Law on the amendment of the law on investment associations, etc., the law on financial activities, tax law, equity tax law, and the exchange of profits from the exchange rate law ; 1)

(The introduction of securities funds and companies for investment with capital that is variable (SIKAV ' s) and rules on the reporting of return from securities funds, etc.)

We, by God's grace, the Queen of the Danes, do our thing.

The parliament has adopted the following law, and we know that the following law has been approved by Parliament's consent :

§ 1

Law no. 456 of 18. May 2011 on investment associations and so on, as amended by Section 8 of Act No 155 of 28. February 2012, the following changes are made :

1. I Section 1 (1). 2, section 4 (4). Paragraph 1, section 80, paragraph. 1, Article 138 (3). 2, and § 197 and two places in § 43, paragraph. 3 and 4, ' investment associations ' shall be replaced by ' Danish UCITS ` ;

2. I Section 1 (1). FIVE, ONE. pkt., and § 139, nr. 2, the ' investment associations ' shall be replaced by : ' (Danish UCITS `) ;

3. Section 3, paragraph 3. 1, no. 5 (a) ITREAS :

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

4. I Section 3, paragraph 3. 1, no. 5 (c) inserted after ' (in Denmark : investment foundations ` : ` and companies for investment capital that are variable (SIKAV ' s) `.

5. I Section 3, paragraph 3. 1, no. 22 (b) (4) (4) (b) 2, section 49, paragraph. 1 and 2, section 50, section 55 (5). ONE, ONE. pkt., section 106 (s). ONE, ONE. pkt., section 120, paragraph. 1 and 3 and paragraph FOUR, ONE. pkt., § 121, § 122, paragraph ONE, ONE. pkt., and paragraph 2, section 123, paragraph 1. 1, section 124 (4). 1 and 2, 125, paragraph. 1 and 2, section 126 (4). 1 and 2, section 128, paragraph. 1 and 2, section 129 (4). 1 and 2, section 130, paragraph 1. 1 and paragraph FOUR, ONE. pkt., section 131, paragraph 1. ONE, ONE. pkt., section 132, paragraph 1. 1 and 2, § 133, paragraph 1. 1 and § 135, paragraph 1. 1 and 2, and two places in § 138, paragraph 1. 1 and 3, and § 141, paragraph 1. 1, change ' investment union ` shall be replaced by ' Danish UCITS ` ;

6. I Section 3, paragraph 3. 1, no. 22 (b), in section 10, paragraph 1 shall be amended. Three to : " § 10, paragraph. FIVE. "

7. I Section 3, paragraph 3. 1, no. 26, section 13, paragraph 13. ONE, TWO. pkt., section 23, paragraph. 2, section 25, paragraph. 3, section 26, paragraph. FOUR, THREE. pkt., section 30 (1). TWO, TWO. Pkt., section 83, paragraph. 2, section 85, paragraph. 3, there will be paragraph 1. 2, ~ 98, paragraph. TWO, TWO. PC, section 117, paragraph 1. ONE, ONE. pkt., section 146, paragraph 1. FIVE, ONE. pkt., section 151, paragraph FOUR, ONE. pkt., section 172, paragraph 1. ONE, TWO. pkt., section 189, paragraph. ONE, ONE. ........ 3, no. 13 and 15, and § 212, paragraph 1. 1, no. 13 and 15, and two places in Section 4 (4). 1, no. Paragraph 1 (b), section 87 (2), 2, section 91 (1). 1, and § 173, paragraph 1 1, ' members ` shall be replaced by ' investors `.

8. In the heading to Section II ' investment associations ' shall be replaced by ' Danish UCITS ` ;

9. In the heading to Chapter 3, before section 10, before section 13 and Chapter 14, ' investment unions ` shall be replaced by ' Danish UCITS `.

10. The title before section 4 changes 'Investment associations' to : 'Danish UCITS'.

11. I Section 4 (4). 1, no. 2, section 6 (4). 1, no. 2, and Section 7 (2). 1, no. 3, the words ' one member ' shall be replaced by the following : ' an ' shall ` and ' member ` shall be replaced by ' investor '.

12. I Section 4 (4). 3, section 5, section. 2, section 86 (2). 1, and § 216, 1. pkt., ' Investment associations ` shall be replaced by : ' Danish UCITS ` ;

13. I § 4 inserted after paragraph 1. 5 as new slices :

" Stop. 6. SIKAVs may only engage in activities as referred to in paragraph 1. 1 and 3 and Section 17 (3). 1 and have the sole and obligation to use the title SIKAV in the company's name in letters and 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 that invests in cash-arding 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 Regulation, of section 127.

Paragraph 8. The securities funds may only be used in the business as referred to in paragraph 1. 1 and 3 and 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 6 becomes paragraph 6. 10.

14. Section 5 (5). 1, ITREAS :

' Danish UCITS must, in addition to the authorisation of 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 branch of another 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."

15. Section 5 (5). 4, ITREAS :

" Stop. 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. '

16. I Section 5 (5). 5, the board of the two associations shall be replaced by : ' the boards of the two Danish UCITS or of the investment management companies or the management companies concerned. ` ;

17. The title before paragraph 8 is replaced by the following :

"The storage of wealth of assets of Danish UCITS, special associations and hedge funds".

18. § 8, 1. pkt., ITREAS :

' Financial assets belonging to Danish UCITS, special associations or hedge funds shall be managed and stored separately for the individual departments in a debit company approved by the Financial supervision. ` ;

19. The title before paragraph 9 is replaced by the following :

' Organizing etc. of Danish UCITS, special associations and hedge funds `.

20. I Section 9 (1). ONE, TWO. pkt., section 148, paragraph 1. ONE, TWO. pkt., and § 164 (4) ONE, ONE. pkt., "member of" shall be replaced by : "investor in".

21. I Section 9 (1). FIVE, ONE. pkt., "A member of" is replaced by "an investor in".

22. After paragraph 9 is inserted before the heading before section 10 :

" § 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 founding documents must sign a foundation document, which shall indicate the date of which 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 their departments duties, the obligation shall be the responsibility of the investment management company or the management company which administers the Fund.

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 other classes and section 14 (b) no. 8, whether shares without the right to yield (ex coupupon). ` ;

23. I ~ 10 (1)) 1, no. 2, the following section shall be inserted after ' Section 4 ` : 1-5 and 10, ".

24. I ~ 10 (1)) 1, no. 11, the ' paragraph shall be amended The fourth is to : SIX. "

25. I § 10 inserted after paragraph 1. 1 as new slices :

" Stop. 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 SIKAV has sought permission from the feeder institution, the requirements of section 5 have been met ;

3) members of the Board of Directors of SIKAV meet the requirements of section 39 and the Financial supervision 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 has its head office 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 sought permission from the feeder institution, the requirements of section 5, are 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 authorisation satisfies the requirements of paragraph 1. 6. "

Paragraph 2-9 becomes the second paragraph. 4-11.

26. ~ 10 (1)) 2, the first paragraph of the Member paragraph 4 is replaced by the following

" Stop. 4. A Danish UCITS that is seeking permission to invest as a feeder institute 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 does it own shares in a feeder institution. ` ;

27. ~ 10 (1)) THREE, ONE. pkt., there will be paragraph 1. FIVE, ONE. rectangle shall be replaced by the following :

" 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 estimate that the feeder institution, its depot company and the auditor and the master department satisfy the requirements of paragraph 1. Articles 4 and 7 and 5, including the rules laid down in the Financial Authority pursuant to paragraph 1. 8 and 5 (5). 6. "

28. I ~ 10 (1)) 4, there will be paragraph 1. 6, shall be amended ' paragraph 1. 1 and 2 ` shall be replaced by the following : One and four.

29. ~ 10 (1)) 5, there will be paragraph 1. Article 7 is replaced by the following

" Stop. 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 in 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 feed department has provided information in this paragraph. `

30. I ~ 10 (1)) 6, there will be paragraph 1. The first paragraph is replaced by paragraph 8. Five shall : ' shall mean the following : 7 ".

31. ~ 10 (1)) 7 and 8, there will be paragraph 1. the following shall be replaced by the following :

" Stop. 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 period of 30 days referred to in paragraph 1. 7.

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 marketing its units in this country. '

32. I § 10 inserted after paragraph 1. 9 shall be referred to in paragraph 1. 11, as new paragraph :

" Stop. 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 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 Regulation not later than two months after 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 case to justice."

Paragraph 10 becomes paragraph 10. 13.

33. ~ 10 (1)) 10, there will be paragraph 1. 13 is replaced by the following :

" Stop. 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 supervision shall provide the cover, within 15 working days after the Financial supervision has received a full application. '

34. The title before paragraph 11 is replaced by the following :

"The enrollments of investment groups, SIKAVs, special associations, or hedge funds for the Corporate Authority."

35. Section 11 (1). 1-3, ITREAS :

" When the Financial supervision has granted an investment association, a SIKAV, a special association or a hedge union authorization or have 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 company law, notification of statutory amendments shall be received in the Danish Agency for the Administrative Board, within four weeks of the decision to amend the statutes. ` ;

36. I Section 11 (1). 4, inserted after the "association" : "or SIKAVD".

37. The title before section 12 is replaced by the following :

' Approval of the amendment of the Staff Regulations and Fund Regulations for Danish UCITS, special associations and hedge funds and the permission of new departments ` ;

38. I § 12, paragraph 1. 3, in section 10, paragraph 1 shall be amended. Two-five "to :" § 10, paragraph. 4-7 "and" § 10, paragraph. THREE, TWO. pkt., and paragraph. 10 ' shall be : ' 10 (1). FIVE, TWO. pkt., and paragraph. THIRTEEN. "

39. After section 12 is inserted before the heading before section 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, 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 Financial supervision has received a full application, cf. ~ 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 administers the securities fund and is 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 administers the relevant securities fund shall inform 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 valid established and the Financial supervision 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. "

40. Section 13 (1). ONE, ONE. pkt., ITREAS :

' where 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 The fund rules shall set up other shares in a department. ` ;

41. I Section 13 (1). 3, 3. pkt., ' Union ' shall be replaced by ' the Danish UCITS, special association or hedge union `, and in two places the words ' association ` shall be replaced by : ' the Danish UCITS ', of the special association or of the association ' s or hedge union. ` ;

42. I Section 13 (1). THREE, FOUR. pkt., the words ' association ` shall be replaced by : ' the Danish UCITS, the special association or the association ' s association `.

43. I § 14, no. 12, the words ' another association ` shall be replaced by ' another association, SIKAV or a securities fund `.

44. § 14, no. 16, ITREAS :

" 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, '.

45. After section 14, pasted before heading before section 15 :

" Entities 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 name 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 can 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, 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 the emission and the trigger price for the units are fixed,

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 governing the amendment of the Fund rules, the solution of the Fund and the 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, 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%. "of one or more departmental assets."

46. After section 15, pasted before section 16 :

' Acceptance of SIKAV's investment management company or management company

§ 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 to enable the debit party to perform 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 only acting as an empty undertaking in the case of the securities concerned,

4) the management party and the debit party have concluded an agreement on the regulation of the exchange of information necessary to enable the debit company to perform its tasks under section 106 of the Act of Finance, when the securities fund is available ; administered by an administration company, and

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

47. The title before paragraph 16 shall be replaced by the following :

"Acceptance of Danish UCITS, the special associations and hedge organizations ' choice of depots of depots".

48. § 16 ITREAS :

" § 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 laid down in section 3 (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 company of a Danish UCITS has entered into an agreement on the regulation of the exchange of information necessary to enable the debit party to perform its tasks under Section 106 of the Act of Financial Regulation,

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. `

49. The title before section 17 is replaced by the following :

'The access of Danish UCITS, Special associations and hedge associations to own shares in an investment management company and association and SIKAV' s access to contribute to humanitarian or non-profit-making organisations '.

50. § 17 ITREAS :

" § 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 organizations which the association has agreed to. ` ;

51. The title before paragraph 20 is replaced by the following :

"Danish UCITS".

52. I Section 20 (2). 1 and 2, ' UCITS ` shall be replaced by ' UCITS `.

53. I Section 20 (2). 3, the "associations of" is replaced by the words : UCITS.

54. Section 22 (2). 1, ITREAS :

' Danish UCITS, specialised associations and hedge associations shall be operated in accordance with fair business practices and good practices in their respective business areas. ` ;

55. I Section 22 (2). 2, and Section 79, paragraph 1. 7, and paragraph 10, 1. pkt., ' associations ` shall be replaced by : ' Danish UCITS, special associations and hedge funds `.

56. I section 24 (2). ONE, ONE. pkt., the words ' or a member ' shall be replaced by ' or an investor '.

57. I § 25, paragraph. 2, the members ' shall be replaced by the following : " Investors '.

58. I § 25, paragraph. 3, no. 1, the words ' annual report ` shall be replaced by ' annual accounts '.

59. I § 25, paragraph. 4, section 26, paragraph. 1, and paragraph THREE, TWO. pkt., section 31, paragraph 1. 2, § 60, 2. pkt., section 61, paragraph. Paragraph 1, section 82, paragraph. ONE, TWO. pkt., section 91, paragraph. 3, 3. pkt., § 101, paragraph. 5, section 107 (4). 6, section 111, paragraph 1. 3, section 173, paragraph 1. 3, 3. pkt., section 188, paragraph 1. 2, no. paragraph 2, section 191 (1). 2, and Section 192 (2). 1, and two places in § 101, paragraph. 4, section 106 (4). 5, and Section 107, paragraph 1. 5, the words ' members ' shall be replaced by : 'investors'.

60. I § 25, paragraph. 5, and two places in § 27, paragraph. 1, ' Every member ' shall be replaced by ' any investor `.

61. I § 25, paragraph. 6, section 55 (5). ONE, ONE. pkt., and § 188, paragraph 1. 1, a member shall be replaced by the following : "an investor."

62. I Section 26 (1). FOUR, TWO. pkt., section 45, paragraph. 3, section 54 (4). 2, section 55 (1). ONE, TWO. pkt., and paragraph 7, section 97, paragraph. 6, section 145, paragraph. TWO, TWO. Pkt., section 150, paragraph ONE, TWO. pkt., section 178 (4). 3, section 187, paragraph. 2, and § 188, paragraph 1. 4, and two places in § 60, 2. pkt., and Section 191 (1). 2, the words ' Members ' shall be replaced by : ' investors `.

63. I § 27, paragraph. ONE, THREE. pkt., section 148, paragraph 1. 4, no. 3, and § 164 (4) 4, no. 3, ' no member ' shall be replaced by ' no investors `.

64. After paragraph 31 is inserted :

" 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 carried out at 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 to be included on the agenda.

Paragraph 6. The Management Board shall, when required by an investor and the discretion of the Management Board, may be carried out without any significant damage to the SIKNAME, to inform the General Assembly of any relationship which is 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 on amendments 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 issued 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 it ; Electronic 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. If the voting rights are conditional on the Minutes of the SIKAV, the closing period may not be longer than 1 week.

§ 31 f. Decision amending the SIKAV statute is valid only if it is attracted by at least 2/3 of the votes cast as part of the corporate capital, 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 printout of this shall be available to investors on the office of the investment management company or the administration company. `

65. I Section 32 (1). 4, "§ § 45 to 47" is replaced by : "§ 45 and 46".

66. Section 33 (4). 3, ITREAS :

" Stop. 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 conflict with the interests of the unifying and of his investors. '

67. The following section 33 is inserted before the title before § 34 :

' 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 the interest of SIKAV.

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 shall be written in writing. `

68. The title before paragraph 34 is inserted after ' investment associations ` : 'SIKAV' is, `.

69. § 34, paragraph. 1, ITREAS :

The Board of Directors shall ensure a responsible organization of the unit of investment, of the association, of the hedge or the SIKAV, in relation to the tasks assigned to the Board of Directors 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 manner that satisfying the conditions of association or company. ` ;

70. I § 35, paragraph. 1, no. 3, change "risk profile and" to : "risk profile,".

71. I § 35, paragraph. 1, no. 4, the words ' members ' shall be replaced by : ' investors ' and ' possible '. to : "possible, and".

72. I § 35, paragraph. 1, pasted as no. 5 :

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

73. I § 35 inserted after paragraph 1. 4 as new paragraph :

" Stop. 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 5 shall then be referred to in paragraph 5. 6.

74. After section 35, before heading before section 36 is inserted :

" § 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 the risk profile of each department and any other shareholdings, the Management Board shall provide the Executive Board of the Securities Fund, which shall, as a minimum, be required to : 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 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. "

75. The title before paragraph 36 is inserted after ' investment associations ` shall be inserted after ' SIKAV ` s, `.

76. § 36, paragraph. FOUR, ONE. pkt., ITREAS :

The Board of Directors of a Unifying Association or SIKAV may decide that the management board shall have joint board meetings of several associations or SIKAVs having the same board of directors. `

77. I § 36 inserted after paragraph 1. 5 as new paragraph :

" Stop. 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. "

Paragk 6 and 7 will then be paragraph 1. Seven and eight.

78. I § 36, paragraph. 6, there will be paragraph 1. the following paragraph shall be inserted after paragraph 1. 5 ":" or 6 ".

79. I § 36, paragraph. 7, there will be paragraph 1. 8, shall be inserted after ' associations ' shall be inserted : ' or SIKAVs `, and in accordance with the following paragraph : 5 "is inserted :" and 6 ".

80. In the title before paragraph 37, 'UCITS' is being changed to : 'Danish UCITS'.

81. § 37 ITREAS :

" § 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 third parties, if the member of the board or the Director has a significant interest in it, which may be contrary to the securities fund. `

82. The title before paragraph 38 is replaced by the following :

"The Danish UCITS, special associations and hedge funds" are to give financial supervision of special conditions to the Financial Commission. '

83. § 38 ITREAS :

" § 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). ' 4, the person shall immediately notify it to the SEC. ' ;

84. The title before section 39 is inserted after ' investment associations ` : 'SIKAV' is, `.

85. § 39, paragraph. 1, ITREAS :

' A member of the Management Board or the Executive Board of a UCITS, or by the Board of the Management Board or by the Management Board of a SIKAV, must have adequate experience to exercise his or his job. ` ;

86. I § 39, paragraph. 3, inserted after ' association ` shall be inserted : ' or members of the Management Board in a SIKAV `, and after ' the ' association ` shall be inserted : ' or the SIKAV's `.

87. § 40 ITREAS :

" § 40. Enlisted as a member of the board of an investment association, special association or hedge union cannot be reconciling with the position of the Director, Internal Audit Manager or the Vice-President of the Association or in the investment management company or in his or his / her investment management company ; 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 Director of the SIKAV investment management company or administration company. `

88. In the title before paragraph 43, the disclosure of 'Investment associations', specialist associations and hedge associations is replaced 'to :' Pass '.

89. § 43, paragraph. 1, ITREAS :

' Board members, directors, other servants and accountants in a fraternity or a SIKAV or in a debit party, the 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 known to :

90. The title before section 44 is inserted after ' investment associations ` : 'SIKAV' is, `.

91. I Section 44 (2). 1, the words ' association ` shall be replaced by ' the association ' shall be replaced by ' UCITS ' ;

92. I § 44 inserted after paragraph 1. 1 as new paragraph :

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

Paragraph 2-4 is then being referred to in paragraph 1. 3-5.

93. I Section 44 (2). 3, no. 1, there will be paragraph 1. 4, no. The following paragraph shall be inserted after ' paragraph 1 1 ": and 2".

94. I Section 44 (2). 3, no. 3, there will be paragraph 1. 4, no. 3, after ' associations ' shall be inserted : ' and SIKAVs ` and ' conflicts of interest ` and ' shall be replaced by : 'conflicts of interest'.

95. I Section 44 (2). 3, no. 4, there will be paragraph 1. 4, no. 4, change "companion." to : "company, and".

96. I Section 44 (2). 3, there will be paragraph 1. 4, insert as no. 5 :

" 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. ` ;

97. Section 44 (2). 4, there will be paragraph 1. the following text shall be replaced by

" Stop. 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.'

98. I § 48, paragraph. 1, the words ' association ` shall be replaced by : ' Danish UCITS, special union and hedge; '.

99. I § 48, paragraph. TWO, ONE. pkt., section 54, paragraph 2 and Three, section 55, paragraph. 5, 7 and 8, and § § 57 and 90 the words ' association ` shall be replaced by : ' Danish UCITS, special association or hedge union `.

100. § 53 ITREAS :

" § 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. `

101. I Section 54 (1). 1, is inserted after 1. Act. :

"Drawing cannot be done under conditions or under subheading."

102. § 55, paragraph 1. 3, ITREAS :

" Stop. 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 need for an equal treatment of investors requires that the internal value can be fixed only when the necessary assets are realised. ` ;

103. I § 55, paragraph 1. 4, the words ' association ` shall be replaced by the words ' Danish UCITS ' ;

104. I § 55, paragraph 1. 6, change ' investment union ` shall be replaced by ' Danish UCITS ` and ' association ` means : ' (Danish UCITS) `.

105. § 56, paragraph. 1, ITREAS :

' Provided a Danish UCITS, special association or hedge association has made mistakes, which have 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. '

106. I § 56, paragraph. 2, the ' associations ' shall be replaced by ' Danish UCITS, specialised associations and hedge associations '.

107. I § 60, 1. pkt., and Section 191 (1). ONE, ONE. pkt., "each member" shall be replaced by the following : "each investor."

108. I § 60, 2. pkt., the words ' association ` shall be replaced by : ' the Danish UCITS, special association or hedge union '.

109. I § 61, paragraph 1. ONE, TWO. pkt., ' United Federation ' shall be replaced by ' the Danish UCITS, special association or hedge union `.

110. I § 61, paragraph 1. 2, ' Members ` shall be replaced by the following : 'Investors' and the 'association' to : 'the Danish UCITS, special association or hedge-union'.

111. § 62 ITREAS :

" § 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 subject, where the statutes or the fund rules do not determine otherwise. ` ;

112. In the title before section 63, 'UCITS' is replaced by 'Danish UCITS'.

113. I § 63, paragraph 1, the words ' United States ' shall be replaced by ' Danish UCITS, special associations and hedge funds ' and ' the association ' shall be replaced by the Danish UCITS or the association of the Danish UCITS or the Association.

114. ~ 64, paragraph. 1, ITREAS :

" The board of directors and management shall report to the UCITS of the UCITS, 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's management board and management. `

115. I ~ 64, paragraph. TWO, ONE. pkt., the following shall be inserted after ' Staff Regulations ' shall mean ', the rules of the Fund '.

116. I Section 65 (2). 1, and Section 79, paragraph 1. 4 and paragraph 8, 2. pkt., the words ' association ` shall be replaced by : ' the Danish UCITS, special association or hedge union `.

117. I Section 65 (2). 1, no. 2, and § 66, paragraph. THREE, TWO. pkt., and two places in Section 70 (3). 1, the words ' association ` shall be replaced by ' the Danish UCITS, special or pagan association ' ;

118. I Section 65 (2). 1, no. 3, the words ' and the sharing ' shall be replaced by ' and ' and ' the association ' shall be replaced by ' the Danish UCITS, the Danish UCITS, the Danish UCITS, the Special Association or the Association ' s Association ' s ' association ' ;

119. I § 66, paragraph. ONE, ONE. pkt., the ' association ' s and individual parts ' shall be replaced by the ' Danish UCITS ', special or hedge association or their department '.

120. Paragraph 71, paragraph 1. 3, ITREAS :

" Stop. 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. ` ;

121. I § 72, 2. pkt., the words ' association ` shall be replaced by : ' the Danish UCITS, special association or hedge union '.

122. I § 73, 1. pkt., the words ' association ` shall be replaced by ' the Danish UCITS ', special or hedge association ' s or other members ;

123. § 75, paragraph 1. 3, ITREAS :

" Stop. 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 under the rules laid down by the Management Board. ` ;

124. I § 75, paragraph 1. Four, section 83. 2 and 3, and § 84, paragraph. 2, ' United Federation ' shall be replaced by ' the Danish UCITS, special association or hedge union `.

125. I § 76 pasted as paragraph FOUR :

" Stop. 4. The SEC may lay down detailed rules for the publication of the annual reports of securities funds. `

126. I § 77 the ' associations ` shall be replaced by ' the Danish UCITS, the 'Danish UCITS', the 'specialist associations' and the 'associations'.

127. I Section 78 (1). ONE, ONE. pkt., the words ' associations ' shall be replaced by : ' Danish UCITS, special associations and hedge funds `.

128. I Section 79, paragraph 1. ONE, ONE. pkt., the words ' United Kingdom ' shall be replaced by ' the Danish UCITS, special associations and hedge funds ` ;

129. Section 79, paragraph 1. 2, ITREAS :

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

130. I Section 79, paragraph 1. 5, the words ' association ` shall be replaced by : ' Danish UCITS, special association or hedge union ` and ' association ` shall be replaced by ' Danish UCITS, special association or hedge organizations ` ;

131. Section 79, paragraph 1. 6, ITREAS :

" Stop. 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 honorareth. "

132. I § 81 the ' association ' s or of a department ' shall be replaced by ' and ' the Danish UCITS ' and ' and ' association ' shall be replaced by ' and ' the association ' to : ' the Danish UCITS, special association or hedge-union ` ;

133. In the title before Article 82, 'Danish UCITS' is replaced by 'Danish UCITS'.

134. § 82, paragraph. ONE, ONE. pkt., ITREAS :

' A department ' s surplus (net income) shall be made available 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 provisions thereof, cf. however, section 14, no. Twenty-four in the case of investment associations, specialised associations and hedge funds, and section 14 a, paragraph 1. 1, no. 25, as far as SIKAVs are concerned. `

135. I § 82, paragraph. 2, the following shall be inserted after ' General Assembly ` : ` in a fraternity or SIKAV. `

136. I § 82 pasted as paragraph 3 :

" Stop. 3. As far as securities funds are concerned, the Management Board of the investment management company or the management company may decide, in accordance with the Fund rules, that the enact shall be discharged in accordance with paragraph 1. 1 whole or in part shall be transferred to the encoding for subsequent financial years. `

137. § 83, paragraph. 1, ITREAS :

' 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 hedge union. "

138. I § 84, paragraph. 1, in the case of the words ' investment union ' shall be replaced by ' the Danish UCITS ` and in two locations : ' the association ' shall be replaced by : ' the Danish UCITS or the association '.

139. I § 84, paragraph. 3, the words ' association ` shall be replaced by ' the Danish UCITS, special or pagan association ' ;

140. § 85, paragraph. 1 and 4, revoked.

paragraphs 2 and 3 shall then be set out in paragraph 1. One and two.

141. § 88 ITREAS :

" § 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 mission or the solution to the investor. `

142. § 89 ITREAS :

" § 89. A Danish UCITS, special association or hedge union that has shareclasses shall indicate on its website the other classes established, including giving details of the characteristics that apply to each other class and whether the principles of : the allocation of costs. '

143. The title of section VIII is inserted after "termination of" : "Danish UCITS,".

144. In the heading to Chapter 12 the words ' associations and departments ' shall be replaced by ' Danish UCITS, special associations and their departments '.

145. I Section 91 (1). 2, the following shall be inserted after ' cooperative ` : ' in an investment association, SIKAV, special association or hedge association `, and ' occupied members ` shall be replaced by the following : ' had investors '.

146. I Section 91 (1). THREE, ONE. and 2. pkt., the following shall be inserted after ' cooperative ` : ` in an investment association, special association or hedge union `.

147. I § 91 inserted after paragraph 1. 3 as new paragraph :

" Stop. 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 be implemented by the division of the division which is issued in the other class. `

Paragraph 4-6 will then be referred to in paragraph 4. 5-7.

148. I Section 91 (1). 4, there will be paragraph 1. 5, and Section 91 (1). 6, there will be paragraph 1. 7, the words "association" shall be replaced by : ' Danish UCITS, special association or hedge-union `.

149. I Section 91 (1). 5, there will be paragraph 1. 6, the words ' association ` shall be replaced by : ' Danish UCITS, special association or hedge union `.

150. § 92 ITREAS :

" § 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 supervision of the financial supervision may involve an investment association, special association or hedge union if not all departments comply with the minimum capital requirement 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 the department 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 fixed after negotiation with the Financial supervision. `

151. I § 93 ' association ` shall be replaced by ' the Danish UCITS, special association or association ' and ' the association ' or the ' association ' shall be replaced by ' these `.

152. The title before paragraph 94 shall be replaced by the following :

" Reprocessing of Danish UCITS, special associations, hedge funds and departments in these '.

153. § 94 ITREAS :

" § 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 union, the association, hedge funds or department of these cannot be decided 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 execution of developments, inform investors, and indicate when the execution is expected to be carried out.

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 decide that the phasing out shall be carried out by winding-up proceedings. '

154. The title before section 95 is replaced by the following :

"Liquidation of Danish UCITS, special associations, hedge funds and divisions in these."

155. I Section 95, paragraph. 1, the following shall be inserted after the ' General Assembly ` shall be replaced by ' or the Management Board ' and ' shall be replaced by ' the management ' s and of the Directors ' s ' s and Governing Board '.

156. Section 95, paragraph. 2, ITREAS :

" Stop. 2. The Financial supervision may appoint a liquidator to perform the liquidation in place of or with the meeting of the general or 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 Danish UCITS or of the Board of Directors ; hedge union creditors shall be speaking for this. ` ;

157. I § 96, paragraph. 1, the following shall be inserted after the ' General Assembly ` shall mean : ` or the Management Board `.

158. I § 96, paragraph. 2, the words ' association or section ' shall be replaced by : ' Danish UCITS, special association, hedge-union or division of these ` ;

159. I § 96, paragraph. 3, the words ' association ` shall be replaced by : ' a Danish UCITS, special association or hedge association '.

160. § 96, paragraph. 6-8, ITREAS :

" Stop. 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 liquidation of a securities fund or a branch of a securities fund, the liquidator when a revised liquidation account is available shall send one copy of this to the Financial supervision. '

161. The title before paragraph 97 is replaced by the following :

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

162. Article 97 (2). 1 and 2, ITREAS :

' Financial supervision may, by application of a Danish UCITS, special association or hedge union, allow the Danish UCITS, the special association or its association or its association to be dismantled in a simplified phase when the SEC is estimated to be the same ; 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 debts. ` ;

163. I Article 97 (2). 4, the words ' association or section ' shall be replaced by : ' Danish UCITS, special association, association or department of the '.

164. I Article 97 (2). 5, the words ' association ` shall be replaced by : ' the Danish UCITS, special association or hedge association ' and ' association ` shall be replaced by ' the Danish UCITS, special association or hedge union ` ;

165. The title before paragraph 98 is replaced by the following :

" The dismantling of investment associations, SIKAVs, special associations, hedge funds and departments in these without investors '.

166. I ~ 98, paragraph. 1 and 3, section 156 (4). TWO, ONE. pkt., section 167, paragraph. TWO, ONE. pkt., and § 173, paragraph 1 2, ' recorded members ` shall be replaced by ' having investors '.

167. I ~ 98, paragraph. 1, ' association or ' division ` shall be replaced by ' the association ' means ' investment union, SIKAV, special association, unity or a department thereof ` ;

168. I ~ 98, paragraph. TWO, TWO. pkt., the association of the association, the SAM, the association association or its department, shall be replaced by : ' the association ' s association, the association of association, the association or its association. ` ;

169. I ~ 98, paragraph. 3, and paragraph FOUR, TWO. pkt., the words ' association or department ' shall be replaced by ' the association ' means ' investment union, SIKAV, special association, hedge-union, or department thereof. ` ;

170. The following title is inserted as a new heading :

' The duties of the Danish financial system and Danish UCITS, the duties of the specialist associations and of the association of hedge associations shall be '.

171. I § 99 the words ' associations ' shall be replaced by ' and ' and ' associations and departments ' associations and offices ` shall be replaced by ' and ' associations and offices ' shall be replaced by ' Danish UCITS, specialised associations, hedge associations and departments thereof ` ;

172. § 100 ITREAS :

" § 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 separatist 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 fixed after negotiation with the Financial supervision. `

173. § 101, paragraph. ONE, ONE. pkt., ITREAS :

"A Danish UCITS, special association, hedge union or division thereof may merge with a different Danish UCITS, special association, hedge union or department thereof."

174. I § 101, paragraph. 2, the words ' associations or departments ` shall be replaced by ' Danish UCITS, special associations, hedge associations or departments thereof ` ;

175. I § 101, paragraph. FOUR, TWO. pkt., ' members of ' shall be replaced by ' investors in `.

176. § 102 ITREAS :

" § 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 Management Board of the Fund ' s investment management company or the management company. `

177. The following paragraph 105 is inserted :

" § 105 a. Determination of transfusions 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 thereof are related.

Paragraph 2. Determination of transfusions shall be taken in a SIKAV or an investment association or department thereof by the Management Board if the SIKAV, the investment association or the division thereof is devour.

Paragraph 3. Decisions 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. `

178. I Section 106 (4). FIVE, TWO. pkt., section 107 (4). FIVE, TWO. pkt., and § 150, paragraph. THREE, ONE. pkt., ' members of ' shall be replaced by ' investors in `.

179. I Section 106 (4). SIX, ONE. pkt., "the members of" shall be replaced by : 'investors in'.

180. Section 107, paragraph 1. 1-3, ITREAS :

" A Danish UCITS, special association, hedge union or division 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, unit association or department assets and obligations ;

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

2) one or more newly-raised Danish UCITS, special associations, hedge associations or departments. ` ;

181. I Section 107, paragraph 1. FOUR, TWO. pkt., ' association or department ` shall be replaced by ' unit `.

182. § 108 ITREAS :

" § 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. "

183. § 111, paragraph 1. 1, ITREAS :

"A branch of a Danish UCITS, special association or hedge association may be transferred to another Danish UCITS, special association or hedge union."

184. I § 111, paragraph 1. 3, the words ' association ` shall be replaced by : ' Danish UCITS, special association or hedge-union `.

185. I § 112, paragraph 1. 1 and 2, the words ' association ` shall be replaced by ' the association ' shall be replaced by ' UCITS, SIKAV, special association or association ` ;

186. I § 112 inserted after paragraph 1. 2 as new paragraph :

" Stop. 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 which administers the relevant securities fund. ` ;

Paragraph 3 becomes paragraph 3. 4.

187. § 113, paragraph 1. 1, ITREAS :

" Management of the governing and receiving investment association, SIKAV, special association or hedge management and management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company management company the securities fund, after the transfer has been decided, shall send a request for approval of the transfer to the Financial supervision. '

188. § 113, paragraph 1. 2, no. 2, ITREAS :

" 2) a statement by the governing board of the governing association or SIKAV or of 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 securities fund. ` ;

189. § 116 ITREAS :

" § 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. `

190. I § 117, paragraph 1. 2, no. 2, and Section 118 (1). 1, no. 3, the word ' means ' shall be replaced by ' the Foundation '.

191. I § 117, paragraph 1. 2, no. 3, and Section 118 (1). 1, no. 4, change ' investment union ` shall be replaced by ' Danish UCITS of the same type ` ;

192. § 117, paragraph 1. 3, ITREAS :

" Stop. 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. `

193. In the heading to section IX the ' Investment associations ` shall be replaced by : ' Danish UCITS ` ;

194. I § 120, paragraph 1. 2, the Danish UCITS ' s Staff Regulations shall be amended to : 'the Danish UCITS' Statutes or Fund regulations that a section of the Danish UCITS `.

195. I § 123, paragraph 1. 2, no. 3, the ' investment union ' shall be replaced by : ' the Danish UCITS ` ;

196. I § 123, paragraph 1. 3, and § 130, paragraph. THREE, ONE. pkt., change ' investment associations ` shall be replaced by ' Danish UCITS ` ;

197. § 123, paragraph 1. 4, is hereby repealed and the following shall be inserted :

" Stop. 4. Danish UCITS must report to the SEC, the types of derivative financial instruments 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 may lay down detailed rules on how often the Danish UCITS shall be notified in accordance with paragraph 1. 4, and the content of the reporting. ` ;

198. The heading before section 124 is replaced by the following :

"Parts of Danish UCITS, special associations and other UCITS".

199. § 124, paragraph 1. 1, no. 1, ITREAS :

" 1) Danish UCITS or their departments, ".

200. Two places. § 124, paragraph 1. 2, ' associations ` shall be replaced by ' Danish UCITS, special associations or hedge funds `.

201. I § 125, paragraph 1. TWO, TWO. pkt., "The Danish UCITS" is replaced by the 'Investment Society'.

202. I § 126, paragraph 1. 1, the words ' association or department ' shall be replaced by ' a Section of the Danish UCITS ` ;

203. § 127 ITREAS :

" § 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 facility, funds 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-arkedsarkedsman, of their funds. '

204. I § 128, paragraph. 1, no. TWO, TWO. pkt., and no. THREE, TWO. Act. ' association or department ' shall be replaced by the following : "Section of a Danish UCITS".

205. I § 128, paragraph. 1, no. TWO, TWO. pkt., and no. THREE, TWO. pkt., and § 133, paragraph 1. 1, no. 1 and 2, the words ' or ' shall be deleted ;

206. I § 130, paragraph. 1, the words ' association ` shall be replaced by : ' the Danish UCITS ` ;

207. Two places. § 130, paragraph. FOUR, TWO. pkt., the words ' association ` shall be replaced by ' the Danish UCITS ` ;

208. The title before section 135 is inserted after "others" : "Danish UCITS,".

209. § 136 ITREAS :

" § 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. "

210. § 137 ITREAS :

" § 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%. by the department ' s assets when these instruments are issued by the same emittent or emittent emitters in the same group. `

211. I § 138, paragraph 1. 1, the ' investment association ' shall be replaced by ' the Danish UCITS ` ;

212. § 140 ITREAS :

" § 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 reduced no later than 8 banking days after exceeding the overrun, the Danish UCITS shall immediately report this to the Financial supervision. In this case, the financial supervision may, in this case, grant permission to reduce the excess over a longer period if it is in the interests of the investors. '

213. § 144 ITREAS :

" § 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 the organization or of a foreign investment institution. ` ;

214. I section 147, paragraph 1. 1, no. 2, and Section 161 (1). 1, no. 2, the words ' one member ` shall be replaced by ' a ' shall `.

215. I section 147, paragraph 1. 2, and Section 161 (1). 3, ' investment associations ' shall be replaced by ' Danish UCITS ` ;

216. I section 148, paragraph 1. ONE, THREE. pkt., section 164 (1). ONE, TWO. pkt., section 192, paragraph 2, and section 224, paragraph 1. FOUR, ONE. pkt., "The members" shall be replaced by : "Investors."

217. I § 150, paragraph. THREE, TWO. pkt., "the members of" shall be replaced by : 'investors in'.

218. I Section 161 (1). 1, no. 1, and section 224, paragraph 1. ONE, ONE. pkt., ' one or more members ' shall be replaced by : ' one or more investors ` ;

219. I § 161 pasted as paragraph 6 :

" Stop. 6. Chapter 2, section 366, section 367, paragraph. ' 1 and 4, and section 371 in the corporate law, shall consider the necessary adjustments to the associations of sheep '. ` ;

220. I Section 177, paragraph 1. TWO, TWO. pkt., the words ', and whose interests cannot be contrary to the association ' s.

221. Section 196 (4). ONE, TWO. pkt., ITREAS :

' Financial supervision shall also ensure compliance with Danish UCITS, specialised associations, hedge associations and phytoshingers ' bylaws or Fund regulations when the SEC has approved the regulations or the Fund ' s provisions. `

222. I Section 196 (4). ONE, FIVE. pkt., ' associations ` shall be replaced by : ' Danish UCITS, special associations, hedge funds and sheep ' s associations `.

223. I Section 196 (4). TWO, ONE. pkt., the words ' association ` shall be replaced by ' Danish UCITS ', special association, hedge associations and sheep ' s associations `.

224. I Section 198 (4). 1, the words ' associations ' shall be replaced by the ' Danish UCITS `, the Danish UCITS, the unions and the creatings of the clubs, and after ' association ` shall be inserted : ' or Danish UCITS `.

225. Section 198 (4). 2, ITREAS :

" Stop. 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 SEC must notify its conclusions regarding the inspection. ` ;

226. I Section 198 (4). 3, the words ' association ` shall be replaced by ' the Danish UCITS, specialised assembly, hedge-simplification or phytoshan-assembly `.

227. I Section 199 (4). ONE, ONE. pkt., the words ' associations ' shall be replaced by : ' Danish UCITS, special associations, hedge funds and sheep ' s associations `.

228. I Section 199 (4). 2, the words ' association ` shall be replaced by : ' Danish UCITS, special association, hedge-union or sheep ' s association ` ;

229. I Section 199 (4). 3, the words ' association ` shall be replaced by ' the Danish UCITS, special association, association and phyings association ' and ' the association ' shall be : ' the Danish UCITS, special association, association or funion association '.

230. § § 200 and 201 ITREAS :

" § 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-profile or business model of the hedge unit or a department ' s risk or business model, which may cause not 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 Association of the Danish UCITS, 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 Commission other than the expert person, including the Danish UCITS, the Special Association, the hedge fund or the group's association. ` ;

231. § 204 ITREAS :

" § 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 financial matters. ` ;

232. I § 207, paragraph 1. 1 and 2, and paragraph 3, 3. pkt., the words ' association ` shall be replaced by ' association ', SIKAV, special sorority, association or funion reunification. ` ;

233. I § 207, paragraph 1. FIVE, ONE. pkt., ' The association ' shall be replaced by ' the investment association, the SIKAV, the association, the association or the association of the group. ' ;

234. I § 208 the "association area" shall be replaced by the following : "investment area".

235. § 209 (4) 1 and 2, ITREAS :

' in cases where a Danish UCITS, special association, hedge sorority or a group ' s association or a division thereof have gone bankrupt or the majority of the Danish UCITS, the association, the branch of the creatman or department of operation are : 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, the association or department of the department, its creditors, or acquisitions of whole or part of the Danish UCITS, the Association, the Association of the Association, the Association of the Association, the Association of the Association, the Association of the Association

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. "

236. § 210, paragraph 1. 3, no. 2 and 3, ITREAS :

" 2) Decisions relating to the memorandum of association, cf. § 28, paragraph 1. 2, and section 31 f, and changes of 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 Finance. `

237. § 210, paragraph 1. 3, no. 9 and 10, ITREAS :

" 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. `

238. § 210, paragraph 1. 4 and 5, ITREAS :

" Stop. 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 Danish UCITS, special association, union, professional association, association or the association of the single Danish UCITS, or their association or its association ; 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 group. '

239. § 210, paragraph 1. 6, no. 8, 1. pkt., ITREAS :

" The standing committee of the parliament of a Danish UCITS, special association, hedge association, professional association, trade union association or departmental economic conditions as regards crisis management by Danish UCITS, special associations, hedge funds, professional associations and sheep ' s associations when deciding whether or not the State should provide a guarantee or provide funds. '

240. § 210, paragraph 1. 6, no. 10 and 11, ITREAS :

" 10) Interested, including authorities, involved in trying to rescue a disenchanted Danish UCITS, special association, hedge union, professional association, approved sheep ' s association or its department when the SEC has received a mandate from the acquisition of the Community ; and the Minister for Growth and, provided that the recipients of the information are to be received, this is necessary.

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 carrying out the statutory audit 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. "

241. I § 210, paragraph 1. 6, no. 16, the words ' association ` shall be replaced by : ' Danish UCITS, special association, hedge union, professional association or a group association '.

242. I § 211, paragraph 1. ONE, THREE. pkt., the words ' association ` shall be replaced by ' the Danish UCITS ', of the specialist association, the professional association or the group ' s association. ` ;

243. I § 211, paragraph 1. TWO, ONE. pkt., the words ' association ` shall be replaced by ' the Danish UCITS, the Danish UCITS, the Association, the Association of the Association, the Association of the Association, or the Association of the Association. '

244. § 212, paragraph 1. 1, no. 2 and 3, ITREAS :

" 2) Decisions relating to the memorandum of association, cf. § 28, paragraph 1. 2, and section 31 f, and changes of 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 Finance. `

245. § 212, paragraph 1. 1, no. 9 and 10, ITREAS :

" 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. `

246. § 212, paragraph 1. 2, ITREAS :

" Stop. 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. "

247. § 213, paragraph 1. 1-3, ITREAS :

' 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 or the management company, are considered to be a union. 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 offer to provide 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. ` ;

248. After section 216, before heading 217, the following section is inserted :

" § 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 on the registration of business information and the allocation of cvr number to SIKAV and the SE number of the securities funds, departments of which 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 rye letters may be fixed for late payment. `

249. I § 221, paragraph 1. ONE, ONE. pkt., in the words ' section 4 (4), 1-5 " to : section 4, paragraph 1. 1-9 "," section 10, paragraph 10. Five shall : ' 10, paragraph 1. 7 "," § 35, paragraph One-four 'to :'. 35, paragraph. 1-5 "and" section 91, paragraph. 3 and 5 "to :" § 91, paragraph. 3 and 6. "

250. I § 221, paragraph 1. ONE, ONE. pkt., is inserted after ' Section 33 (1). Paragraph 1 (1). THREE, ONE. pkt., and paragraph. 6 and 7, ", section 33 a," and after " § 35, paragraph. The words " 1-4 " are replaced by ' § 35 a, paragraph 1. 1-5, section 35 b, paragraph. 1-5, ".

251. I § 221, paragraph 1. ONE, TWO. pkt., in the words ' section 31 ` shall be replaced by ' § 31 and 31 h ` and ' and section 44 (4). 1 and 2 ` shall be : section 44 (2) ; One-three, and paragraph 201, paragraph 1. 3 and 6. "

252. I § 221, paragraph 1. 3, the following sentence shall be inserted after "fine" : " or prison up to four months '.

253. § 221, paragraph 1. 4, ITREAS :

" Stop. 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. ` ;

254. I § 221, paragraph 1. 5, the words ' association ` shall be replaced by : ' Danish UCITS, special union, union, professional association or funion association `, and three places the ' association ` shall be replaced by ' the Danish UCITS, the Association of the Association, the Association, the Professional Association, or The Fog's Association. "

255. I § 222, paragraph 1. 1, the words ' association ` shall be replaced by : ' Danish UCITS ', specialist assembly, hedge associations, professional associations, or sheep ' s associations `.

256. I Section 223, paragraph 1. ONE, ONE. pkt., the words ' a association ` shall be replaced by ' a Danish UCITS, special association and hedge union `, and ' the association ` shall be replaced by the words ' Danish UCITS, special association or hedge-union ` ;

257. Section 223, paragraph 1. 2, ITREAS :

" Stop. 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 law. ` ;

§ 2

In the law of financial activities, cf. Law Order no. 885 of 8. August 2011, as amended by Section 2 of Law No 616 of 14. June 2011, section 14 of law no. 1382 of 28. December 2011, section 1 of law no. 155 of 28. February 2012 and Section 2 of the Act of Law No 273 of 27. In March 2012, the following changes are made :

1. I Section 5 (5). 1, no. 26 (a) ' management companies ' shall be replaced by ' the investment management companies or the management companies (in Denmark : securities funds) ` ;

2. I Section 5 (5). 1, no. 26 (c), inserted after ' (in Denmark : investment foundations ` : ` and companies for investment capital that are variable (SIKAV ' s) `.

3. I ~ 30 (5)) 3, no. 1, and Section 31 (1). 3, no. 1, ' including investment groups, after the Delegation of the Board, ` ;

4. I § 43, paragraph. 5, and § 121, paragraph 1. 2, ' investment associations ' shall be replaced by ' Danish UCITS ` ;

5. § 52 ITREAS :

" § 52. Penalty institutes and branches of credit institutions having a registered office in another country within the European Union or in a country with which the Union has concluded agreement in the financial field, which has been approved by the Financial Regulation as a financial institution ; debit company, cf. Section 3, paragraph 3. 1, no. In the case of a Danish UCITS, special association, association, professional association or a group association of the Danish UCITS, the Danish UCITS, the Association of Cats, or FUC, shall act independently and exclusively in the Danish UCITS or association concerned ; Interest. "

6. Section 54 (1). 1, ITREAS :

' When investment management companies perform portfolio care for UCITS, specialised associations, professional associations, team associations, hedge funds and other collective investment schemes, including the assets securities for them, they are : the UCITS and associations concerned shall be subject to the same protection as customers after paragraph 72. ` ;

7. I Section 54 (1). 2, and § 101, paragraph. 1, the words ' including investment groups ` shall be deleted ;

8. I § 77, paragraph. 1, no. 3, and paragraph TWO, TWO. pkt., changes ' shares in investment associations ` shall be replaced by : ' shares in Danish UCITS `.

9. § 98 ITREAS :

" § 98. Investors in the UCITS, special associations, hedge funds, approved sheep's associations, professional associations and non-approved sheep's associations, investors in other collective investment schemes in accordance with the rules of the European Union. Section 195 of the law on investment associations and so on, and investors, with whom the investment management company has concluded an agreement on the portfolio management, cf. in Annex 4, section A, no. 4, cf. ~ 10 (1)) 2, as an investment management company administers, has the right to select one member of the Management Board of the Management Board for the investment management company by means of a investor forum. Investor and consumer organisations have access to the investor forum to propose candidates to the board. The elections shall be conducted in an election meeting or by electronic voting in accordance with the rules laid down in the investment management company ' s statutes. The investors are able to represent themselves at the full power of attorney.

Paragraph 2. The investment management company ' s statutes shall determine whether investors can vote in relation to their relative share of the assets managed by the investment management company for UCITS, specialised associations, hedge funds, approved the associations, professional associations, non-approved sheep ' s associations, investors in other collective investment schemes, cf. Section 195 of the law on investment associations and so on, and investors, with whom the investment management company has concluded an agreement on the portfolio management, cf. in Annex 4, section A, no. 4, cf. ~ 10 (1)) 2, or whether each investor has one vote, regardless of the amount invested. If the investors are voting for their relative share of the assets, the number of votes on the basis of the internal value shall be calculated according to the internal value after the last published exchange rate or exchange rate on a predetermined date.

Paragraph 3. When an investment management company alone manages investment associations, SIKAVs, special associations, hedge funds, approved sheep ' s associations and professional associations which own the company, cf. § 17, paragraph 1. The company shall be exempt from the requirement referred to in paragraph 1 in the law on investment associations and so on. 1 to establish an investor forum if at least one member of the Management Board or the Governing Board of the Management Board shall be chosen as a member of the management board of the investment management company. `

10. § 101, paragraph. 3, no. 2, ITREAS :

" 2) could detect conflicts of interest which may harm a UCITS or a union ' s investors '.

11. The title before section 102 is inserted after "administration of" : "SIKAV ' is, value paper funds and".

12. I ~ 102, paragraph 1) 1, the following shall be inserted after ' administration of a ' : "SIKAV, securities fund, or".

13. ~ 102, paragraph 1) 2, ITREAS :

" Stop. 2. The Administrative Board may, by way of derogation 1 do not take a decision to delegate core tasks, cf. paragraph 7. The Management Board may conclude contracts for portfolio management with a company that satisfies the conditions of section 103 (s). 1 and which are not depots for the SIKAV, the securities fund or the foreign UCITS or any other company whose interests may conflict with the interests of the SIKAV, securities fund or UCITS and its investors. ' ;

14. I ~ 102, paragraph 1) 3, the following shall be inserted after ' administration of it ` shall be inserted : ' SIKAV, value paper or `.

15. I ~ 102, paragraph 1) 6, the following shall be inserted after the ' administration of a ' means : "SIKAV, securities fund, or".

16. I section 103 (3). 2, inserted after "administered" means : "SIKAVs, securities funds or foreign".

17. section 103 (3). 3, ITREAS :

" Stop. 3. The delegation of tasks of the Administrative Board must not prevent effective supervision of the investment management company and its managed SIKAVs, securities funds or foreign UCITS, and must not prevent the investment management company in to act or to prevent the SIKAV, the securities fund or the foreign UCITS from being managed in the interests of investors. ` ;

18. I § 104, paragraph 1. 2, the following shall be inserted after ' administered ` means : "SIKAV ' s, securities, or foreign".

19. In the title before section 106, "UCITS" is changed to : "Danish UCITS".

20. Section 106 (4). 1 and 2, ITREAS :

" A debit company shall manage and store a Danish UCITS, special association, hedge association, professional association and the financial assets of the Danish UCITS, or the departments of the Danish UCITS. The deposits must be able to provide adequate financial and professional security in order to effectively apply to the Danish UCITS, the Association, the Association, the Professional Association, the Association of the Union, or the Union for the Association of the Association.

Paragraph 2. The DepotCorporation shall ensure that :

1) a Danish UCITS, special association, hedge-simplification, professional association or the onset of trade union, and the mortification of investors shall be carried out in accordance with the rules of the law on investment associations, etc. and the statutes or the fund rules,

2) financial instruments, cf. Section 3, paragraph 3. 1, no. 1, in the law of investment associations, etc., which are sold for the Danish UCITS, special association, hedge associations, professional association or the front of the front, only the price of the sale (mohoning) is paid to the debit party,

3) Payment for financial instruments, cf. Section 3, paragraph 3. 1, no. 1, in the law of investment associations, etc. purchased for the Danish UCITS, special association, hedge associations, professional association or the front-of-the-world association, shall take place only on the supply of financial instruments to the debtor,

4) assets belonging to the Danish UCITS, special association, hedge union, professional association, or the union of the sheep ' s association, which have been lodged with the security of their obligations, shall be returned to the debit party when the claim is inexted,

5) the payment of dividends or withdrawal of profits to increase the wealth takes place in accordance with the Danish UCITS, special association, hedge associations, professional association or by the association ' s statutes or the Fund ' s rules ;

6) the value of a Danish UCITS, the specialized association or the front-man association ' s holdings of mortgages shall be set in accordance with the rules to be applied ;

7) a purchase and sale of financial instruments by a Danish UCITS, special association or hedge-simplification, cf. Section 3, paragraph 3. 1, no. 1, in the law of investment associations, etc., shall be done in accordance with Section 51 of the law on investment associations and so on and

8) the purchase and sale of other assets, including pawn mail, are made at prices that are not less advantageous than the value of the day. ` ;

21. I Section 106 (4). 3, change ' investment association whose board of directors has delegated the day-to-day administration to : ' Danish UCITS administered by ', and after ' the investment association ' shall be inserted : ' or the SIKAV'' s `.

22. I Section 106 (4). 4, change ' investment union ' to : ' Danish UCITS ` and ' associations ` shall be replaced by ' units `.

23. I Section 106 (4). FIVE, ONE. pkt., and § 346 c (2) (c) 1, change ' investment union ` shall be replaced by ' Danish UCITS ` ;

24. I Section 106 (4). 6, no. 1 and 4, ' associations ` shall be replaced by : ' Danish UCITS, special associations, hedge funds, professional associations and sheep ' s associations `.

25. I Section 106 (4). 6, no. 2, change ' unit of investment ' to the management of the day-to-day administration to : ' Danish UCITS administered by '.

26. I § 107, 2. pkt., the words ' association ` shall be replaced by ' the Danish UCITS, special association, of the hedge unions, approved sheep ' s or professional associations ` ; and in two places, the ' association ` is replaced by ' the Danish UCITS, special association, hedge union, approved sheep ' s association ; or professional association. "

27. I § 141, paragraph 1. 1, ' associations and foreign UCITS ` shall be replaced by : ' UCITS, special associations, hedge funds, professional associations and sheep ' s associations `.

28. I § 157 and § 166 (4)) 4 and 5, ' investment associations ' shall be replaced by ' Danish UCITS ` ;

29. I § 162 (2) 1, no. 8 (b) and c, in the case of Danish UCITS ', the 'which applies to investment unions'.

30. I § 166 (4)) 5, the words ' associations ` shall be replaced by ' Danish UCITS, specialised associations, professional associations and approved sheep-male associations '.

31. I § 346 a, 1. pkt., the following words shall be inserted after ' administration of ' : ' Danish UCITS and ` and after ' mentioned ' shall be inserted : ' UCITS and `.

32. I § 346 c (2) (c) 2, ' UCITS ` shall be replaced by ' UCITS `.

33. I § 350, paragraph. 1, no. 1, the ' investment associations ' shall be replaced by : ' the Danish UCITS ` ;

34. § 355, paragraph. 2, no. 14, ITREAS :

" 14) UCITS, special associations, approved sheep ' s associations and other collective investment schemes where the Finance-SEC takes a decision on a case concerning the investment management company that administers the UCITS, the special association, the group ' s association or collective investment scheme. `

35. I Section 361 (1). 1, no. 10, 3. pkt., ' investment associations ' shall be replaced by ' Danish UCITS ` ;

36. § 367 ITREAS :

" § 367. Danish UCITS, special associations and sheep's associations pay annually 4.4%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The tax shall be distributed among the companies by DKK 10,000. per Danish UCITS or association plus 3000 kr. per Department. The remainder of the levy shall be allocated to the individual company ' s share of the provisions of paragraph 1. 1 covered the overall balance of undertakings. ` ;

37. I Annex 6, no. 1, the placing on the market of UCITS shall be replaced by ' the placing on the market of UCITS ` ;

38. I Annex 6, no. 7, the following shall be inserted after ' UCITS ` : ', which has been granted authorisation in another country within the European Union or a country with which the Union has concluded an agreement in the financial sphere `.

§ 3

In the tax control law, cf. Law Order no. 819 of 27. June 2011, as amended, inter alia, in section 2 of Law No 2. 462 of 12. June 2009, section 4 of law no. 1560 of 21. In December 2010 and section 8 of Law No 118 of 7. February 2012, and no later than Section 11 of Act 11. 433 of 16. In May 2012, the following changes are made :

1. I Section 1 (1). ONE, TWO. pkt., is replaced by ' or § 10 B ` to : ', section 10 B or § 10 E `.

2. I Section 9 (1). 1, and Section 14, paragraph 14. 2, shall be inserted after ' Section 10 B (1). 1 and 2, ' : ' 10 E (1) (1), 1, "

3. I § 9 A, PART 1 and 3, in the words ' or sections 11 G ` is replaced by ', 10 E or 11 G `.

4. I § 10 D inserted after "§ 10 B," : "§ 10 E,".

5. The following section 10 D is added :

" § 10 E. Administration of securities funds must be reported annually to be reported according to section 8 H, 8 Q, 8 X, 9 B, 10 and 10 A, and information which, pursuant to section 10 B (2), One-four, reporting duty shall be subject to the participation of the individual participants in the assets of the securities fund and their return.

Paragraph 2. The tax minister may lay down detailed rules for the reporting, including the leopard reporting obligation. ` ;

6. Section 11 H, paragraph 1. ONE, TWO. pkt., revoked.

7. Section 11 H, paragraph 1. 2, is hereby repealed and the following shall be inserted :

" Stop. 2. Vaps of securities funds that are not subject to Article 10e, may, in agreement with the individual participants in the securities funds, the reporting of the information which is covered by the reporting obligations in section 10 (1). 4, or § 10 B.

Paragraph 3. The report pursuant to paragraph 1. 1 and 2 shall be carried out before the closing date of section 9 A (3). 1.

Paragraph 4. The tax minister may lay down detailed rules on the registration of the intermediaries reporting in accordance with paragraph 1. One or two. "

§ 4

In the case of the tax treatment of profit and loss in the balance of shares and so on. (Asset Taxation Act), cf. Law Order no. 796 of 20. June 2011, as last amended by Section 1 of law no. 433 of 16. In May 2012, the following change is made :

1. I Section 14, paragraph 14. 2, is inserted after ' § 10 B ` : ', § 10 E `.

§ 5

In the law on fiscal treatment of profit and loss of debts, debts and financial contracts (the exchange rate law), cf. Law Order no. 916 of 19. August 2011, as amended by Section 6 of Law No 1382 of 28. December 2011, section 12 of law no. 118 of 7. February 2012 and Section 7 of the law. 433 of 16. In May 2012, the following change is made :

1. I Section 15 (3). 2, is inserted after ' § 10 B ` : ', § 10 E `.

§ 6

Paragraph 1. The law shall enter into force on 1. July 2012, cf. however, paragraph 1 2.

Paragraph 2. § 2, nr. 9, enter into force on 1. January 2013.

§ 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, nr. In 302, page 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. In 79, page 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, 2010, nr. In 176, page 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 procedure, EU Official Journal 2010, nr. L176, page 28-41.