or Management Board, the Advocate-General or an investor. The supervision may set the agenda of the General Assembly.

Paragraph 2. A General Assembly which has been convened by the Financial supervision shall be led by a person authorized by the SEC, and the Board of Governing Board or the investment management company shall deliver the General Assembly Protocol and The audit protocol. The costs of the General Assembly shall be subject to the Financial supervision, but shall be at the end of the unification of the association or of the association's investment management company.

§ 25. The General Assembly is the Supreme Authority of the association.

Paragraph 2. The right of the investors to decide in the association shall be carried out at the meeting of the general meeting, cf. however, paragraph 1 3 and 4.

Paragraph 3. The powers conferred by the assembly of the association shall be brought to the general assembly of a department ' s investors as far as it is concerned ;

1) approval of the department ' s annual accounts ;

2) amendment of the rules of the Staff Regulations for the placement of the department ' s assets ;

3) the running or merger of the department ; and

4) other questions relating exclusively to the department.

Paragraph 4. The powers conferred by the assembly's general assembly shall be added to the annual meeting of investors of an agricultural class in a department in respect of which :

1) modification of the specific characteristics of the second class,

2) the development of the other classes and

3) other questions relating exclusively to the other classes.

Paragraph 5. Any investor shall have the right to demand, in accordance with the rules of the Staff Regulations, to require a particular subject to be included on the agenda.

Paragraph 6. The Management Board and the Governing Board shall, when required by an investor, and the discretion of the Management Board may, without any significant damage to the association, shall make available information to the General Assembly on all matters that are of relevance to the assessment of the annual report and the position of the association, by the way, or to questions in which decisions are to be taken at the general assembly.

SECTION 26. Unless otherwise, the Board of Directors may decide that, in addition to the physical meeting of the meeting of the general public, investors may be able to participate electronically in the General Assembly, including voice electronically, without having been physically present at the General Assembly, that is to say that a semi-general general assembly will be held, cf. paragraph 3-4.

Paragraph 2. The General Assembly may decide that the General Assembly alone will be held electronically without access to physical attuns, that is, as a complete electronic general meeting, cf. paragraph 3-5. The decision shall contain information on how electronic media are used in the context of participation in the General Assembly. The decision must be included in the statutes. Section 28 shall apply to the decision and on amendments thereto.

Paragraph 3. The Management Board shall lay down the detailed requirements for electronic systems used for a partial or complete electronic meeting. The meeting of the General Assembly must include information on this, as must be stated in the call for investors to enroll in electronic participation and where they can find information about the procedure for electronic communication ; participation in the general assembly.

Paragraph 4. The Management Board shall ensure that the Management Board shall ensure that the meeting of the General Assembly is carried out in a reassuring manner. The system shall be designed in such a way as to ensure compliance with the requirements of the General Assembly, including the participation of investors, and shall vote for the General Assembly. The system used must also be able to determine in a reliable manner the investors participating in the General Assembly, what capital and voting they represent and the outcome of the votes.

Paragraph 5. If an association has been granted in hand and not introduced a registration date, the association of the association in the call for the participation of the General Assembly shall inform the General Assembly how the owners of such shares must document their own participation in it ; Electronic General Assembly. This must also be stated in the association's statutes.

§ 27. Every investor must be guaranteed the right to vote at the General Assembly in relation to its share. However, every investor must have at least one vote. The Staff Regulations may be determined that no investor may vote for more than a certain percentage of the assets or more than a certain amount.

Paragraph 2. Where the right to vote is conditional on the implementation of the association's protocol, the closing date may not be longer than 1 week.

§ 28. Decision amending the statutes shall be valid only if it is attracted by at least 2/3 of the votes cast, as of the part of the property represented at the General Assembly. In any case, the decision to amend the statutes shall comply with the additional requirements laid down by the statutes.

Paragraph 2. Amendment of the association of associations may not enter into force until the amendment is approved by the Financial supervision.

§ 29. The General Assembly can amuy the board of directors to set up departments and other classes.

-$30. Decisions on the selling of shares in the investment management company of the association must, cf.. however, paragraph 1 2, shall be taken by the assembly's general assembly according to the same rules that apply to the amendments to the Staff Regulations. However, the Management Board of the Association may decide on the sale of shares in the association ' s investment management company to other associations which have selected the company in question as investment management company.

Paragraph 2. The Management Board of Governing Board shall compile a statement on the pros and cons of the association ' s expected development at the sale of shares in the association's investment management company, cf. paragraph ONE, ONE. Act. The deposition must be sent to the investors, who are registered in a securities centre and in the books of association, at the same time as the General Assembly is convening. From the same point of view, the presentation must be submitted for inspection at the offices of the association.

§ 31. The Union must conduct a protocol on the negotiations at the General Assembly. The protocol must be signed by the conductor.

Paragraph 2. No later than two weeks after the meeting of the General Assembly, the General Assembly Protocol or an authenticated printout of this shall be available to investors in the association ' s office.

Chapter 6 a

General Assembly in SIKAV ' s

§ 31 a. Invocation to the General Assembly of a SIKAV shall be publicly available and in accordance with the provisions of the Staff Regulations. The press must have access to the generals.

Paragraph 2. Invocation to the general assembly must be sent to the investors who have requested it.

§ 31 b. If a SIKAV does not have a management board or a SIKAV fails to convene a General Assembly to be held in accordance with the law, the statutes or a general assembly decision, the General Assembly of the Financial Regulation shall be convenes at the request of a Member State ; of the Board of Directors of the SIKAV, the Advocate-General, or an investor. The supervision may set the agenda of the General Assembly.

Paragraph 2. A General Assembly, convened by the Financial Authority, is led by a person who has authorised the SEC and the Board of Directors of the Board of Directors to hand over the General Assembly Protocol and the review protocol. The expenses of the General Assembly shall be set out by the Finance Board, but shall be definitively borne by the SIKAV.

§ 31 c. The General Assembly is the supreme authority of a SIKAV.

Paragraph 2. The right of the investors to decide in the SIKAV is exercised by the general meeting, cf. however, paragraph 1 3 and 4.

Paragraph 3. The powers conferred by the General Assembly of the SIKAV shall be added to the general assembly of a department ' s investors as far as it is concerned ;

1) approval of the department ' s annual accounts, cf. § 63, paragraph 1,

2) amendment of the rules of the Staff Regulations for the placement of the department ' s assets ;

3) the running or merger of the department ; and

4) other questions relating exclusively to the department.

Paragraph 4. The powers exercised by the general assembly of the company shall be added to the annual meeting of investors in an agricultural class in a section as far as it is concerned ;

1) modification of the specific characteristics of the second class,

2) the development of the other classes and

3) other questions relating exclusively to the other classes.

Paragraph 5. Any investor shall have the right to demand, in accordance with the rules of the Staff Regulations, to require a particular subject on the day of the day.

Paragraph 6. The Management Board shall, where required by an investor, and the discretion of the Management Board may be carried out without any significant damage to the SIKAV, shall communicate to the General Assembly the following information on all matters of relevance to the assessment ; The annual report and the position of the SIKAV, by the way, or to questions in which decisions are to be taken at the general assembly.

§ 31 d. Without prejudice to the Board of Staff Regulations, the Board of Directors of the Board of Directors may decide that, in addition to the physical attunts at the meeting of the general public, investors may be able to participate electronically in the General Assembly, including voice electronically, without to be physically present at the general assembly, that is to say. a partial electronic assembly is to be held, cf. paragraph 3 and 4.

Paragraph 2. The General Assembly may decide that the General Assembly alone shall be conducted electronically without access to physical attuns, that is to say. as a full electronic general assembly, cf. paragraph 3-5. The decision shall contain information on how electronic media are used in the context of participation in the General Assembly. The decision must be included in the statutes. Section 31 f shall apply to the decision and changes thereto.

Paragraph 3. The Board of Directors of the SIKAV shall lay down the detailed requirements for electronic systems used for a partial or complete electronic meeting. The meeting of the General Assembly must include information on this, as must be stated in the call for investors to enroll in electronic participation and where they can find information about the procedure for electronic electronic equipment ; participation in the general assembly.

Paragraph 4. The Management Board shall ensure that the Management Board shall ensure that the meeting of the General Assembly is carried out in a reassuring manner. The system shall be designed in such a way as to ensure compliance with the requirements of the General Assembly, including the participation of investors, and shall vote for the General Assembly. The system used must also be able to determine in a reliable manner the investors participating in the General Assembly, what capital and voting they represent and the outcome of the votes.

Paragraph 5. If a SIKAV has been unissued and not put in place a registration date, the party in the call for participation in the General Assembly shall indicate how the owners of such shares must document their own participation in the electronic system, General Assembly. This must also be stated in the Staff Regulations of the SIKAV.

§ 31 e. Every investor must be guaranteed the right to vote at the General Assembly in relation to its share in the SIK. However, every investor must have at least one vote. The Staff Regulations may be determined that no investor may vote in favour of more than a certain percentage of the company capital or more than a certain amount.

Paragraph 2. Where the voting rights are subject to the entry into the Protocol, the closing period may not be longer than 1 week.

§ 31 f. The decision to amend SIKAV's statutes is only valid if it is attracted by at least 2/3 of both the votes cast, as well as the part of the society chapter represented at the General Assembly. In any case, the decision to amend the statutes shall comply with the additional requirements laid down by the statutes.

Paragraph 2. Amendment of the statute for SIKAV may not enter into force until the amendment is approved by the Financial supervision.

§ 31 g. The General Assembly of the SIKAV may be able to order the board to set up departments and other classes, cf. § 14 (1) (a) 1, no. Five and six.

§ 31 h. The SIKAV will have to conduct a protocol on the negotiations at the General Assembly. The protocol must be signed by the conductor.

Paragraph 2. No later than two weeks after the meeting of the General Assembly, the General Assembly Protocol or an authenticated signature of this shall be available to investors in the office of the investment management company or the management company.

Chapter 7

Governance etc.

General provisions concerning the management of investment associations, special associations and hedge funds and so on. (Direction and management or investment management company)

§ 32. Simplifications must have a board and a management board. The Management Board shall carry out the overall management of the company ' s activities. The Management Board and the Governing Board are responsible for the conduct of the association's affairs. The Management Board and the Governing Board shall act independently and exclusively in the interest of the association.

Paragraph 2. The board of directors is responsible for the management of the Executive Board of the Executive Board of the Management Board. The Executive Board shall follow the guidelines and directions that the management board gives to the day-to-day administration does not include any arrangements which, according to the conditions of association, are of exceptional nature or of great importance. Such arrangements may be made by the Management Board only by special authorisation by the Management Board, unless the Management Board decision cannot be unveted without a significant disadvantage to the company ' s activities. The Management Board shall be informed at such a time as soon as possible of the truffles.

Paragraph 3. The Management Board shall ensure that the association is in possession of a sufficiently qualified staffing and the necessary professional expertise to carry out the management of the association and to assess the handling of tasks delegated by the Administrative Board. The Union must be able to make investment decisions concerning the fortune of the association. If the management board has signed up to the portfolio of portfolios, the association shall have employees who can assess the investments made and the results obtained.

Paragraph 4. The Management Board may, instead of employing a board of directors, see paragraph 2, delegate the day-to-day management of the association to an investment management company or to an administration company. The Delegation must be approved by the Financial supervision, cf. section 15, and be in accordance with sections 45 and 46.

Paragraph 5. The Management Board shall consist of at least three members elected by the General Assembly. No members of the Board of Directors shall be members of the Board of Directors or of the members of the depot company or in another company to which the association has concluded significant agreements or in companies which are affiliated with these companies ; cf. however, paragraph 1 6-8.

Paragraph 6. By way of derogation from paragraph 1, a minority of the governing board members of the association 5 shall be a member of the management board of the investment management company or management company, to which the management board has delegated the day-to-day management of the association. However, a member of the Management Board shall not, however, be chairman of the management board of the investment management company or the management company.

Paragraph 7. The Board members may, whatever they may or may not, 5 shall be members of the Management Board of an investment management company or management company, to which the management board has delegated the day-to-day management of the association, if the association alone or jointly with other investment organisations, special associations, hedge funds, professional associations, or approved sheep ' s associations, own that company.

Paragraph 8. An employee of the investment management company selected by company law on group representation may, irrespective of the provision set out in paragraph 1. 5 shall be a member of the Board of Directors of a Association where the association alone or together with other associations owns the investment management company.

§ 33. When the management board has delegated the day-to-day management, cf. Section 32 (1). 4, the Director of the investment management company or the management company shall perform the tasks that are otherwise incumbable to the Director of the association.

Paragraph 2. The Management Board may, in accordance with section 45-47 delegate tasks that form part of the administration ' s administration, to a company authorized to perform the tasks in question.

Paragraph 3. The Administrative Board may, by way of derogation 2 does not take a decision to delegate core tasks, cf. paragraph 9. The Management Board may conclude contracts for portfolios with a company that satisfies the conditions of section 45 (3). 1 and which are not the depots for the association or any other company whose interests may be in breach of the interests of the association and of his investors.

Paragraph 4. When a Board of Directors makes a decision on delegation, cf. paragraph 2 and 3 as well as section 32 (3). 4, the Delegation shall lead to a more efficient operation of the establishment ' s activities and to comply with the conditions laid down in section 45-47.

Paragraph 5. The obligations of the management, any investment management company or the management company and the debit companies shall not be affected by the management board of delegated tasks to third parties.

Paragraph 6. The Management Board and the investment management company or management company shall ensure the monitoring of the performance of the delegated tasks, cf. § § 45-47.

Paragraph 7. The Management Board shall not delegate such a large proportion of the administrative tasks that the investment management company or the management company becomes an empty undertaking in the case of tasks related to the management of the association.

Paragraph 8. The management of an investment association which invests as a feeder institution shall ensure that the association is effectively controlled by the establishment of the master institution. The United Federation may use information and documents received from the master department or its investment management company or administration company, depots and auditors, unless the association has reason to doubt the accuracy of the information and documents of the master institution.

Niner. 9. The SEC shall lay down detailed rules on the tasks to be assigned to the core tasks, cf. paragraph 3, and about the way in which the association should follow the delegated tasks.

General provisions governing the management of SIKAV

§ 33 a. SIKAV ' s must have a Board of Directors consisting of at least three members elected by the General Assembly. The Management Board shall be responsible for the management of SIKAV ' s activities. The Management Board must act independently and exclusively in SIKAV's interest.

Paragraph 2. The Management Board shall select an investment management company or an administration company that administers the SIKAVD, cf. § 35 a, paragraph. 1, no. 4. The Management Board of the SIKAV shall assess that the investment management company or the management company is eligible and in a position to carry out the administration. A Management Agreement as part of a SIKAV is part of an investment management company or administration company must be written.

Tasks of the Management Board in investment associations, SIKAVs, special associations and hedge funds

§ 34. The Management Board shall ensure that the organization of the investment association, the specialist association, or SIKAV ' s operation in relation to the tasks assigned to the Management Board shall be responsible for the association of the association or the SIKAVM. The company must be in accordance with the law and the statutes. The Management Board shall ensure that the assets of the department at all times are defensiable in relation to the operations and operation of the department and of the association or SIKAV. The Management Board shall ensure that the accounts and assets management are checked in a way that is satisfactory after the relationship or company's conditions are satisfactory.

Paragraph 2. The Management Board shall, at a time of procedure, lay down detailed rules for the performance of its duties.

Paragraph 3. The SEC may lay down detailed rules on the content of the Rules of Procedure.

$35. The Management Board of a Association must :

1) establish the overall policy of the association ' s activities,

2) where the association is an investment union or a special association, the essential risks and the identification of their risk products on the basis of the investment policy laid down in the Staff Regulations shall be identified by the association or association of the association of the association of the association or association of the association of the association of the association

3) where the association is a hedge fund, the essential risks of each of the department and of any shareholdings on the basis of the investment policy and risk profile laid down in the Staff Regulations shall be identified ;

4) establish a policy of conflict of interest and could demonstrate conflicts of interest that could harm the interests of the association and its investors, between the association and other associations, between departments and other classes and between the association and its contract partners and ensure that these conflicts of interest are as limited as possible, and

5) select the storage company to keep the financial assets of the association unless otherwise stated in the statutes.

Paragraph 2. On the basis of the framework of the law and of the rules of association and of the Board of Directors and of the Board of Directors and of the individual departmental groups and any shareholdings risk, cf. paragraph 1, no. 2 and 3, the Management Board shall provide the Governing Board of the Administrative Board, which shall, at least, contain

1) verifiable frames for which and the high risk of the management must be imposed on the individual departments and any other classes,

2) the principles for the specification of individual risk types,

3) rules on which arrangements require the management of the Management Board and the arrangements for the Governing Board to perform as part of its position ; and

4) rules on how and to what extent the Executive Board shall report to the Management Board on the risks of departmental and potential shareholdings, including the use of the framework of the law and in the Guidelines for the Governing Board and on the Compliance and Compliance of Limits ; laid down in the law and in the statutes.

Paragraph 3. The Management Board shall regularly adopt a position on whether the association's statutes and the risk profile of the association and any other classes are defenders in relation to the association ' s organisation and resources, the investment groups ; the size, liquidity and complexity, and the market conditions which the association is subject to.

Paragraph 4. The Management Board shall regularly assess whether the Governing Board shall perform its tasks in accordance with the association ' s statutes and the risk profile and the guidelines of the Governing Board of the Administrative Board and the guidelines for the management. The Management Board shall take appropriate measures if this is not the case. In addition, the Board shall regularly assess whether the duties delegated by the Administrative Board shall be carried out in accordance with the agreed upon, and on the delegation making the activities of the association more efficient.

Paragraph 5. The Management Board shall regularly assess whether the debit company shall carry out its tasks in accordance with the agreed agreement. The Management Board shall take appropriate measures if this is not the case.

Paragraph 6. The SEC may lay down detailed rules for :

1) the obligations of the Management Board and the Governing Board for a Association pursuant to paragraph 1. 1-4, and

2) the disclosure of information and the disclosure of risks by the hedge unions.

§ 35 a. The Management Board for a SIKAV shall :

1) establish the overall policy for the company ' s company,

2) identify the major risks of each of the department and any sharegroups and determine their risk profile based on the investment policy laid down in the Staff Regulations ;

3) establish a policy for the identification and handling of any conflicts of interest of the Management Board ;

4) select the investment management company or management company to administer the SIKAV; and

5) select the carrier company to store the financial assets of the SIKAV unless otherwise stated in the statutes.

Paragraph 2. The Management Board shall continuously adopt a position on whether the risk profile of SIKAV and the risk profile of the share classes and any other shareholdings may be responsible for the size of investments, liquidity and complexity, as well as the market conditions which the SIKAV is ; subject to.

Paragraph 3. On the basis of the articles of association, the management board of an investment instrument for the investment management company or the management company shall lay down the investment frameworks to be applied to the SIKAV.

Paragraph 4. The Management Board shall regularly assess whether the investment management company or the management company shall carry out its tasks in accordance with the agreement reached and the investment instructions, including on the investments made and the results obtained ; results are in accordance with the agreed upon. The Management Board shall take appropriate measures if this is not the case.

Paragraph 5. The Management Board shall regularly assess whether the debit company shall carry out its tasks in accordance with the agreed agreement. The Management Board shall take appropriate measures if this is not the case.

Paragraph 6. The SEC may lay down detailed rules concerning the obligations of the Management Board for a SIKAV pursuant to paragraph 1. 1-5.

Tasks of the Management Board in the investment management companies that administer the securities funds

§ 35 b. The management of a trust management company that administers a securities fund shall :

1) set out the overall policy for the fund ; and

2) identify the essential risks of each of the department and any other classes and determine their risk profile based on the investment policy provided for in the Fund Regulation.

Paragraph 2. On the basis of the framework of the fund rules and the risk assessment of the Management Board and of the individual departmental groups and any other shareholdings, the Management Board shall provide the Administrative Board with written guidelines relating to the securities fund, which shall at least be required ; contain

1) verifiable frames for which and the high risk of the management must be imposed on the individual departments and any other classes,

2) the principles for the specification of individual risk types,

3) rules on which arrangements require the management of the Management Board and the arrangements for the Governing Board to perform as part of its position ; and

4) rules on how and to what extent the Governing Board shall report to the Management Board on the risks of departmental and potential shareholdings, including the use of the framework of the law and in the Guidelines for the Governing Board and the Compliance and Compliance ; laid down in the law and in the fund rules.

Paragraph 3. The Management Board shall regularly adopt a position on whether the Fund rules for the securities fund and the risk profile of the departmental and possible shareholdings and the guidelines for the management are defentable in relation to the company's resources and the size of : the investments, liquidity and complexity of the securities fund and the market conditions which the investment management company and the securities fund are subject to.

Paragraph 4. The Management Board shall regularly assess whether the Governing Board shall perform its tasks in accordance with the Fund rules for the securities fund and the risk profile of the departments and any other classes laid down, and the guidelines for the management. The Management Board shall take appropriate measures if this is not the case.

Paragraph 5. The Management Board shall select the debit party to store the financial assets of the securities fund. The Management Board shall regularly assess whether the debit company shall carry out its tasks in accordance with the agreed agreement. The Management Board shall take appropriate measures if this is not the case.

Paragraph 6. The SEC may lay down detailed rules concerning the obligations of the Management Board and the Governing Board for a company pursuant to paragraph 1. 1-5.

Governing meetings, etc. in investment associations, SIKAVs, special associations and hedge funds

§ 36. The chairman shall see to it that the Board shall meet when necessary and shall ensure that all members are conventionable. Any member of the management board, a director, an external auditor and the internal audit manager may require the management board to be conveneable. A director, an external auditor and the internal audit manager have the right to be present and speak at board meetings unless the administrative board of the individual case takes a different decision. External auditors and the Internal Audit Manager are always entitled to participate in board meetings when dealing with cases that are important for the review or for the submission of the annual report.

Paragraph 2. External auditors and the Internal Audit Office have a duty to take part in the management of cases, provided that it is desired by just one board member.

Paragraph 3. The Board of Directors shall be subject to the Protocol signed by all Members present. A board member, a director, an external auditor or the internal audit manager who does not agree with the decision of the Management Board, has the right to have his opinion recorded in the Minutes.

Paragraph 4. The Board of Governors of a Association or SIKAV may take a decision that the Management Board shall have joint board meetings of several associations or SIKAVs having the same Management Board. The one in paragraph 1. In such a case, the aforementioned protocol on the management of the board must in such a way be designed in such a way that it is clear that the reports, negotiations and decisions relating to the individual association should be clear.

Paragraph 5. The Management Board of the Association may, to the extent that it is justifiable, decide that the association and other associations which have the same Management Board may have the following common documents :

1) The business order of the management board, cf. § 34, paragraph. 2.

2) Guidelines for the Governing Board ' s activities, cf. § 35, paragraph. 2.

3) Administrative agreement.

4) It's a social contract.

5) Agreements on investment advice.

6) It's marketing.

Paragraph 6. The Board of Directors of a SIKAV may, to the extent that it is justifiable, decide that the SIKAV and other SIKAVs having the same board of directors may have the following common documents :

1) The business order of the management board, cf. § 34, paragraph. 2.

2) Administrative agreement.

3) It's a social contract.

Paragraph 7. Make the board decision after paragraph 1. In the case of 5 or 6, the documents relating to the individual association shall be unambiguously clear.

Paragraph 8. The SEC may lay down detailed rules on the conditions for the garden of joint documents, in accordance with the conditions laid down in the Community and in accordance with the conditions laid down in Article 1. paragraph Five and six.

Profitability for management and other members of the management of the Executive Committee in Danish UCITS, special associations and hedge funds

§ 37. Members of the management of a SIKAV or an association, its depot company and its potential investment management company or management company may not, without consent from the board of directors of the SIKAV or association, to hand over transferable securities or other to the Management Board ; The SIKAV or the association, or acquiring such assets from the SIKAV or the association. The consent of the consent shall be given in each individual case and shall be entered in the board's negotiating protocol.

Paragraph 2. Members of the management of a securities fund depot company, investment management company or management company may not, without the consent of the Management Board of the investment management company or the management company, shall assign, securities or other securities or transferable assets from the securities fund ; The consent of the consent shall be given in each individual case and shall be entered in the board's negotiating protocol.

Paragraph 3. A member of the Management shall not participate in the handling of matters relating to agreements between SIKAV or the association and the person concerned or the lawsuit against the person themselves or the lawsuit against a third party or on agreements between SIKAV or the association and ; a third party, if the member of the Management Member has a significant interest in it, which may be in conflict with SIKAV or of the association.

Paragraph 4. A member or a director of the investment management company or management company shall not participate in the processing of any questions relating to the securities fund and the person concerned or the lawsuit against it ; the person concerned himself or the lawsuit against a third party or on contracts relating to the securities and to a third party, if the member of the board or the director has a significant interest in it, which may be contrary to the securities fund.

The requirement for Danish UCITS, special associations and hedge funds to give financial supervision to the Financial Commission on special circumstances

§ 38. A UCITS, SIKAV, special union or its investment management company or its management company shall immediately notify the Financial supervision of information concerning matters of vital importance to the association, SIKAV ' s or a departmental continuing operation. The same applies to the investment management company or the management company of a securities fund.

Paragraph 2. The same applies to each member of the Management of a Danish UCITS, special association or hedge association, as well as the individual member of the Management Board or the Governing Board of an investment management company or management company which administers a Danish ; UCITS, special union or hedge union.

Paragraph 3. If a member of an investment association, special association or hedge management board or management, or external audits, must assume that a department does not meet the assets of sections 4 (2). 10, section 6 (4). 4, and section 7 (4). The person concerned shall inform the Finance-SEC immediately.

Requirements for individual management members in investment associations, SIKAVs, special associations and hedge funds

§ 39. A member of the Management Board or the Executive Board of an investment association, special association or hedge union or of the Board of the Management Board of a SIKAV shall have adequate experience to exercise his duties or attend to its position.

Paragraph 2. A member of the Board of Directors or the Management Board shall not :

1) be charged or imposed on impunity for the infringement of criminal law or financial legislation if the offence involves the risk that he may not carry out his duties or his position in a reassuring manner.

2) The request for redesign, bankruptcy or debt relief or during redesign processing, bankruptcy or debt relief shall be lodged.

3) Due to its economic situation or through a company which they own, participate in the operation of or having a significant influence, have impled or inflict any loss or loss of any kind.

4) Where there is reason to assume that they are not in a responsible manner or in a responsible manner, have been expelled or exhibition. When assessing whether a member of the Management Board or the Management Board meets the requirements, the emphasis must be placed on the concern to maintain confidence in the financial sector.

Paragraph 3. Members of the Management Board or members of the Board of Directors or members of the Board of Directors in a SIKAV shall communicate to the Financial supervision information relating to matters referred to in paragraph 1. 2 both in connection with their entry into the management of the assembly or the SIKAV, and if the circumstances are subsequently changed.

§ 40. Enlisted as a member of the board of a hedge fund, special association or hedge union cannot be reconciling with the position of the Director, Internal Audit Manager or the vice-president of the Union or its investment management company, or management company. However, the Board of Directors of the Governing Board may temporarily be temporarily pruning one of its members to the Director. The person concerned may not be able to exercise voting rights on the board.

Paragraph 2. Enlisted as a member of the Board of Directors in a SIKAV may not be reconcined with the Director, Internal Audit Manager or Vicerevic manager in the SIKAV investment management company or management company.

Prohibition of speculation and permission to take part in the management of other activities, etc. for the Governing Board and others in investment associations, specialised associations and hedge funds ;

§ 41. Persons who are employed by the Law or Statutes of Staff Regulations of the Board of Directors, and employees on which there is a significant risk of conflicts between their own and the interests of the association may not be allowed to own or through companies ; checking,

1) borrow or withdraw from already granted credits for the purchase of securities where the securities purchased are lodged with the loan or credit,

2) acquire, issue or deal with derivative financial instruments, unless the purpose is to cover the risk of risk of exposure ;

3) the transferor of holdings other than those in investment associations, specialised associations, hedge funds and foreign UCITS, for the sale of these earlier than six months after the acquisition or

4) acquire positions in foreign currency other than the euro when the positioning takes place for the purposes other than the payment for the purchase of securities, goods, services, purchase or operation of real estate, or to the use of travel.

Paragraph 2. The one in paragraph 1. The persons referred to in paragraph 1 shall not be allowed to acquire shareholdings in companies engaged in business as referred to in paragraph 1. 1, no. 1-4. However, this does not apply to the purchase of shares in financial institutions, insurance undertakings, real credit institutions or fund brokers, and shares in investment associations, specialised associations, hedge funds and foreign investment undertakings.

Paragraph 3. The Management Board shall adopt a position on which employees are a major risk of conflict between their interests and the interests of the association, which must therefore be covered by the ban. The Management Board shall ensure that the persons concerned are aware. The penalty in section 221 shall apply from the date on which the person concerned has received information on this subject.

Paragraph 4. The Administrative Board shall apply to persons covered by paragraph 1. 1 prepare guidelines for the control of compliance with the prohibitionist provisions of paragraph 1. Paragraph 1 and paragraph. TWO, ONE. pkton, including on the reporting of assets positions.

Paragraph 5. The external audits shall review the guidelines laid down in paragraph 1 of this year in accordance with paragraph 1. 4 and in the audit protocol laughter concerning the annual report, indicate whether the guidelines are assessed to be reassuring and have functioned appropriately, and whether the procedures for inspection have given rise to observations.

Paragraph 6. An account institution has at the request of the Management Board of the Association's obligation to grant the association's external audit access to information on bank accounts and deposits and to extradite the transcripts from there for persons covered by paragraph 1. 1.

§ 42. Persons who are employed by the governing board of the Board of Directors of a Association cannot, without the permission of the Management Board, own or operate self-employed activities or as a member of the Management Board, functionary or otherwise engaged in the management or operation of the other business entity other than the association, cf. however, paragraph 1 4 and 5 and Article 79 (3). 8 and 9.

Paragraph 2. Other employees in a society of which there is a significant risk of conflict between their own and the interests of the association cannot be owned by the Executive Board or to operate self-employed activities or as a member of the governing board of directors, officials or members of the Board of Directors ; or otherwise participate in the management or operation of a different business other than the association. The Administrative Board shall be informed of authorisations given by the Executive Board.

Paragraph 3. The Management Board shall adopt a position on which employees are a major risk of conflict between their interests and the interests of the association, which must therefore be granted the approval of the Executive Board, cf. paragraph 2, to own or operate self-employed enterprise or as a member of the governing board, officials or otherwise participate in the management or operation of a different Business Enterprise than the association. The Management Board shall ensure that the persons concerned are aware. The penalty in section 221 shall apply from the date on which the person concerned has received information on this subject.

Paragraph 4. Directors and other leading employees shall not be members of the Board of Directors or of the staff of the debit company or any other company to which the association has concluded substantial agreements or companies which are affiliated with these companies.

Paragraph 5. The people in paragraph 3. However, 1 and 2 of these persons shall be capable of carrying out similar positions in other associations where a majority of members of the Management Board are members of the board.

Paragraph 6. All permits granted by the Administrative Board pursuant to paragraph 1. 3 shall appear on the board of the board's negotiating protocol.

Paragraph 7. The association shall publish at least once a year to publish information on the functions authorised by the Administrative Board in accordance with paragraph 1. Furthermore, the external audit of the audit protocol latet to the annual report shall state whether the association owns securities issued by commercial undertakings covered by paragraph 1. One and two.

Dissemination

§ 43. Governing members, directors, other servants and accountants in a union or a SIKAV, or in a debit party, investment management company or management company, which the association or SIKAV has entered into, shall not unduly be unjustified ; disclose or harness confidential information which, during the exercise of their position or office, has been aware of.

Paragraph 2. The person who receives the information referred to in paragraph 1. Paragraph 1 shall be subject to the provisions of paragraph 1. Paragraph 1 referred to the obligation to secrecy.

Paragraph 3. Financial auditors for Danish UCITS receiving funds as a master institutes, and accountants for Danish UCITS, which are investing as feeders institutions, may in accordance with paragraph 1. 1 exchanging information under a contract pursuant to section 5 (5). 4, no. 3.

Paragraph 4. Depots for Danish UCITS receiving funds as a master institutes, and debit companies for Danish UCITS, which are investing in a feeder institution, may exchange information pursuant to section 5 (5). 4, no. 2.

Direction of investment associations, SIKAVs, special associations and hedge funds

§ 44. An investment association, special association and hedge union must have effective forms of corporate governance, including :

1) a clear organizational structure with a well-defined, transparent and consistent distribution of responsibilities ;

2) a good administrative and accounting practice ;

3) written business practices for all major areas of activity,

4) effective procedures for identifying, managing, monitoring and reporting on the risks to which the association is or may be exposed ;

5) the resources necessary for the proper implementation of its operations, and the appropriate use of these ;

6) procedures for separating functions in connection with handling and prevention of conflicts of interest ;

7) adequate internal control procedures and

8) reassuring control and security measures in the IT area.

Paragraph 2. A SIKAV must have effective forms of company management, including a clear organisational structure with a well-defined, transparent and consistent distribution of responsibilities.

Paragraph 3. A society must build and organise its business in such a way that the risk of conflicts of interest will be limited as much as possible. The association of the association with other associations must be minimised in the interests of conflicts between these parties.

Paragraph 4. The SEC may lay down detailed rules for :

1) the conditions laid down in stk.1 and 2,

2) remuneration and fees, where the management board, management and staff, or investment management company or investment advisers are remunerated in a different way other than with fixed amounts,

3) how associations and SIKAV are to detect and limit conflicts of interest ;

4) transactions concluded between a association or its investment management company or its management company and a company such as its investment management company or its management company have concluded significant agreements ; or other companies which are affiliated with such a company, and

5) transactions concluded between a SIKAV or its investment management company or management company and a company such as the SIKAV or its investment management company or its management company has concluded significant agreements ; or other companies that are affiliated with such a company.

Paragraph 5. Transactions carried out in breach of the provisions laid down in paragraph 1. 4, no. The rules are not valid for 4 and 5. Payments from a association or SIKAV or their investment management company or management company that has been made in relation to transactions contrary to rules laid down in accordance with paragraph 1. 4 shall also be returned with an annual interest rate of the amount corresponding to the interest rate fixed in accordance with section 5 (5). 1 and 2, in the interest of late payment, etc.

Access to delegate administrative tasks beyond the day-to-day administration of the association, specialist associations and hedge associations

§ 45. A association must ensure that the companies delegating tasks to are qualified and able to fulfil the tasks in question. In cases where the delegation relates to investment management, the Management Board may only delegate to undertakings authorised or registered for the management of assets, cf. however, section 33 (3). 3, subject to supervision.

Paragraph 2. The company to which the association has delegated tasks may only be authorised in the individual case of the Board of Directors of the Board of Directors to delegate the delegated tasks or part thereof to another undertaking, and only if this delegation carries one ; more efficient management of the association.

Paragraph 3. The Association of Tasks of the Association must not prevent effective supervision of the association and must not prevent the administration's administration from working or preventing the association from being administered in the interests of investors.

Paragraph 4. The association can only delegate tasks related to investment management to undertakings located in a country outside the European Union or countries which the Union has agreed to in the financial sphere when the Financial Authority may be subject to the financial services ; cooperate with the supervisory authorities of the country concerned.

§ 46. A association of tasks shall ensure that the Delegation Agreement gives the association agreement the opportunity for the association, at any time, in actual fact to monitor the activities carried out by the undertaking to which the task is delegated.

Paragraph 2. The Agreement on Delegation must not prevent the unification of any further instructions for the company to which the task is delegated, and to terminate the agreement with immediate effect, if it is in the interests of the association.

§ 47. A association shall no later than 8 working days after the conclusion of an agreement on delegation, cf. Section 33 (4). 2 and 3, and section 45 (3). 2, notify the Financial supervision of the content and conditions of the agreement.

Paragraph 2. The SEC shall lay down detailed rules on which agreements are subject to the notification requirement and their form.

Section V

General provisions

Chapter 8

Benefit and take of loans etc.

§ 48. A Danish UCITS, special association and hedge union must not grant loans to or provide a guarantee for third parties.

Paragraph 2. However, a Danish UCITS, special association or hedge association may take on the liability associated with the acquisition of shares that are not fully paid. Such liabilities shall not exceed 5%. of a department's fortune.

§ 49. A Danish UCITS or special association may not take up loans.

Paragraph 2. The financial supervision may, however, permit a Danish UCITS or special association on behalf of a department ;

1) records short-term loans, not more than 10%. by means of a department ' s wealth to dissolve member shares in order to exploit the right of drawing rights or to the temporary financing of the agreements concluded ; and

2) occupting a maximum of 10%. of a department ' s fortune to the acquisition of immovable property, which is absolutely essential for the pursuit of the company ' s activities.

Paragraph 3. The people in paragraph 3. 2, no. The total amount of the loans referred to in 1 and 2 shall not exceed 15% of the total. of a department's fortune.

$50. A Danish UCITS or special association may not make sale without cover with securities, money instruments, shares in collective investment undertakings, derivative financial instruments and other cash archangel instruments.

§ 51. Instruments that are available for trading in a regulated market or in another market shall, if they are traded outside the regulated markets of countries within the European Union or in countries with which the Union has concluded the financial system, territory or equivalent markets in other countries are traded to the same or more advantageous prices than the amount taken to be given by the size taken into account in the market in question.

§ 52. An association may acquire the lion and immovable property if it is absolutely essential for the pursuit of its activities.

Emission of units

§ 53. An investment union, SIKAV's, special association and hedge management board will decide when a department performs the emission of units. In the case of securities, the decision shall be made by the investment management company or the management company ' s management board.

§ 54. Parts in a department can only be drawn at the same time as payment of the emission price. Fund shares are not covered by 1. Act. Drawing cannot be done under conditions or subheading.

Paragraph 2. Financial supervision may offer a Danish UCITS, special association or hedge association to postpone the emission of units in a department if it is in the interests of investors or in the public interest.

Paragraph 3. The SEC shall lay down rules on the calculation of the emission price, and whether the information a Danish UCITS, special association or hedge association information shall be published on this subject.

Resolution of units

§ 55. A Danish UCITS or a special association must be continuously open to the settlement of units so that an investor can be redeemed upon request. In special associations, however, the association's statutes may contain limitations in the investor ' s access to be redeemed at the request of the association.

Paragraph 2. A hedge fund must at least once a month be open to the settlement of shares.

Paragraph 3. A Danish UCITS, special association or hedge union may be subject to a delay in the introduction of a share of

1) Whereas the internal value cannot be fixed due to market conditions, or

2) the consideration for a equal treatment of investors requires that the internal value can be fixed only when the necessary assets are realised.

Paragraph 4. A feeder institution may, in addition to the provisions of paragraph 1, 3 cases shall be subject to a delay in the introduction of a share if the master institution to which the Danish UCITS is investing in, on its own initiative or after the Finance-synet or any other competent authority, has postponed the solution of the shares.

Paragraph 5. A Danish UCITS, special association or hedge association shall immediately inform the Finance-SEC notification thereof, including an explanation of the cause of the postponement.

Paragraph 6. A Danish UCITS must immediately, after delay, notify the competent authorities of other countries of the European Union or in countries concluded by the Union in the financial sphere if the Danish UCITS in question is placed on the market ; his units here.

Paragraph 7. The Financial supervision may offer a Danish UCITS, special association or hedge association to defer an arrangement of shares if it is in the interests of investors or in the public interest.

Paragraph 8. The SEC shall lay down rules for the calculation of the solution price and whether the information provided by a Danish UCITS, special association or hedge association shall be published on this subject.

§ 56. If a Danish UCITS, special association or hedge association has made mistakes, which resulted in an aberration of 0,5%. or more for the calculation of the emission or solution price, the Danish UCITS, the special association or hedge fund must ensure that the information concerned is informed of the error and disclose information about the error. The Danish UCITS, the special association or hedge association must, within three working days after the failure to be discovered, initiate corrective action and report the relationship with the Financial supervision. The financial statement for the Financial supervision must contain a background to the error and a description of how the Danish UCITS, the special association or hedge association will avoid similar errors in the future.

Paragraph 2. The SEC may lay down detailed rules for the notification of Danish UCITS, specialised unionists and hedge organizations to determine the error of 0,5% or less. or more for the calculation of the emission or the solution price.

§ 57. When a section of a Danish UCITS, special association or hedge union is investing in shares in other departments or offshore UCITS, managed directly or through a delegation of the same investment management company or by a the other company which the investment management company is linked to by means of joint administration or control, or through a significant direct or indirect participation, may not, or shall not, levy the investment management company or the other party ; the design or entry fees for the investment ' s investments in shares ; other departments or foreign investment undertakings.

§ 58. A master institute shall not :

1) charge the drawing up of a design fee at the investment of a feeder institution in the shares of the master department or

2) collect the claim fee at a feeder institution's solution to the shares of the master institute.

$59. If a feeder institution, the investment management company or a person acting on behalf of the feeder institution, receives sales fees, commissions or money at the feeder institution ' s investment in shares in a master institute shall be forfeit ; assets of the feeder institution.

Chapter 9

Investment certificates etc.

§ 60. If a department is evidencing, it should be issued to each investor one or more investment evidence. Where a department account is the principal, the Danish UCITS, special association or hedge union shall keep a register of investors ' shares and to investors hand a printout of the records as evidence of the investors ' share of the department ' s share ; fortune.

§ 61. If a decision is made on the decision of the Management Board by means of a security of the board, all costs shall be borne by the department at all costs. The Danish UCITS, special association or hedge union must conclude an agreement with one or more account institutions that investors at the expense of the department may be given ;

1) their units and so on and so on and stored there ; and

2) message of yield, etc., and an annual statement of accounts.

Paragraph 2. The investors shall have the right to appoint an account institute which, at the expense of the department, shall carry out the records referred to in paragraph 1. 1, no. One and two tasks, provided that the Institute for the Department assumes the tasks of the same expenditure incurred by the department to an institute, the Danish UCITS, the special association or hedge association has concluded agreement.

§ 62. If an investment certificate is made to possess or pant, section 14, paragraph 14, shall apply. The provisions of 1 and 2 of the applicable debt correspondence shall be applicable. However, this does not apply where, in accordance with a provision in the Danish UCITS, the statutes or rules of association in the Danish UCITS or the Fund Regulations, unambiguously and inconspicuous reservations in the investment proof are obeying that it is not one ; caret paper. An investment certificate issued by the holder shall remain an ice sheet paper, even if it is in the hands of the Danish UCITS, special association or hedge association, on the idea that the name of the owner has been noted, if the name is not given proof.

Paragraph 2. On offer vouchers, section 24 and 25 of the applicable debt correspondence shall apply mutatis muted.

Paragraph 3. The certification of investment evidence without any judgment may be made only where the Danish UCITS, special or hedge association ' s statutes or hedge funds and investment evidence contain provisions to this effect. The notification call must be indented in Statescing in the first number in a quarter with the following notice :

1) At least four weeks in the case of a moratorium on investment evidence that is not a carcase certificate.

2) At least six months on the mortification of other investment evidence.

Paragraph 4. The provisions of paragraph 1. 3 shall apply mutatis muc-use to coupons. Kuponsheets can be mortified without a conviction, together with the investment certificate to which they are heard, if the statutes or the fund rules are not in charge.

TITLE VI

Annual report, revision and use of the annual profit

Chapter 10

Annual report and review for Danish UCITS, special associations and hedge funds

§ 63. Danish UCITS, special associations and hedge funds must prepare an annual report which, at the very least, consists of a management report and a management drawing for the Danish UCITS or the Association, and an annual accounts for each department. consisting of a profit and loss account, a balance and notes, including the statement of the accounting practices used. When an annual accounts are audited, the audit shall be included in the annual report.

Paragraph 2. Statement of applied accounting practice may, whatever paragraph, may be applied. 1 shall be drawn up as a joint account of the departings.

Paragraph 3. The annual report shall be drawn up in accordance with the rules laid down in this Chapter and rules issued in accordance with section 76.

§ 64. The Management Board and the Executive Board shall submit an annual report to the investment association, the association or the association of the association. The Board shall report its annual report to the SIKAV. In the case of securities funds, the annual report shall be submitted by the investment management company board and management.

Paragraph 2. Each Member State shall have the responsibility for the annual report to be drawn up in accordance with the legislation and any additional requirements for accounts in the Staff Regulations, the Fund Regulations or the agreement. In addition, each individual management member shall be responsible for auditing the annual accounts in time and that the annual report can be approved in good time. Finally, each management board is responsible for sending the annual report to the SEC in accordance with the deadlines laid down in legislation.

§ 65. All members of the Management Board and the Governing Board shall sign the annual report when it has been drawn up and date the signature. They must give their signature in relation to an executive drawing, where each member's name and function in relation to the Danish UCITS, special association or hedge association is clearly specified and in which they declare whether :

1) the annual report shall be made in accordance with the requirements of the legislation and any requirements of the statutes or agreements,

2) the annual accounts provide a true picture of the Danish UCITS, the specialising or liabilities and the assets and liabilities of the department and the passives and the outcome and

3) the management report provides a true explanation of the developments in the activities and economic conditions of the Danish UCITS or of the Danish UCITS, the activities and the economic conditions and the description of the principal risks and description of the activities of the Danish UCITS, or of the economic aspects of the Danish UCITS, non-safety factors such as the Danish UCITS, the special association or hedge fund, respectively, to be influenced by.

Paragraph 2. If management has added additional reports to the annual report, the members of the Management Board and the Governing Board of the Management Board shall declare whether the report gives a true statement within the framework of generally accepted guidelines ; for such reports.

Paragraph 3. Although a management member is wholly or partly in disagreement with the annual report or objections to the approval of the content decided by the Member, the Member may not fail to sign the report. However, the Executive member may express his objections with a specific and comprehensive justification in relation to its signature and the drawing-up of the Leadership.

§ 66. The annual accounts shall provide a true picture of the assets and liabilities and liabilities and financial position of the Danish UCITS and their departmental and financial position, as well as the outcome of the financial statements. The Management Report shall provide a true explanation of the conditions in which the report relates.

Paragraph 2. If the application of the rules of this Act or the rules issued in accordance with section 76 is not sufficient to give a fair representation as referred to in paragraph 1. 1, further information shall be provided in the annual accounts.

Paragraph 3. Where the application of the rules laid down in this Chapter or rules issued pursuant to section 76 in particular cases will be counteracted against the requirement set out in paragraph 1. ONE, ONE. and must be deviated from this requirement in such a way that this requirement is met. Such derogation shall be provided annually in the notes on the accounts and the precise and conclusive evidence of which, where possible, the amount of the monetary effect, the derogation from the Danish UCITS, special associations, shall be informed of the impact of this derogation and the precise and comprehensive information. or hedge union, each of the assets and liabilities, financial position of each department, and the outcome.

§ 67. For the annual accounts to give a true visual and for the management report to contain a true and fair statement, cf. Section 66, must the rules set out in paragraph 1. 2 and 3 are fulfilled.

Paragraph 2. The annual report must be drawn up in such a way as to support the accounts of the accounts users in their economic decisions. Accounting users referred to as persons, undertakings, organisations and public authorities, etc., whose economic decisions are normally expected to be influenced by an annual report, including current or future investors, creditors, employees, customers, alliances, the local community, and the grant and fiscal authorities. The decisions referred to shall, at least, relate to :

1) the location of the accounts ' s own resources,

2) management of the management resources of the association ; and

3) the distribution of the resources of the association.

Paragraph 3. The annual report shall indicate conditions which are normally relevant to the accounting users, cf. paragraph 2. The information must also be reliable in relation to what the accounting users usually expect.

§ 68. The annual report shall be drawn up in accordance with the following basic conditions :

1) It must be prepared in a clear and overly way (clarity).

2) The facts must be taken into account and not for formalities without real substance (substance).

3) All relevant matters must be included in the annual report, unless they are insignificant (materiality). However, to be considerable, they must be considered to be significant.

4) The operation of an activity is presumed to continue (going-concern) unless it is not to or cannot be assumed to continue. If any activity is to be carried out, classification and setting up and the calculation and measurement shall be adapted to this phasing.

5) Any value change must be displayed regardless of the impact on the property and on the profit and loss account (neutrality).

6) Transactions, events and value changes must be taken into account when they occur, regardless of the time of payment (accrual).

7) Conversion methods and measuring base shall be applied uniformly to the same category of conditions (consistency).

8) Each transaction, event and value change shall be calculated and measured separately, as well as individual conditions must not be contradict each other (the gross value).

9) The balance of prices for the accounting year shall correspond to the balance of the previous financial year (formal continuity).

Paragraph 2. The setting and classification, consolidation method, method of administration and measuring base and the monetary unit used must not be changed from year to year (real continuity). However, change can be achieved if a true-fair picture is obtained, or if the change is necessary to comply with new rules of law or new rules issued in accordance with section 76.

Paragraph 3. The provisions of paragraph 1. 1, no. 6-9, and paragraph 3. 2 may be deviated in exceptional cases. In that case, section 66 (2) shall be found. THREE, TWO. ptangle, equivalent use.

§ 69. Assets and obligations shall, unless otherwise specified in accordance with section 76, shall be measured to a daily value. Assets and Obligations and Depreciation in accordance with this and up and down-writing shall be included in the profit and loss account, unless otherwise specified in accordance with section 76.

Paragraph 2. The value of the daily value shall be measured to the market value that can be established for the asset or the obligation on a functioning market. If the asset or obligation is not traded in a properly functioning market, a recognized method is used to calculate the value of the daily value of the active or undertaking concerned.

§ 70. Supplementary reports, such as reports of knowledge and employee relations, about environmental conditions, of the social responsibility of the Danish UCITS, the Social Responsibility or the Danish UCITS, Special Association or hedge-simplification ethical objectives ; and follow-up to this, shall give a true statement within the framework of generally accepted guidelines for such reports. They shall meet the quality requirements of section 67 (4). 3, and with the lemptions resulting from the nature of the forum, the basic conditions laid down in section 68 (3). One and two.

Paragraph 2. The additional reports shall show the methods and measurement basis according to which the reports have been drawn up.

§ 71. The financial year shall follow the calendar year.

Paragraph 2. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

Paragraph 3. The Danish UCITS, special association or hedge association must ensure that subsidiaries have the same financial year as the Danish UCITS, special association or hedge union, unless it is not possible because of the fact that it is out of the Danish UCITS ; the control of specialized associations or hedge organizations and subsidiaries.

§ 72. The calculation, measurement and information in monetary units shall be carried out in Danish kroner or in euros. In accordance with Article 76, the Financial supervision may be laid down in accordance with Article 76 that the amounts shall be entered in other foreign currencies relevant to the Danish UCITS, special association or hedge union, individual departments, or individual shares.

§ 73. The annual report shall be reviewed by the external auditors of the Danish UCITS, special or hedge-association external auditors. § 79. The review does not include the management report and the additional reports that are included in the annual report, cf. § 70. However, the auditor shall give an opinion on the conformity of the information in the Management Report in accordance with the annual accounts.

§ 74. The annual report shall, in the form in which it is submitted and approved by the management board, shall be sent in a copy to the Financial supervision without undue delay after the board meeting in which the annual report is finally approved.

Paragraph 2. The audit record of the audit report on the annual report and the audit protocols relating to the annual report of the internal audit director shall be sent to the SEC at the same time as the submission of the annual report after paragraph 1. 1.

§ 75. The audited and approved annual report shall be sent to the Financial supervision in two copies without undue delay after final approval. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year.

Paragraph 2. The submitted annual report shall contain at least the mandatory constituents and the full audit record. If additional reports are to be published as mentioned in section 70, these are to be sent together with the obligatory components of the annual report, so that the compulsory components and the additional accounts together appear as one document the "annual report" document.

Paragraph 3. The Financial supervision shall forward one copy of a simplification or a SIKAV annual report, cf. paragraph 1 to the Danish Agency for the Management Board, the annual report shall be publicly available in accordance with the rules laid down by the Management Board.

Paragraph 4. The Danish UCITS, the special association or hedge union must, at the request of the Commission, supply the latest revised annual report and the latest six-year report for nothing.

Paragraph 5. A feeder institution with a foreign master institute shall send the annual report and half-annual report of the master institute to the Financial supervision.

SECTION 76. The SEC shall lay down detailed rules for the annual report, including rules on the calculation of assets, commitments, revenue and costs, balancing of results and balance, and notes and notes and management reports.

Paragraph 2. The SEC may also lay down rules for group accounts, including rules governing when an annual report is to include a group record.

Paragraph 3. The Financial supervision may lay down detailed rules for the completion and publication of accounting reports covering shorter periods than annual reports.

Paragraph 4. The financial supervision may lay down detailed rules for publication of the annual reports of securities funds.

§ 77. In order to ensure that the annual reports of the Danish UCITS, specialised associations and hedge associations are in accordance with the rules laid down in this Chapter and the rules adopted pursuant to Article 76, the Financial supervision may be granted

1) providing guidance ;

2) to address infringements and

3) ensure that errors are to be corrected and that infringements must be brought to an end.

§ 78. Danish UCITS, special associations and hedge funds must carry out regular accounting reports to the Financial supervision in accordance with schemas and guides to this purpose by the Financial supervision. Reports are to be sent to the Finance SEC in electronic form.

Paragraph 2. The financial supervision may be dispensers from the requirement referred to in paragraph 1. ONE, TWO. Act.

§ 79. The Danish UCITS, special associations or hedge funds must have at least one sovereign auditor. The Financial supervision may, in exceptional cases, appoint an additional auditor. This auditor shall act on the same terms and in accordance with the same rules as the auditors elected by the general assembly.

Paragraph 2. The auditors for a Danish UCITS, special association or hedge association shall also be auditors in their subsidiary undertakings.

Paragraph 3. The SEC may dismiss an auditor who appears to be unfit for his duties and, instead, appoint another auditor, cf. paragraph 1 that works until new selections can be made.

Paragraph 4. In the case of change, the Danish UCITS, special association or hedge sorority and auditor shall give the SEC each of its accounts in the event of a change due to special circumstances.

Paragraph 5. The Financial supervision may provide the auditor and the internal audit manager to provide information on the conditions of a Danish UCITS, special association or hedge association or in a Danish UCITS, special association or hedge-association subsidiaries.

Paragraph 6. The SEC may arrange an exceptional audit in a Danish UCITS, special association or hedge association or in a subsidiary of their subsidiary undertakings. The Danish UCITS, special association or hedge association may be charged to pay for the performance of the audit. The SEC approves the size of the honorarel.

Paragraph 7. Section 144-149 of the review company law applicable to the necessary adjustments shall apply mutatis mutandis to Danish UCITS, special associations and hedge funds.

Paragraph 8. The Management Board may not allow it, cf. § 42, paragraph. 1 that internal auditing and vicerevic efers perform auditing tasks within companies outside the group. The Management Board may not allow the internal audit and temporary agency to perform other work in the Danish UCITS, special association or the group, or the group. The SEC may, in specific cases, dispose from 1. Act.

Niner. 9. The Management Board may not allow it, cf. § 42, paragraph. 1 that internal audit and visa-approval director assumes that they are in breach of habilility equivalent to those applicable to external auditors under the Law of authorised auditors and auditors ' undertakings, (Auditor Act).

Paragraph 10. The SEC shall lay down provisions for the implementation of the review in Danish UCITS, special associations and hedge funds and in their subsidiary undertakings. The Financial Control Board may lay down provisions for internal audit and on the implementation of the system audit in joint data centers.

$80. When Danish UCITS that is part of a master-feeder structure does not have the same accountant, the auditors shall enter into an agreement on the exchange of information, cf. Section 5 (5). 4, no. 3 that shall ensure that the obligations of the auditors may be fulfilled, including the obligations set out in paragraph 1. 2.

Paragraph 2. The accountant at the feeder institute shall, when drawing up its endorsement, take account of the endorsement, or any preliminary statement, cf. 2. pkt., in the master department and in particular in its endorsement, refer to the provisional declaration in the master department and declare their importance in the statement of assurance, respectively, on the basis of the statement of assurance, respectively, and to express their importance in the statement of the statement of the Review in the feeder institute. If the master department and the feeder Institute have different financial years, the auditor in the master department shall prepare a provisional declaration at the date of the clearance of the feeder institution.

§ 81. An external auditor and the internal audit manager shall immediately notify to Finance-sighted information on matters of vital importance to the Danish UCITS, special association or hedge associations and their departmental activities, including : the auditors must have been made aware of the role of an accountant in companies such as the Danish UCITS, the special association or hedge union, a limited relationship with, an investment management company or the debit company.

Mobilisation of the profits of the year in Danish UCITS, special associations and hedge funds

$82. A departmental surpluses (net income) shall be desolated to investors in the form of dividends or to be added to the increase in the assets in accordance with the Staff Regulations or the Fund Regulations, cf. however, section 14, no. Twenty-four in the case of investment associations, specialised associations and hedge funds as well as section 14 a, paragraph 1. 1, no. 25, as far as SIKAVs are concerned. At least once a year, a department or an exchange-class shall be paid out or in the event of an institution to inform investors of the amount of the submitted amount.

Paragraph 2. The General Assembly of a Association or SIKAV may, in accordance with the provisions of the Staff Regulations, decide that it shall be adopted in accordance with paragraph 1. 1 opted out whole or in part shall be transferred to the encoding for subsequent financial years.

Paragraph 3. In the case of securities funds, the Management Board of the investment management company or the management company may decide, in accordance with the Fund rules, that the management of the equipment shall be discharged in accordance with paragraph 1. 1 in whole or in part shall be transferred to the encoding for subsequent financial years.

TITLE VII

Prospectuses, central investor information and information on the other classes

Chapter 11

Information

Prospectus

§ 83. In the case of provision of shares, the Danish UCITS, special association or hedge association shall publish a prospectus for the Danish UCITS, special association or hedge union or for each department or group of departments under the same Danish UCITS ; special union or hedgeunion.

Paragraph 2. The Danish UCITS, special association or hedge union must give the prospectus free of charge to investors or interested investors on request.

Paragraph 3. The Danish UCITS, special association or hedge union must continuously keep the essential parts of a prospectus up to date.

Paragraph 4. Prospects and modifications thereof must be sent to the SEC and be received in the supervision no later than three days after its publication.

Paragraph 5. The SEC provides for the information to be given to the prospectuses, how and when prospectus should be provided and the updating of prospectuses.

Central investor information

§ 84. In the case of invitations to tender in a Danish UCITS, special association or hedge union, the Danish UCITS or association of the Danish UCITS or association shall draw up a document with central investor information for each department or an area category. The central investor information must be provided for interested retail investors and must provide information on the essential characteristics of the Danish UCITS or the association, the department or the other class, so that a retail investor can, understand the nature of and risks of investment in the shares they are offered.

Paragraph 2. The Danish UCITS, special association or hedge union must continuously update the essential elements of the central investor information.

Paragraph 3. The central investor information must be published on the website of the Danish UCITS, the Special Association, or the hedge-association website.

Paragraph 4. The document with central investor information and subsequent amendments thereto shall be sent to the Finance SEC and received in the supervision no later than three days after its publication.

Paragraph 5. The SEC provides for the submission of the central investor information to the supervision.

Paragraph 6. The Minister for the Industry and Growth Pact lays down detailed rules on the content and the form of the key investor information and the delivery of it.

Obligations of master institutes

§ 85. A master institute shall provide at the appropriate time to each feeder institution which invests the bulk of its funds in the master department, with all the documents and information necessary for the institution of the feeder Institute to fulfil its obligations after this ; law.

Paragraph 2. At the request of the latter, the feeder institute shall deliver the agreement, together with the year and half of the annual report, free of charge to the institution ' s investors or interested investors

Publication of emission and solution prices and other essential conditions

§ 86. Danish UCITS and special associations must publish the price of emissions and, at least twice a month, at least twice a month.

Paragraph 2. The financial supervision may allow the publication to be carried out only once a month.

§ 87. Hedgefoundations must be at least every 14. Today, the internal value of each partition shall be published.

Paragraph 2. A hedge fund must, within eight working days of the Management Board, decide on changes to a department's risk of entry, notify the namelated investors of the changes. The amendments can take effect at the earliest possible time after the departmening of the department has had the opportunity to cash in their shares.

§ 88. Any drawing or wrapping of shares in a Danish UCITS, special association or hedge union shall be the Danish UCITS, special association or hedge union or intermediaries providing information on the price of the emission or the solution to the investor.

Other information

$89. A Danish UCITS, special association or hedge union that has shares classes shall indicate on its website the other classes set up, including providing information on the characteristics that apply to each other class and whether the principles of : the allocation of costs.

§ 90. A Danish UCITS, special association or hedge union must before three working days publish information on the suspension or deferment of shares, exchange of depots or investment management company, alterations of fees in the case of the relations with investors, as well as changes in other essential conditions.

TITLE VIII

Co-intervention or cessation of Danish UCITS, associations, etc.

Chapter 12

The execution of the other classes, the withdrawal of consent, the execution of Danish UCITS, special associations and hedge associations and their departments, winding-up proceedings, simplified settlement, bankruptcy, merger, transfer, status change and transformation ; and cessation of master feeder structure

Liquidation of the second graces

§ 91. Decisions on the phasing out of an agricultural class shall be taken by the investors of the general assembly in accordance with the general meeting of the general meeting. however, paragraph 1 Two and three. If the investors ' investors do not want their shares transferred to another other class, the division shall be implemented by the division of the division which has been issued in the other class.

Paragraph 2. Has an investment association, SIKAV, special association or hedge-union never had investors, the board can decide on the dismantling of the other classes.

Paragraph 3. Populating a new cooperative class in an investment association, the special association or hedge-association not the requirement for minimum assets within six months of the decision on establishment, the association of the association shall be carried out by the establishment of a decision on the establishment of the Community ; Enforce all the units issued by the other class without prior general assembly decision. Populating an existing cooperative class in an investment association, special association or hedge-union, not the requirement for minimum capital, and has not provided the required assets within one of the Financial supervision set by the Financial Authority, the association of the association, the cooperative class shall also be settled by forcible all the units issued by the other class without prior general assembly decision. However, at forced entry, investors must have offers to transfer their shares to another second-class category.

Paragraph 4. Decisions on the execution of an agricultural class in a securities fund shall be taken by the Administrative Board of the investment management company or the management company that administers the Fund. Before implementation of the decision, the Management Board shall inform the Financial supervision, which shall approve the settlement and the terms of this. If the investors ' investors do not want their shares transferred to another other class, the division shall know that the department will dissolve all the shares issued in the other classes.

Paragraph 5. The Financial supervision may offer a Danish UCITS, special association or hedge association to liquidate an action class if the other classes have not started its business within 12 months of the decision on the establishment of the second class.

Paragraph 6. When an agricultural class is executed, the Danish UCITS, special association or hedge association shall immediately inform the Financial supervision thereof, stating the reasons for the decision and shall indicate who has made the decision.

Paragraph 7. The financial supervision can take away from an association with the right to have other classes.

Withdrawal of authorisation

§ 92. The financial supervision may involve a Danish UCITS, special or hedge association or department's permission, if the Danish UCITS, special association or department or department of the Danish UCITS, or the Association of the Group of the European Union,

1) so request,

2) no longer meets the conditions for authorisation ;

3) not start undertaking no later than 12 months after the notification of the authorisation,

4) does not carry out activities for a period of over six months or

5) make himself guilty of gross or repeated infringement of rules in this law or by rules issued under the law.

Paragraph 2. The financial supervision may involve an investment association, special association or hedge union if not all departments comply with the requirement of minimum assets, and the departments have not provided the minimum assets within a time limit ; determined by the Financial supervision.

Paragraph 3. The financial supervision may involve an investment unification, special association or hedge union clearance if not the department meets the minimum capital requirement and has not provided the minimum assets within a time limit set by Financial supervision.

Paragraph 4. If an investment management company or management company is authorised to be involved, the Financial Management Board shall appoint an administrator who is taking the securities fund under administration. The administrator must be an investment management company that will represent the interests of the securities fund and its investors. Without undue delay, the administrator must ensure that the securities fund is transferred to an investment management company that can take over and continue the management of the securities fund. If the Financial supervision cannot appoint an administrator, or can the securities fund not be transferred to another investment management company, the securities fund should be phased out by winding-up proceedings.

Paragraph 5. The administrator and other costs associated with the administration are reset by the original investment management company or administration company. If this company does not have the resources necessary, the costs of the securities fund must be made available to them. The amount of the Honoraret is determined by negotiation with the Financial supervision.

§ 93. When the Financial supervision in accordance with section 92 involves a Danish UCITS, special or hedge association or department's permission, these are to be completed.

The execution of Danish UCITS, special associations, hedge funds and departments of these

$94. Decision on the phasing out of an investment association, SIKAV, special association, hedge funds or department of one of these is made by the general assembly, cf. however, section 98.

Paragraph 2. The decision-making by the General Assembly in accordance with paragraph 1. 1 shall indicate whether or not dismantling shall be carried out by winding-up proceedings or by simplified dismantling. In the case of an investment association, the association or department of the hedge fund, there can be no decision on simplified development if the minimum capital requirement has not been met.

Paragraph 3. Decisions on the dismantling of a securities fund or a division of a securities fund shall be taken by the Administrative Board of the investment management company or the management company that administers the Fund. The Management Board shall, in immediate extension of the decision on the conduct of the settlement, inform the investors, including the information on which completion is expected.

Paragraph 4. The decision on the execution of the management pursuant to paragraph 1 shall be that of the Management Board 3 shall indicate whether to conduct liquidation in winding-up or by simplified phastriations.

Paragraph 5. The SEC may fix a time limit for the adoption of a decision pursuant to paragraph 1. One and three. If the deadline has been overextended, the SEC may decide that the phasing out shall be carried out by winding-up proceedings and appoint a liquidator.

Paragraph 6. The financial supervision of a Danish UCITS, special or hedge-association investors or creditors shall be able to determine that the execution must be carried out by winding-up proceedings.

Liquidation of Danish UCITS, special associations, hedge funds and departments of these.

§ 95. The decision-making by the General Assembly or Management Board shall contain a provision on who to be liquidator. The Liquidator will take place in the administration's place.

Paragraph 2. The Financial supervision may appoint a liquidator to make the liquidation rather than or with the meeting of the meeting of the general or of the Board of Directors or of the Danish UCITS or of the Danish UCITS or of the Danish UCITS or of the Danish UCITS or of the Board of Directors ; hedge-union creditors shall be speaking for this.

Paragraph 3. The equidator may at any time be placed on the market by the authority which appointed the person concerned.

§ 96. The Liquidator shall at least two weeks after the decision of the General Assembly or the Management Board shall inform the Financial Regulation that a decision on this has been taken.

Paragraph 2. A Danish UCITS, special association or department of the liquidation of these, which is under winding-up proceedings, shall retain its name with the addition ' in winding-up proceedings `.

Paragraph 3. The Liquidator shall be required to notify the creditors of a Danish UCITS, special or hedge association creditors as soon as a notice of at least 3 months encourage the creditors of a Danish UCITS, the creditors of a Danish UCITS or hedge-association creditors to notify their requirements ; all known creditors.

Paragraph 4. If the liquidator does not acknowledge a claim which is notified, the liquidator shall notify the creditor to the creditor in the recommended letter, with the indication that if he wishes to contest the decision, the court shall bring the matter to the court no later than four weeks after the dispatch of the letter.

Paragraph 5. Liquidator must terminate the liquidation / winding-up rate and terminate the execution of the winding-up proceedings when the time limit laid down in the provisions of paragraph 1 shall be concluded. 3 notice, expired and

1) possible disputes in accordance with paragraph 1. Four is settled and

2) All debts owed to creditors are paid.

Paragraph 6. The Liquidator shall be required to establish an accounting accounting accounting to be revised by the auditor of the Danish UCITS, Special Association or hedge-association.

Paragraph 7. In the winding-up proceedings of an investment association, SIKAV, special association, hedge union or one of their departments, the liquidation accounts shall be subject to a revised form approved by the General Assembly. No later than two weeks after the approval of the revised liquidation accounts, the liquidator shall give notice to the Financial supervision of one copy of the cash-in-Office accounts.

Paragraph 8. In the winding-up proceedings of a securities fund or a division of a securities fund, the liquidator when a revised liquidation accounts are available, one copy of this shall be submitted to the Financial supervision.

Simplified execution of Danish UCITS, special associations, hedge associations and departments of these

§ 97. The Danish UCITS, special association or hedge association may permit the Danish UCITS, the Danish UCITS, the special association or association of the Danish UCITS, or its Association, to be dismantled when the SEC estimates it to be simplified ; That is justifiable and in the interests of investors.

Paragraph 2. The application must be attached

1) a plan for how the Danish UCITS, special association or hedge union wishes to liquidate ; and

2) a statement by the Danish UCITS, special association or hedge association or other financial institution that the Institute will be liable for its falsification, unforfeit and disputed debt.

Paragraph 3. When the Financial supervision has granted a simplified settlement, the association or the department must add 'during the settlement' to its name.

Paragraph 4. A simplified phasing out of a Danish UCITS, special association or hedge union or its department is only valid when the SEC has definitively approved the conduct of the operation.

Paragraph 5. Prior to the Financial supervision, a simplified operation shall be definitively approved in accordance with paragraph 1. The Danish UCITS ', special association or hedge management leaders must send a statement to the Financial Authority that debt creditors have been paid and that the investors have obtained the debauchinal valve. If the unit of the running unit is taxable, the Danish UCITS, special association or hedge association shall also send a declaration by the Danish UCITS that there is no tax and levy requirements concerning the phased-out unit.

Paragraph 6. The financial supervision may be dispensers from the requirements of paragraph 1. 2, no. 2, and paragraph 1. 5 whose supervision assesses that it is not in conflict with the interests of investors or creditors.

The dismantling of investment associations, SIKAVs, special associations, hedge associations and departments in these without investors ;

-98. Has an investment association, SIKAV, special union, hedge funds, or a section of this never had investors, decided on the management of the board.

Paragraph 2. The Management Board shall notify the Financial supervision of Decision (s) of Decision after paragraph 1. 1. The communication must be accompanied by a statement by the Administrative Board, stating that the investment association, the SIKNAME, the Association, the hedge fund, or the division of it, has no debts and has never had any investors.

Paragraph 3. The dismantling of an investment association, SIKAV, special union, or the association of hedge funds, which has never had investors, is only valid when the SEC has approved the conduct of the operation.

Paragraph 4. The financial supervision may fix a time limit for the one in paragraph 1. 1 the adoption of the decision was taken. If the period of validity is overextended, the Financial Affairs Board may decide that an investment union, SIKAV, special association, hedge union or its department must be liquidated in winding-up proceedings and appoint a liquidator.

Powers of the financial system and Danish UCITS, the duties of specialized associations and hedgeys

§ 99. The provisions of this Act on the powers of the Financial Regulation and of Danish UCITS, the duties of specialised associations and hedge associations in respect of the Financial Regulation shall apply mutatis muchases to Danish UCITS, special associations, hedge funds and departments thereof ; It's under way.

Concourse

§ 100. The provisions in force relating to bankruptcy shall apply mutatis mutandis to Danish UCITS, special associations and departments of the Danish UCITS, and their departments.

Paragraph 2. § 233, section 234, paragraph. 1 3, and paragraph 235 on bankruptcy in the Law on Financial Company considers the necessary adjustments to be applied to Danish UCITS, special associations, hedge funds and departments thereof.

Paragraph 3. In the case of an investment management company or a management company that administers a securities fund, the Financial Administrative Board shall appoint an administrator who takes the securities fund under administration. Administrator, which will be an investment management company, must protect the interests of investors, as investors collectively take a seperatist position in the estate of bankruptcy. The administrator must, along with the curator of the bankruptcy estate without undue delay, ensure that the securities fund is transferred to an investment management company that can take over and continue the management of the Fund. There can be no individual persecution against the assets in the securities fund. If the Financial supervision cannot name an administrator, or the securities fund cannot be transferred to another investment management company, the liquidator should liquidate the securities fund.

Paragraph 4. The administrator and other costs associated with the administration are remined by the resources of the securities fund. The amount of the Honoraret is determined by negotiation with the Financial supervision.

Fusion

§ 101. A Danish UCITS, special association, hedge union or department thereof may merge with a different Danish UCITS, special association, hedge union or department thereof. In addition to the merger, the merging units must publish a merger plan.

Paragraph 2. A merger of two or more Danish UCITS, special associations, hedge associations or departments thereof shall not be valid until the SEC has approved the merger.

Paragraph 3. A concentration is carried out by means of the disconnected unit of assets and obligations as a whole to the ensureth unit.

Paragraph 4. In the concentration, the investor in the related unit shall have switched their shares with shares in the entranting unit. In the exchange of shares, investors in the associated unit will be investors in the sequencing unit.

Paragraph 5. Overdue amounts arising from the exchange of units shall be paid to the investor of the associated unit.

§ 102. In an investment association, SIKAV, special union, unity or department thereof shall be decided on the concentration of the general assembly and in the continuing assembly of the Administrative Board.

Paragraph 2. Decision on fusion of a securities fund or department thereof shall be taken by the Administrative Board of the Fund for the Fund's investment management company or management company.

§ 103. The concentration of a concentration shall be deemed to have been carried out when the SEC approved the merger and the merger.

§ 104. The SEC may lay down detailed rules on fusion.

Cross-border merger

§ 105. The rules on cross-border concentration in Section 106 shall apply to a concentration of UCITS ;

1) of which at least two are established in different Member States ; or

2) established in the same Member State, creating a new UCITS being established in another Member State, or

3) established in the same Member State in which at least one of the institutions has declared the placing on the market in another Member State.

§ 105 a. The decision to merge transboundary shall be taken in a SIKAV or an investment association or department of that of the General Assembly if the SIKAV, the UCITS or the division of the SIKND are related.

Paragraph 2. The decision to merge transboundary shall be taken in a SIKAV or an investment association or department of that of the Management Board if the SIKNAME, the UCITS or the division thereof is devour.

Paragraph 3. The decision on the transboundary merger of a Danish securities fund or a section thereof shall be taken by the Management Board of the investment management company or the management company of the securities fund.

§ 106. A Danish UCITS or a section thereof may merge transboundary with another UCITS or departments thereof. In addition to the merger, the merging units must publish a merger plan.

Paragraph 2. A transboundary concentration in which the disconnected unit is authorized in this country is not valid until the SEC has approved the merger.

Paragraph 3. The concentration of a concentration shall be deemed to have been settled when the SEC approved the merger and the merger has been completed.

Paragraph 4. A concentration is carried out by the fact that the associated unit or the associated entities shall transfer assets and obligations as a whole to the ensurous entity.

Paragraph 5. In the concentration, the investor in the related unit shall have switched their shares with shares in the consecutive entity. In the exchange of shares, investors in the associated unit will be investors in the sequencing unit.

Paragraph 6. Overage amounts arising from the exchange of units in the unit of the sequencing unit shall be paid to the investors of the unit of the following unit. Such an amount may not exceed 10%. of the value of the units exchanged by the related unit.

Paragraph 7. The SEC may lay down detailed rules on transboundary fusion.

Splitting

§ 107. A Danish UCITS, special association, hedge union or department of this kind can be spelt out. In addition to the division, the Danish UCITS, special association or hedge union must publish a division plan.

Paragraph 2. A division of a Danish UCITS, special association, hedge union or department thereof is not valid until the FL has approved the division.

Paragraph 3. A split is being carried out by part of a Danish UCITS, special association, unity or departmental assets and liabilities ;

1) one or more existing Danish UCITS, special associations, hedge associations, or departments ; or

2) one or more newly-stifted Danish UCITS, special associations, hedge funds or departments.

Paragraph 4. A division can take place without the consent of creditors. If a creditor in the split unit is not fully done, each of them shall be severed by the division of the other participating units in the same way as the obligations of the spallout plan publication. However, the other participating units shall be liable to a maximum of a net amount equal to the net value received at the division.

Paragraph 5. On division, the investor in the costled unit must have switched their units with shares in one of the entrants. At the exchange, the investors in the dispersed unit are investors in one of the sequenders.

Paragraph 6. Any excess amount generated by the exchange of units shall be paid to the investors of the division of the unit.

§ 108. In an investment association, SIKAV, special union, unity or department of the joint decision on the split of the General Assembly and a decision on the receipt of part of a different unit's assets and obligations as part of a division of the The board.

Paragraph 2. Decision on division of a securities fund or section thereof or receipt of part of a different unit's assets and obligations as part of a division shall be taken by the Administrative Board of the Fund for the Fund's investment management company or management company.

-109. When the Financial supervision approves a split, the assets transferred and liabilities shall be considered as surrendered to the receiving unit at the time specified in the draft terms of the division.

§ 110. The SEC may lay down detailed rules on fission.

Transfer of a department

§ 111. A section of a Danish UCITS, special association or hedge association may be transferred to another Danish UCITS, special association or hedge union.

Paragraph 2. A relocation of a department is not valid until the SEC has approved the transfer.

Paragraph 3. In relocation, investors in the transferred branch are members of the Danish UCITS, special association or hedge union to which the department is transferred.

§ 112. Decisions on the transfer of a Section shall be taken in the UCITS, SIKAV, special association or hedge union, where the department is transferred from the general assembly.

Paragraph 2. Decision on the transfer of a Section shall be taken in the UCITS, SIKAV, special association or hedge union, where the branch is transferred to, by the Management Board.

Paragraph 3. For securities funds, they are taken in accordance with paragraph 1. 1 and 2 decisions taken by the management board of the investment management company or management company that administers the relevant securities fund.

Paragraph 4. A decision pursuant to paragraph 1. 1 and 2 on the transfer of a department must specify the time and justification of the transfer.

§ 113. the governing board and the receiving investment association, SIKAV, special association or hedge-management company and management company management company administering the giving and receiving services ; the securities fund, after the transfer has been decided, shall send a request for approval of the transfer to the Financial supervision.

Paragraph 2. The request must be attached

1) evidence that decision on transfer has been taken, and

2) a statement by the Management Board of the Citing Association or SIKAV, or from the Management Board of the investment management company or management company that administers the securities fund, that the department has paid its share of the securities ; common costs relating to the association, SIKAV or the Securities Fund.

§ 114. When the Financial Control approves a transfer of a department, the department is considered to be transferred at the time that the transfer decision has been established.

§ 115. The SEC may lay down detailed rules for the relocation of departments.

Status change and transformation

§ 116. A Danish UCITS or department thereof cannot change the status of a foreign investment institution, cf. Section 3, paragraph 3. 1, no. 4, or the section thereof which is not covered by the UCITS Directive.

Paragraph 2. A Danish UCITS or department thereof may only be transformed into a different type of Danish UCITS or its department if it is in the context of merger, division or transfer ..

Termination of Master-feeder structure

§ 117. A master institute may terminate liquidation at the earliest three months after the Foundation has informed all of its investors, the Financial supervision and the competent authorities of the institution ' s home Member State of the institution. 1. Act. shall not apply where the Financial supervision takes a decision on winding-up proceedings, cf. $94, paragraph. 3.

Paragraph 2. If a feeder institution ' s master institute is to enter winding-up proceedings, the feeder institution shall take a decision to :

1) enter liquidation ;

2) invest at least 85%. by the institution ' s assets in another master institution ; or

3) convert to a Danish UCITS of the same type that is not a feeder institution.

Paragraph 3. Decision pursuant to paragraph 1. 2 shall be taken by the general assembly in feeders institutions, which are investment associations and SIKAVs, and for feeders, securities funds, by the management board of the investment management company or management company that administers ; the securities fund.

§ 118. If a feeder institution ' s master institute is merging with another investment institution or spaltes, the feeder institution shall take a decision to :

1) continue to invest in the master department,

2) enter liquidation ;

3) invest at least 85%. by the institution ' s assets in another master institution ; or

4) convert to a Danish UCITS of the same type that is not a feeder institution.

Paragraph 2. Decision pursuant to paragraph 1. 1 shall be taken by the general assembly and the approval of the Financial supervision.

§ 119. A master institute shall give a feeder institution the ability to cash in all the shares of the master institute before a merger or division of the master institute is carried out.

Paragraph 2. The SEC may lay down detailed rules on liquidation, fusion and division of a master institute.

TITLE IX

Danske UCITS ' placement of funds and liquidity, etc.

Chapter 13

Instrument rules for UCITS

Securities and cash-arding instruments

§ 120. A section of a Danish UCITS must invest in transferable securities and money archeque instruments, which :

1) have been granted access to or trading on a regulated market, cf. Section 3, paragraph 3. 1, no. 17, or

2) act in a different market in a Member State, cf. Section 3, paragraph 3. 1, no. 18.

Paragraph 2. In the event of a market referred to in paragraph 1. The market must either be approved by the Financial Authority in a country outside the European Union, or in a country not concluded by the Union in the financial sphere, or it must be provided for in the Staff Regulations of the Danish UCITS, or fund rules that a section of the Danish UCITS can invest in securities and money market instruments that are traded on the market.

Paragraph 3. A section of a Danish UCITS may, notwithstanding paragraph 1, may : 1 and 2, invest in newly emitted transferable securities, if :

1) in the case of emission provisions, a pledge to be made for accession to one of the measures referred to in paragraph 1 shall be made. 1 or 2 markets and

2) permit admission to trade before the end of 1 year after the emission is obtained.

Paragraph 4. A section of a Danish UCITS must invest up to 10%. of his assets in other securities or money instruments other than those referred to in paragraph 1. 1-3 and § 121. However, the department must continue to invest in its investment policy.

§ 121. A section of a Danish UCITS may invest in other cash-arding instruments other than those traded on a regulated market if the emission or emitter of such monetary instruments themselves are regulated in order to protect investors and savings, if these instruments are ;

1) issued or guaranteed by a central, regional or local authority or a central bank of a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere ;

2) issued or guaranteed by a third country or, in the case of a federal state, by one of his or her substates,

3) issued or guaranteed by the European Central Bank, the European Investment Bank or of an international institution of a public nature, of which one or more Member States participate,

4) issued or guaranteed by undertakings subject to the supervision of the criteria laid down in EU regulation, or are subject to monitoring and monitoring rules which the Financial Supervisory view considers to be at least as strict as the EU regulation, and which : are in a country with which the Union has concluded an agreement in the financial sphere or in another country ;

5) issued by a body-issuing institution which has been established by special law, which is situated within the territory of a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere ; or

6) issued by emitters whose transferable securities are traded in a market, as mentioned in paragraph 120, paragraph 1. One or two.

Deposits

§ 122. A section of a Danish UCITS must, as part of its investment policy, incorporate funds into a credit institution with its registered office in a country within the European Union, in a country with which the Union has concluded an agreement in the financial sphere, or another country whose credit institutions are subject to supervisory rules and supervision rules which the Financial Supervisory view considers to be at least as strict as EU regulation. These deposits must

1) be on claim terms or conditions, or

2) may be withdrawn or fall within a maximum of 12 months.

Paragraph 2. A section of a Danish UCITS may have liquid funds in ancillary proportions.

Derived financial instruments

§ 123. A section of a Danish UCITS may use derivative financial instruments and equivalent instruments to be paid in cash and are traded on the products referred to in § 120 (2). One and two, mentioned markets, and financial instruments traded for the OTC.

Paragraph 2. In the case of financial instruments traded in the OTC, the financial instruments shall be valid in addition to the provisions of paragraph 1. 1 mentioned that :

1) the counterparty must be institutions subject to the supervision and belonging to categories approved by the Financial Authority,

2) the derivative financial instruments must be able to be valued on a daily basis in a reliable and verifiable manner ; and

3) the derivative financial instruments at any time must be capable of being sold, implemented or dismantled at a reasonable value on the initiative of the Danish UCITS or of the department.

Paragraph 3. The SEC shall lay down detailed rules for the access of a Danish UCITS access to the use of derivative financial instruments, including which instruments may be underlying assets for the derivative financial instruments.

Paragraph 4. Danish UCITS must report to the SEC, the types of derivative financial instruments which their departments have invested in, the underlying risks, the quantitative limits and the methods used by the Danish UCITS to assess the risks ; risks associated with transactions in derivative financial instruments.

Paragraph 5. The SEC shall lay down detailed rules on how and how often the Danish UCITS shall be notified in accordance with paragraph 1. 4, and the content of the reporting ;

Parts of Danish UCITS, special associations and other UCITS

§ 124. A section of a Danish UCITS may invest in shares in :

1) Danish UCITS or their departments,

2) UCITS with a registered office in a country of the European Union or in a country with which the Union has concluded an agreement in the financial sphere and approved under the UCITS Directive ;

3) Danish special associations or associations and departments of these associations ;

4) UCITS with a registered office in a Member State of the European Union, in a country with which the Union has concluded an agreement in the financial sphere or in another country, and

a) to receive funds which, in accordance with the rules laid down in Chapter 14 or 15, in accordance with the rules laid down in Chapter 14 or 15, shall be used for the purpose of receiving funds, which, in accordance with the rules laid down in Chapter 14 or 15, shall be applied in instruments.

b) in the case of any shares on the request of a participant, directly or indirectly by means of the asset must be deposits ;

c) provide a protection equivalent to the protection which the members of an investment association have and, as regards the provisions on separate management of assets, borrowing, borrowing and securities trading ; and cash-arding instruments without cover meet the requirements of the UCITS Directive ; and

d) that shall publish an annual report and a half-yearly report.

Paragraph 2. A section of a Danish UCITS may only invest in shares in the units referred to in paragraph 1. Paragraph 1 of the Danish UCITS, special associations or hedge funds, departments and UCITS, provided that, in accordance with their statutes or fund rules, must be more than 10%. of their fortune in shares in Danish UCITS, special associations or hedge funds, departments and UCITS.

Mortgage letters

§ 125. A section of a Danish UCITS must invest in the pawn-up mortgages in the country, insofar as they have either been mortgages within 80% of the territory of the country. of the trade value of the property or is guaranteed by a financial institution, an insurance undertaking or a pension fund.

Paragraph 2. A section of a Danish UCITS which possesses the items of pawn mail of the one in paragraph 1. In the event of non-compliance with the pawn, the pawned property may be suspended on foreclosure. The Danish UCITS must report the takeover of a real estate for the Financial supervision.

Paragraph 3. The SEC shall lay down detailed rules for the approval of guarantees, the fixing of the commercial value and the balance of the preceding debt.

General limitations

§ 126. A Danish UCITS must not enter into agreements that prejudice the liquidity of the instruments placed in a division of the Danish UCITS in which it has placed its fortune.

Paragraph 2. A section of a Danish UCITS shall not acquire precious metals or certificates for these.

§ 127. The SEC may lay down detailed rules for :

1) departments of the Danish UCITS and specialist associations ' means of financial instruments, including the conditions for which each financial instrument must meet and which measures the Danish UCITS or the Special Association must : implement, before a section of this section, funds are placed in a specific financial instrument.

2) the criteria for which an index is to be met if it is to be included in the investment policy for a Danish UCITS, and which measures the Danish UCITS are to take before a section of the Danish UCITS place funds in accordance with the provisions of the Danish UCITS ; with the composition of an index, and

3) the allocation of the allocation of funds by the money-market associations, the money-arkeds-SIKAV and money-archainarkedsman, of their funds.

Chapter 14

Propagation rules for Danish UCITS

Securities and cash-arding instruments

§ 128. A section of a Danish UCITS may not invest its assets in transferable securities and money archanted instruments by the same emittent or emittent emittents in the same group within the following limits :

1) 5%. of the department ' s assets. However, this limit may be increased to 10 pct;, if the total value of investments exceeding 5 pctates does not exceed 40%. of the department ' s assets. For the calculation of the 40% limit. they are taken into account by No 2-4 included securities and money-arding instruments do not include investment that exceeds 5%.

2) 25%. of the assets of the department in bonds issued by Municipality Credit, bonds issued by Denmark's Skibwritten A/S, mortgage credit bonds issued by Danish mortgage bonds and similar mortgage bonds issued by credit institutions approved by a credit institution ; country that is a member of the European Union, or a country with which the Union has concluded an agreement in the financial field, where the competent authority has notified the issue of the debt securities and issuers to the Commission. If a section of a Danish UCITS invests more than 5%. of his fortune in such debt securities issued by the same emittent or emittent emittents in the same group, the total value of such investment shall not exceed 80%. of the department ' s assets.

3) 25%. of the assets of the department in particular covered debt securities (SDRO) and in particular covered mortgage bonds issued by Danish financial institutions, real credit institutions or Danmarks Skibwritten A/S or in equivalent, in particular covered securities issued ; by a similar credit institution approved by a country within the European Union or by a country concluded by the Union in the financial area where a competent authority has notified the issue of the debt securities and the issuers to the Commission. If a section of a Danish UCITS invests more than 5%. of his fortune in such debt securities issued by the same emittent or emittent emittents in the same group, the total value of such investment shall not exceed 80%. of the department ' s assets.

4) 35%. of the assets of the department in transferable securities or money instruments, issued or guaranteed by :

a) the Danish State,

b) a country within the European Union, a country with which the Union has concluded an agreement in the financial sphere, another country or

c) an international institution of a public nature, as one or more Member States participate, where the securities or money instruments instruments are approved by the Financial supervision.

Paragraph 2. In compliance with the individual location limits referred to in paragraph 1. However, a section of a Danish UCITS must, however, invest up to 20%. of the assets assets of the department in transferable securities and money archeque instruments issued by emitters in the same group.

Paragraph 3. Investment in accordance with paragraph 1. 1 and 2 find section 137-139 usage.

§ 129. Regardless of the rule of life in § 128, paragraph 1. 1, no. However, a section of a Danish UCITS may, however, be able to invest up to 100%. of the assets of the department in transferable securities or money-arding instruments covered by Section 128 (1). 1, no. 4 (a) (c), where the stock is made up of securities or cash-arcing instruments of at least six different emissions, and the securities or money archangel instruments of one and the same emission do not exceed 30%. of the department ' s assets.

Paragraph 2. Where the opportunity referred to in paragraph 1 shall not apply to a section of a Danish UCITS in other financial instruments issued by the same emittent or emittent emittent emittent emitters.

$130. Regardless of the dispersal limits laid down in section 128, a branch of a Danish UCITS may invest up to 20%. of the assets of the department in shares or debt securities issued by the same emittent or emittent emittents in the same group where the purpose of the investment pursuant to the Danish UCITS ' s statutes is intended to copy certain stock or debt securities, which are : be approved by the Finance Board for this purpose.

Paragraph 2. The SEC may approve a stock or bond index, if the index

1) has a sufficiently varied composition,

2) provide an appropriate benchmark for the market to which it refers, and

3) shall be published in an appropriate manner.

Paragraph 3. The financial supervision may permit the limit laid down in paragraph 1. 1 may be increased to 35%. by a branch of a Danish UCITS capital when justified due to exceptional market conditions. The financial supervision can only allow investments up to this limit for an emittent or emittent emitter in the same group.

Paragraph 4. A section of a Danish UCITS must, within a period of 1 month after a change to the index that is copied, must adjust its stocks of shares or bonds to the changes. If the index that the Danish UCITS or department copies, terminates, the Danish UCITS must within 6 months either have complete changes to its statutes so that they are copying a new index, or to initiate the department of the department.

Paragraph 5. Investment in accordance with paragraph 1. 1 and 3 find § 138 and 139 use.

Deposits

§ 131. A section of a Danish UCITS may not exceed 20%. of his fortune in a credit institution or credit institution in the same group. However, newly created divisions may exceed the limit of 1. Act. in up to 6 months from the date of approval.

Paragraph 2. By deposits in accordance with paragraph 1 1 shall apply Article 137.

Derived financial instruments

§ 132. A section of a Danish UCITS may use derivative financial instruments that are traded on the financial instruments referred to in § 120 (3). In the case of markets, 1 and 2, and derived financial instruments which are traded in the OTC, where exposure in the underlying assets and direct investment of the financial instruments derived from individual emitters or emitters in the same assets ; The same group does not compare exceeds the location boundaries that are provided by sections 128 to 129 and 131.

Paragraph 2. The dispersal borders in paragraph 1. Paragraph 1 shall not apply where a Danish UCITS or a section uses derivative financial instruments, based on an index approved in accordance with paragraph 130 (2). 2.

Paragraph 3. Investment in accordance with paragraph 1. 1 and 2 sections 138 and 139 shall apply mutatis muth. In addition, Section 137 shall apply to investments in accordance with paragraph 1. 1.

§ 133. Where a section of a Danish UCITS uses derivative financial instruments that are traded in the OTC, the counterparty risk of the contract counterpart shall not exceed :

1) 10%. of the wealth of the department if the other side is a credit institution which satisfies the conditions of section 122 (2) ; 1, or

2) 5%. of the assets of the department in other cases.

Paragraph 2. Investment in accordance with paragraph 1. 1 shall apply Article 137.

§ 134. The SEC shall lay down detailed rules on the specification of liability in the case of derivatives financial instruments.

Parts of other Danish UCITS, departments or UCITS

§ 135. A section of a Danish UCITS can only invest 20%. of his fortune in a single association, department or investment centre, as mentioned in section 124.

Paragraph 2. A section of a Danish UCITS must not exceed 30% of the maximum. of his fortune in associations, departments or UCITS as referred to in section 124 (1). 1, no. 3 and 4.

Paragraph 3. Investment in accordance with paragraph 1. Paragraph 138 shall apply mutatis muth.

§ 136. Where a section of a Danish UCITS invests in shares in UCITS and its departments as referred to in section 124, their holdings of instruments must not be included in the inventory of the locations ' s own holdings of the section ' s own holdings ; instruments.

General limitations

§ 137. A section of a Danish UCITS investment by section 128 (3). 1, and § 131-133 must not be combined to exceed 35%. of the department's wealth when those instruments have been issued by the same emittent or emittent emitters in the same group. However, the allocation must always comply with the individual limits for investments set out in section 128 (2). 1, and § § 131-133. However, investment in accordance with Article 128 (2) must be 1, no. 1, and § 131-133 continue to be aggreed not exceed 20%. of the department's wealth when those instruments have been issued by the same emittent or emittent emitters in the same group.

§ 138. A Danish UCITS or a section of a Danish UCITS must not, in a single limited liability company, acquire shares with the right to exercise a significant influence on the limited liability company.

Paragraph 2. More Danish UCITS, special associations, hedge funds, sheep associations, or professional associations, which have the same management or investment management company, must not be able to exert a significant influence on a single limited liability company.

Paragraph 3. A Danish UCITS or a section of a Danish UCITS may not acquire more than

1) 10%. of the shares without the right to vote from one and the same emittent ;

2) 10%. by the debt securities from one and the same emittent ;

3) 10%. the instruments of the money market from one or the same emittent ;

4) 25%. of the shares of a single association, department or investment centre, as mentioned in section 124.

Paragraph 4. The limits laid down in paragraph 1. 3, no. 2-4 shall not be complied with at the acquisition, if at this stage it is not possible to calculate the gross amount for the debt securities or the money-market instruments or the net amount for the securities issued.

§ 139. The restrictions in section 138 shall not apply to the acquisition of :

1) Securities and money instruments which have been issued or guaranteed by

a) the Danish State or other country ; or

b) an international institution of a public nature in which one or more Member States participate.

2) Stocks in companies exclusively and only on the Danish UCITS, specialised associations, professional associations, professional associations and approved sheep associations operating on behalf of investment management, advisor-or marketing business.

§ 140. They in § 120, paragraph 1. 4 or, in this Chapter, limits may be exceeded where such overruns are affected by reasons which the Danish UCITS or department does not have an influence on, or as a result of the Danish UCITS or department exploiting the character of the drawing rights ; attached to instruments forming part of the Danish UCITS or department ' s assets.

Paragraph 2. If they are in section 120, paragraph 1. The limits laid down in paragraph 4 shall be exceeded, or in this chapter, for reasons referred to in paragraph 1. 1, and these shall not be disclosed within eight days of the overrun, the Danish UCITS shall immediately report this to the Financial supervision. In this case, the financial supervision may, exceptionally, grant permission to reduce the excess over a longer period, provided that it is in the interests of investors.

Master-feeder structures

§ 141. A Danish UCITS that is part of a master feeder structure as a feeder institute must invest at least 85%. of his fortune in shares in another Danish UCITS or in an UCITS Directive, or in a section thereof, and up to 15%. of its assets in

1) liquid resources in ancillary terms, cf. § 122, paragraph. 2.

2) derivative financial instruments which can only be used for the purpose of mititting purposes, cf. § 123, or

3) movable or immovable property, which is essential to the direct exercise of the institution of the feeder institution.

Paragraph 2. The risk-life rules in section 4 (4). 1, no. 1, sections 128, 131, 135 and 136 and § 138 (3). 3, no. 4, does not apply to feeders.

Paragraph 3. In determining whether a feeder institution complies with paragraph 132, the feeder institution shall place the direct exposure of the feeder institute in derivative financial instruments, cf. paragraph 1, no. 2, along with either

1) the indirect exposure of the feed institution in the actual position of the master institute by derivative financial instruments, or

2) the indirect exposure of the feed institution in the master institution ' s potential maximum stock of derivative financial instruments as provided for in the Staff Regulations or Fund Regulations.

TITLE X

The establishment of funds and liquidity, etc., etc.

Chapter 15

Location Associations

§ 142. A location of a LocationAssociation may invest its money in cash, including currency, or in the instruments referred to in Annex 5 to the law on financial activities in accordance with the requirements laid down for instruments and their ; issuers in Chapter 13.

Paragraph 2. A location of a LocationSociety must not exceed 10%. of the assets in instruments issued by the same emittent or emittent emittents in the same group.

Paragraph 3. A location of a LocationAssociation may not, without the limits set out in paragraph 1, shall be free of the limits set. 2, invest its funds in bonds issued by

1) the Danish State,

2) another country, or

3) an international institution of a public nature in which one or more Member States participate.

Paragraph 4. A location of a LocationAssociation may not, without the limits set out in paragraph 1, shall be free of the limits set. 2, invest its funds in the following :

1) bonds issued by Municipality, bonds issued by Denmark's Skibswritten A/S, mortgage bonds issued by Danish real-world credit institutions and similar mortgage bonds issued by credit institutions approved by a country of the country of the country of the Member State of the European Union ; The European Union or a country with which the Union has concluded an agreement in the financial field, where a competent authority has notified the issue of the debt securities and issuers to the Commission.

2) In particular, mortgage bonds covered and in particular covered bonds issued by Danish financial institutions, real credit institutions or Danmarks shipwritten A/S or in the corresponding special covered securities issued by similar credit institutions. approved by a country within the European Union or by a country concluded by the Union in the financial area where a competent authority has notified the issue of the debt securities and the issuers to the Commission.

Paragraph 5. However, a location of a location association shall not exceed 30%. of his fortune in transferable securities issued by a single emittent or emittent emittents in the same group covered by paragraph 1. 4.

Special Branch ' s associations

§ 143. A branch of a monetary union can only invest its money in monetary archangel instruments, in accordance with the rules set out in sections 120 and 121. A branch of a money-saving society can also have liquid funds in ancillary proportions.

Paragraph 2. A branch of a cash-arcing society must be at a maximum of 30%. of the assets in cash-arcing instruments issued by the same emittent or emittent emitters in the same group.

Paragraph 3. The one in paragraph 1. The limit referred to above shall not apply to the cash archangel instruments issued by them in section 128 (3). 1, no. 4, mentioned emitters.

Investment institution associations

§ 144. An investment institution ' s department must place the amounts received in units in sections of Danish UCITS, pension funds and location associations. In addition, the division must place its funds in the foreign investment institutions referred to in sections 18 and 19, when these institutions invest as they are in 1. Act. Danish UCITS, the money-band associations and the reunions, mentioned them. An investment institution or department may also have liquid funds in ancillary scope.

Paragraph 2. An investment institution ' s department must not exceed 75% of the volume of investment. of his fortune in a section of a Danish UCITS, monetary union or location association or a foreign investment institution.

Common rules for special associations

§ 145. You in section 142, paragraph 1. 2 and 5, section 143, paragraph 1. 2, and section 144 (1). 2, the limits laid down may be exceeded where such overruns are related to reasons which the special association or department does not influence, or as a result of the special association or department of the drawing rights associated with it ; instruments forming part of the assets or department of the specialist association or department.

Paragraph 2. Where the limits laid down in this Chapter are exceeded for reasons referred to in paragraph 1. Paragraph 1 shall not be reduced by 8 days after the overrun, the special association shall, without delay, report this to the Financial supervision. The Financial supervision may, in exceptional circumstances, grant permission to reduce the excess over a longer period if this is in the interests of investors.

Chapter 16

The placement of funds and liquidity of the headers of hedge and liquidity, etc.

§ 146. A hedge fund branch must invest its money in cash, including currency, or in the instruments referred to in Annex 5 to the Law on Financial Services, in accordance with the risk policy and risk profile shown in : the association ' s statutes, and the framework laid down by the Board of Directors.

Paragraph 2. A hedge fund unit shall comply with the framework laid down by the association of the association of association or of the department on the basis of the provisions of the regulations on investment policy and risk profile.

Paragraph 3. Exceeds a department of a hedge association of any one of the frames provided for in the bylaws or of the board of directors of the association shall immediately be notified to the Finance Board. The report shall contain a background to the overshoot and a description of how the association will meet similar overruns in the future.

Paragraph 4. In the case of overrun, the risk must be reduced immediately, so that it is within the established framework. The Financial supervision may, in exceptional cases, set a time limit for the reduction. Reduction in the risk of such a time limit may not be permitted by the Financial Authority to include the approval of the hedge union.

Paragraph 5. The departmented investors shall be notified of all the overruns of the framework laid down in the Staff Regulations or by the Board of Directors. The approval must include provision on how such notification is to be given. Notification shall be given no later than 8 working days after an overrun has been recorded.

TITLE XI

Professional associations, sheep's associations and other collective investment associations

Chapter 17

Professional associations

147. Simplifications, which are merely addressing professional investors, can register in the Financial supervision as professional associations. Such associations may only operate activities that consist of :

1) in the case of professional investors, to receive funds which, in accordance with a principle of risk dispersion, be placed in the financial instruments referred to in Annex 5 to the Act of Financial Instruments, in cash, including currency, and in shares in : other professional associations in line with the investment policy and risk profile of the association ; and

2) to cash in an amount of the assets resulting from the funds derived from this.

Paragraph 2. A professional association may, together with other professional associations, Danish UCITS, special associations, approved sheep ' s associations or hedge associations, may own an investment management company which, solely and only on the person or person concerned ; For the sake of association, associations are responsible for the administration, investment or marketing.

Paragraph 3. Professional associations have a duty and the sole obligation to use the term 'professional association' in their name in letters and on other business documents, including electronic communications, and on the association's website. Other companies must not use names or names that are appropriate to create the impression that they are professional associations.

Paragraph 4. A professional simplification of financial assets must be managed and stored separately for the association of a debit company approved by the Finance Board. The depositaries shall be a financial institution based in this country or in a Member State of a similar foreign credit institution which is based in another country within the European Union or in a country with which the Union has concluded agreement ; the financial area.

148. Parts of professional associations may only be issued or sold to investors that may be considered to be professional investors. Every professional investor who owns a share of the association's fortune is an investor in the union. Investors are staving each other alone with their units.

Paragraph 2. An association must be organised in departments, each based on a particular part of the assets in accordance with the provisions of the Staff Regulations. Each department must have a fortune of at least 25 million. DKK Immaterial assets cannot form part of the assets.

Paragraph 3. Each ward shall be liable only for its own obligations. However, each department shall, however, be liable for its share of the common costs. In vain, prosecutions have been made, or is it otherwise proven that a branch cannot fulfil its obligations after 2. a point, shall be liable to the other departments in the joint share of the joint costs.

Paragraph 4. Any part of an association or department shall have the same rights. The provision in 1. Act. , however, shall not preclude that :

1) are set up in a department,

2) a department issuer shares with no entitlement to the yield (ex coupupon), or

3) the Staff Regulations stipulate that no investor may vote in favour of more than a certain percentage of the assets or more than one particular amount.

Paragraph 5. Professional associations must immediately settle shares of the wealth for an investor who does not meet the conditions in section 3, no. Twenty-five, to be considered a professional investor. Professional associations decide to decide whether or not an investor complies with the conditions for being regarded as a professional investor. A professional association must inform the investor concerned in writing that the association does not consider the investor to be a professional investor. If the shares are registered in a securities central, the central position of the securities centre on a professional association shall delete the deposits from the investor's depot.

§ 149. A association may, within a period of 1 month after its association is valid, request the Financial supervision to be registered as a professional association. Financial supervision registers a union as a professional association when

1) The board of directors of the association declares that the requirements of section 147, 148 and 175, and the minimum amount of wealth are met,

2) members of the Board of Directors shall comply with the requirements of section 176,

3) the association has opted for a debit party whose management or director of the debit function has declared that the debit company can provide adequate financial and professional security in order to be able to exercise, in a genuine, professional life.

4) each department of the association has an inpaid fortune of at least 25 million. DKK or an unconditional guarantee has been made by a financial institution or an insurance undertaking on the drawing of shares for at least 25 million. DKK and

5) The association has head office and office in this country.

Paragraph 2. Professional associations must, within eight working days after a decision has been taken, to give the Financial supervision of the Financial Regulation on this subject.

Paragraph 3. Professional associations must, within eight working days after a decision on the establishment of a department, shall notify the Financial supervision of the Financial Regulation. The notification shall be accompanied by a statement by the management board that the minimum amount of the requirement is met.

§ 150. A professional association must in the Staff Regulations define investment policy and risk profile for each department. The association ' s statutes shall also include information on the emission and the settlement of investors ' shares.

Paragraph 2. The Board of Directors of a professional association must set the risk frameworks for the associations of association on the basis of the provisions of the Staff Regulations on investment policy and risk profile. The association's prospectus must contain information about these risk strains.

Paragraph 3. A professional association must, within eight working days after the Management Board has decided on changes to a department's risk, all the investors in the section on the changes made. The changes may not be effective at the earliest opportunity after the investors in the department have had the opportunity to cash in their shares.

Paragraph 4. The SEC may lay down detailed rules on the disclosure of information and the rules of professional associations to be published by the professional associations and the assessment of risks.

§ 151. A department of a professional association must comply with the risk frameworks that the Board of Governing Board has laid down on the basis of the provisions of the Staff Regulations on investment policy and risk profile.

Paragraph 2. Exceeding a department in a professional association of the statutory provisions concerning the investment policy or risk profile or the risk-frames established by the Administrative Board shall be immediately reported to the Financial supervision, together with a statement of the background to the overrun and a description of how the association will meet similar overruns in the future.

Paragraph 3. In the case of overrun, the risk must be reduced immediately, so that it is within the established framework. However, the financial supervision may, in exceptional cases, set a time limit for the reduction. if the risk is not reduced in the time limit laid down by the Financial supervision, the SEC shall delete the professional association of its register.

Paragraph 4. All investors in a department must notify each of the overcoming investment policies, risk-profile or risk-frames that are contained in the Staff Regulations or by the Board of Directors. The approval must include provision on how the message is to be given. The notification must be given, within 8 working days, after an overrun has been recorded.

§ 152. The rules in section 63, section 64, paragraph 4. Paragraph 1 and paragraph. TWO, ONE. and 2. pkt., § § 65-73, section 75, paragraph Amendments Nos 4, section 76, section 79 and sections 81 and 82 shall apply mutatis mutandis to professional associations, however, such that neither the Danish Agency nor the Danish Agency shall ensure that the professional association complies with the said provisions.

Paragraph 2. The revised and approved annual report shall be sent without undue delay in accordance with the approval of the Danish Agency for the Agency, the annual report shall be publicly available under the rules laid down by the Management Board. The annual report shall be received in the Management Board no later than five months after the end of the financial year.

Paragraph 3. section 150-152 and § 163 (3). The provisions of 1 and 2 of the annual accounting law shall apply to professional associations in the annual accounts.

§ 153. The SEC must delete a professional association or department thereof of its register if the association is requested to do so.

§ 154. If a section is not required for minimum assets and has not provided the required assets within one of the Financial supervision, the Financial supervision may delete the department of its register.

Paragraph 2. The SEC may also delete a association or department of its register if :

1) the association or department no longer fulfils the conditions to be registered,

2) The association shall be guilty of gross or repeated infringement of rules in this law or by rules issued under this law,

3) a department ' s operation shall not commence within 12 months of registration,

4) a department ' s undertaking shall not be exercised for a period of more than 6 months ; or

5) the prospectus of the association or department does not satisfy the rules of the Financial Perspective which are laid down for the content of the Prospectus.

§ 155. When the Financial supervision deletes a professional association of its register, the association must cease to use the term 'professional association'.

§ 156. Decisions on the dismantling of a department of a professional association shall be taken by the general assembly, cf. however, paragraph 1 2. The decision of the General Assembly shall contain the determination of who shall be the conduct of the settlement.

Paragraph 2. If a department in a professional association never had investors, the board of directors can make a decision on the dismantling of the department. The Management Board or the investment management company shall give the Financial supervision notification of such a decision.

§ 157. Decision that a department of a professional association shall merge, be taken in the compiration of the General Assembly and in the continuing assembly of the Management Board.

Paragraph 2. Decisions that a branch of a professional association should be spalted by the general assembly.

Paragraph 3. Decisions that a department of a professional association must be transferred to another professional association shall be taken in the association where the department is transferred from, by the general assembly and in the association in which the department is transferred to, The board. The governing board of the two associations must, where a decision on transfer has been taken, shall inform the Finance-monitoring thereof.

§ 158. The investment management company shall notify the Financial Authority that the Joint Assembly has taken a decision on fusion, division or phasing out of a department, and if there is a question of who has been designated to conduct the execution. The notification shall be accompanied by the minutes of the meeting of the General Assembly, where a decision was taken and a possible deviation plan.

Paragraph 2. When running is completed, the investment management company shall send a declaration by the board of directors of the association and the investment management company ' s director to the Financial supervision that all debts have been paid. The SEC is then deleting the department of its register.

§ 159. A professional association must draw up a prospectus in the form of a professional association by offering shares in the associations ' departments. The prospectus must be provided on request to potential and existing investors. A professional society can choose to draw up a prospectus for each department or a prospectus that covers all the departments in the association.

Paragraph 2. The essential aspects of the prospectus must be kept up to date.

Paragraph 3. The SEC shall lay down rules on the information to be included in the listing particulars and of the updating of prospectuses.

§ 160. A professional association shall be regarded as an economic operator to be registered in the Corporate Authority, in accordance with the law of certain operators, with the necessary adaptations. Section 11 (1). 2, Chapter 5 and Chapter 6 A of the law on certain traders shall not apply to professional associations.

Paragraph 2. When the Financial Protection Agency has registered a union as a professional association, the association shall report to the Corporate Authority in order to make the necessary company law records necessary.

Paragraph 3. When a association has been deleted from the Financial Services register of professional associations, the association shall report the changed conditions to the Danish Agency for the Agency no later than two weeks after the Association has received notice that it has been deleted.

Paragraph 4. If a former professional association is not covered by the law of certain traders, cf. Section 1 (1) of the law. 1, and it shall not terminate under section 20 or 20 a in the law of certain operators, the notification shall be notified in accordance with paragraph 1. 3. With the notification, the association shall send a declaration prepared by a state sautorised or registered auditor that the undertaking is doubtless sundabe. The Danish Business Authority shall delete the establishment of the register when this statement has been received.

Chapter 18

Fåmen's associations.

§ 161. Fåmen associations are associations which do not appeal to a wider circle or to the public, and who before 1. July 2007 was approved by the Financial supervision to the establishment of a business which is situated in

1) from one or more investors in the Union ' s association, which, in accordance with the principle of risk dissemination, be placed in financial instruments in accordance with the rules laid down in Chapter 13-15, cf. however, paragraph 1 2, and

2) to cash in a share of the assets of funds resulting from it, in accordance with the provisions of the Staff Regulations.

Paragraph 2. Moreover, an approved sheep ' s association which invests as an investment institution must also :

1) put the funds in other approved sheep ' associations ' means ;

2) affix to 10%. of his assets in other securities or money instruments other than those referred to in § 120 (3). 1-3, and § 121 and in the partners in botditdditcompanies ; and

3) affix the funds in units in professional associations which, according to their statutes, are investing within the limits applicable to authorised sheep ' s associations.

Paragraph 3. An approved sheep ' s association may be alone or jointly with one or more Danish UCITS, special associations, professional associations, approved sheep ' s associations or hedge associations, to own an investment management company which is exclusively and only on it ; or, on behalf of the parties concerned, the administration of the administration, investment or marketing.

Paragraph 4. Approved sheep ' s associations may only carry out activities as referred to in paragraph 1. 1-3.

Paragraph 5. The financial assets of an approved financial asset must be managed and stored separately for the association of a debit party approved by the Financial supervision. The depositaries shall be a credit institution based in this country or in a Member State of a similar foreign credit institution which is based in another country within the European Union or in a country with which the Union has concluded agreement ; the financial area.

Paragraph 6. Chapter 2, section 366, section 367, paragraph. The provisions of 1 and 4, and section 371 in the corporate law, shall apply to the necessary adjustments to the groupings.

§ 162. The Administrative Board of an approved sheep ' association shall ensure that :

1) The association meets the requirements of section 161,

2) the members of the management ' s management comply with the requirements of section 176,

3) Financial supervision has approved the union's choice of investment management company,

4) Financial supervision does not have any comments on the association's statutes,

5) The SEC has approved the union's choice of depots and depots and

6) All departments of the union have a fortune of at least 10 million. DKK

Paragraph 2. Approved sheep ' s associations shall notify the Financial supervision of the establishment or cessation of departments.

§ 163. An approved sheep association can change the status of a professional association by taking a general assembly to decide to change the constitution's association rules, so that the statutes meet the requirements of professional associations. The association may then be registered as a professional association following the provisions of Chapter 17.

§ 164. Anyone who owns a share of the association's fortune is the investor in the association. Investors are staving each other alone with their units.

Paragraph 2. An approved sheep group must be organised in departments, each based on a particular part of the assets under the provisions of the Staff Regulations. Each department must have a fortune of at least 10 million. DKK Immaterial assets cannot form part of the assets.

Paragraph 3. Each ward shall be liable only for its own obligations. However, each department shall, however, be liable for its share of the common costs. In vain, prosecutions have been made, or is it otherwise proven that a branch cannot fulfil its obligations after 2. a point, shall be liable to the other departments in the joint share of the joint costs.

Paragraph 4. Any part of an association or department shall have the same rights. The provision in 1. Act. , however, shall not preclude that :

1) are set up in a department,

2) a department issuer shares with no entitlement to the yield (ex coupupon), or

3) the Staff Regulations stipulate that no investor may vote in favour of more than a certain percentage of the assets or more than one particular amount.

§ 165. The rules laid down in Chapter 10 shall apply mutatis muties to the same.

§ 166. The SEC may recant a loan-type approval if :

1) the association is requesting that,

2) one or more departments of the association do not comply with the requirement of minimum assets and have not provided the required assets within one of the Financial supervision stipulated by the Financial Authority,

3) The association no longer meets the conditions for being approved,

4) the association or a company ' s activities shall not be exercised over a period of more than six months ; or

5) the association or any of the department is guilty of gross or repeated violation of the rules of this Act or of rules issued under the law.

Paragraph 2. When the Financial Control Revokes a union's approval, the association must be phased out. The SEC may fix a time limit for the decision to take such a settlement, cf. § 167. If the deadline is over, the SEC can determine that the association should be phased out.

§ 167. Decision, dismantling of a sheep ' s association or department thereof shall be taken by the general meeting, cf. however, paragraph 1 2. The decision of the General Assembly shall contain the determination of who shall be the conduct of the settlement.

Paragraph 2. If there's a department in a sheep's association never had investors, the board can decide on the dismantling of the department. The Management Board or the investment management company shall inform the Finance Board of such a decision.

Paragraph 3. Decisions that a branch of a sheep ' s association should be transferred to another group of sheep ' s Association shall be taken in the association from which the department is transferred from, by the general assembly and in the association in which the department is transferred to, by the Management Board. The governing board of the two associations must, where a decision on transfer has been taken, shall inform the Finance-monitoring thereof.

§ 168. Decisions that a sheep ' s association or department thereof shall be merged, shall be taken in the corresponding assembly of the General Assembly and in the consecutive assembly of the Management Board.

Paragraph 2. Decision that a sheep ' s association or department of this must be spalted, shall be taken by the general assembly.

§ 169. The investment management company shall inform the Financial Authority that the Joint Assembly has taken a decision on fusion, division or settlement, and who has been designated to conduct such operations. The notification shall be accompanied by the minutes of the meeting of the General Assembly where a decision was taken and a possible deviation plan for information.

Paragraph 2. When the phasing out of a association is carried out, the financial management company shall submit two copies of the settlement accounts revised by the auditors ' auditors as well as a declaration from the board of directors of the association and the CEO of the investment management company that all debts have been paid. The financial supervision shall forward one copy of the settlement accounts to the Danish Agency for the Agency.

Paragraph 3. When the phasing out of a division has been carried out, the investment management company shall submit a declaration by the Administrative Board of the association and the investment management company ' s director that all debts have been paid.

§ 170. The provisions of this Act on the powers of the financial system and of the duties of association with regard to the Financial Regulation shall apply by analoging to associations which are in the process of development.

§ 171. A sheep ' s association shall, by means of invitations to tender, be prepared in an association or department to develop a prospectus. A sheep ' s union must, at the request of the Council, give the listing particulars to potential and existing investors.

Paragraph 2. The essential components of the prospectus must be kept up to date .

Paragraph 3. A prospectus and modifications thereto shall be received immediately after preparation in the Financial supervision.

Paragraph 4. The SEC shall lay down rules on the information which a prospectus must contain and of the updating of prospectuses.

Chapter 19

Community rules for professional associations and sheep ' s associations

Classes Classes

§ 172. When a association's statutes contain provisions that the departments of association may be divided into other classes, the governing board may, in accordance with the provisions of the Staff Regulations, establish the andclasses in a department. In an existing section, it is necessary to establish that the department's investors at a general meeting have taken a decision that the department can be divided into other classes. It must be stated in the department's name, if the board of directors can set up the other classes in the department.

Paragraph 2. A coating class in a small-man community must have a fortune of at least 10 million. DKK A man-class in a professional society must have a fortune of at least 25 million. DKK The assets of the applicant must, within six months of the decision on the establishment, have either been designated or there must be an unconditional guarantee from a financial institution, an insurance undertaking or a pension fund drawing of : shares for at least 10 million ; DKK 25 million respectively. DKK

Paragraph 3. No later than 8 working days after the board of a group ' s Association has decided on the establishment of an agricultural class, notification shall be sent to the Finance-sighted. The notification shall contain information on the characteristics of the second class and the principles governing the allocation of costs, cf. paragraph The United Federation must also send a declaration by the association of the association or investment management company that the association or investment management company's business practices, administrative systems and accounting practices are reassuring, in the case of the management of the types of shares provided for by the statutes, or which the management board has decided to offer. The auditor's declaration may be issued afterwards, but the association cannot start out the other classes, when the SEC has announced that the Financial supervision does not have any comments.

Paragraph 4. An andlover does not have preferential rights to any portion of the department's assets, including any class-specific assets. It has sole right to a part of the return on assets, including part of the return of the common portfolio and the return of the class-specific assets.

Paragraph 5. If a division is divided into other classes, the Management Board shall lay down the principles governing the allocation of costs between the classes so that each other class only carries its share of the shared costs of the department and the special costs which are connected with the specific characteristics of the second class.

Paragraph 6. The rules of paragraph 1. 1-5 and § 91 shall not apply to ex cupon classes.

Paragraph 7. The SEC may lay down detailed rules on the other classes, including the determination that certain types of andlover classes may not be established.

Andelertyers dismantling

§ 173. Decisions on the phasing out of an agricultural class shall be taken by the investors of the general assembly in accordance with the general meeting of the general meeting. however, paragraph 1 2. If the investors ' investors do not want their shares transferred to another other class, the division shall be implemented by the division of the division which is issued in the other class.

Paragraph 2. If an andfield class never had investors, the board of directors can make a decision on the execution of the second grade.

Paragraph 3. In the case of a doned-class not the requirement of minimum assets within six months of the decision on establishment, the association of the association shall be dismantling all of the units issued by the other classes, without any other means ; ex-General Assembly Decision. In the case of a farm class not the requirement for minimum assets and has not provided the amount of assets required within the time limit set by the Financial Authority, the association shall also have to liquidate the cooperative class by forcible all the units which have been issued ; in the other class, without prior general assembly decision. However, at forced entry, investors must have offers to transfer their shares to another second-class category.

Paragraph 4. The Financial supervision may offer an association to liquidate an other class if the other classes have not started its activities within 12 months of the decision on the establishment of the second class.

Paragraph 5. When an agricultural class is executed, a sheep ' s association shall immediately inform the Financial supervision thereof, stating the reasons for the decision and shall indicate who has made the decision.

Paragraph 6. The financial supervision can take away from an association with the right to have other classes.

Leadership

§ 174. The Management Board and the Executive Board of the investment management company shall immediately notify the Financial Information concerning matters of vital importance for the association or maintenance of the association.

Paragraph 2. If a member of a management board or of the Governing Board of the investment management company or the external audit may assume that the association or department does not meet the assets of assets, then the person concerned shall notify it immediately to : Financial supervision.

§ 175. The management of a association shall select an investment management company with its registered office in this country to carry out the day-to-day management of the association.

§ 176. A member of the Management Board of the Board shall be of age and have adequate experience to perform his / her duties in the association in question.

Paragraph 2. A member of the board shall not :

1) be charged or imposed on impunity for the infringement of criminal law or financial legislation if the offence involves the risk that he may not carry out his duties in a reassuring manner.

2) Have filed for reconstruction, bankruptcy or debt relief.

3) Due to its economic situation or through a company which they own, participate in the operation of or having a significant influence, have impled or inflict any loss or loss of any kind.

4) Where there is reason to assume that they are not in a responsible manner, have displayed or exhired a behaviour. When assessing whether a member of the Management Board has shown a behaviour where there is reason to assume that he is not in a responsible manner, the emphasis must be placed on the consideration of the need to maintain confidence in the financial sector.

Paragraph 3. Members of the Management Board of a Association shall give financial supervision information about matters referred to in paragraph 1. 2 both in the case of their entry into the management of the association, and if the circumstances are subsequently changed.

Access to delegate tasks

SECTION 177. The Management Board may delegate tasks forming part of the administration ' s administration to a company authorised to carry out the tasks in question.

Paragraph 2. The Administrative Board may, by way of derogation 1 do not take decisions to delegate core tasks. However, the Management Board may conclude contracts for portfolio management with undertakings which comply with the conditions laid down in section 178 (3). 1.

Paragraph 3. When a Board of Directors makes a decision on delegation, cf. paragraph 1 and 2, the Delegation shall result in a more efficient operation of the association and complying with the conditions laid down in section 178-180.

Paragraph 4. The obligations of the management, the investment management company and the debit undertakings, including the obligations in section 106 and 107 of the Act of Financial Regulation, shall not be affected by the management board of delegated tasks to a third party.

Paragraph 5. The Management Board and the UCITS Executive Board shall ensure the monitoring of the performance of the delegated tasks.

Paragraph 6. The Management Board must not delegate such a large proportion of the administrative tasks that the investment management company will become an empty undertaking in the case of tasks related to management of the association.

Paragraph 7. The SEC shall lay down detailed rules for the tasks to be assigned to the core tasks, cf. paragraph 2, and how the association should follow up delegated tasks.

§ 178. A association must ensure that the companies delegating tasks to are qualified and able to fulfil the tasks in question. In cases where the delegation relates to investment management, the Management Board may only delegate tasks to undertakings authorised or registered for the purpose of managing assets and subject to supervision.

Paragraph 2. The company to which the association has delegated tasks may only be authorised in the individual case of the Board of Directors of the Board of Directors to delegate the delegated tasks or part thereof to another undertaking, and only if this delegation carries one ; more efficient management of the association.

Paragraph 3. The Association of Tasks of the Association must not prevent effective supervision of the association and, in particular, must not prevent the administration of the association in working or preventing the unification of the association in the interests of investors.

§ 179. A association of tasks shall ensure that the Delegation Agreement allows the association agreement to allow the association of the association, at any time, in fact to monitor the activities carried out by the undertaking to which the task is delegated.

Paragraph 2. The Agreement on Delegation shall not prevent the association of any further instructions for the undertaking to which a task is delegated, and to terminate the agreement with immediate effect, if it is in the association ' s association ; Interest.

§ 180. A sheep ' s association shall no later than 8 working days after the conclusion of an agreement on delegation to the Financial supervision of the content and conditions of the Agreement.

Paragraph 2. The SEC shall lay down detailed rules on which agreements are subject to the notification requirement.

Benefit and take of loans etc.

§ 181. A association shall not grant loans or provide guarantees on behalf of a third party.

Paragraph 2. However, a association may take on the liability associated with the acquisition of shares that are not fully paid. Such liabilities shall not exceed 5%. of a department's fortune.

§ 182. A union must not take up loans.

§ 183. Regardless of the provision in section 182, the Financial supervision may allow a association on behalf of a department,

1) records short-term loans, not more than 10%. by means of a department ' s wealth to dissolve member shares in order to exploit the right of drawing rights or to the temporary financing of the agreements concluded ; and

2) occupting a maximum of 10%. of a department ' s fortune to the acquisition of immovable property, which is absolutely essential for the pursuit of the company ' s activities.

Paragraph 2. The people in paragraph 3. The total amount of the loans referred to above shall be 15% in total. of a department's fortune.

§ 184. Financial instruments available for trade in a regulated market or in another market shall, if they are traded outside the regulated markets of countries within the European Union or in countries with which the Union has concluded agreement ; financial, or similar markets in other countries, are traded to the same or more advantageous prices than the amount taken to be given by the size taken into account in the market in question.

§ 185. An association may acquire the lion and immovable property, which is absolutely essential for the pursuit of its activities.

Emission of units

§ 186. The Board of Directors shall decide when a department performs the emission of shares.

§ 187. Parts in a department can only be drawn at the same time as payment of the emission price. Fund shares are not covered by 1. Act.

Paragraph 2. The SEC may offer an association to defer emissions of units in a department if it is in the interests of investors or in the public interest.

Paragraph 3. The SEC shall lay down rules on the calculation of the emission price and for the information to be published by a association.

Resolution of units

§ 188. An association must be constantly open to the settlement of shares, so that an investor can be redeemed on demand.

Paragraph 2. A union may defer the solution of the shares

1) where the association cannot establish an internal value as a result of market conditions, or

2) when the association of a equal treatment of investors may first establish the internal value when the association has achieved the necessary assets to the solution of the shares.

Paragraph 3. An association shall immediately inform the Finance-monitoring thereof, including an explanation of the cause of the postponement.

Paragraph 4. The SEC may offer an association to defer the introduction of shares if it is in the interests of investors or in the public interest.

Paragraph 5. The SEC shall lay down rules for the calculation of the solution price and for the information to be published by a association.

§ 189. If a association has made mistakes which have resulted in an aberration of 0,5%. or more in the calculation of the emission or solution price, the association shall ensure that the information concerned is given information on the error. The Union must, within 3 working days after the failure to be discovered, initiate the correction of the error and report the relationship with the Financial supervision. The financial statement for the Financial supervision must contain a background to the error and a description of how the association will avoid similar errors in the future.

Paragraph 2. The SEC may lay down detailed rules concerning the maintenance of the simplifications concerning errors of 0,5%. or more for the calculation of the emission or the solution price.

§ 190. When a branch of a association invests in units in other departments or offshore UCITS, which is managed directly or by delegation of the same investment management company or by another undertaking, which : the investment management company is linked to through joint management or control, or through a significant direct or indirect participation, the investment management company or the other party shall not charge the drawing-or in the other departments, deposits for the investments of the association in other departments.

Investment certificates etc.

§ 191. If a department is evidencing, it should be issued to each investor one or more investment evidence. The evidence in professional associations should be noted by name.

Paragraph 2. If a department is an account number, the association shall keep a register of investors ' shares and to investors hand a printout of the records as evidence of the shares of the department of the department ' s assets.

§ 192. In the case of the association of the Board of Directors of the Management Board through a securities centre, all costs shall be borne by the association. The association shall conclude an agreement with one or more account institutions that the investors at the expense of the association may be given ;

1) their units and so on and so on and stored there ; and

2) the information on yield, etc., and an annual statement of accounts.

Paragraph 2. The investors shall have the right to appoint an account institute which, at the expense of the association, shall carry out those referred to in paragraph 1. 1 the tasks of which the Institute for the Association assumes the tasks of the same expenditure incurred by the association of the institution concluded by the association of the association with the association.

§ 193. If an investment certificate is made to possess or pant, section 14, paragraph 14, shall apply. The provisions of 1 and 2 of the applicable debt correspondence shall be applicable. However, this does not apply where, in accordance with a provision in the association ' s statutes, unambiguously and conspicuous reservations in the case of the association are obedient to the fact that it is not a turnover document. An investment certificate issued by the holder of the certificate shall remain a piece of paper, even if it presides with the association's endorsement of the fact that the name of the owner has been noted, if the name is not given proof.

Paragraph 2. On offer vouchers, section 24 and 25 of the applicable debt correspondence shall apply mutatis muted.

§ 194. The certification of investment evidence without any judgment may be made only if the association's statutes and investment documents contain provisions to this effect. The notification call must be indented in Statescing in the first number in a quarter with the following notice :

1) At least four weeks in the case of a moratorium on investment evidence that is not a carcase certificate.

2) At least six months on the mortification of other investment evidence.

Paragraph 2. The provisions of paragraph 1. 1 shall apply mutatis muc; to coupons. Kuponsheets can be mortified without a conviction, together with an investment certificate, to which they are told if the statutes are not in control.

Chapter 20

Other collective investment schemes

§ 195. Another collective investment scheme is an investment scheme that receives funds from a wider circle or to the public where investors bear the risk of the market, which directly or indirectly invests at least 80%. the means of the scheme in the instruments referred to in Annex 5 to the said financial undertaking, or in liquid assets, without being an investment association, special association or hedge union.

Paragraph 2. A other collective investment scheme shall be managed by an investment management company or a financial institution responsible for the provision of shares to investors, and which must issue evidence to investors for their share of the investment ; collective investment scheme and keep a register of the investors participating in the scheme.

Paragraph 3. An investment management company or financial institution shall inform the Financial supervision of which the investment schemes referred to in paragraph 1 shall be subject to the financial supervision. 1 the company manages.

Paragraph 4. A different collective investment scheme shall be described in a set of guidelines to include information on :

1) the collective investment scheme,

a) name,

b) legal form,

c) payment of fees to the company that administers the collective investment scheme,

d) the framework for the allocation of funds,

(e) any connection to an investor guarantee scheme,

(f) a description of the risks involved in participating in the scheme,

g) the rights of investors ;

(h) the rules applicable to the emission and the settlement and the sale of units ;

2) the assets and assets and liabilities of the investment scheme, the assets and liabilities of the investment scheme, and

3) the principle of calculation of the internal value of the shares and the costs of the entry into and out of the scheme,

4) financial reporting and auditing ;

5) reporting to investors ;

6) any deviation plans for the collective investment scheme ; and

7) how and with what warning investors will be informed of changes in those in paragraph 1. 1-6 terms and conditions.

Paragraph 5. Where the provision of the collective investment provision is not provided for in Chapter 12 of the Act on securities trading, etc., it shall be described in a tender document.

Paragraph 6. The SEC shall lay down detailed rules on the rules laid down in paragraph 1. 4 mentioned rules and paragraphs. 5 mentioned the tender document.

Paragraph 7. If the company that administers another collective investment scheme has made a mistake in calculating the emission or trigger price, which has resulted in an aberration of 0,5%. or more, the company shall make sure that affected investors are informed of the error and disclose information about the error. The company must, within 3 working days after the failure is detected, initiate the correction of the error and report the relationship with the Financial supervision. The financial statement to the Financial supervision must include a statement describing the background to the error and how the company will avoid similar errors in the future.

Paragraph 8. The SEC may lay down detailed rules on the obligation of self-regulation to be subject to the calculation of the emission or solution price in accordance with paragraph 1. 7.

Niner. 9. The financial supervision may offer an investment scheme as referred to in paragraph 1. 1 that is mainly investing its funds in the financial instruments referred to in Chapter 13,

1) change the status of an investment association or a special association if the scheme operates in a form of association, or

2) run its business if the scheme is not operating in a manner of association.

TITLE XII

Supervision and levies, etc.

Chapter 21

Supervision and levies, etc.

General rules on supervision

§ 196. The SEC shall ensure compliance with the law and the rules which have been issued under the law, except for section 41 (1). The Financial supervision also observes the observance of the association ' s statutes when the SEC has approved the statutes. The SEC also instipate compliance with Danish UCITS, specialised associations, hedge associations and sheep associations, or fund rules, when the SEC has approved the statutes or the Fund rules. However, the Danish Business Authority shall ensure compliance with Article 11 (1). 1 and 3, and 224 (4). 1 and 2 (2). THREE, TWO. and 3. pkt., and paragraph. 4. The Fund Council shall check with the Financial Authority as secretariat that the rules for financial information in annual reports and partial annual reports in section 63-73 and in rules issued under section 76 have been complied with for Danish UCITS, special associations, hedge funds, and a man's associations who have issued securities traded on a regulated market, cf. § 83, paragraph. Two-five, and Article 83 b of the securities trading system, and so on, the Fund shall exercise the powers under section 77.

Paragraph 2. The SEC must place the emphasis on the durability of individual Danish UCITS, special association, hedge associations, and the trade union's business model. The organisation of the supervisory plant must take place on a basis of significance in relation to the potential risks or the harmful effects of the supervisory activities.

Paragraph 3. The Minister for the European Union, and the Minister for Growth, may lay down rules governing the procedures of the Financial Procedures in the field of the rules governing the procedures of the Financial Authority.

SECTION 197. The Financial Company Council is included in the supervision or registration of Danish UCITS, special associations, professional associations, approved sheep's associations, hedge funds and other collective investment schemes with a similar competency, as the Council is in accordance with section 345 of the Act of financial activities.

§ 198. The financial supervision shall examine the conditions of the Danish UCITS, specialist associations, hedge associations, and trade unions, including in the case of review of ongoing reports and by inspections in the individual organization or Danish UCITS.

Paragraph 2. After inspection in a Danish UCITS, special association, hedge union or funion association, the Finance Board shall have a meeting with the participation of the Danish UCITS, special association, hedge associations or by the management of investment management, investment management company, or administration company, external auditor and the internal audit manager, unless the inspection alone relates solely to defined areas of activity of the Danish UCITS, special association, hedge-union or first-group association. In the meeting, the Finance Board must notify its conclusions concerning the inspection.

Paragraph 3. Following an inspection visit, the Financial Agency shall send significant conclusions in the form of a written report to the Danish UCITS, special association, hedge association or the board management board, management, and external auditor, as well as the internal audit manager.

§ 199. Danish UCITS, special associations, hedge funds and sheep ' s associations must provide the Financial supervision of the information necessary for the activities of the acidity. In accordance with the provisions laid down in Directives, this shall apply by analogs to foreign UCITS engaged in operations in this country in the case of the provision of units.

Paragraph 2. The SEC may, at any time, against appropriate credentials without a court order of access to a Danish UCITS, special association, hedge union, or a community association with a view to the introduction of information and inspections.

Paragraph 3. To the extent necessary for the assessment of a Danish UCITS, special association, hedge association and the economic position of the financial position, the Finance Board may obtain information and any time against appropriate credentials without a court order of access to : those undertakings with which the Danish UCITS, special association, hedge union or sheep ' s association have a special direct or indirect connection.

Paragraph 4. The Financial supervision may require all information, including accounts and accounting documents, printout of books, other business documents and electronic stored data, which are deemed necessary for the Financial activities ' s activities or for determining whether or not a physical ; or legal person shall be subject to the provisions of the law.

Paragraph 5. The SEC may, at any time, against appropriate credentials, without a court order, access a supplier or sub-contractor for the purpose of consorniation of information on activities outsourced.

Paragraph 6. The financial supervision may obtain information in accordance with paragraph 1. 1-4 for the use of the in section 210 (5), 6, no. Fourteen and 18, mentioned authorities.

$200. The Minister for the Industry and Growth Minister may lay down rules for the Danish UCITS, specialised associations, hedge associations and sheep associations to publish information on the Danish UCITS, special association, hedge-union, hedge-union or other Community financial services, the union and the possibility of the Financial Authority to publish the information before the Danish UCITS, special association, hedge union and the union of the group.

§ 201. The Financial supervision may offer a Danish UCITS, special association, hedge sorority or community association to conduct and conduct the costs of an unwilling enquiry into one or more aspects of the Danish UCITS, the Special Association, the hedge fund, or the union or a section thereof, where the Financial supervision considers that this is of significant importance for the supervision of the Danish UCITS, the Association, the hedge fund or the Association of the Association or the Department, and there is no question of : FL-SEC, usual investigation. The result of the unwilling enquiry shall be submitted in a written report, which shall be available within the time of the Financial Authority. The financial supervision can determine that the experts are qualified, cf. paragraph 2-6, to continuously report to the Financial supervision of the survey.

Paragraph 2. The unwilling enquiry shall be carried out by one or more expert persons. The Danish UCITS, the Association of the Association, the Association of the hedge fund, the Association of the FUC, shall appoint the qualified persons within the time limit set by the Financial Financial Authority. The financial supervision must approve the proposed experts.

Paragraph 3. The Danish UCITS, the Association of the Association, the Association of the Paternity or the Association of the Association must provide the experts with the information necessary for the conduct of the unwilling enquiry.

Paragraph 4. The qualified persons shall provide a copy of the written report on the Review of the Financial Regulation at the latest, at the latest when the report is handed down to the Danish UCITS, the Special Association, the hedge fund or the group's association.

Paragraph 5. The experts shall give financial supervision to the SEC immediately in relation to the non-determined investigation if the information is of major importance for the Danish UCITS, the special association, the risk-type association or department ' s risk or business model, which may cause an insignificant risk that such conditions may develop in such a way as to ensure that the Danish UCITS, the Special Association, the Association, or the Association of the Danish UCITS, or The Fog's Association, or a department, will lose its permit.

Paragraph 6. If the qualified person is unable to pass on the information in accordance with paragraph 1, the expert person shall not be dissused. 4 and 5 to the Financial supervision may be subject to the financial supervision of the Financial Authority other than the expert person, including the Danish UCITS, the Special Association, the hedge fund, or the Association of the FUC.

202. The financial supervision may cooperate with other Danish authorities in order to ensure compliance with this law and by rules issued under the law. The Financial supervision may delegate tasks to other authorities that are Danish, bodies or persons.

§ 203. The financial supervision may ask the competent authorities of another Member State of the European Union or in a country to which the Union has concluded an agreement in the financial sphere to ensure compliance with the law and the rules which have been issued under the Agreement ; the law of supervisory activities, checks on the spot or inspections in the territory of another Member State.

Paragraph 2. If a foreign investment institution performs or has carried out operations in this country which are contrary to other provisions not harmonised by virtue of the UCITS Directive, the Financial supervision may take measures against the UCITS, in accordance with the applicable rules.

Paragraph 3. If the competent authorities of another Member State of the European Union or in a country concluded by the Union in the financial area and which are the home Member State of a foreign investment institution, fails to take adequate measures or omits to act within a reasonable period, and the UCITS continues to perform in a manner that is detrimental to investors in this country, the Financial supervision may be present ;

1) having informed the competent authorities of the home Member State of the investment institution, all the measures necessary to protect investors, and the Financial Authority may, in this case, prevent the UCITS in question in such a way as to prevent the financial market from the UCITS ; to continue the marketing of shares in this country, or

2) take care of the European Securities Regulators Committee.

Paragraph 4. If the Financial supervision has good reason to assume that foreign UCITS is performing or carried out operations in the territory of another Member State contrary to the provisions of the UCITS Directive, the Financial supervision shall give the competent authorities the competent authorities of the other Member State shall be as accurate as possible.

204. The financial supervision shall cooperate with the competent authorities of other EU Member States or countries concluded by the Union in the financial sphere to contribute to supervisory activities, inspections on site or inspections in this area ; the country where foreign UCITS or Danish UCITS is subject to Danish supervision, but operates in other Member States.

Paragraph 2. Where a competent authority in another EU Member State or country concluded by the Union in the financial area, the Financial Authority shall ask the Financial supervision to contribute to a control or investigation of a foreign UCITS or a Danish UCITS ; cf. paragraph 1, may the Financial supervision

1) complete the control or survey itself,

2) allow the requesting authority itself to carry out the checks or investigation, or

3) allow an auditor or other expert to carry out the checks or investigation.

Paragraph 3. Receiving a Danish investment management company with a competent foreign authority survey, cf. paragraph 2, the investigation may be carried out only with the complicity of the financial services.

Paragraph 4. The SEC may lay down detailed rules for cooperation with competent authorities in other EU Member States or in countries concluded by the Union in the area of the financial sphere.

205. The consumer ombudsman may initiate proceedings relating to acts that are contrary to the conduct of business and good practice, cf. section 22, including a case of prohibition, injunction, compensation and restitution of amounts wrongly collected. Section 20 of the market in section 20, section 22 (2). 2, section 23, paragraph. Paragraph 1, section 27, paragraph. Paragraph 28 shall apply mutatis muth to cases to which the Consumer Ombudsman wishes to apply for the provision in 1. Act. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 a in the law of the court.

Paragraph 2. The financial supervision may provide an injunction on the correction of conditions in violation of section 22. The SEC may, in this context, make inspection visits to branches of management companies and UCITS.

206. The Financial Authority shall inform the Consumer Ombudsman if the Financial supervision is known that a company ' s customers may have suffered losses caused by the company in violation of section 22.

Paragraph 2. The consumer ombudsman has, however, 210 or 210 access to all information in the cases covered by the Financial Authority covered by paragraph 1. 1.

207. The Financial supervision may offer an investment association, SIKAV, special association, unity or a group ' s association, to set up a Director of the Association within one of the Financial Seats of the Financial Commission if this is to be set out in section 39 (5). Two, can't fight the score.

Paragraph 2. The Financial supervision may offer a member of the Management Board of an investment association, SIKAV, special association, hedge-union, or a group ' s association to decommission its duties within one of the Financial Provisions, if this is set out in section 39, paragraph 1. Two, can't fight the recruits.

Paragraph 3. The Financial supervision may offer an association of the Executive Board of an association when indictments against this in criminal proceedings against criminal offences, law on investment associations, etc., or other financial legislation, until the criminal proceedings are decided, if any ; the conviction will mean that he does not comply with the requirements of section 39, paragraph 1. 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. to a member of the Management Board of an investment association, SIKAV, special association, unity or a group ' s association, shall set a time limit for the compliance of the tender.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 39 (4). 2, no. 2, 3 or 4 shall appear on the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1-3 of the investment association, the SIKAV, the association or the association of the hedge fund, and by the person to whom the tender relates, are requested to be brought before the courts. The proposal to this effect must be submitted to the Financial supervision within 4 weeks of the notification of the tender concerned. The proposal for a provision for the courts shall not have any effect on the supply, but the court may decide by ruling that the director or board member concerned may, at the course of the proceedings, maintain his duties or his / her duties ; position. The SEC shall submit the matter to the courts within four weeks of receipt of request for this. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation, or at the request of the Commission, revoke an injunction notified in accordance with paragraph 1. 2 and paragraph 1. 3, 3. Act. If the Financial supervision is refused a withdrawal request, the applicant may request that it be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, the application for a judicial review may be made only where the prohibition is not limited and has elapated at least five years from the date of issue of the tender, or at least two years after the revocation of the Financial Supply of the Financial Supply is confirmed by the judgment.

Paragraph 7. Has the investment broom, the SAM, the association, the hedge fund or the feller association does not defer the Director within the time limit, the Financial supervision may involve the undertaking ' s permit, cf. § 92, paragraph. 2. The Financial supervision may also involve the association ' permit, cf. § 92, paragraph. 2 if a member of the board does not comply with an injunction in accordance with paragraph 1. 2-4.

208. The SEC may, independently or in cooperation with other authorities, carry out studies that are suitable for promoting transparency in the area of investment, and to publish the results of these.

209. In cases where a Danish UCITS, special association, hedge sorority or a group association or a division thereof have gone bankrupt or the majority of the Danish UCITS, the association or the branch of the hedge or of the branch of the branch or department are to be declared ; in the case of the Danish UCITS, the Danish UCITS, the Danish UCITS, or the Danish UCITS, the special association, shall be prepared by the Financial Board to explain the reasons for this purpose, the reasons for which the State has been granted or made available for a shorter period of time. the association or the Association of the Association or the Department, its creditors ; or a transferor of the entire or part of the Danish UCITS, the Association, the Association of the Association, the Association of the Fog or the Department.

Paragraph 2. The financial supervision shall publish the statement in paragraph 1. 1. In the case of publication, Article 210 shall not apply, unless the information relates to customer relations or third parties, or has been involved in trying to save the Danish UCITS, special association, hedge union, Fog Society or Department.

Paragraph 3. The decision to be taken pursuant to paragraph 1 1 shall describe the role of the financial services in the course of the business up to the bankruptcy and so on.

-210. The employee of the financial system shall be under the responsibility of Article 152-152 of the penal code, to keep confidential information that they are aware of through the supervisory establishment. The same applies to persons performing service tasks in the context of the Financial Services operation, and experts acting on behalf of the Member. This also applies to the termination of the recruitment or termination of the contract. 1.-3. Act. this paragraph shall also apply to employees of the Corporate Authority as part of the secretarial function of the Fund for the Fund.

Paragraph 2. The consent of the person responsible for the confidentiality of the confidentiality does not justify the provisions of paragraph 1. 1 mentioned persons to disclose confidential information.

Paragraph 3. Paragraph 1 shall not, however, apply to information in matters relating to :

1) Good practice, cf. section 22 and announcements issued pursuant to section 22 (2). 2.

2) Decisions relating to the memorandum of association, cf. § 28, paragraph 1. 2, and section 31 f, and changes to the fund rules, cf. § 12 (b) (b) 1.

3) Decisions relating to the administrative and accounting practices of investment associations, SIKAV'ers, Special associations and hedge associations, business procedures and control procedures, cf. section 44, and decisions on administrative and accounting practices, business procedures and control procedures in the investment management companies that administer securities funds, professional associations and sheep ' s associations, cf. Section 71, in the Act of Financial Company.

4) Prohibition to charge a double fee, cf. § § 57-59.

5) The obligation to report error calculations, cf. § § 56 and 189.

6) The retention of expenditure in connection with the issue of shares through a securities central, cf. § § 61 and 92.

7) Prospects and prospectuses for prospectuses, cf. § § 83-159 and 171.

8) Publication of emission and solution prices, cf. § § 86-88.

9) The authorisation of Danish UCITS, specialised associations and hedge associations, cf. § 92, paragraph. 1, the deletion of professional association registration, cf. section 154, and revocation of the approval of the sheep ' s association, cf. § 166.

10) Danske UCITS, Special associations, hedge associations, professional associations and sheep associations, in accordance with the position of the funds. Chapters 13, 14, 15 and 16, and section 147 (4). 1, no. 1, and § 161.

11) Overrun risk profile, risk policies, and risk frameworks, cf. § § 146 and 151.

12) The requirement to publish the inner value of the hedge unit or of the partition within the meaning of the hedge fund, cf. Article 87 (2). 1.

13) The lettor to notify named investors, cf. Article 87 (2). 2, and section 150 (3). 3.

14) The obligation to report the overruns, cf. section 146, paragraph 1. 3, and section 151 (1). 2.

15) The duty to inform investors of the overrun of the risk frameworks, cf. section 146, paragraph 1. 5, and section 151 (1). 4.

16) The equation to describe collective investment schemes in a rule set, cf. Section 195 (5). 4.

17) Tender Document, cf. Section 195 (5). 5.

Paragraph 4. The provision in paragraph 1 shall be 1 shall not preclude the disclosure of the Financial supervision of its own operation in summary or summarised form, where neither the single Danish UCITS, special association, hedge union, professional association, union, sheep ' s association or its ; investors can be identified.

Paragraph 5. Confidential information may be disclosed during a civil trial, when a Danish UCITS, special association, hedge union, professional association, union, or a section thereof are declared bankrupt, and where the information is not related to investors ' investors ; either relationships or third parties who are or have been involved in the attempt to rescue the Danish UCITS, the association, the association, the union or the department of the professional association.

Paragraph 6. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to :

1) The Secured and Financial Business Councils, respectively, of the Fund (Fund).

2) Other public authorities, including the prosecution and police force, in connection with investigations and prosecution of criminal offences covered by criminal law or supervisory law.

3) The next minister as part of his supervised oversight.

4) Administrative authorities and courts, which deal with decisions taken by the Financial supervision.

5) The Ombudsman's office.

6) A parliamentary commission set up by Parliament.

7) Examination commissions reduced by law or under the law of investigation commissions.

8) The standing committee of the parliament of a Danish UCITS, special association, hedge associations, professional association, trade union association or departmental economic conditions in the case of crisis management by Danish UCITS, special associations, hedge funds, professional associations and sheep's associations when deciding on whether or not the State should provide a guarantee or make available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

9) The state auditors and the Rigsaudit.

10) Stakeholders, including authorities, involved in trying to rescue a needy Danish UCITS, special association, hedge-union, professional association, approved sheep ' s association or its department when the SEC has received a mandate from erhvvs- and the Minister for Growth and, provided that the recipients of information are informed, they need it.

11) The liquiator, the diveal and the authorities involved in the Danish UCITS, the specialist association, the professional association, the creatman association or the winding-up winding-up proceedings, insolvency proceedings or similar procedures, and persons ; responsible for the statutory auditing of a Danish UCITS, special association, hedge associations, professional association or the auditing accounts, provided that the recipients of information need it for the purposes of the goods to be carried out, tasks.

12) Denmark's National Bank, foreign central banks, the European System of Central Banks, as well as the European Central Bank as a monetary authority, provided the information is necessary for them to be fulfilled ; statutory tasks, including the execution of monetary policy, the monitoring of payment and securities management systems and the handling of the stability of the financial system.

13) An institution responsible for clearing up securities or money where necessary to ensure that the institution responds to non-compliance or potential non-compliance in the market in which the institution is responsible ; clearing.

14) Financial regulators in other countries of the European Union or in countries with which the Union has agreed to the financial area responsible for the supervision of UCITS, financial undertakings, financial institutions or capital markets and bodies which are co-functioning in the winding-up proceedings of financial undertakings and investment institutions, insolvency proceedings or similar procedures, and persons responsible for the statutory audit ; in the accounts of the UCITS, subject to the recipients of : the information needs to be provided for the taking of their duties.

15) Organs in other countries of the European Union or in countries with which the Union has agreed to the financial area responsible for checking compliance with the rules on financial information from issuers of securities, which are engaged in a regulated market.

16) Ministers responsible for financial legislation in countries within the European Union or in countries concluded by the Union in the area of financial services, in the context of crisis management of a Danish UCITS, special association, hedge union, Professional union or frat group.

17) The European Systemic Risk Board and the European Securities and Markets Authority and bodies established by the European Securities and Markets Authority shall be established on condition that the recipients of information need it ; the taking of their duties.

18) Financial supervisory authorities in countries outside the European Union which the Union has not signed up to in the financial area responsible for the supervision of foreign investment undertakings, financial undertakings, financial institutions or capital markets and bodies which are co-functioning in the winding-up proceedings of financial undertakings and investment institutions, insolvency proceedings or similar procedures, together with persons responsible for the statutory statutory ; auditing of the financial institution ' s accounts, cf. however, paragraph 1 10 and 11.

(19) The auditor supervision and the auditing board for the taking of their duties.

Paragraph 7. All those in accordance with paragraph 1. The information provided for in paragraph 1 shall be subject to the information referred to in paragraph 1 (5) and (6) of the Financial supervision of the Financial Commission. This shall be subject to professional secrecy.

Paragraph 8. Confidential information received pursuant to paragraph 1. 6, no. 17, irrespective of the confidentiality of confidentiality, can be exchanged between the European Securities and Markets Authority, as well as the bodies established by this authority and on the other, the European Systemic Risk Board.

Niner. 9. Confidential information received by the Financial Supervisors may only be used in respect of the surveillance authorities, to the imposition of sanctions, or if the decision of the acidity shall be subject to higher administrative authority or be brought before the courts.

Paragraph 10. Access to the provision of confidential information to the Standing Committee of the People's Committee pursuant to paragraph 1. 6, no. 8, is limited to documents in cases created in the Financial supervision after the 16th. September 1995.

Paragraph 11. Dissemination in accordance with paragraph 1. 6, no. 18, may be done

1) on the basis of an international cooperation agreement ; and

2) provided that the beneficiaries are subject to a statutory professional secrecy which corresponds to the confidentiality of paragraph 1. 1 and need the information to be provided for the taking of their duties.

Nock. 12. Dissemination in accordance with paragraph 1. 6, no. 18, of confidential information arising from countries of the European Union or countries concluded by the Union in the area of the financial sphere, the authorities responsible for providing the information have been granted, express consent and shall be used exclusively for the purposes of which the authorisation is to be granted.

§ 211. Decisions taken pursuant to section 196 (4). ONE, FIVE. pkt., and section 197, cf. § 345, paragraph 1. 2, no. 1, in the law of financial activities, shall be published. 1. Act. also applies to decisions to surrender cases to police investigation, cf. however, paragraph 1 2. The publication shall include the name of the Danish UCITS, the association, the professional association, or the name of the creatman. 1.-3. Act. shall also apply to decisions and decisions to give matters to police investigation, which is carried out by the Financial Affairs Committee following a delegation from the Fund or the Financial Business Authority.

Paragraph 2. Publication under paragraph 1. However, 1 cannot be done if it would result in a disproportionate amount of damage to the Danish UCITS, the Association, the Association, the Professional Association or the Association of the Association, or the investigation into publication. The publication shall not contain confidential information on customer relations or information covered by provisions applicable to the public in the management of the exception of information on private relations and operational or business conditions, etc. The publication shall not contain confidential information arising from the financial supervisory authorities of other countries within or outside the European Union, unless the authorities which have supplied the information have given express express ; Permission.

Paragraph 3. If publication is not in accordance with paragraph 1, TWO, ONE. .. shall be published in accordance with paragraph 1. 1, when the reasons required for the rescue are no longer applicable. However, this only applies for up to two years after the decision in question has been taken.

§ 212. The SEC must inform the public about cases dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of relevance to the understanding of the following provisions :

1) Good practice, cf. section 22 and announcements issued pursuant to section 22 (2). 2.

2) Decisions relating to the memorandum of association, cf. § 28, paragraph 1. 2 and section 31 f, and changes to the fund rules, cf. § 12 (b) (b) 1.

3) Decisions relating to the administrative and accounting practices of investment associations, SIKAV'ers, Special associations and hedge associations, business procedures and control procedures, cf. section 44, and decisions on administrative and accounting practices, business procedures and control procedures in the investment management companies that administer securities funds, professional associations and sheep ' s associations, cf. Section 71, in the Act of Financial Company.

4) Prohibition to charge a double fee, cf. § 57-59.

5) The obligation to report error calculations, cf. § § 56 and 189.

6) The retention of expenditure in connection with the issue of shares through a securities central, cf. § 61, paragraph 1. One and two, and § 92.

7) Prospects and prospectuses for prospectuses, cf. ~ § 83, 159 and 171.

8) Publication of emission and solution prices, cf. § § 86-88.

9) The authorisation of Danish UCITS, specialised associations and hedge associations, cf. § 92, paragraph. 1, and revocation of the approval of the sheep ' s associations, cf. § 166.

10) Danish UCITS, special associations, hedge associations, professional associations and sheep associations, as set out in the way in which funds are being made. Chapters 13, 14, 15 and 16, section 147 (4). 1, no. 1 and § 161.

11) Transcripts of risk profile, risk and risk frameworks, cf. § § 146 and 151.

12) The requirement to publish the inner value of the hedge unit or of the partition within the meaning of the hedge fund, cf. Article 87 (2). 1.

13) The lettor to notify named investors, cf. Article 87 (2). 2, and section 150 (3). 3.

14) The obligation to report the overruns, cf. section 146, paragraph 1. 3, and section 151 (1). 2.

15) The duty to inform investors of the overrun of the risk frameworks, cf. section 146, paragraph 1. 5, and section 151 (1). 4.

16) The equation to describe collective investment schemes in a rule set, cf. 195, paragraph 1. 4.

17) Tender Document, cf. Section 195 (5). 5.

Paragraph 2. The financial supervision must also inform the public about the name of a company that violates the prohibition of the activities of an investment association, SIKAV or the Securities Fund without authorisation, cf. Section 4, the ban on the establishment of a special association without authorisation, cf. Section 6, or the prohibition on the pursuit of the establishment as a hedge-association without authorisation, cf. § 7.

§ 213. As part of the financial supervision relationship, the investment association, SIKAV, special association, hedge union, professional association, union, the investment management company or the management company, or the management company, shall be regarded as having a union, the union of the group, the group of securities, the group of securities, the mutual foreign UCITS decisions taken pursuant to this law or rules laid down in accordance with this law, in accordance with this law, in accordance with this law, in accordance with this law, as defined in the Act of the Financial however, paragraph 1 Two and three.

Paragraph 2. In the case of the following cases, a different other than those referred to in paragraph 1 Paragraph 1 shall also, as part of the case concerned, as part of the Financial Decision of the Financial Decision, as part of the Financial Decision of the Financial Regulation :

1) The one that violates the law against driving business as a Danish UCITS, cf. Section 4 (4). 1, 4, 6, and 8, special association, cf. Section 6 (2). 1 and 3, or hedge-union, cf. Section 7 (2). One and three.

2) An undertaking applying for a Danish UCITS, special association or hedge association, cf. section 10, or call for registration as a professional association, cf. § 149.

3) A member of the management of an investment association, special association, hedge union, SIKAV, or the investment management company or management company that administers a securities fund when the FL-SEC refuses to grant authorisation, cf. § 10, or withdraw the permission, cf. § 92.

4) A member of the management of a union when the SEC is refusing to register the association of a professional association, cf. Section 149, and a member of the management of a professional association when the SEC is erasing the association, cf. § 154.

5) A member of the management of a single-year association when the SEC is withdrawing the approval, cf. § 166.

6) Accountant in a Danish UCITS, special association, hedge union, or a community association, when the Financial supervision sets this or provides for information on the conditions of the Danish UCITS, the special association or hedge association, cf. Section 79, paragraph 1. 4 and 5, or the conditions of the sheep ' s association, cf. § 165, cf. Section 79, paragraph 1. 4 and 5, and in cases where the selected auditors for a Danish UCITS, special association or hedge union, cf. Section 81, and for a community association, cf. § 165, cf. Section 81 has not fulfilled their information obligation to the Financial supervision.

7) The person who the Financial Authority shall obtain information from the decision to determine whether the person concerned is covered by the laws of the law, cf. Section 199 (4). 3.

Paragraph 3. The following shall be considered as a party to the following natural persons, where the Decision of the Financial Decision is directly directed at the person concerned :

1) A board member, an accountant, a CEO or other senior staff of an investment association, special association, hedge funds, or a similar foreign investment institute.

2) A member of the board, or an accountant in a SIKAV, a professional union, a community association or a similar foreign investment institute.

3) An accountant in a securities fund or a similar foreign investment institute.

4) A member of the board, an accountant, a CEO or other executive staff of an investment management company or an administration company that administers a Danish UCITS, special association, hedge union, professional association, the union of the group ; or a foreign investment institution.

Paragraph 4. Partsstatus and share powers in accordance with paragraph 1. 2 and 3 are limited to conditions in which the decisions taken by the seven are taken after the 8. October 1998. With regard to the disclosure of confidential information, cf. section 43, the share status and share competence shall be limited to conditions in which the decision taken by the synet shall be taken after the 1. February 2004.

§ 214. The SEC shall, in cooperation with the Competition and Consumer Protection Agency, submit a report on the status of rules of good practice and the experience of the use of the rules for the use of the rules in accordance with the Competitiveness and Consumer Protection Agency annually, cf. Section 22 (2). 2.

§ 215. Section 356 of the Act of Finance, shall apply mutatis mueses to employees in the Financial Authority when it comes to the activities of the acidity in accordance with this law.

Charges

§ 216. Danish UCITS, special associations, hedge funds, sheep's associations and professional associations, under the supervision or registration of this law, as well as foreign UCITS, cf. sections 18 and 19 pay tax to the Financial supervision. The levy shall be fixed in accordance with Chapter 22 of the Act on financial activities.

§ 216 a. SIKAV ' s and securities funds, which are under the supervision of this law, pay a fee on the foundation for the Corporate Authority. The fee shall cover the costs incurred by the Commercial Management and Tax Authority on registration of business information and the allocation of CVR number to SIKAV and SE number to the securities funds, sections of this and any other classes in the relevant departments.

Paragraph 2. SIKAV ' s and securities funds are paying an annual tax to the Corporate Authority. The tax covers the costs of the Commercial Management and SKAT's administration of the legislation, including, inter alia, registration tasks related to changes in company information and SE numbers.

Paragraph 3. The fee, cf. paragraph 1, and the levy, cf. paragraph 2, can be regulated annually with the cost trends in the form of price / pay regulation corresponding to the general price and wage development.

Paragraph 4. The Danish Business Authority shall charge the fee, cf. paragraph 1, and the levy, cf. paragraph 2, respectively, the SIKAVD, the investment management company or management company that administers the Securities Fund.

Paragraph 5. The Danish Business Authority shall fix the amount of the fee on the basis of the foundation, cf. paragraph 1 and 3, and the annual charge, cf. paragraph 2 and 3, by announcement. In addition, the Danish Agency for the Administrative Board shall determine the collection of such fees and charges. It may, in particular, be determined that a fee for smoking letters may be fixed for late payment.

Deadlines

§ 217. The time limits laid down in or pursuant to this law shall begin to run from and with the day following the day on which the event that triggers the deadline is taking place. This applies when calculating both day and week-, month and year periods.

Paragraph 2. If the deadline is set in weeks, the deadline is out, cf. paragraph 1, on the day of the day of the week of the day on which the event that triggered the deadline occurred.

Paragraph 3. If the deadline is set in months, the deadline is due, cf. paragraph 1 on the month of the month for the day on which the event that triggered the deadline took place. If the day at which the event that triggered the deadline occurred is the last day of a month, or if the deadline expires on a month date that does not exist, the period shall always expire on the last day of the month regardless of its length.

Paragraph 4. If the deadline is set this year, the deadline is out, cf. paragraph 1, on the anniversary of the day on which the event that triggered the deadline occurred.

Paragraph 5. Expires a deadline for a weekend, on a holiday, on Christmas Day or New Year's Day or New Year's Day, the deadline for the next day is extended.

Digital communications

§ 218. Whereas the Minister for the Industry and Growth Minister lays down detailed rules for the use of digital communications, including digital signature, by exchanging information on the basis of this law between citizens and businesses on the one hand and public administration on the the other side and the retention of information.

Chapter 22

Delegation and Clapping

§ 219. The Minister for Finance and the Minister for Finance, after the Danish Financial Authority, can lay down rules on the draft law, including the fact that complaints cannot be brought to the second administrative authority.

§ 220. Decisions taken by the Financial Authority or the Danish Business Authority pursuant to the law or rules issued under the law may be submitted to the Agency for the Commercial Agency within 4 weeks of the decision to be notified to it ; in question.

TITLE XIII

Penalty, entry into force and transitional provisions, etc.

Chapter 23

Penalty provisions, etc.

§ 221. The withdrawal of section 4 (4). 1-9, section 5, paragraph 5. 1-4, section 6, paragraph 6. One-three, paragraph 7, paragraph 7. One and two, section 8, section 10, section 10. 7, section 13, paragraph 1. 3-5, section 20, paragraph 20. One and two. § 21, section 30, paragraph. ONE, ONE. pkt., section 32, paragraph. 1-3, section 33, paragraph. Paragraph 1 (1). THREE, ONE. pkt., and paragraph. 6 and 7, § 33a, § 34, paragraph 1 and 2, section 35 (4). 1-5, section 35a, paragraph. 1-5, section 35b, paragraph. 1-5, section 36, paragraph. ONE, ONE. Act. and paragraph 3, section 37, section 39, paragraph. 3, cf. paragraph 2, no. One and two, section 43, paragraph. One and two, section 45. One, two, and four, section 46, section 47, paragraph 4. Paragraph 1, section 48, paragraph. Paragraph 1, section 49, paragraph. 1, 50, Section 54 (4). Paragraph 1, paragraph 55 (1). 1, 2 and 5, section 56 (3). 1, sections 57-59, section 63, paragraph 1. ONE, ONE. PC, section 64 (4). Paragraph 1, section 65, paragraph 5. Paragraph 1 and 2 and paragraph 1. THREE, ONE. pkt., section 66, section 67, paragraph One and two, section 68, paragraph. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. THREE, TWO. pkt., § § 69-71, § 72, 1. Pkt., section 73, 1. pkt., section 74, section 75, paragraph 5. 1 and 5, Section 78 (3). ONE, ONE. pkt., section 79, paragraph. ONE, ONE. pkt., and paragraph. 2 and 4, sections 80 and 81, section 83 (3). 1, 3 and 4, section 84 (4). Paragraph 1, section 85, paragraph. Paragraph 1, Section 86 (1). Paragraph 1, section 87, paragraph. 1 and 2, sections 89 and 90, section 91 (3). 3 and 6, section 96 (3). 1 and 5 and paragraph 1. SIX, TWO. pkt., 98, paragraph. 2, section 113 (3). 1, section 120-122, section 123, paragraph 1. Paragraph 1 and 2 and paragraph 1. FOUR, ONE. pkt., section 124, section 125, paragraph 1. Paragraph 1 and paragraph. TWO, TWO. pkt., sections 126, 128, and 129, section 130, paragraph 1. 1, 4 and 5, § 131, § 132, paragraph 1. 1 and 3, sections 133, 135 and 137, section 138, paragraph 1. 1-3, section 140, paragraph. TWO, ONE. pkt., section 141, paragraph 1. One, section 142, section 143, paragraph 1. One and two, section 144, section 145, paragraph. TWO, ONE. pkt., section 146, paragraph 1. 1-3, paragraph 3. FOUR, ONE. pkt., and paragraph. FIVE, ONE. and 3. pkt., section 147, paragraph 1. 1, 3 and 4, section 148 (4). 1, and 5, section 150, paragraph 1-3, section 151, paragraph. 1 and 2 (2). THREE, ONE. pkt., and paragraph. 4, section 152, 155 and 158, section 159 (3). 1 and 2, section 161 (1). 5, section 162, paragraph 1. 2, section 165, section 169 (4). Paragraph 1 (1). TWO, ONE. pkt., and paragraph. 3, section 171, paragraph 1. 1-, 3, Section 172, paragraph 1. 3-5, section 173, paragraph 1. THREE, ONE. and 2. pkt., sections 174 and 175, section 176 (4). 3, cf. paragraph 2, no. 1 and 2, section 177 (4). 5 and 6, section 178 and 179, § 180, paragraph Paragraph 1, section 181, paragraph 1. 1, section 182, section 187, paragraph 1. Paragraph 1, section 188, paragraph 1. 1 and 3, section 189 (4). 1, section 190 and 191 and section 195 (5), 2-5 and 7 shall be punished with fine or imprisonment up to four months unless higher penalty is owed in accordance with the other legislation. The treeout of sections 31 and 31h, section 40, 1. pkt., section 41, paragraph. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. THREE, ONE. and 2. pkt., section 42, paragraph. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. 4 and 6, section 44 (4). One-three, and paragraph 201, paragraph 1. 3 and 6, punishable by fine.

Paragraph 2. The penalty shall be penalised the person who does not comply with an injunction given in accordance with Article 195 (5). 9, and section 205 (4). TWO, ONE. Act. The penalty shall also be punished by a member of the board which does not comply with an injunction given in accordance with section 207 (4). 2 and paragraph 1. 3, 3. Act.

Paragraph 3. In accordance with the law, a penalty of fine or maximum sentence may be imposed until four months in the case of infringements of the rules laid down in the rules.

Paragraph 4. Extends a member of an investment union, SIKAV's, special-association, hedge associations, professional associations, or a member of the management of the investment management company or the management company for a Danish, UCITS, special association, hedge union, professional association, or a group ' s association to take necessary measures in the event of any loss or immediate danger of significant losses shall be penalised by means of a penalty or a maximum sentence of four months ; in the case of higher penalties, no longer has been washed in accordance with the other legislation.

Paragraph 5. People associated with a Danish UCITS, special association, hedge union, professional association, or union reunification, giving false or misleading information about the Danish UCITS, the Special Association, the hedge fund, the association, the association of the Danish UCITS, the Association of the Association, the professional association or the public authorities of the public authorities to the public, to some corporate body or to investors in the Danish UCITS, the association, the association, the professional association, or the association of the sheep ' s association, or who make themselves guilty of rough or more repeated negligence, or negligence which may result in loss of the Danish UCITS, the association, the association, the professional association, or the boatman's association, shall be punished by fine or imprisonment up to four months in the case of insofar as the penalty has not been washed after it ; other legislation.

Paragraph 6. The limitation period for criminal offences or rules issued under the law shall be five years.

§ 222. Avoiding a Danish UCITS, special association, hedge association, professional association, or the board of directors, management, auditor, investment management company, or management company, depotcompany or liquidator in time to to comply with the obligations imposed under the law or the rules issued under the law for the SEC or the Danish Agency for Finance, the Danish Board of Finance may, as a means of force, impose on the daily or weekly compulsive force. fines.

Paragraph 2. The provision in paragraph 1 shall be Paragraph 1 shall apply by analoging to the Fund Council under the control of Article 196 (1). ONE, FIVE. Act.

§ 223. Provided a Danish UCITS, special association and hedge union which has issued shares that are available for trade in a regulated market does not comply with its obligations under the provisions of section 63 or 73 or provisions laid down pursuant to section 76 may : The Fund Council shall provide the Danish UCITS, special association or hedge-association, in order to amend the relationship, including the publication of the amended or supplementary information. If it is appropriate, the Fund Council itself may publish the information in question, publish or suspend or suspend the shares of the trade in a regulated market.

Paragraph 2. The investment association, SIKAV, special association or hedge fund investment management company or management company that do not comply with an injunction from the Fund or giving out false or misleading information ; to the Foundation shall be penalized for the penalty of insofar as it is not guilty of any other piece of legislation.

Chapter 24

Registration and regulation of registered non-approved sheep ' s associations

§ 224. The Danish Agency may register unapproved sheep ' s associations receiving funds from one or more investors who can vote and receive benefits in relation to their share of the association's wealth and are administered by a investment management company authorised to perform discretionary portfolio management in accordance with section 10 (4). 2, cf. Section 9 (1). 1, in the law of financial activities. The United Federation is not itself under the supervision of the Financial supervision. Chapters 3, 4 and 6, in the law of certain traders, shall apply with the necessary deviations, taking into account the specifier nature of the association.

Paragraph 2. A non-approved sheep association name shall clearly distinguish itself from the name of other establishments registered in the Danish Business Authority.

Paragraph 3. The people in paragraph 3. 1 not approved sheep ' s annual report shall be submitted in accordance with section 63, section 64 (4). Paragraph 1 and paragraph 1. TWO, ONE. and 2. pkt., § § 65-73, section 75, paragraph Amendments Nos 4, section 76, sections 79 and § § 81 and 82, applicable to the necessary adaptations, however, such that neither the Danish Agency or the Danish Agency shall ensure that the non-approved sheep ' s association complies with the said provisions. The revised and approved annual report shall be sent without undue delay in accordance with the approval of the Danish Agency for the Agency for the annual report to be publicly available in accordance with the rules laid down by the Danish Agency for the Administrative Board. However, the annual report shall be received in the Management Board no later than five months after the end of the financial year. section 150-152 and § 163 (3). The provisions of 1 and 2 of the annual accounts legislation shall apply by analogy to non-approved sheep ' s associations.

Paragraph 4. Investors are staving each other alone with their units. If a non-approved sheep-man union is divided into sections, each department shall be liable for its own obligations only. However, each department shall, however, be liable for its share of the common costs. In vain, prosecutions have been made, or is it otherwise proven that a branch cannot fulfil its obligations after 2. a point, shall be liable to the other departments in the joint share of the joint costs.

Chapter 25

Entry into force, transitional provisions, changes to other legislation, the Faroe Islands and Greenland

Entry into force

§ 225. The law shall enter into force on 1. July, 2011.

Paragraph 2. At the same time, the law on investment associations and special associations and other collective investment schemes, etc., shall be repealed, cf. Law Order no. 904 of 5. July, 2010.

Paragraph 3. Confessions issued under the Law on investment associations and special associations as well as other collective investment schemes, etc., cf. Law Order no. 904 of 5. In July 2010, it shall be maintained until it is repealed by the notices issued under this law.

Paragraph 4. section 63-82 on annual report, revision and use of the annual surplus shall apply for the first time to annual reports and assets accounts for financial periods commencing 1. January 2012 or later. The rules of the law on investment associations and special associations and other collective investment schemes, etc. shall apply to annual reports and assets covering periods of time and by 31. December 2011.

Transitional provisions

§ 226. Investment associations, specialised associations and hedge funds approved according to the law on investment associations and special associations, as well as other collective investment schemes, etc., cf. Law Order no. 904 of 5. In July 2010, before 1. July 2012 will bring their statutes in accordance with the rules laid down in this Act.

§ 227. Investment associations, specialised associations and hedge funds approved according to the law on investment associations and special associations, as well as other collective investment schemes, etc., cf. Law Order no. 904 of 5. In July 2010, before 1. July 2012, the key investor information in accordance with the rules is in section 84.

Paragraph 2. On phased out, fusion, fission and transfer commensurate before 1. July 2011, the current rules apply.

§ 228. Existing unapproved sheep's associations, which will be submitted to the annual report in accordance with the provisions of section 224 (4). In accordance with the provisions of this Regulation, no later than 31 of the former general assembly shall be the first-General Assembly of the Act December 2012, take a decision to comply with the provisions of section 224.

Changes to other legislation

§ 229. (Excluded)

§ 230. (Excluded)

§ 231. (Excluded)

§ 232. (Excluded)

§ 233. (Excluded)

§ 234. (Excluded)

Faeroes and Greenland

§ 235. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be fully or partly in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

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Law No 155 of 28. February 2012 includes the following entry into force and transitional provisions.

§ 11

Paragraph 1. The law shall enter into force on 1. March 2012, cf. however, paragraph 1 2-5.

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

Paragraph 5. (Excluded)

§ 12.

Paragraph 1. sections 1 to 4, 6, 9 and 10 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 2-5.

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

Paragraph 5. (Excluded)

Paragraph 5. Section 8 may, by means of a royal appliance, be set in full or in part by force for the Faeroe Islands, with the changes that the ferotable conditions are to be applied.

Law No 557 of 18. June 2012 includes the following entry into force and transitional provisions.

§ 6

Paragraph 1. The law shall enter into force on 1. July 2012, cf. however, paragraph 1 2.

Paragraph 2. (Excluded)

§ 7

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. The Act of Section 1 and 2 may, by means of a king, be fully or in part in force for the Faeroe Islands and Greenland, with the changes made by the Ferry and Greenland conditions.

1) The law contains provisions implementing the 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 on certain undertakings for collective investment in transferable securities (UCITS Directive), EU Official Journal 2009 No L302, s. 32, Commission Directive 2007 /16/EC of 19. March 2007 on the implementation of Council Directive 85 /611/EEC on the coordination of laws, regulations and administrative provisions relating to collective investment in transferable securities (UCITS) with regard to the clarification of certain definitions ; Official Journal of the European Union. L 79, s. 11, Commission Directive 2010 /43/EC of 1. July 2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to organizational requirements, interest conflicts, good business practices, risk management and the content of the agreement between a depositary and an administration undertaking ; Official Journal. In 176, s. 42-61, and Commission Directive 2010 /44/EU of 1. July 2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to certain provisions relating to mergers of funds, master-feeder structures and notification procedures, EU Official Journal (s). In 176, s. 28-41. The law regives parts of Commission Regulation (EU) No 2. 583/2010 of 1. July 2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to central investor information and the conditions to be met when the central investor information or prospectus is delivered on a second-term medium than paper or via a website, EU Official Journal. In 176, s. 1-15, and Commission Regulation (EC) No 1. 584/2010 of 1. July 2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to the form and content of the standard declaration of notification and declaration of the UCITS, use of electronic communications between the competent authorities ; authorities in the course of reviews and procedures for on-the-spot checks and examinations and exchanges of information between competent authorities, EU Official Journal. In 176, s. 16-27.