Publication of the permit for the management of alternative investment funds for retail investment 1)

In accordance with paragraph 5 (2), 7, and section 190 (3). Amendment No 4. 598 of 12. June 2013 on alternative investment fund managers, etc., shall be determined as follows :

Scope of application

§ 1. The announcement shall apply to alternative investment fund managers, which have been authorised to manage alternative investment funds in accordance with rules implementing Directive 2011 /61/EU of 8. June 2011, the management of alternative investment funds and which wants to market shares in alternative investment funds to retail investors in Denmark.

Paragraph 2. If the Caretaker only wants to market the alternative investment fund to managers, directors or employees involved in the management of the alternative investment fund, only § 17 and 18 shall apply.

Definitions

§ 2. For the purposes of this notice :

1) Alternative investment fund : A unit as defined in

a) Section 3, paragraph 3. 1, no. 1, in the law of alternative investment funds and so on, and rules issued under section 3 (3). 9, in the law of alternative investment fund managers, or so on, or

b) rules implementing. 4 (4). Paragraph 1 (a) of Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

2) The executive body : the executive body as defined in section 3 (3). 2 and 3, in the law of alternative investment fund managers, etc.

3) Retailinvestor : An investor, as defined in section 3, paragraph 1. 1, no. Forty, in the law on alternative investment funds, and so on.

4) Financial assets : the payment letters, currency spotlights in investment purposes, with a view to obtaining profit by exchange rate changes in currency and financial instruments as defined by rules implementing Annex 1 Section C of Directive 2004 /39/EC of 21. April 2004 on the markets for financial instruments.

5) Alternative investment fund management means a unit as defined in section 3 (3). 1, no. 3, in the law of alternative investment fund managers, etc.

6) Marketing : marketing as defined in section 3 (3). 1 no. 29, in the law on alternative investment funds, and so on.

7) Professional investor : an investor as defined in Section 3 (3). 1 no. Thirty-seven, in the law on alternative investment fund managers, etc.

8) Other assets : All assets that are not financial assets, cf. no. 4.

Application

§ 3. A man-made alternative investment fund manager who wants to market shares in an alternative investment fund, which it administs, to retail investors in Denmark, must seek authorisation from the Financial supervision.

Paragraph 2. The application shall include the following :

1) Documentation for the management of alternative investment funds in accordance with rules implementing Directive 2011 /61/EU of 8. June 2011 on alternative investment fund managers, provided that the steward has no registered office in Denmark.

2) The provisions of the Fund, statutes or other constitutionals of the alternative investment fund unless the alternative investment fund is not yet plucked.

3) A description of or information about the alternative investment fund, which is available to the investor, for example a prospectus.

4) Essential investor information after notification of form and content of a document containing significant investor information for alternative investment funds.

5) The latest annual report, unless the alternative investment fund has not yet been operating for an entire accounting period and a possible half-year report.

6) Copy of the established risk (s) of the upper management body (phonex instrux), cf. § 5.

7) The name of the alternate investment fund depositary.

8) the Finance-synets application scheme for the marketing of shares in alternative investment funds for retail investors in Denmark, including

a) the name and address of both the alternative investment fund, as well as the Caretaker,

b) description of the planned marketing in Denmark, including those relating to the direct or indirect marketing of the market,

c) if the alternative investment fund does not have registered registered offices in Denmark, information on the extent to which the alternative investment fund is to be addressed to the public in the home Member State, including information relating to the alternative investment fund, direct contact to retail investors ;

d) where the alternative investment fund does not have registered registered office in Denmark, information on the measures intended to implement here in the country in order to ensure the rights of investors to pay the profits and the settlement of shares,

(e) where the alternative investment fund does not have registered office in Denmark, information on the information provided to it by the alternative investment fund to communicate to its investors according to the rules of the home country, including the information available to it ; the alternative investment fund must be disseminate if the Fund ceates to market itself here in the country ;

(f) the names of the departments and other classes covered by the application, and

g) information on the place where the master fund is established if one of the Funds is a feeder fund.

9) Any other documents which the alternative investment fund is obliged to publish in the home Member State if the Fund does not have registered registered office in Denmark.

Paragraph 3. The documents referred to in paragraph 1. 2, no. 1-2, 5 and 9, shall be original documents or copies certified by persons who are authorized to act on behalf of alternative investment funds in this context.

Paragraph 4. The documents and information referred to in paragraph 1. 2, must be written in either Danish or English. However, this does not apply to substantial investor information, as mentioned in paragraph 1. 2, no. 4, since this must always be a text in Danish.

Paragraph 5. Within three months of the submission of a full application for authorisation to market shares in an alternative investment fund or a division thereof to retail investors in Denmark, cf. paragraph 2, the Finance-monitoring manager of the permit shall be granted or not. The Financial supervision may extend this period of up to three months if the SEC of the Financial Authority considers it necessary because of the specific circumstances of the case and, having informed the manager, that it is necessary. The valet may begin to market shares in the alternative investment fund to retail investors in Denmark when the Administration has received the authorisation of the financial system.

Paragraph 6. The authorisation of the Finance synet will indicate whether the manager is allowed to market the alternative investment fund for retail investors as an alternative investment fund, which is essentially investing in financial assets, or whether the manager has the authorization to market the alternative investment fund to retail investors as an alternative investment fund, which is essentially investing in other assets.

Requirements for the alternative investment fund to be placed on the market to retail investors

§ 4. An alternative investment fund must have fixed its investment policy and risk profile in the Statutes of the Alternative Investment Fund, the Fund or other constituent documents. The provisions, the fund rules or other constituent documents shall also include provisions on the emission of alternative investment funds and the settlement of members ' share.

Paragraph 2. An alternative investment fund, which is open and which is mainly investing in financial assets, must in its Staff Regulations, the Fund provisions, or other constituent documents, have provided that the alternative investment fund must be provided for ; publish the emission of the emission and the solution price at least every 14. today, and that the alternative investment fund must be open for at least once a month.

§ 5. The Executive Board of the Management Board shall lay down the risk frameworks of the alternative investment fund or its departments within the rules of the instruments, the fund rules or other founding documents, and risk-profile.

Paragraph 2. The valet shall at no later than eight working days after a decision has been taken on the change in the risk of the Fund or to a department's risk, to inform the associated investors of the changes and to make the changes to the amendments. The changes may not be effective at the earliest of the Fund or department ' s investors have been able to obtain their share.

§ 6. A management of alternative investment funds shall ensure that the alternative investment fund complies with the risk frameworks laid down for the Fund or the department on the basis of the instruments, the phonetics of the fund, or other constituting documents ; rules on investment policy and risk-profile, cf. § 5.

Paragraph 2. Where the alternative investment fund exceeds the investment policy, the risk or risk-frames provided for in the Staff Regulations, the Fund provisions or other constituent documents, or which are laid down by the manager ' s upper level ; the executive body shall immediately be brought into line with the investment policy, the risk profile or the risk-keeping system.

Paragraph 3. The Executive Board of the Management Board shall publish any overshoot as referred to in paragraph 1. 2. The publication shall take place no later than 8 working days after an overrun has taken place.

§ 7. If the alternative investment fund is a feeder fund, it is a condition that the master fund is from a country within the European Union or a country with which the Union has entered into agreement in the financial sphere and that the man-fund manager is to be provided for : also from a country within the European Union or a country with which the Union has concluded agreement in the financial sphere.

Information

§ 8. An alternative investment fund manager shall provide information on the price of the emission or the solution to the investor by any drawing or arrangement of alternative investment funds by any drawing or solution of any other investment fund.

§ 9. A management of alternative investment funds must, if the alternative investment fund has other classes, to provide information on the characteristics that apply to each other class and the principles governing the allocation of costs.

§ 10. A manager of alternative investment funds shall, within three working days, publish information on the suspension or deferral of shares, deposits of depositary or manager, alterations in charges against investors ; changes in other significant circumstances.

§ 11. Where the alternative investment fund does not have registered registered office in Denmark, the Caretaker shall arrange for publication in this country by the documents and information which the alternative investment fund shall regularly publish in the home country of the Fund. The publication must be carried out in the same way as in the home Member State. The valet shall also ensure publication in this country if it is the home Member State ' s supervisory authority that publishes certain information in the country of origin.

Paragraph 2. The people in paragraph 3. 1 documents and data shall be written in Danish or English.

Changes to information

§ 12. The management of alternative investment funds shall immediately inform the Financial supervision if significant changes are made in the information given in section 3 (3). 2. For planned changes, the notification shall be made no later than one month before the implementation of the changes. Any unforeseen changes shall be notified to the Financial supervision immediately after the changes have taken place.

Representatives

§ 13. In the case of alternative investment funds which have not registered registered offices in Denmark, the Caretaker shall ensure that the alternative investment fund has a representative with an office in this country in order to ensure the access of Danish investors for access to information and the arrangement of shares.

Paragraph 2. The representative must be given permission as securities trades, cf. Section 9 of the Act of Finance, or as the managing of alternative investment funds, cf. Section 11 of the law on alternative investment fund managers, etc.

Paragraph 3. The representative shall assist the investor with the introduction, the payment of the yield and exchange of units and other investors in contact with the alternative investment fund. The representative can also do these tasks themselves. The representative shall also hand over the documents which the alternative investment fund shall publish in its country of origin and provide information on the alternative investment fund on an application to this effect.

Paragraph 4. Investors ' representations to the representative must have the same legal effect as representations to the managers of alternative investment fund managers.

Essential investor information

§ 14. A management of alternative investment funds must, by means of invitations to tender in an alternative investment fund or a department thereof, provide a document with substantial investor information for interested retailers. The Regulation and the content of the document shall be prepared in accordance with the publication of a document containing significant investor information for alternative investment funds.

Marketing of marketing for retail investors

§ 15. The financial supervision may require the Caretaker to cease to market the alternative investment fund to retail investors if :

1) The management of the management measures to ensure the rights of investors for the payment of dividenment and the introduction of units do not adequately guarantee the rights of investors.

2) The alternative investment fund is not placed on the market in accordance with the marketing material.

3) The valet is guilty of abusive or repeated infringement of the rules of this notice or other relevant Danish legislation.

§ 16. When a management of alternative investment funds decides to end the marketing of the alternative investment fund or its departments to retail investors in Denmark, the manager shall, within 14 days of the decision, grant ; notification to the investors, and inform the Finance-monitoring of the time of this. The same shall apply where the Financial supervision requires that the Caretaker cease to market the alternative investment fund, cf. § 15.

Paragraph 2. The alternative investment fund manager shall at the same time provide information on how the Caretaker shall implement the provisions of section 3 (3). 2, no. The provisions of 8 (d) for the protection of Danish investors ' rights are mentioned.

§ 17. The valet shall submit a Declaration on the Financial supervision provided that the alternative investment fund is solely marketed to retail investors, who are managers, directors or employees involved in the management of the alternative investment fund ; that the Caretaker has informed these investors of the risks inherent in the product.

Paragraph 2. The Management Board shall also submit a statement to the Financial supervision by which the investor declares to be aware of the risks associated with the proposed commitment.

Penalty provisions

§ 18. The treeout of section 3 (3). 1, sections 4-6, sections 8-14 and § § 16 and 17 are punished by fine.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of Chapter 5 of the penal code.

Entry into force

§ 19. The announcement will enter into force on the 22nd. July, 2013.

1) The announcement carries out parts of the European Parliament and Council Directive 2011 /61/EU of 8. June 2011, the management of alternative investment funds and amending Directive 2003 /41/EC and Regulation (EC) No 149/2001. 1060/2009 and (EU) No 1095/2010, EU Official Journal. In 174, page one.