Chapter 1	Securities
Chapter 2	Peanal market instruments
Chapter 3	Pengy-SIKAV ' s, money-saving funds and money-arcing associations
Chapter 4	Valuable loans and repo agreements
Chapter 5	Copying share or bond index
Chapter 6	Penalty provisions
Chapter 7	Entry into force into force

Publication of investment securities and money instruments for Danish UCITS, as well as special associations and approved sheep ' s associations, which are investing as Danish UCITS 1)

In accordance with section 127 and § 221 (4), 3, in the Law on Investment Associations, etc., in accordance with : Law Order no. 935 of 17. September 2012, set :

Chapter 1

Securities

§ 1. Investment associations, SIKAV and securities funds (hereinafter referred to as ' Danish UCITS `) and special associations and approved sheep ' s associations (hereinafter referred to as ' associations `), which are investing as Danish UCITS, may only invest in securities, cf. Section 3, paragraph 3. 1, no. 2, in the Act of Investment Associations, etc., which meets all of the following criteria :

1) The potential loss that a Danish UCITS, association or a department can impose on the possession of the relevant securities is limited to the amount of the Danish UCITS, the association or the department paid for the securities.

2) The liquidity of the securities does not bring the ability of the Danish UCITS, the association or department to comply with the requirement for the deposits of sections 55 (5). 1-7, in the law on investment associations, etc. in danger.

3) A reliable value hire of the securities is available in the following manner :

a) For transferable securities which are included in trade in a regulated market, cf. § 120, paragraph 1. 1-3, in the case of investment associations, etc., in the form of accurate, reliable and regularly fixed prices, which are either market prices or prices made available by providers of exchange rate information which are independent of issuers of the securities.

b) For transferable securities, cf. § 120, paragraph 1. 4, in the case of investment associations, etc., in the form of a periodic valuation based on information given by the issuer of the securities or reliable investment analyses.

4) Relevant information about the securities files is available in the following form :

a) For transferable securities which are included in trade in a regulated market, cf. § 120, paragraph 1. 1-3, in the law on investment associations, etc., in the form of regular, precise and detailed information to the market on the securities or, where appropriate, the securities portfolio.

b) For other transferable securities, the subject of section 120 (3). 4, in the case of investment associations, etc., in the form of regular and precise information to the Danish UCITS or the association of securities or, where appropriate, the securities portfolio.

5) The securities are negotiable.

6) The acquisition of securities by the Danish UCITS, association or department must be in accordance with the investment objectives of the Danish UCITS or of its investment objectives or investment policy, or both, in accordance with Chapter Thirteen, 14, 15 and 18 of the law on investment associations, etc.

7) The risk management process of the Danish UCITS or the simplification process must be appropriate to capture the risks associated with the investment in the securities, cf. Section 44 (2). 1, no. 4, in the law on investment associations, etc.

Paragraph 2. Unless the Danish UCITS or the association has access to information showing the opposite, it is assumed in relation to paragraph 1. 1, no. 2 and 5, that securities admitted to trade in a regulated market do not bring the ability of the Danish UCITS, the association or department to comply with the requirement in section 55 (5). 1-7, in the law on investment associations, etc. in danger. These securities are also assumed to be a negotiable one.

Paragraph 3. The following financial instruments are covered by the definition in section 3 (3). 1, no. 2, in the law of investment associations, etc. of transferable securities :

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

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

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

Paragraph 4. The following financial instruments are also covered by the definition of transferable securities :

1) Parts in UCITS of the closed type formed as investment firms or as investment funds and which meet the following criteria :

a) the units shall meet the criteria laid down in paragraph 1. 1,

b) the UCITS are subject to the principles of good company service that apply to undertakings, and

c) if the management of the property is carried out by a different unit on behalf of the institution of the closed type, this unit shall be subject to national legislation on investor protection.

2) Parts in institutes of the closed type formed in accordance with the Agreement Court and which fulfil the following criteria :

a) the units shall meet the criteria laid down in paragraph 1. 1,

b) the UCITS are subject to the principles of good self-management, similar to those applicable to undertakings, and

c) the UCITS shall be managed by a unit which must be covered by national legislation on investor protection.

3) Financial instruments which meet the criteria laid down in paragraph 1. 1 and which are secured by or coupled with the resulting development of other assets that may differ from those referred to in section 120-126 of the law on investment associations and so on.

Paragraph 5. Where a security of securities which falls under paragraph 1 shall be made. 3, no. 3, contains a derivative instrument as referred to in section 3 of the Danish UCITS, the specialised unionists and approved sheep ' s associations of derivative financial instruments, shall consider the procedures in section 44 (3). 1, no. 4, and the requirements of section 132-134 of the investment associations and so on shall apply to this securities.

Chapter 2

Peanal market instruments

§ 2. Danish UCITS or associations that invest such as Danish UCITS may only invest in money-archanting instruments which satisfy the conditions laid down in section 3 (1). 1, no. 3, in the law on investment associations, etc., and this notice. The instruments of the Pengal Market include both money-arcing instruments available for trade in a regulated market and money-saving instruments that are not available for trade in a regulated market.

Paragraph 2. Peanal market instruments that are normally converted into the money market, cf. Section 3, paragraph 3. 1, no. 3, in the Act of Investment Associations, etc., shall be financial instruments that satisfy one of the following criteria :

1) the instruments shall have, at the time of the emission, a duration of not more than 397 days ;

2) the instruments have a residual maturity of not more than 397 days,

3) the returns of the instruments are regularly regulated and at least once every 397 days in accordance with the development of the money market, or

4) the risk-risk profile of the money market, including credit and interest-rate instruments, matches the risk profile of financial instruments with a duration as specified in point (s). Paragraph 1 or 2, or their returns are regulated as specified in paragraph 1. 3.

Paragraph 3. Weighted Average Rentel Time (VGR) the weighted average time on all the assets of the Danish UCITS or the association measured as the weighted average run time, so that for variable-level assets that are constantly being used ; the rate of interest rates in relation to a monetary interest rate or an index shall be taken into account by only the time for the next interest rate. VGR is used to measure the sensitivity of the Danish UCITS or the simplification of changes in the money markets.

Paragraph 4. Weighted Average Remaining Time (VGL) the weighted average life expectancy (the period of time to the main chair) of all the Danish UCITS or its assets measured as the weighted average run time (without taking account of interest and dilation). As opposed to the calculation of the VGR, the VGL calculation cannot be calculated by calculating the residual life span (for the next Rentesization) on variable-interest assets. VGL is used as the target of credit risk, because a longer period of prefall of the principal all other matters is a greater credit risk. At the same time, VGL will be used to limit the risk of liquidity.

§ 3. Likfact instruments are cash instruments available to dispose of limited costs within a satisfactory short period, taking into account the commitment of the Danish UCITS, the association or department to repurdees or collect their units at the request of any participant.

Paragraph 2. Any market instruments which can be valued at any time are cash instruments for which precise and credible supply of exchange rate information are available which meet the following criteria :

1) the information enables the Danish UCITS or the association to calculate the net value of assets corresponding to the value to which the financial instrument in the portfolio will be exchanged between well-informed and preparedness parties in one ; arm-alarm transaction ; and

2) the information is based on either market data or value function models that includes systems based on amortization costs.

Paragraph 3. The people in paragraph 3. The criteria shall be deemed to have been met in the case of cash archeque instruments which are normally traded on the money market and which are engaged in trade in a regulated market unless the Danish UCITS or the association has access to ; information that shows the opposite.

§ 4. Other money instruments instruments other than those traded on a regulated market and for which the mission or emitter itself is regulated with a view to protecting investors and savings, cf. § 120, paragraph 1. 4, in the Law on Investment Funds, etc., shall be the instrument of financial instruments which satisfy the following :

1) One of the criteria in section 2 (2). 2 and all the criteria laid down in section 3 (3). 1 and 2,

2) available information on the instrument of money instruments, including information enabling a proper assessment of the credit risk associated with the investment in such instruments, in accordance with the provisions of the latter. paragraph 2, 3 and 4, and

3) the instruments for the financial instrument may be transferred freely.

Paragraph 2. For money-arding instruments, cf. § 120, paragraph 1. 4 in the Law on investment associations and so on, or the money instrument instruments issued by a central, regional or local authority of a country within the European Union, a country of which the Community has concluded an agreement in the financial sphere or of a country ; the third country or of an international institution of a public nature as one or more Member States participate in, but not guaranteed by a Member State, the appropriate information shall be provided for in paragraph 1. 1, no. 2, as follows :

1) information on both the emission or the emission programme and the legal and financial situation of the emitter prior to the Emission of the monetary instrument,

2) updates to those in paragraph 1 1 mentioned information at regular intervals and every time a significant event occurs,

3) the in no. 1 mentioned information was verified by duly qualified third parties that do not receive instructions from the contagion, and

4) available and reliable statistics on the emission or emission programme.

Paragraph 3. In the case of money-saving instruments, cf. § 121, nr. 4, in the Act of Investment Associations and so forth, shall include the appropriate information referred to in paragraph 1. 1, no. 2, as follows :

1) information on the emission or emission programme or on the legal and financial situation of the emitter prior to the Emission of the monetary instrument,

2) updates to those in paragraph 1 1 information shall be periodical and each time a material event occurs, and

3) available and reliable statistics on the emission or emission programme or other data enabling an appropriate rating of the credit risk linked to investment in such instruments.

Paragraph 4. For money-arding instruments, cf. § 121, nr. 1-3, in the case of investment associations, etc., except in the case of the cash-archangel instruments referred to in paragraph 1. 2, and the cash-arding instruments issued by the European Central Bank or by the central bank of an EU Member State, shall include appropriate information, cf. paragraph 1, no. 2, information on the emission or emission programme or on the legal and financial situation of the emitter prior to the Emission of the monetary instrument instrument.

Paragraph 5. An undertaking which is subject to the supervision rules which the competent authorities consider to be at least as strict as Community rules in accordance with the rules laid down in the Community. § 121, nr. 4, in the Act of Investment Associates, etc., is an emittent subject to and monitoring the supervisory rules and fulfils one of the following criteria :

1) the emitter is a resident of the European Economic Area,

2) the emitter is the resident of the OECD countries belonging to the G-10 group,

3) the emittent has achieved at least "investment grade rating", or

4) Whereas it is possible, on the basis of an in-depth analysis of the emitter, that the supervisory rules applicable to the emitter are at least as strict as Community rules.

Chapter 3

Pengy-SIKAV ' s, money-saving funds and money-arcing associations

§ 5. Danish UCITS or associations that invest as Danish UCITS may use the term 'short-money-arkeds-SIKAV', 'short money market fund' or 'short-money society association', if the Danish UCITS or the association meets the requirements of paragraph 1. 2-12.

Paragraph 2. Short-saving money-arkeds-SIKAVs, short money-saving funds and short money-money associations must always invest with a view to preserving the assets and with an aim of giving a return equivalent to the money-market interest rate.

Paragraph 3. Short-saving money-arkeds-SIKAV ' is, short money-money funds and short money-money associations must invest in cash-deposit instruments or deposits in credit institutions that meet the criteria in section 120-122 of the law on investment associations, etc.

Paragraph 4. Short-saving money-arkeds-SIKAVs, short money-saving funds and short money-saving associations must make sure that the money-market instruments they invest have high quality. For the assessment of a quality instrument instrument, a number of factors must be taken into account as a minimum :

1) The credit quality of the Pengal Instrument, which must be assessed as high, if it has achieved one of the two top possible short-term credit ratings from each credit rating agency which has been judged by the instrument. If the instrument is not condemned by a credit rating agency, the short money market-SIKAV, short-money-money fund or short money market association must be based on its internal credit rating process, assessing it to have a similar high credit quality.

2) The properties that are associated with the asset class that the instrument represents.

3) In the case of structured financial instruments, account shall be taken of the operational and counterpart risks that derives from the structural financial transaction.

4) The cash-flow profile of the Pengar market.

Paragraph 5. Short-saving money-arkeds-SIKAV ' is, short money-money funds and short money-money associations must invest only in financial instruments that have a residual maturity date for the period of not more than 397 days.

Paragraph 6. Short-saving money-arkeds-SIKAVs, short money-saving funds and short money-arcing associations must make every single value and emission-and-solution courses available for its units on a daily basis.

Paragraph 7. Short-saving money-arkeds-SIKAV ' is, short money-saving funds and short money-saving associations must ensure that the portfolio has a VGR value of 60 days.

Paragraph 8. Short-saving money-arkeds-SIKAV ' is, short money-saving funds and short money-arcing associations must ensure that the portfolio has a VGL not more than 120 days to the date of entry.

Niner. 9. Short-term money-arkeds-SIKAV ', short money-money funds and short-money-money-money associations must be used in the calculation of VGL for financial instruments, including the structured financial instruments, basing the maturity calculation of the duration of the duration the time of the instruction. If the financial instrument contains a input option, the date of the input may be used instead of the remaining maturity in the event that the following conditions are fulfilled at all times :

1) the short cash-arkeds-SIKAV, short-money-money fund or short-saving money society can freely exploit the input date on its date of use,

2) the contract rate of the input will remain close to the value of the financial instrument on the next date of the day, and

3) The short cash-arkeds-SIKAV, short money market fund or short money management investment strategy leads to a high probability that the training will be utilize on the next date of date.

Paragraph 10. Short-saving money-arkeds-SIKAVs, short money-saving funds and short-money monarchs must take into account the derivative financial instruments, deposits and effective portfolios techniques.

Paragraph 11. Short-saving money-arkeds-SIKAV ' s, short money-money funds and short-money-money-money associations.

1) not invest directly or indirectly in shares or commodities, including through the use of derivative financial instruments,

2) invest only in derivatives financial instruments, in accordance with its cash-market investment strategy,

3) invest only in derivative financial instruments giving exposures to foreign currencies for risk-covering purposes, and

4) invest in financial instruments denominated in foreign currency, on condition that the currency risk is fully covered.

Nock. 12. Short-saving money-arkeds-SIKAV ' is, short money-money funds and short money-money associations can make use of profit-making policy that the shares of the investment institution may have a fixed or variable inner value.

§ 6. Danish UCITS or associations which invest as Danish UCITS may use the term ' money-arkeds-SIKAV `, ' monetary archangel ' or ' monetary union ' if the Danish UCITS or the association meets the requirements of paragraph 1. 2-7.

Paragraph 2. Pengy-SIKAV ' s, money-saving funds and money-saving associations must always comply with the provisions of section 5 (3). 2-6 and 9-11.

Paragraph 3. The money market-SIKAV-money-money funds and money-money associations, whatever the rule in paragraph 5, may be the rule in paragraph 5, no matter how the rule is : 4, invest in cash-market instruments which have at least the credit rating "investment grade" and which is issued or guaranteed by a central bank, state, regional or local authorities of an EU Member State, the European Union or the State ; European Investment Bank.

Paragraph 4. The money market-SIKAV ' s, money market funds and money-saving associations must not, through the use of profit policy, seek to have a fixed value by the investment institution.

Paragraph 5. Pengy-SIKAVs, pension funds and money-band associations may only invest in financial instruments that have a residual maturity of not more than two years to the date of entry, provided that no more than 397 days of the next interest rate adjustment shall be provided ; place. Funding for variable-interest financing instruments must be adapted to a monetary interest rate or an index.

Paragraph 6. The money market-SIKAV ' s, money market funds and money-saving organizations must ensure that the portfolio has a VGR not more than 6 months.

Paragraph 7. The pension funds, money market funds and the money market associations must ensure that the portfolio has a VGL of no more than 12 months in the date of the date of the sale.

Chapter 4

Valuable loans and repo agreements

§ 7. Danish UCITS or associations that invest as Danish UCITS can perform ad valors and use repo-risk coverage and portfolio management agreements.

Paragraph 2. Danish UCITS or associations carrying out securities lending shall ensure that, at any time in the maturity of the loan, adequate guarantees or other security shall be guaranteed for the securities lending and the other debit accounts, which : following the pawn conditions.

Paragraph 3. For securities lending, the loans of securities against subsequent return of the securities or an identical value paper, which do not involve the transfer of liquidity in addition to a payment from the borrower to the lender, shall be used.

Paragraph 4. A repo agreement is understood to mean an agreement on the sale of a transferable securities to a counterpart of the concurrent agreement on withdrawals and withdrawal of withdrawals and withdrawal dates at the time of the date of time.

Chapter 5

Copying share or bond index

§ 8. Copying the composition of a particular stock or bond index, cf. Section 130 of the investment associations, etc., are the copying of the composition of the underlying assets of the index.

Paragraph 2. An index whose composition is sufficiently varied, cf. § 130, paragraph. 2, no. 1, in the Law on investment associations, etc. is an index meeting the following criteria :

1) the risk-life rules in section 130, in the law of investment associations, etc., and

2) The index is made up in such a way that price movements or commercial activities affecting a single component will not have an undue influence on the development of the total index.

Paragraph 3. The index that represents an appropriate benchmark, cf. § 130, paragraph. 2, no. 2, in the Act of UCITS and so on, the following criteria shall meet the following criteria :

1) the index measures the development of a representative group of underlying assets in appropriate and appropriate ways ;

2) the index is audited or balanced at regular intervals to ensure that it continues to reflect the markets to which it refers in accordance with publicly available criteria ; and

3) the underlying assets are sufficiently liquid, making it possible for users to copy the index if necessary.

Paragraph 4. The index that is published in an appropriate manner, cf. § 130, paragraph. 2, no. 3, in the Law on investment associations, etc. is an index meeting the following criteria :

1) the process of the index ' s publication is based on solid procedures for the collection of prices and the calculation and subsequent publication of the index value ;

2) relevant information on issues such as index calculation and balancing methods, index changes, or any operational difficulties in the provision of current and precise information, will be sent broadly and in time, and

3) the index offering is independent of the indexopian Danish UCITS or association. However, this does not precluse the fact that the index producer and the Danish UCITS or the association may belong to the same group, provided that effective systems for resolving conflicts of interest have been introduced.

Chapter 6

Penalty provisions

§ 9. Inherit of the provisions of section 1 (1). Paragraph 2, section 2. Paragraph 5 (1) and section 5 (5). Two, punishable by fine.

Chapter 7

Entry into force into force

§ 10. The announcement shall enter into force on 1. January 2013.

Paragraph 2. At the same time, notice No 763 of 20. June 2011 on investment funds and money-money instruments for investment associations, as well as the special associations and approved sheep's associations, which are investing as investment associations.

1) The announcement contains provisions implementing 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 ; EU-tiering 2007 no. L 79, s. 11. Council Directive 85 /611/EEC has been repealed by Directive 2009 /65/EC.