Law On Alternative Investment Fund Managers, Etc.

Original Language Title: Lov om forvaltere af alternative investeringsfonde m.v.

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Overview (table of contents)



Title I



General provisions





Chapter 1



The scope of the





Chapter 2



Definitions





Section II



Permit and business area





Chapter 3



Management of alternative investment funds





Title III



Operating conditions for managers





Chapter 4



General provisions





Title IV



Organisational requirements





Chapter 5



General provisions





Chapter 6



Valuation





Chapter 7



Delegation





Chapter 8



Depository





Title V



Transparency, etc.





Chapter 9



Annual report for alternative investment funds





Chapter 10



Management's disclosure obligations of investors





Chapter 11



Management's information obligations towards the Danish financial supervisory authority





Chapter 12



Management's obligations when an alternative investment Fund achieves a dominant influence over an unquoted company





Title VI



Cross-border marketing and management





Chapter 13



Marketing in Denmark of shares in alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, of managers with registered office in Denmark





Chapter 14



Management of alternative investment funds from another country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment fund managers, with registered office in Denmark





Chapter 15



Marketing using the passport of a country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment funds, which is from a third country, managed by an asset manager from a country within the European Union or a country with which the Union has entered into an agreement on the financial area





Chapter 16



Marketing without passport in Denmark of alternative investment funds from a third country by an asset manager from a country within the European Union or a country with which the Union has entered into an agreement on the financial area





Chapter 17



Rules for the authorisation and placing on the market for alternative investment fund managers, with registered office in a third country





Chapter 18



Change of the reference country





Chapter 19



Place of jurisdiction and applicable law





Chapter 20



Management of alternative investment funds from another country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment fund managers, with registered office in a third country





Chapter 21



Marketing using the passport of a country within the European Union or a country with which the Union has entered into an agreement on financial matters, alternative investment fund managed by an asset manager with registered office in a third country which has been granted to Denmark as an analogue country





Title VII



Annual report for managers





Chapter 22



Annual and interim report for managers





Title VIII



Structural requirements for capital associations





Chapter 23



Foundation





Title IX



Supervision and Duties





Chapter 24



Supervision, etc.





Chapter 25



Cooperation with The European Securities and markets authority and the Danish financial supervisory authority and other competent authorities the opportunity to bring proceedings before The European Securities and markets authority





Chapter 26



Taxes and compulsory digitisation





Title X



Criminal, entry into force and transitional provisions etc.





Chapter 27



Head of delegation-and appeal provisions





Chapter 28



Criminal provisions





Chapter 29



Entry into force, transitional provisions, changes in other legislation and territorial validity





Annex 1



The features, alternative investment fund managers may be authorised to carry out



The full text of the law on alternative investment fund managers, etc. 1)

WE, MARGRETHE the SECOND, by the grace of God Queen of Denmark, do indeed:

The Danish Parliament has adopted and we know Our consent enshrined following legislation: title I General provisions Chapter 1 scope § 1. This law applies to 1) alternative investment fund managers, which has registered office in Denmark, 2) managers of alternative investment funds, which has registered office in a third country, and which has as its reference country Denmark, 3) alternative investment fund established in Denmark, and which are not covered by an agreement with an asset manager who has permission or is registered as a Manager whether the management of the Fund, and 4) alternative investment funds from a third country, and which are not covered by an agreement with an asset manager who has permission or is registered as a Manager on the management of the Fund, as has Denmark as its reference country.

(2). sections 18, 19 and 23, article 67, paragraph 4, §§ 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184, and 190-192 shall apply on alternative investment fund managers, which has Denmark as the host country, when they are authorised to exercise the activities referred to in section 11 in another country within the European Union or a country with which the Union has entered into an agreement on the financial area When the Manager, Manager or marketing alternative investment fund in Denmark through a branch in Denmark.

(3). § § 61-68, 70-75, 130, 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184, and 190-192 shall apply to managers of alternative investment funds, which have a registered office in a third country, and which does not have an analogue country in The European Union or a country with which the Union has entered into an agreement on the financial area who plan to market the shares in alternative investment fund in Denmark.

(4). sections 5, 9, 10, 161 and 190-192 shall apply on alternative investment fund managers, which has registered office in Denmark, which are not covered by the obligation to apply for authorisation which manages alternative investment funds, see. section 6, paragraph 1, and which does not have chosen voluntarily to seek such permission to manage alternative investment funds (registered alternative investment fund managers).

(5). section 18, section 67, paragraph 4, §§ 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184, and 190-192 shall apply on alternative investment fund managers, which has registered office in another country within the European Union or a country with which the Union has entered into an agreement in the financial field when Manager manages or marketing alternative investment fund in Denmark without establishing a branch in Denmark.

§ 2. Notwithstanding paragraph 1, the law does not apply to: 1) Holding companies.

2) Managers of alternative investment funds, which only manages one or more alternative investment funds, whose only investors are Manager, or management's parent companies or subsidiaries or other subsidiaries of such parent companies, provided that none of these investors even is an alternative investment fund.

3) occupational retirement provision, which is covered by the rules that implement Directive 2003/41/EC of 3. June 2003 on occupational retirement provision activities and supervision of institutions, including, where appropriate, the authorised entities responsible for the management of such institutions, and acting on their behalf, in accordance with article 3. the rules implementing article 2 (1) of the directive in question, or the investment managers appointed under the rules implementing article 19, paragraph 1, of the same directive, in so far as they do not manage alternative investment funds.

4) supranational institutions, similar international organisations and members of the European development finance institutions, if such institutions and organisations managing alternative investment funds, and to the extent that these alternative investment funds act in the public interest.

5) growth fund.

6) Danmarks Nationalbank.

7) governmental, regional and municipal bodies or other institutions managing funds in support of social security and pension schemes.

8) arrangements for employee participation or savings schemes for employees.

9) Securitisationsenheder with special purpose.

10) family-owned investment units.

Chapter 2 Definitions section 3. In this Act, the term: (1)) Alternative Investment Fund: a collective investment unit or investment compartments thereof, as a) raises capital from a number of investors with a view to investing it in accordance with a defined investment policy in favor of these investors and


(b)) should not be permitted under the rules implementing article 5 of Directive 2009/65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).

2) Share: Any ownership interest in the assets of an alternative investment fund.

3) steward of alternative investment fund: a company whose usual business activity is the management of one or more alternative investment funds, and which has taken responsibility for managing one or more AIF.

4) Branch of asset managers of alternative investment funds: A place of business which forms a legally dependent part of a steward, and which provides the services as Manager, has been given permission to. All the places of business set up in the same country within the European Union or a country with which the Union has entered into an agreement on the financial area, by an asset manager with registered office in another country, be regarded as a single branch.

5) Preference returns: a portion of the profits from an alternative investment fund manager shall have earned as compensation for the management of an alternative investment fund, but reduced by the portion of the profit from the alternative investment fund manager shall have served as a return on any investment manager may have made in the alternative investment fund.

6) close links: a) A situation in which two or more natural or legal persons are linked by participation, which shall mean the direct or indirect holding of 20 per cent or more of the voting rights or capital of an undertaking.

(b)) A situation where a natural or legal person has dominant influence over one or more other natural or legal persons which means the relationship between a parent undertaking and a subsidiary, as referred to in paragraph 4-7, or a similar relationship between any natural or legal person and an undertaking; A subsidiary of a subsidiary undertaking shall be deemed to be a subsidiary of the parent undertaking of these subsidiaries.

c) A situation where the same natural or legal person is permanently associated with two or more natural or legal persons by having dominant influence over these.

7) Competent authorities: National authorities in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, which are empowered by law or regulation to supervise managers.

8) Competent authorities, in the case of a depository: a) the competent authorities as defined in article 4, nr. 4 of Directive 2006/48/EC of 14. June 2006 relating to the taking up and pursuit of the business of credit institution, if the depositary is a credit institution authorised in accordance with the rules, which implements Directive 2006/48/EC of 14. June 2006 relating to the taking up and pursuit of the business of credit institutions.

(b)), the competent authorities as defined in article 4, paragraph 1, no. 22 of Directive 2004/39/EC of 21. April 2004 on markets in financial instruments, if the depositary is an investment company which has acquired permit in accordance with rules transposing Directive 2004/39/EC of 21. April 2004 on markets in financial instruments.

(c)) the national authorities of the depositary's home country, who are empowered by law or regulation to supervise such categories of undertakings whose depositary falls under a category of undertakings within the meaning of the rules implementing article 21, paragraph 3, 1. subparagraph (c) of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

(d)) The national authorities of the country in which the device has its registered office, which are empowered by law or regulation to supervise the unit, or the official body with competence to detect or monitor the device in accordance with the applicable professional ethics rules, if the depositary is a unit within the meaning of the rules implementing article 21 (3) 3. subparagraph, of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

(e)) the national authorities of the third country in which the depositary has its registered office, if the depositary is depositary of an alternative investment fund from a third country under the rules implementing article 21, paragraph 5, point (b) of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, and not covered by points (a) to (d).

9) Alternative Investment Fund from a third country: an alternative investment fund a) not authorised or registered in a country within the European Union or a country with which the Union has entered into an agreement on the financial area in accordance with the applicable national law, and (b)) does not have its registered office or head office in a country within the European Union or a country that the Union has entered into an agreement on the financial area.

10) dominant influence: the power to control a subsidiary undertaking economic and operational decisions, see. paragraph 3-7.

11) Capital Association: an alternative investment fund established pursuant to title VIII as an association with one or more investors, a) whose purpose is to bring about a return to the investors by investing in liquid funds, including currency or financial instruments included in annex 5 of the financial business Act, b) if the bylaws specify that the Association is an association, and c) as capital has appointed a steward who has permission to manage alternative investment funds, which have responsibility for managing capital Association.

12) Established, in the case of alternative investment funds: the country in which an alternative investment fund has acquired a permit or has been registered, or, if the Fund is not authorised or registered, the country where the Foundation has its registered office.

13) Established, with regard to custodians: the country in which the depositary has its registered office, or the country in which the depositary has a branch.

14) Established, in respect of the legal representatives, who are legal persons: the country in which the legal representative of the registered office, or the country in which the legal representative has a branch.

15) Established, in respect of the legal representatives, who are physical persons: the country in which the legal representative is resident.

16) an alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial sphere: an alternative investment fund, a) has acquired the authorization or is registered in a country within the European Union or a country with which the Union has entered into an agreement on the financial area in accordance with the applicable national law or (b)) are not authorised or registered in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, but has its registered office or head office in a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

17) an asset manager from a country within the European Union or a country with which the Union has entered into an agreement on the financial sphere: an asset manager, which has its registered office in a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

18) Feederfond: an alternative investment fund, which invests at least 85 per cent) of its assets in the units of another alternative investment Fund (master Fund), (b) at least 85% of invest) its assets in more than one master Fund, once these master funds have identical investment strategies, or c) otherwise has an exposure of at least 85 per cent of its assets into a master Fund.

19) financial instrument means an instrument as specified in section 2, paragraphs 1 and 2, of the law on securities trading etc.

20) Holding Company: a company with share capital in one or several other companies whose commercial objective is to implement a business strategy or strategies through its subsidiaries, associated companies or participations in order to contribute to their value in the long term, and that is either a company a) operates on the basis of own assets, and if the shares admitted to trading on a regulated market in a country within the European Union or a country that the Union has entered into an agreement on financial matters, or (b)) was not created with the primary purpose of generating returns for its investors by divesting its subsidiaries or associated companies as documented by the company's annual report or other official documents.

21) Alternative investment funds in the country: Either (a)) the country within the European Union or the country in which the Union has entered into an agreement on financial matters, and where the alternative investment fund has acquired the authorization or is registered in accordance with applicable national law, or in the case of multiple permissions or registrations the country within the European Union or the country that the Union has entered into an agreement on financial matters, and where the alternative investment Fund acquired permission or was registered for the first time, or


(b)) the country within the European Union or the country in which the Union has entered into an agreement on financial matters, and where the alternative investment fund has its registered office or head office, if the alternative investment fund have neither acquired permission or is registered in a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

22) Manage the home country: the country within the European Union or the country in which the Union has entered into an agreement on financial matters, and where the Manager has its registered office. For managers with registered office in a third country shall be taken to mean all references to manage's homeland in this law as an analogue country.

23) Manage's host country: the country or countries within the European Union or the country in which the Union has entered into an agreement on financial matters, and which is not managing's home country, where a manager a) Manager or market shares in an alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area or (b)) the market shares in an alternative investment fund from a third country.

24) initial capital: Management's capital adequacy calculated at the time the Manager obtains permission to manage alternative investment funds, see. section 11, paragraph 3.

25) author: an issuer within the meaning of the rules implementing article 2, paragraph 1 (d) of Directive 2004/109/EC of 15. December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, when the issuer has its registered office in The European Union or a country with which the Union has entered into an agreement on financial matters, and when its shares admitted to trading on a regulated market as referred to in the rules implementing article 4 (1) (8). 14 of Directive 2004/39/EC of 21. April 2004 on markets in financial instruments.

26) legal representative: A natural person who is a resident of a country within the European Union or a country with which the Union has entered into an agreement on financial matters, or a legal person that has its registered office in a country within the European Union or a country with which the Union has entered into an agreement in the financial field, and which are expressly designated by an asset manager having its registered office in a third country, to act on behalf of this manages over to authorities, customers, agencies and counterparts in The European Union or a country with which the Union has entered into an agreement on financial matters, relating to management's obligations under this Act.

27) Leverage: A method by which the manager shall use to increase the exposure of an alternative investment fund it manages, whether this is done by means of loans of cash or securities, or leverage included in derivative positions or by any other means.

28) management of alternative investment funds: the responsibility for the provision of at least the investment management features listed in annex 1, nr. 1, for one or more alternative investment funds.

29) marketing: A direct or indirect offering or placement on the initiative of or on behalf of the Manager, Manager of shares in an alternative investment fund that it manages to or with investors domiciled or having their registered office in a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

30) Master Fund: an alternative investment fund, as a second alternative investment fund investing or have exposure, in accordance with no. 18.31) analogue country: a country within the European Union or a country with which the Union has entered into an agreement on the financial area, as determined in accordance with chapter 17.

32) Third country: a country outside the European Union, as the Union has not entered into an agreement on the financial area.

33) Unquoted company means an undertaking which has its registered office in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, and whose shares are not admitted to trading on a regulated market as referred to in the rules implementing article 4, paragraph 1, no. 14 of Directive 2004/39/EC of 21. April 2004 on markets in financial instruments.

34) capital adequacy: Manage's capital basis as provided for in the rules implementing article 56-67 of Directive 2006/48/EC of 14. June 2006 relating to the taking up and pursuit of the business of credit institutions.

35) parent undertaking shall mean a parent undertaking as defined in the regulations implementing articles 1 and 2 of Directive 83/349/EEC of 13. June 1983 on the supervision of credit institutions on a consolidated basis.

36) Prime broker: a credit institution a regulated investment company, or other entity that is subject to the prudential regulation and ongoing supervision and offers services to professional investors primarily to finance or carry out transactions in financial instruments such as counterparty, and may also offer other services like URf.eks. clearing and settlement of trades, storage services, lending of securities tailored technology and operational support facilities.

37) professional investor: an investor who is regarded as a professional customer, or as the request is treated as a Professional client as defined in the rules that implement Annex II to Directive 2004/39/EC of 21. April 2004 on markets in financial instruments.

38) Qualified shares: Direct or indirect holding of an interest in an asset manager, which either represents at least 10% of the capital or of the voting rights, see. rules implementing articles 9 and 10 of Directive 2004/109/EC of 15. December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, taking into account the conditions of the merger of the holding referred to in article 6. the rules implementing article 12 (4) and (5) of the directive in question, or which makes it possible to exercise a significant influence over the management of the asset manager, which this possession exists.

39) employee representatives: workers ' representatives as defined in the rules implementing article 2, point (e) of Directive 2002/14/EC of 11. March 2002 establishing a general framework for informing and consulting employees in the European Community.

40) Retail investor: an investor who is not a professional investor, see. Nr. 37.41) subsidiary shall mean a subsidiary undertaking as defined in the regulations implementing articles 1 and 2 of Directive 83/349/EEC of 13. June 1983 on the supervision of credit institutions on a consolidated basis.

42) supervisory authorities with regard to alternative investment funds from third countries: National authorities of a third country which are empowered by law or regulation to supervise alternative investment funds.

43) regulatory authorities, as far as managers from third countries: National authorities of a third country which are empowered by law or regulation to supervise managers.

44) Securitisationsenheder with special purpose: Units, whose sole purpose is to carry out securitisation or securitisations, as referred to in article 1, no. (2) of Regulation (EC) No 1782/2003. 24/2009 and other appropriate activities to meet this objective.

45) UCITS: An undertaking for collective investment in transferable securities authorised in accordance with the rules, which implements article 5 of Directive 2009/65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).

46) regulated market shall mean a market, which are covered by the rules implementing article 4, paragraph 1, no. 14 of Directive 2004/39/EC of 21. April 2004 on markets in financial instruments.

47) Variable wage shares: Remuneration schemes and other forms of payment, where the final value is not known in advance, including, inter alia, bonus schemes, performance contracts, preferential returns and other similar schemes.

(2). For managers of alternative investment funds, which have their registered office in Denmark, which are not self-managed, for the purposes of this law by: 1) the governing body: a) the Board of Directors in companies which have a Board of Directors and an Executive Board.

(b)), the Board of supervisors in companies which have a supervisory board and an Executive Board.

c) Executive Board of companies alone have an Executive Board.

2) central governing body: a) the Executive Board of companies which have an Executive Board and a supervisory board.

(b)) Board of Directors in companies which have a Board of Directors and an Executive Board.

c) Executive Board of companies alone have an Executive Board.

3) Management: All the bodies, as referred to in point 1. 1 and 2. A member of leadership can be a member of a company's Supervisory Board, the administrative or management body.


(3). For alternative investment fund managers, who do not have their registered office in Denmark, and for self-managed alternative investment funds, the provisions in paragraphs 1, 2 and 5, section 11, paragraph 3, article 13, article 20, paragraphs 2 to 7 and 10, section 21, paragraphs 3 and 4, article 22, article 23, paragraph 2, § 28, paragraphs 1 and 9, article 61, paragraph 3, section 157, paragraphs 2 and 3, section 166, paragraph 168, paragraphs 1-3 , 5 and 7, § 173, paragraphs 2 and 3, article 190, paragraph 7, and section 191 (1) and (3) of the governing body, the central governing body, the Executive Board and senior management or members of these governing bodies shall be applied mutatis mutandis to these managers and governing bodies of the members thereof.

(4). Dominant influence in relation to a daughter company exists when the parent undertaking directly or indirectly through a subsidiary owns more than half of the voting rights of a company, unless in special cases can be clearly demonstrated that such ownership does not constitute control.

(5). The owner of a parent undertaking not more than half of the voting rights of a company, in the absence of a dominant influence, if the parent company has 1) right of disposal over more than half of the voting rights by virtue of an agreement with other investors, 2) power to govern the financial and operating conditions of an undertaking pursuant to a statute or agreement, 3) power to appoint or remove a majority of the members of the governing body and this body has the dominant influence on the company or 4) right of disposal over the actual majority of votes at the general meeting or in a similar body and thereby holds the actual deciding influence over the company.

(6). The existence and effect of potential voting rights, including warrants and purchase options on shares, which currently can be used or converted, to be taken into account when assessing whether a company has a dominant influence.

(7). In determining voting rights in the subsidiary undertaking disregarding voting rights attaching to the shares held by the subsidiary undertaking itself or its subsidiaries.

(8). For the purposes of paragraph 1, nr. 34, finds the rules implementing article 13-16 of Directive 2006/49/EC of 14. June 2006 laying down the requirements for the capital adequacy of investment firms and credit institutions, apply mutatis mutandis.

(9). The Danish financial supervisory authority may lay down detailed rules as to when a device meets the conditions referred to in paragraph 1, no. 1, point (a).

Title II Authorisation and sphere of activities Chapter 3 management of alternative investment funds § 4. If an alternative investment fund are not covered by an agreement to be managed by a manager of alternative investment funds, which is authorised or registered as Manager, the Fund is self-managed. The provisions of this law on alternative investment fund managers, etc. apply accordingly for self-managed alternative investment fund with the necessary adaptations.

(2). Can a Manager do not ensure compliance with the requirements of this Act for which an alternative investment fund or other device on the Fund's behalf is responsible, the manager shall promptly notify the financial supervisory authority and the competent authorities of the country within the European Union or the country in which the Union has entered into an agreement on financial matters, and as the Fund is from If this is not Denmark. The Danish financial supervisory authority requiring the then Manager to carry out the necessary measures to remedy the situation.

(3). If the non-compliance continues, in spite of the measures ordered by the Danish financial supervisory authority in accordance with paragraph 2, and to the extent that there is talk about an asset manager with registered office in Denmark or an alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, the Danish financial supervisory authority include managing's permission or deregister Manager which manages for that alternative investment fund. In such cases, the Fund may no longer be marketed in countries within the European Union or in countries which have entered into an agreement with the Union in the financial field. To the extent that there is talk about an asset manager with registered office in a third country or an alternative investment fund, that is from a third country, the FSA must prohibit the marketing of the Fund in countries within the European Union or in countries which have entered into an agreement with the Union in the financial field. The Danish financial supervisory authority shall immediately inform the competent authorities in managing any host countries.

§ 5. Companies that manage alternative investment funds, must have permission to manage alternative investment funds, see. section 11, paragraph 3, or be registered with the FSA, see. section 9, paragraph 1.

(2). Companies that have permission to manage alternative investment funds, and companies that are registered with the FSA as managing alternative investment funds, has the exclusive right to manage alternative investment funds and has the exclusive right to use the name manages alternative investment fund in their name.

(3). Alternative investment fund managers, who have permission to manage alternative investment funds, have market shares in alternative investment funds over to professional investors in accordance with the rules laid down in Title VI.

(4). Shares in alternative investment funds shall not be placed on the market in the face of retail investors in Denmark. The Danish financial supervisory authority can inform managers with permission to manage alternative investment funds permission to market alternative investment fund of fund shares for retail investors.

(5). Shares in alternative investment funds shall not be placed on the market in other countries within the European Union or countries with which the Union has entered into an agreement on financial matters, unless this is done by the alternative investment fund managers with permission to manage alternative investment funds or pursuant to delegation of such a Manager.

(6). Managers, who are registered in the Danish financial supervisory authority, must promote shares in AIF established in Denmark or in a third country, to professional investors in Denmark and in third countries.

(7). Business and growth, the Minister may lay down detailed rules concerning the conditions to be fulfilled in order for an asset manager with permission must promote alternative investment fund of fund shares for retail investors in Denmark, as well as rules for the authorisation and placing on the market on this.

(8). The Danish financial supervisory authority may lay down detailed rules about types of alternative investment fund managers.

Alternative investment fund managers, who must have permission



§ 6. Companies that manage one or more AIF, must have permission from the Danish financial supervisory authority, provided that the assets of the AIF, the company manages, together exceed a value equal to 1) 100 million. Euro or 2) 500 million. euro, provided that the company exclusively manages alternative investment funds that do not have geared up its investments, and no investors in the funds are entitled to be redeemed for a period of at least 5 years after the date of the initial investment in each of the funds.

(2). Assets acquired through leverage, see. § 3 (1) (8). 27, must be included in the statement of assets as provided for in paragraph 1, no. 1. The provisions of paragraph 3. In determining the total value of the assets that the company manages, in total assets managed either directly or indirectly through a company Manager is linked to through common management, have a dominant influence over or linked to through a substantial direct or indirect holding, shall be taken into account.

(4). Tærskelsværdierne in paragraph 1 shall not apply to companies that manage one or more capital associations, since these managers irrespective of the value of the assets must be authorised by the FSA to manage alternative investment funds.

(5). The Danish financial supervisory authority may lay down rules on the inventory of the limits referred to in paragraph 1 and the procedure for the granting of an authorisation to manage alternative investment funds.

(6). The Danish financial supervisory authority may lay down detailed rules for clarification of methods of leverage and of how the gearing is calculated.

§ 7. Alternative investment fund managers with permission, which has registered office in Denmark, must be legal persons governed by corporate law.

(2). Alternative investment fund managers, with registered office in a third country, which has Denmark as an analogue country, must be limited liability companies.

(3). Paragraphs 1 and 2 shall not apply if the Manager is an alternative investment fund, which are self-managed.

§ 8. Alternative investment fund managers with permissions that are not self-managed, must not perform activities other than those referred to in annex 1, nr. 1 and 2 of the basic regulation. However, paragraphs 2 and 3.

(2). Managers of alternative investment funds, which are not self-managed, however, can also have permissions as an investment management company in accordance with § 10 of the financial business Act, and perform the activities for which this gives permission.


(3). In addition to that referred to in paragraph 1 may be managers who are not self-managed, get permission to perform in annex 1, nr. 3, said benefits. A Manager may not be permitted to provide ancillary services in accordance with Annex 1, nr. 3 (b), unless the Manager is authorized for management of investment portfolios in accordance with Annex 1, nr. 3 (a).

(4). A self-managed alternative investment fund must only carry out the activities referred to in annex 1, nr. 1 and 2, and only the Fund itself.

(5). If a manager has permission to perform the in annex 1, nr. 3, the said activities, see section 10, paragraph 4, and §§ 43, 72 and 125 in the financial business Act apply mutatis mutandis on the management's execution of these services.

Alternative investment fund managers, who must be registered



§ 9. Alternative investment fund managers, which has registered office in Denmark, which are not covered by the obligation to apply for authorisation which manages alternative investment funds, see. section 6, paragraph 1, and which does not have chosen voluntarily to seek such permission to manage alternative investment funds, see. section 10, paragraph 2, must be registered with the FSA.

(2). When a company registers with the Danish financial supervisory authority which manages, the company must disclose 1) company name, 2) company's VAT number, 3) a unique identifier of the alternative investment fund managed by the company, and 4) a description of the investment strategies for each alternative investment fund managed by the company.

(3). A registered manager must make regular reports to the FSA 1) about which alternative investment funds it manages their investment strategies and funds principal exposures and most important concentrations, 2) about possibly substantially altered investment strategies for each alternative investment fund since the last reporting and 3) on the main instruments that the Manager is acting with.

(4). The Danish financial supervisory authority may lay down detailed rules concerning the obligation to register and what information an asset manager must provide at registration and regularly report, as well as how the information should be given.

§ 10. A registered alternative investment fund manager shall within 30 calendar days apply for authorisation with the FSA, when the assets Manager manages, exceeding the combined in section 6, paragraph 1, the said limits.

(2). A registered trustee or of its own motion a company can request permission to manage alternative investment funds, even though the value of the managed assets does not exceed in § 6, paragraph 1, the said limits.

(3). The Danish financial supervisory authority may lay down detailed rules on 1) exceedances, as a steward of alternative investment funds expect is temporary, in section 6, paragraph 1, referred to limits and 2) the procedure for companies applying for permission.

Application for authorisation which manages alternative investment fund



§ 11. Companies that exceed those referred to in article 6, paragraph 1, the specified limits, must apply for permission to manage alternative investment funds at the FSA.

(2). FSA authorisation shall include the activities, which are listed in annex 1, nr. 1 and 2. In addition, the FSA can give an asset manager permission to exercise one or more of the activities referred to in annex 1, nr. 3, unless the Manager is self-managed. Permission to perform in annex 1, nr. 3, the said activities are subject to Manager connects to a guarantee fund referred to in article 6. law on a guarantee fund for depositors and investors, with regard to these activities. The FSA may also limit the extent of the authorisation, in particular as regards investment strategies in the alternative investment funds, as the company is seeking permission to manage.

(3). FSA gives a company permission to manage alternative investment funds, when the company is able to satisfy the conditions laid down in this law and when 1) company has sufficient start-up capital and sufficient capital basis in accordance with the requirements set out in § 16, 2) the members of the company's management has a good repute and have sufficient experience to perform their duties or carry out their position, see. § 13, 3) definition of management's business conduct be made by at least two persons from the leadership of the Manager, 4) owners of qualified shares in the company are suitable in relation to ensure a reasonable and sound operation of the company, 5) the company's head office and registered office is in Denmark, unless your business is covered by article 1, paragraph 1, no. 2 or 4, 6) the company meets the requirements of section 7, 7) the conditions set out in section 116 in respect of the company are subject to § 1 (1) (8). 2 or 4, 8) the FSA is not hindered in performing its supervisory tasks as a result of the close links between the company and other natural or legal persons and 9) the FSA is not hindered in performing its supervisory tasks as a result of the laws, regulations or administrative provisions of a third country shall apply to natural or legal persons with which the undertaking has close links, or as a result of difficulties with enforcing these laws, regulations and administrative provisions.

(4). An application for authorisation to manage alternative investment funds must contain 1) information about the persons responsible for the execution of management's tasks, 2) information about the identity of the natural or legal persons who are holders of the company, directly or indirectly hold a qualified stake in the company, as well as the size of this share, 3) an activity plan, of which the company's organizational structure emerges , including information about how the company intends to comply with its obligations in accordance with this law, 4) information on remuneration policies and practices pursuant to section 20 and 5) information on agreements relating to the delegation and further delegation to third parties pursuant to §§ 40 and 43.

(5). For each alternative investment fund, which the company intends to manage, the application must contain information on investment strategies) 1, including the types of underlying funds, if the alternative investment fund is a fund of funds, the company's policy with regard to the use of leverage, risk profiles and other data about the alternative investment funds, as the company manages or intends to manage, including information about the countries within the European Union or the countries that the Union has entered into an agreement on financial matters, or third countries in whose territory these alternative investment fund is established or is expected to be established, 2) information about master Fund, including where it is established, if the alternative investment fund is a feederfond, 3) rules or bylaws for each alternative investment fund, which the company intends to manage, 4) information on the measures in accordance with Chapter 8 is taken to designate a depository for each alternative investment fund , which the company intends to manage, and 5) any other relevant information, see. § 62, for each alternative investment fund, which the company intends to manage.

(6). Any natural or legal person or natural and legal persons, acting in concert with each other, who proposes to acquire, directly or indirectly, a qualifying holding, see. § 3 (1) (8). 38, in a manager must first apply to the FSA for authorization of the proposed acquisition. The same applies to the increase of the qualified share, which leads to this after the acquisition will be or exceed a limit of 20 per cent, 33 per cent, respectively. or 50 per cent or more of the capital or of the voting rights, or causes the Manager becomes a subsidiary.

(7). The Danish financial supervisory authority may lay down detailed rules on the following: 1) The information, a company must provide, when the company is seeking authorisation as Manager.

2) Requirements to the company's application.

3) the requirements set out in paragraph 3, no. 3.4) Procedure, requirements, deadlines, etc. in the context of the review of the acquisition of qualified shares, see. (6).

5) the requirements referred to in paragraph 3, no. 8 and 9, and detailed rules on the obstacles that can inhibit the FSA in effectively to perform supervisory tasks.

§ 12. The financial supervisory authority of the home Member State supervisory authorities should ask for an opinion before the FSA informs permission to manage alternative investment funds, see. section 11, paragraph 3, to 1) a subsidiary of another management company, manages a UCITS ', a stockbroking firm, a credit institution or an insurance undertaking authorised in another country within the European Union or a country with which the Union has entered into an agreement on the financial area, 2) a subsidiary of a parent undertaking of another management company, manages a UCITS ', a stockbroking company , a credit institution or an insurance undertaking authorised in another country within the European Union or a country with which the Union has entered into an agreement on financial matters, or


3) a business that is subject to the dominant influence of the same natural or legal persons as those who have a dominant influence over another manages a UCITS ' management company, a stockbroking firm, a credit institution or an insurance undertaking authorised in another country within the European Union or a country with which the Union has entered into an agreement on the financial area.

§ 13. A member of the management team in an asset manager with permission to manage alternative investment funds must have sufficient experience to exercise his functions or carry out his position.

(2). A member of the Board of management shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have filed a petition for bankruptcy or debt restructuring, reconstruction or be under reconstruction, bankruptcy or debt settlement.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or inflict Manager or the Fund Manager manages, loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the management team meets the requirements, the emphasis should be on the need to maintain confidence in the financial sector.

(3). The members of the management team in an asset manager with permission to manage alternative investment funds must inform the FSA information of the kind referred to in paragraph 1 and 2 in connection with their entry into management's business and circumstances as referred to in paragraph 2, if the situation subsequently change.

§ 14. Within 3 months after the submission of a complete application for authorisation which manages alternative investment fund shall inform the Danish financial supervisory authority in writing the applicant of whether permission is granted or not. The Danish financial supervisory authority may extend this deadline by up to 3 months, if the FSA deems it necessary because of the specific circumstances, and after having informed the applicant accordingly.

(2). An application is considered complete in relation to paragraph 1, when the FSA minimum, has received the information referred to in section 11, paragraph 4, nr. 1-4, and paragraph 5, nr. 1 and 2. For managers, covered by article 1, paragraph 1, no. 2 or 4, the Danish financial supervisory authority also have received the information in section 119 (1).

(3). A steward must begin to manage alternative investment funds with investment strategies as indicated in the application, when the permit is available, see. § 11, but no earlier than 1 month after having filed any missing information pursuant to section 11, paragraph 4, nr. 5, and paragraph 5, nr. 3-5. (4). When the FSA receives an application from a company with registered office in a third country, suspended the deadlines laid down in paragraph 1 during the period in which The European Securities and markets authority shall carry out the assessment referred to in section 115, paragraph 2, and, where appropriate, section 120 (3).

Obligation



§ 15. An alternative investment fund manager shall notify the financial supervisory authority of planned changes of the essential conditions for the changes to be implemented where conditions relating to information, which the FSA has received in connection with the granting of an authorisation to manage alternative investment funds. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change is made.

(2). If the FSA cannot approve the changes, which the notification provided for in paragraph 1 shall relate, the FSA give notification to the manager shall within 1 month of receipt of the notification. The Danish financial supervisory authority may extend this deadline by up to 1 month, if it is necessary due to the specific circumstances. The Danish financial supervisory authority shall in such case give Manager notice of any postponement of the deadline, within 1 month after the financial supervisory authority has received the notification referred to in paragraph 1.

(3). Following the notification to the Manager in accordance with paragraph 2, the FSA impose restrictions or reject the changes that Manager has planned. In addition, the FSA impose Manager to correct the changes if these have already happened. Manager can initiate and sustain change, respectively, if the FSA does not oppose the changes before the deadline.

Capital ratio



§ 16. Asset managers of alternative investment funds must have an initial capital, which at least represents an amount equal to the value of euro 125,000. Self-managed alternative investment funds must have an initial capital, which at least represents an amount equal to the value of 300,000 euros.

(2). A steward must increase its capital base with 0.02% of the share of the alternative investment fund managed portfolios in excess of 250 million. euro. To manage alternative investment fund portfolios included assets's in the alternative investment funds, which Manager manages, including alternative investment funds for which the Manager has delegated functions relating to the management in accordance with Chapter 7. To manage's alternative investment fund portfolios are not included assets in alternative investment funds, which Manager manages after delegation.

(3). Requirements for capital adequacy in accordance with paragraphs 1 and 2 together being not more than an amount equivalent to 10 million. euro.

(4). A steward must notwithstanding paragraphs 1 to 3 have a capital base of at least a quarter of the previous year's fixed overheads. The Danish financial supervisory authority may adjust that requirement in the event of a significant change in management's business since the preceding year. Have a manager not been in operation for 1 year, it must have a capital base of at least a quarter of the fixed overheads, which emerges from the activity plan for the first years of operation, unless the FSA requires that plan changed.

(5). A trustee must 1) increase its capital base in addition to the requirements set out in paragraphs 1-4, therefore, that it is adequate to cover the possible risks of liability as a result of dereliction of duty, or 2) have professional indemnity insurance against liability as a result of dereliction of duty, which is appropriate in relation to the risks it is intended to cover.

(6). The Danish financial supervisory authority may allow up to 50 per cent of the charge referred to in paragraph 2 may be granted in the form of a guarantee made by a credit institution or an insurance company. The credit institution or insurance undertaking must have its registered office in a country within the European Union or a country with which the Union has entered into an agreement in the financial field, or in a third country, where it is subject to prudential rules, which after FSA assessment corresponds to the rules of the European Union.

(7). A manager can place its capital base, including additional capital basis as referred to in paragraph 4, in equity securities and debt securities which are admitted to trading on a regulated market, or in units of UCITS and asset associations meeting the conditions laid down in article 162, paragraph 1, no. 8, in the financial business Act. The capital amount is invested in assets must be liquid and easily transferable and must not include speculative positions.

(8). The Danish financial supervisory authority may lay down detailed rules on the calculation of capital adequacy, including how risks can be identified by the use of PII.

(9). The Danish financial supervisory authority may lay down detailed rules for the provision of capital adequacy.

Paragraph 10. If a steward also has permissions as an investment management company, see. § 10 of the financial business Act, considers only the requirements set out in paragraphs 5 and 7 and rules adopted on the basis of paragraph 8 and 9 apply.

Intervention in or termination of management's company



§ 17. The Danish financial supervisory authority involves an asset manager of alternative investment funds permits in accordance with this law in whole or in part, including prohibiting the placing on the market of the alternative investment funds, which Manager manages, if an asset manager 1) asking for this, 2) has obtained the permission on the basis of false information or otherwise unfair show, 3) no longer meets the conditions necessary to get a permit, 4) is guilty of serious or repeated violation of the rules of this law or of the rules issued pursuant to the law, 5) does not make use of the authorisation within 12 months after the authorization message, 6) not engaged in activities covered by the authorization to manage alternative investment funds for a period exceeding 6 months, 7) no longer complies with the conditions for exercising discretionary portfolio management, see. Annex 1, point 1. 3 (a), provided that the Manager has permission to do so, or 8) can no longer maintain the authorisation as a result of other legislation.

Title III Conditions governing the operation of managers Chapter 4 General provisions § 18. A manager of the alternative investment fund shall at all times 1) exercise its activities in accordance with fair business practice and good practice in the management area, 2) disposal and effective use of the resources and procedures that are necessary for a satisfactory exercise of company, 3) take all reasonable steps to avoid conflicts of interest and, when they cannot be avoided, detect, manage and monitor conflicts of interest ,


4) inform the managing alternative investment funds, investors in these and any other interested parties on possible conflicts of interest in order to prevent the negative impact on the managed funds or investors in their interests, and to ensure that funds are treated fairly, 5) comply with all applicable rules, so that the Manager can perform in the best possible interests of the managed funds, fund investors and market integrity and 6) treat all the managed alternative investment funds investors fairly.

(2). No investor in an alternative investment fund must be given preferential treatment over other investors, unless it is clear from the statutes of the Fund or fund rules that the investor has the right to a preferential treatment.

(3). Business and growth, the Minister may lay down detailed rules on the referred to in paragraphs 1 and 2 against.

Discretionary portfolio management



§ 19. Asset managers of alternative investment funds, which have permitted to exercise discretionary portfolio management, see. Annex 1, point 1. 3 (a), shall not invest any of the client's portfolio in the AIF, as Manager even manages, unless the customer has accepted this in writing in advance.

Remuneration



§ 20. Asset managers of alternative investment funds must have a wage policies and practices that are consistent with and promotes sound and effective risk management.

(2). By a manager's remuneration of Directors and other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, the manager shall ensure that the following are complied with: 1) The variable wage shares to a member of management may not exceed 50% of the fee or the fixed basic salary including pension.

2) There shall be established an appropriate cap on the variable wage components for other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed.

3), without prejudice to the alternative investment fund legal structure and its fund rules and bylaws must be an essential part and in any event not less than 50 per cent of a variable salary component to a member of the management and other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, at the time of the calculation of which consist of shares , equity securities or instruments linked to shares in the alternative investment funds or their parent company that owns the alternative investment fund in full, or by equivalent instruments that reflect the alternative investment funds value. The minimum requirement of 50 percent of the 1. paragraph shall not apply, if the management of alternative investment funds represent less than 50 percent of the total portfolio, which is managed by the Manager.

4) Management's payment of at least 40 per cent of a variable salary component and by larger amounts at least 60% must be done over a period of at least 3 years, however, for a member of the management team at least 4 years, with beginning 1 year after the date of calculation with an even distribution over the years or with a growing proportion at the end of the period. If an alternative investment fund life cycle is shorter than 3 and 4 years, respectively, to be adapted to the period in 1. point to the Fund's lifecycle and redemption policy.

5) Manager may waive the payment of a variable salary component in whole or in part, provided that the Manager at the time of the payment of the variable salary component does not adhere to the requirements of capital adequacy in paragraph 16, or if the FSA estimates that there are nearby threat thereof.

6) Manager pays no variable salary to a member of management, the event manager in the period to which the agreement on the variable salary relates, and until the time of the calculation thereof are given a time limit from the Danish financial supervisory authority under section 16 of the fulfillment of the requirements for capital adequacy.

(3). For a member of the leadership of the managers have options on equity securities or similar instruments shall not exceed 12.5% of the fee or the fixed basic salary including pension at the time of the calculation thereof.

(4). Manager shall ensure that equity securities and instruments, etc., that is handed over to a member of management or other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, as part of the variable remuneration, as referred to in paragraph 2, no. 3, may not be disposed of by these persons for an appropriate period. The Manager must also ensure that these individuals are not allowed to make an identification of the risk associated with these securities and instruments, etc.

(5). Manager shall ensure that the payment or transfer of the in accordance with paragraph 2, nr. 4, deferred variable salary component to a member of the management and other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, are subject to the criteria that have formed the basis for the calculation of the variable salary component, continue to be fulfilled at the time of payment, and subject to management's or the alternative investment funds in the economic situation is not significantly degraded compared to the time of the calculation of the variable salary component.

(6). Manager shall ensure that the members of the management and other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the managed alternative investment funds that receive variable compensation, must repay the variable remuneration in whole or in part, if the variable salary is paid on the basis of information on results, as can be proven to be incorrect, and if the recipient is in bad faith.

(7). Manager shall ensure that, if a member of the management or other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, are assigned a pension benefit, in whole or in part can be equated with variable wage components, Manager, if the beneficiary leaves the Manager before the retirement date, keep that part of the pension for 5 years in the form of the instruments referred to in paragraph 2 , nr. 3. paragraphs 5 and 6 shall apply mutatis mutandis to the in 1. in the cases referred to in paragraphs. If the recipient is a member of the governing body or an employee of Manager at retirement age, the manager shall pay the variable portion of the pension benefit to the recipient in the form referred to in paragraph 2, no. 3, instruments listed, without any possibility of transfer or exploitation for a period of 5 years. Paragraph 6 shall apply mutatis mutandis to those in 3. in the cases referred to in paragraphs.

(8). A variable salary component, which is performance based, are to be established on the basis of an assessment of the respective recipient's results, the Department's or the managed alternative investment funds results and management's overall performance.

(9). Paragraphs 2 to 8 shall only apply to employment relationships, which are not covered by collective agreements, subject to paragraphs 2 to 8 shall apply to contracts for the variable wage shares of persons in employment relationships, which are covered by a collective agreement, if the agreement on variable compensation is not provided for in the agreement.

Paragraph 10. (2). 1-4 (4) 1. paragraph and in paragraph 5 shall not apply for the preferential rate of return in the following situations: 1) If the alternative investment fund has returned deposits to investors and an amount equal to a pre-determined rate of return on deposit until preferential return paid to members of management or other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, and if the preferential rate of return paid, subject to tilbagetagelseskrav, see. (6) until the alternative investment fund wound up.

2) For alternative investment funds, which invest in assets that are characterized by a long investment horizon and at the predictable payment flows from invested assets, and where preferential return paid to members of management or other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed, within the alternative investment fund has repaid all the deposits to investors as well as an amount equivalent to all the pre-determined rate of return of the deposit. In this context, it is a prerequisite that the at the time of payment of the preference returns with great certainty can be established that the investment allows the refund of deposits as well as the pre-determined rate of return to investors within an agreed time frame, and that the preferential return paid, subject to tilbagetagelseskrav, see. (6) until the alternative investment fund wound up.

Paragraph 11. The Danish financial supervisory authority may lay down detailed rules on the actions that a manager must take to have a wage policies and practices that are consistent with and promotes sound and effective risk management, including detailed rules relating to the payment of variable salary, without prejudice. in paragraphs 1 to 8 above mentioned conditions.


§ 21. Asset managers of alternative investment funds, which is significant because of its size and the size of the AIF it manages, its internal organisation and the nature, purpose and complexity of its activities, must set up a remuneration Committee, subject to article 20. However, paragraph 2.

(2). In groups with more companies, which by virtue of paragraph 1 or § 77 c, paragraph 1, of the law on the financial business has an obligation to set up a remuneration Committee, the remuneration Committee shall be set up a common for these undertakings within a group or part thereof. The remuneration Committee shall organizationally be placed in an establishment under the supervision of the financial supervisory authority and must be reduced in a company that is the parent company of the other undertakings to which the Committee is established.

(3). The Chairman and the members of the remuneration Committee must be members of the governing body of the company, which reduces the remuneration Committee, or by the governing bodies of the undertakings pursuant to paragraph 2 have a common remuneration Committee. Remuneration Committee must be composed in such a way that members are able to make a skilled and independent assessment of the company's remuneration, including wage policy and associated procedures are in accordance with § 20.

(4). The remuneration Committee shall conduct the preparatory work for the supreme governing body decisions relating to pay, including pay policy and other decisions which may have an impact on management's risk management. The Committee may carry out other tasks relating to remuneration. The Committee shall, in the preparatory work carry out management's long-term interests, including in relation to capital owners and other investors.

§ 22. In an asset manager of the alternative investment fund enters into an agreement on variable pay or severance with a member of management's leadership, must manage's upper body have approved management's wage policy, see. Article 20, paragraph 1, including the guidelines for the award of variable compensation and guidelines for severance pay.

(2). In an asset manager to be the Chairman of the governing body in its report for management's upper-body account for remuneration of management's leadership. The statement shall contain information on the remuneration in the previous financial year and of the anticipated remuneration in the current and next fiscal year.

(3). Manager shall publish in the annual report the total remuneration of each Member of the management, as part of this task that he or she has received from the Manager in the financial year in question, and in the same year that he received as a member of the management of a company within the same group.

(4). FSA sets out rules for managers ' duty to publish information about their remuneration of Directors and other employees, whose activities have a significant influence on management's risk profile or on the risk profile of the AIF managed.

Conflicts of interest



§ 23. An alternative investment fund manager must know the décor of his business organizational as well as administratively take all reasonable measures in order to identify, prevent, manage and monitor conflicts of interest in order to prevent the damage they managed alternative investment funds or their investors ' interests.

(2). A manager must be able to identify conflicts of interest that could arise in connection with the management of alternative investment funds from the following: 1) Manager, including its management, employees or any other person directly or indirectly linked to Manager by control, and the managed alternative investment funds or investors in such alternative investment funds.

2) Various alternative investment fund or UCITS managed between themselves or between investors in such funds or UCITS.

3) Managed alternative investment funds or investors in such funds and one or more of management's other customers.

4) Two of the management's customers.

(3). If the requirements of paragraphs 1 and 2 not with reasonable certainty can ensure that the risk of harm to investors ' interests will be prevented, the manager shall inform investors clear conflicts of interest to the general nature or sources, before Manager assumes the tasks on the investors ' behalf.

(4). Manager shall draw up appropriate policies and procedures for the handling of conflicts of interest, which should be used when the organisational arrangements and measures in accordance with paragraph 1 is not sufficient.

(5). If the Manager uses the prime broker services on behalf of an alternative investment fund, the conditions for such services must be provided in a written agreement. The possibilities of securities lending or other transfer of the alternative investment fund assets, including assets posed to security, should be regulated in the agreement, provided that this must be possible, and must take place within the framework of the alternative investment fund of incorporation or fund rules. It must be stated in the agreement, to the alternative investment fund depositary shall be informed of the agreement. Manager shall exercise due diligence in selecting Pb, which concluded in agreement with.

(6). The Danish financial supervisory authority may lay down detailed rules for the measures taken by the Manager in accordance with paragraphs 1 and 3-5 may reasonably be expected to take, on the different types of conflicts of interest, as referred to in paragraph 2, and on the prevention of conflicts of interest.

Risk management



§ 24. Asset managers of alternative investment funds must, in order to prevent conflicts of interest, establish a risk management function, which must be functionally and hierarchically separate from the operational units, including portfolio management features, and as consistently and effectively are able to detect, measure, manage and monitor all risks that are relevant to the investment strategies, objectives and risk profiles, as the alternative investment fund managed by each follows.

(2). A manager must make appropriate stress tests as part of risk management.

(3). A manager must ensure that each of the alternative investment fund managed risk profile corresponds to their size, portfolio structure, investment strategy and investment objectives as laid down in the Fund's articles of association or fund rules, prospectus and other tendering documents.

(4). Asset managers of alternative investment funds must, when that invests on behalf of the managing alternative investment funds, implement appropriate due diligence procedure.

(5). A steward must be in writing, set limits on the maximum level of leverage for each of the managed alternative investment funds, including for the possibilities for recycling of the alternative investment fund assets made to security or guarantee, which may be granted under the leveraging arrangement. In determining the limits should take into account the alternative investment manager, fund type, strategy, method of leverage, any communication or other related to other institutions that provide financial services, which could pose a systemic risk, counterparty risk, agreements on collateral, the ratio between assets and liabilities and the extent, nature and dissemination of management's activities on the market in question.

(6). A manager must review the risk management systems with adequate frequency and at least once a year in order to ensure that they continue to be sufficient, and, if necessary, adjust them.

(7). The Danish financial supervisory authority may lay down detailed rules concerning the risk management function and systems, including compliance with the requirements of paragraphs 1 to 6.

Liquidity management



§ 25. A manager of the alternative investment fund shall, in respect of each alternative investment fund, with the exception of alternative investment funds, who are of the closed type, and that does not use leverage, have and apply an appropriate liquidity management system and appropriate procedures, that gives the Manager an opportunity to monitor the Fund's liquidity risk and ensure that the liquidity profile of the investments are consistent with the Fund's underlying liquidity commitments.

(2). Manager shall for alternative investment funds of the open type and for funds that use leverage, regularly conduct stress tests of normal and exceptional liquidity conditions. The results will be included in the risk assessment of funds and also included in the assessment of what is an appropriate liquidity management system and an appropriate procedure for the monitoring of the funds ' liquidity risk.

(3). Manager shall ensure that there is consistency between investment strategy, cash flow profile and redemption policy for each of the managed alternative investment funds.

(4). FSA sets out detailed rules on liquidity management systems and procedures and of the obligations imposed on the Manager pursuant to paragraph 3.

Investments in securitisation positions



section 26. The Danish financial supervisory authority may lay down rules as to which securitisation alternative investment fund managers on behalf of alternative investment funds may invest in, including the following:


1) the requirements of the originator credit institution or sponsor credit institution, the original lender must meet in order for an asset manager of alternative investment funds must invest on behalf of the alternative investment fund in securities or other financial instruments of this type issued after 1. January 2011, as well as requirements that ensure that the originator credit institution or sponsor credit institution, the original lender retains an economic interest of at least 5 per cent net.

2) the qualitative requirements to be fulfilled by managers who invest in these securities or other financial instruments on behalf of one or more alternative investment funds.

Title IV General provisions Chapter 5 § organisational requirements 27. A manager of the alternative investment fund shall at all times have sufficient resources and qualified personnel in order to ensure proper management of the alternative investment fund managed.

(2). Having concern for the nature of the alternative investment fund managed to be Manager have effective forms of business management, including 1) a clear organisational structure with well-defined, transparent and consistent lines of responsibility, 2) a sound administrative and accounting procedures, 3) written procedures for all major areas of activity, 4) rules for employees ' personal transactions, ownership and management of its own resources, which, as a minimum, ensure that any transaction involving one of the alternative investment fund managed, can be reconstructed in terms of origin, interested parties, and art as well as the time and place of implementation, 5) adequate internal control mechanisms, including monitoring procedures for employees ' personal transactions, ownership and management of its own resources, 6) reassuring control and security measures in the it field and 7) control procedures to ensure that assets are invested in accordance with the statutes of the Fund managed or fund rules and applicable law.

(3). The Danish financial supervisory authority may lay down detailed rules on the actions that a manager must take in order to have effective forms of corporate governance in accordance with paragraphs 1 and 2.

Gender composition of the governing body, etc.



section 28. In the alternative investment fund managers, with registered office in Denmark, which has securities admitted to trading on a regulated market in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, or which has a balance sheet total of 500 million. us $ or more in two consecutive financial years, 1) the governing body run target figures for the proportion of the under-represented gender in management's supreme governing body and 2) central governing body to draw up a policy to increase the proportion of the under-represented gender in management's management levels generally, see. However, paragraphs 5-8.

(2). A manager of the alternative investment fund shall, in respect of each alternative investment fund manager is responsible for ensuring that 1) the Fund's governing body has set a target for the proportion of the under-represented sex in the Fund's supreme governing body and 2) the Fund's central governing body has drawn up a policy to increase the proportion of the under-represented sex in the Fund's management levels in General, see. However, paragraphs 5-8.

(3). Paragraph 2 shall apply only for alternative investment funds with registered office in Denmark, which has assets with a total value of 500 million. us $ or more in two consecutive financial years.

(4). Assets, as the alternative investment fund has acquired through leverage, see. § 3 (1) (8). 27, must be included in the measure of the Fund's assets in accordance with paragraph 3.

(5). If an alternative investment fund managed by an asset manager, which has drawn up a policy to increase the proportion of the under-represented gender in management's management levels in General, paragraph 2, no. 2 shall not apply if the Fund's operation is exercised by management level with the Manager.

(6). For the parent companies, which draws up consolidated accounts, it is sufficient to set targets and draw up a policy, see. (1). 2, and paragraph 2, no. 2, for the group as a whole.

(7). A subsidiary, as part of a group, or may fail to set targets and draw up a policy, see. (1). 2, and paragraph 2, no. 2 If the parent company sets targets and draws up a policy for the entire group.

(8). Managers of alternative investment funds or the funds Manager manages, for the last financial year have employed fewer than 50 employees, or may fail to draw up a policy to increase the proportion of the under-represented sex in their other management levels, see. (1). 2, and paragraph 2, no. 2. the provisions of paragraph 9. If a Manager or alternative investment fund, both covered by this provision and the provisions on the gender composition of the governing body, etc. in company law, financial business Act, Act on trader funds or act on certain operators companies have this provision prevails.

Chapter 6 section 29 of the valuation. A manager of the alternative investment fund shall, in respect of each alternative investment fund it manages, have procedures for the valuation of the Fund's assets and liabilities, which ensures that the valuation of the assets and the calculation of the Fund's equity value per share is done correctly, independently and consistently and in accordance with this law and the applicable national law. The rules for the valuation of assets and calculating the intrinsic value per share shall be laid down in the statutes of the individual fund or fund rules.

(2). If an alternative investment fund has continuous emission and redemption of shares, the manager shall ensure that the valuation of the Fund's assets and the calculation of the equity value per share is done at a frequency that is appropriate to the Fund's assets and the frequency of emissions and redemptions.

(3). If an alternative investment fund do not have continuous emission and redemption of shares, the manager shall ensure that valuation and calculating the intrinsic value per share takes place in connection with capital increases or reductions.

(4). Manager shall ensure that the valuation of each managed alternative investment fund assets as well as the calculation of the equity value per share of the Fund is effected at least once a year.

(5). Manager shall ensure that valuation performed at impartially and with due competence and care.

section 30. An alternative investment fund manager shall ensure that the alternative investment fund managed on a regular basis and at least annually inform the Fund's investors about the intrinsic value per share in accordance with this law, the applicable national law and the statutes of the Fund or the Fund rules.

(2). The Manager must ensure that the Fund's articles of association or fund rules contain provisions on how investors get information on valuation and the intrinsic value per share.

section 31. The valuation of an alternative investment fund can be handled by the Manager of the alternative investment fund or an external evaluation expert.

(2). An external evaluation expert can be a natural or a legal person. The external expert assessment shall be independent of the alternative investment fund manager, and persons who have close links to the Fund or the Manager.

(3). If a Manager even conducts the valuation by one or more alternative investment funds, the task is handled by a function that is separate from portfolio management function at the Manager. The Manager must also organize its activities, including the remuneration policy, so that conflicts of interest and undue influence reduce as much as possible.

(4). If an alternative investment fund custodian carries out the valuation of the Fund's assets as an external expert assessment, the task is handled by a separate function that are separated both functionally and hierarchically from the depositary function. A depositary must ensure that potential conflicts of interest are properly identified, managed, monitored and informed of the Fund's investors.

section 32. When an external evaluation expert responsible for carrying out the valuation, the Manager of the alternative investment fund could prove that 1) the external evaluation expert is liable to registration in accordance with legislation, including administrative provisions, or professional ethics rules or are admitted to the FSA register of assessment experts, see. (2) 2) the external evaluation expert can provide sufficient professional guarantees to be able to carry out the valuation in accordance with the requirements of sections 29 and 30 and 3) the designation of the assessment by the expert meeting the requirements for delegation in § § 38-41 and in the provisions laid down under section 44.

(2). The Danish financial supervisory authority may establish a register of external assessment experts, as these can seek admission in.

(3). The Danish financial supervisory authority may lay down detailed rules concerning the requirements referred to in paragraph 1, no. 1. In addition, the Danish financial supervisory authority lay down detailed rules for inclusion in the register referred to in article 6. paragraph 2, and on the layout and implementation of register.

section 33. A designated external assessment expert may not subdelegate the valuation task to a third party.

§ 34. A steward of an alternative investment fund must inform the FSA that the Manager will use an external evaluation expert, in agreement with the external valuation expert takes effect.


(2). If the FSA believes that the requirements of section 32 is not fulfilled, the FSA order Manager to appoint another expert.

section 35. If the valuation of an alternative investment fund is not carried out by an independent external expert, can the FSA require that management's valuation process or valuation, or both are verified by an independent external assessment expert or, if appropriate, by an accountant.

§ 36. The Manager of the alternative investment fund is responsible for the valuation of alternative investment funds assets and liabilities as well as the calculation of the equity value per share is correct, regardless of whether the Manager even conducting valuation and calculations or these tasks are delegated to an external evaluation expert.

(2). Manager is responsible for the publication of the intrinsic value per share, regardless of whether the Manager even carries out calculations, or the task is delegated to an external evaluation expert.

(3). If the valuation of an alternative investment fund assets and liabilities, the calculation of the equity value per share or both tasks are delegated to an external evaluation expert, is the external evaluation experts accountable to the Manager of any loss, as Manager, have suffered, as a result of the external expert assessment has shown negligence or intentionally do not have carried out his or her duties.

section 37. The Danish financial supervisory authority may lay down rules on the following: 1) Procedures for valuing assets and calculating the intrinsic value per share.

2) Trade Union guarantees, as an external evaluation expert should be able to deliver, to the assessment by the expert can perform the appropriate valuation in an efficient way.

3) frequency of the valuation to be made of alternative investment funds with continuous emission and redemption, which is appropriate in relation to both the Fund's assets and its emissions and redemptions.

Chapter 7 Delegation section 38. A manager of the alternative investment fund must inform the FSA when the Manager intends to delegate the performance of essential tasks to third parties. The notification must be done before the delegation agreement enters into force.

§ 39. An alternative investment fund manager or the person in accordance with the rules laid down in this law shall delegate or further delegerer tasks, must continuously monitor the services provided by the company are delegated to.

§ 40. Delegation can only occur if the following are true: 1) the manager shall objectively justify his entire delegation structure.

2) Manager must be secured and must be able to demonstrate that the person delegated to, have sufficient resources to carry out the respective tasks, and to the persons who actually performs its tasks, has a sufficiently good repute and have sufficient experience.

3) by delegation of portfolio management or risk management delegation must only be done to the establishments authorized to, or registered for the purpose of asset management and subject to prudential supervision. That condition is not fulfilled, the delegation only occur after prior approval from the FSA.

4) by delegation of portfolio management or risk management to a company in a third country may only take place when the delegation requirements of nr. 3 are met and established a cooperation between financial supervisory authority and the company's supervisory authority.

5) the Delegation shall not prevent the efficient supervision of Manager and must not prevent the Manager from acting or the alternative investment fund to be managed in the investors ' interest.

6) Manager must be able to demonstrate that the person delegated to, have competences, is able to perform those functions and have been selected with appropriate care.

7) Manager must be able to demonstrate that the Manager is able to effectively monitor the performance of the delegated tasks.

8) Manager must be able to demonstrate that the Manager will be able to give at any time further instructions to the person who performs the tasks delegated, and the manager shall at all times have the opportunity to involve the delegation with immediate effect, if it is in the interest of the investors.

§ 41. Delegation or delegation of portfolio management or risk management must not happen to 1) alternative investment funds depository or an entrusted with tasks from the depositary, or 2) others who may have interests which is contrary to the Manager of the alternative investment funds or the alternative investment fund investors ' interests, unless the person concerned performs portfolio care or risk management in a separate function that are separated both functionally and hierarchically from the features performing other tasks, which could create conflicts of interest, and the potential conflicts of interest are adequately identified, managed, monitored and informed of the Fund's investors.

§ 42. Manager of alternative investment funds in the duties and responsibilities to the alternative investment funds and their investors are not affected by that Manager to further delegerer tasks to third parties.

(2). A steward may not delegate tasks to the extent that this is not really considered to be Manager, or manager takes on the character of being a blank company.

section 43. A third party may not sub-delegate any essential tasks, this has been given by delegation from the manager shall, unless the following conditions are met: 1) alternative investment fund manager shall have precedence over further delegation approved further delegation.

2) Manager has given the FSA announcement on further delegation before further delegation entry into force of the agreement.

3) Further delegation shall comply with the requirements of §§ 38-40 are established for management's delegation.

(2). If the person who has been delegated substantive tasks from third parties, further delegerer tasks, should such a delegation to meet the same requirements as those applicable to third parties further delegation.

§ 44. The Danish financial supervisory authority may lay down detailed rules on, 1) when the conditions laid down in § § 38-41 and 43 are met, 2) when a manager of the alternative investment fund shall be deemed to have delegated tasks to such an extent that the Manager considered a blank company under section 42, paragraph 2, and can no longer be considered to be the Manager of the alternative investment fund, and 3) which tasks in relation to delegation is regarded as essential.

Chapter 8 the depositary § 45. An alternative investment fund manager must ensure that the appointment of a custodian for each alternative investment fund it manages, in accordance with the rules laid down in this chapter.

(2). There must be a written agreement between the alternative investment fund and its designated custodian.

(3). Delegation agreement must include an adjustment of the exchange of information, which is necessary so that the depositary could carry out its tasks in accordance with the applicable rules.

§ 46. A depositary must be one of the following, see. However, paragraphs 2 and 3:1) a credit institution which has registered office in a country within the European Union or a country with which the Union has entered into an agreement in the financial sphere, and as permitted under the rules implementing Directive 2006/48/EC of 14. June 2006 relating to the taking up and pursuit of the business of credit institutions.

2) A stockbroking company which has registered office in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, which is subject to the requirements for sufficient capital adequacy in accordance with capital requirements in the rules implementing article 20 of Directive 2006/49/EC of 14. June 2006 laying down the requirements for the capital adequacy of investment firms and credit institutions, including capital requirements for operational risks, which has obtained a permit in accordance with rules transposing Directive 2004/39/EC of 21. April 2004 on markets in financial instruments and ancillary services in the form of safekeeping and administration of financial instruments for customers ' account, see. the rules implementing annex I, part B, point 3. of Directive 2004/39/EC of 21. April 2004 on markets in financial instruments.

3) Other categories of undertakings which are subject to prudential regulation and on-going monitoring, and as the twenty-first century. July 2011 belonged to the categories of undertakings, as the countries of the European Union had established could be selected as depositary for the UCITS in accordance with the rules, which implements article 23, paragraph 3, of Directive 2009/65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.

(2). For alternative investment funds from a third country and subject to the requirements of section 48, paragraph 2, and section 49, no. 3, can also be a depositary credit institution or another device of the same type as those referred to in paragraph 1, no. 1 and 2, said units.


(3). For alternative investment funds, which fulfils the conditions set out in 2. point, can the FSA allow the depositary is a device that performs depositary functions as part of their professional or business activities, with regard to which the device in question is liable to registration in accordance with legislation, including administrative provisions, or professional ethics rules, and that can make sufficient financial and professional guarantees in order to make it able to effectively perform the relevant depositary functions and meet the requirements associated with these functions.  The Danish financial supervisory authority may issue the permit after 1. point, if there is an alternative investment fund, which for a period of 5 years from the date of the first investment is not obliged to redeem its investors, and whose fundamental investment policy is to invest mainly in unlisted companies or issuers in order potentially to gain dominant influence over such companies in accordance with § 71, or if the alternative investment fund's fundamental investment policy is not primarily to invest in assets , which must be kept in escrow in accordance with the provisions of section 51 (1) (8). 1. the provisions in paragraph 4. A stockbroking company that is designated as the depositary must have a capital base, which at least represents an amount equal to the value of EUR 730,000.

§ 47. Asset managers of alternative investment funds may not be designated as depository.

(2). A prime broker, which acts as the counterparty to an alternative investment fund, cannot be designated as depositary of same alternative investment fund, unless the prime broker functionally and hierarchically has separated the execution of its depositary tasks from its tasks as prime broker and the possible conflicts of interest are adequately identified, managed, monitored and informed of the Fund's investors. A depository may, however, delegate its storage tasks to a prime broker in accordance with § 54, provided that the conditions set out in section 54, paragraphs 2 to 4 are fulfilled.

section 48. The depositary shall be established in the country where the alternative investment fund have home country, if the Depositary designated by an alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

(2). With regard to alternative investment funds from a third country, the depositary shall be established in the third country in which the alternative investment fund is established in the country of origin for the Manager, who manages the alternative investment fund, or in the reference country for the Manager, who manages the alternative investment fund.

§ 49. The appointment of a custodian, who is established in a third country, is in addition to the requirements of § 46 subject to the following conditions: 1) If an alternative investment fund from a third country shall be managed by a Manager with home country in Denmark or marketed in Denmark, the Danish financial supervisory authority have concluded an agreement on cooperation and exchange of information with the competent authorities of the depositary.

2) If an alternative investment fund from a third country to be marketed in other countries within the European Union or countries with which the Union has entered into an agreement on the financial area than Denmark, there must be an agreement between the competent authorities of the depositary and the competent authorities in each of these countries on cooperation and exchange of information.

3) a depositary shall be subject to effective prudential regulation, including requirements for minimum capital, and effective monitoring, which is equivalent to the regulation and monitoring of the European Union, and which are effectively enforced.

4) the third country in which the depositary is established, must not be included in the list of non-cooperating countries and territories, prepared by the Financial Action Task Force.

5) If an alternative investment fund from a third country shall be managed by a Manager with home country in Denmark or marketed in Denmark, Denmark have entered into an agreement with a depositary's competent authorities, which fully comply with the standards referred to in article 26 of the Organization for economic cooperation and development model Tax Convention on income and on capital, and which ensures an effective exchange of information in tax matters, including on possible multilateral tax agreements.

6) If an alternative investment fund from a third country to be marketed in other countries within the European Union or a country with which the Union has entered into an agreement on the financial area than Denmark, there must be an agreement between the competent authorities of the depositary and the competent authorities in each of these countries, which fully comply with the standards referred to in article 26 of the Organization for economic cooperation and development model Tax Convention on income and on capital and ensuring the effective exchange of information in tax matters, including on possible multilateral tax agreements.

7) the depositary shall be contractually responsible to the alternative investment fund or to the Fund's investors in accordance with sections 55 and 56 and must expressly have agreed to comply with section 54.

§ 50. A depositary must check the alternative investment fund payment flows.

(2). The depositary shall keep a special control, that all payments made by or on behalf of investors in connection with subscription of shares of the Fund are received, and that all cash in the alternative investment fund have been posted to the cash account, in the Fund's name or in the name of the depositary, when management's or those acting on behalf of the Fund 1) with units covered by the rules implementing article 18 (1) (a), (b) or (c) of Directive 2006/73/EC of 10. August 2006 on the implementation of European Parliament and Council Directive 2004/39/EC as regards organisational requirements and operating conditions for investment firms, as well as definitions of terms for the purposes of that directive, or 2) with units corresponding to them as mentioned in nr. 1 on the relevant market on which cash accounts are required, provided that they are subject to an effective prudential regulation and supervision, which corresponds to the regulation in The European Union, and which are enforced effectively and in accordance with the principles set out in article 16 of Directive 2006/73/EC of 10. August 2006 on the implementation of Directive 2004/39/EC as regards organisational requirements and operating conditions for investment firms, as well as definitions of terms for the purposes of that directive.

(3). If the cash accounts are created in the alternative investment fund depositars name in accordance with paragraph 2, shall not funds from the account-holding device or the depositary is posted on such accounts.

§ 51. The alternative investment fund assets or the assets in which the Manager manages on behalf of the Fund shall be entrusted to a depositary for safekeeping in accordance with the following rules: 1) For financial instruments, which can be stored in the repository, the following applies: a) the depositary shall keep all financial instruments that can be recorded on a chart or in a repository created with the depositary.

(b)) the depositary shall retain all physical financial instruments that can be provided to the depositary.

(c)) the depositary shall ensure that the financial instruments are recorded in accounts or stored in depots, which are separate from the depositary's own, and that they used the accounts and deposits are created in the alternative investment fund or its manager's name, so that at any time can be identified as belonging to the alternative investment fund.

d) Registrations must comply with the rules laid down in § 72 of the financial business Act and rules issued under this provision.

2) For other assets, the following shall apply: (a)) the depositary shall verify that the alternative investment fund or his manages on behalf of the Fund is the owner of the assets.

(b)) the assessment of ownership shall be based on documentation supplied by the alternative investment fund or his steward and on any existing external documentation.

(c)) the depositary shall keep a register of the assets with which the depositary has verified that the alternative investment fund or his manages on behalf of the Fund is the owner of. A depositary must continuously ensure that the register is updated.

(2). The depositary shall not sell, mortgage or otherwise dispose of the alternative investment fund assets or the assets in which the Manager manages on behalf of the Fund, without the prior consent of the Fund or its Manager.

§ 52. A depositary must ensure that 1) sale, issue, re-purchase, redemption and cancellation of units of the alternative investment fund shall be in accordance with applicable national law and the statutes of the Fund or fund rules, 2) calculation of the equity value per share shall be in accordance with applicable law, the statutes of the Fund or fund rules and procedures referred to in Chapter 6, 3) consideration in connection with transactions, such as the alternative investment fund is included in the are provided to the Fund within the usual time limits and 4) the alternative investment fund revenue shall be used in accordance with the applicable legislation and the statutes of the Fund or the Fund rules.

(2). A depositary must perform management's instructions, unless these are contrary to applicable law or the Fund rules or articles of Association of the Fund.

§ 53. The depositary shall, in carrying out its duties to act honestly, fairly, professionally, independently and in the alternative investment fund and its investors ' interest.


(2). The depositary shall not conduct activities that can create conflicts of interest between the alternative investment fund, the Fund Manager and the investors themselves, unless the depositary the depositary shall functionally and hierarchically has separated the execution of its depositary tasks from the execution of the other tasks that potentially could create conflicts of interest, and the potential conflicts of interest are adequately identified, managed, monitored and informed to the alternative investment fund investors.

§ 54. The depository may not delegate tasks within the scope of § § 50-53 without prejudice to third parties. However, paragraphs 2 to 4.

(2). Notwithstanding paragraph 1, tasks covered by section 51, paragraph 1, be delegated if the following conditions are met: 1) Tasks delegated not in the intent to evade the requirements of this law.

2) depositary must objectively justify the delegation.

3) a depositary has demonstrated sufficient skill, thoroughness and diligence in the selection of any third party to which tasks are delegated.

4) a depositary must demonstrate skill, thoroughness and diligence in the continuous control and monitoring of third's solution of the tasks delegated and thereby related events.

5) the depositary shall ensure that the third party to whom tasks are delegated, in connection with the performance of these tasks at all times meets the following conditions: (a) the Third man's organisation and competence) must be adequate in relation to the nature and complexity of the assets belonging to the alternative investment fund or Manager on behalf of the Fund, which is transferred to storage at third man.

(b)) in respect of the delegation of the storage tasks, which are covered by section 51 (1) (8). 1, the third party will be subject to an effective prudential regulation, including minimum capital requirements, and monitoring in that jurisdiction, and the third party shall be subject to periodic external audits in order to ensure that the financial instruments are in the third man's possession, without prejudice. However, paragraph 3.

(c)) the third party must keep clients ' assets separate from the depositary the depositary and third man's own assets in such a way that at any time can be identified as belonging to the specific customer with the depositary.

(d)) the third party shall not sell, mortgage or otherwise dispose of assets without prior obtaining consent for this from the alternative investment fund or its Manager and informing the depositary to that effect.

(e)) the third party must comply with the duties and prohibitions in sections 51 and 53.

(3). The depositary may delegate to a third party, regardless of the requirements of paragraph 2, no. 5, point (b) is not fulfilled, provided that the following conditions are met: 1) the delegation shall apply to financial instruments, which are subject to a third country's legislation requires that these must be kept in escrow from a local device.

2) not delegated functions in wider than required as a result of third country's legislation.

3) No local device complies with the requirements referred to in paragraph 2, no. 5 (b), of the delegation.

4) Investors in the alternative investment fund must prior to their investment in the Fund are duly informed that the delegation is required due to the rules in the third country, and on the circumstances which justify the delegation.

5) The alternative investment fund or its manager should have imposed on the depositary to delegate the keeping of such financial instruments to the local unit.

(4). Delegation in accordance with the derogation provided for in paragraph 3 may only be maintained as long as all the conditions laid down in paragraph 3, no. 1-3 are met.

(5). Third parties may sub-delegate any of the functions which the third party has been delegated by the depositary, provided that further delegation meets the same requirements that apply to the depositary's delegation. section 56 applies to the relevant parties in the event of further delegation.

(6). The supply of services via the securities settlement systems covered by the rules implementing Directive 98/26/EC of 19. May 1998 on settlement finality in payment and securities settlement systems, and the provision of services via third countries ' securities settlement systems, shall not be considered as delegation of depositary functions.

§ 55. The depositary is accountable to the alternative investment fund or the Fund's investors for losses of financial instruments kept in the depot in accordance with the provisions of section 51 (1) (8). 1, which is caused by the depositary or third party to whom the task is delegated.

(2). In the event of loss of financial instruments stored in the depot to the depositary without undue delay provide a substitute to the alternative investment fund or his manages on behalf of the Fund in the form of financial instruments of the same type, or an amount equal to the value of these.

(3). The depositary shall not be liable for any loss in accordance with paragraphs 1 and 2, where this can prove that the loss is caused by an external event, such as the depositary could not reasonably be expected to have control over, and the consequences of which would have been inevitable, even if the depositary had taken all reasonable precautions.

(4). The depositary is also responsible to the alternative investment fund or his investors for any other loss, as these may suffer as a result of the depositary's negligence or intentional breach of its obligations under this law.

section 56. A depositary's liability are not affected by any delegation under section 54 of the basic regulation. However, (2) and § 57.

(2). Notwithstanding paragraph 1, the depositary shall free themselves from its liability for the loss of financial instruments kept in escrow with a third party in accordance with the rules of delegation in section 54, if the depositary can prove that 1) all requirements for delegation of safekeeping of financial instruments pursuant to section 54 are met, 2) entered into a written agreement between the depository and the third party which expressly entrusts the depositary's liability to the third party and at the same time makes it possible for the alternative investment fund or his manages on behalf of Fund to make a claim against the third party in the event of loss of financial instruments or makes it possible for the depositary to make such a claim on behalf of the alternative investment fund, and 3) entered into a written agreement between the depository and the alternative investment fund or his manages on behalf of the Fund, which explicitly allows such a release from liability and who gives the objective reasons for entering into such an agreement on the release from liability of the depositary.

§ 57. When the law of a third country requires that certain financial instruments should be stored in the depot from a local device, and there is no local units meet the delegation requirements of section 54, paragraph 2, no. 5 (b) can a depository also freeing itself from its liability if the following conditions are met: 1) the alternative investment fund of incorporation or fund rules shall expressly allow such a release from liability.

2) Investors in the alternative investment fund must prior to their investment in the Fund be duly informed about the release from liability and the circumstances warrant it.

3) The alternative investment fund or its manager should have imposed on the depositary to delegate the safekeeping of such financial instruments to the local unit.

4) entered into a written agreement between the depository and the third party which expressly entrusts the depositary's liability to the third party and at the same time makes it possible for the alternative investment fund or his manages on behalf of the Fund to make a claim against the third party in the event of loss of financial instruments or makes it possible for the depositary to make such a claim on behalf of the alternative investment fund.

5) there must be a written agreement concluded between the depository and the alternative investment fund or its Manager on behalf of the Fund, which explicitly allows such a release from liability.

§ 58. If a depositary or third party's liability to the alternative investment fund investors, fund investors do this responsibility applicable either directly or indirectly through the Fund's Manager, depending on the legal nature of the relationship between the depositary, the Fund's Manager and the Fund's investors.

section 59. A depositary shall, upon request, provide all the information available to the competent authorities, as the depositary the depositary shall have obtained in carrying out its tasks, and which may be necessary for the alternative investment fund and its manager's competent authorities. If the alternative investment fund or its manager's competent authorities differ from the depositary, the depositary must competent authorities immediately disclose the information received to the alternative investment fund and its manager's competent authorities.

section 60. The Danish financial supervisory authority may lay down detailed rules for the following: 1) the content of the agreement, as referred to in the depositary. § 45, paragraphs 2 and 3.

2) Assessment of whether the third country supervisory regulation and supervision similar to the regulation in The European Union and enforced effectively, see. section 49, no. 3.3) the conditions for the performance of depositary functions in section 50 (1) and §§ 51 and 52, including a) what types of financial instruments covered by the depositary's duty, see storage. section 51 (1) (8). 1, b) conditions for how a depositary must exercise its storage tasks with respect to financial instruments that are registered with a central depository and


(c)) the conditions for how the depositary pursuant to section 51 (1) (8). 2, must exercise its storage tasks with respect to financial instruments issued by name and registered with the issuer or the Registrar.

4) a depositary's duties relating to the selection and monitoring of third parties by delegation of the depositary tasks, see. § 54, paragraph 2, no. 3 and 4.

5) the requirements for third parties ' separation of the depositary's own assets from its customers ' assets, see. § 54, paragraph 2, no. 5 (c).

6) detailed conditions and circumstances in which financial assets which the depositary is responsible for, shall be deemed to have been lost, see. section 55 (1).

7) what is meant by external events that the depositary could not reasonably be expected to have control over, and the consequences of which would have been inevitable, even if the depositary had taken all reasonable steps, see. section 55, paragraph 3.

8) what are the conditions and circumstances which must exist for that there are objective reasons to conclude an agreement that frees the depositary of his liability, see. section 56 (2). 3. Title V, Transparency, etc.

Chapter 9 annual report for alternative investment funds § 61. For each alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement in the financial field, as Manager manages, or for each alternative investment fund manager, marketing in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, the Manager no later than 6 months after the end of each financial year, make available an annual report.

(2). The annual report shall, upon request, shall be sent to: 1) Investors in the relevant alternative investment fund.

2) FSA.

3) the competent authorities of the alternative investment fund homeland.

(3). The annual report shall at least contain the following: 1) a balance-sheet or a statement of assets and liabilities.

2) a statement of revenue and expenditure for the financial year in question.

3) A report on the activities of the preceding year.

4) significant changes in the sections 62, 64 and 65 referred to information in the course of the financial year to which the annual report covers.

5) The total wage bill in the fiscal year divided into fixed and variable salary, paid by the Manager to the employees, as well as the number of beneficiaries and, where appropriate, preferential return paid by the alternative investment fund.

6) The total payroll distributed on management's management and employees, whose activities have a material impact on the risk profile of the AIF managed.

(4). The accounting information in the annual report must be drawn up in accordance with the accounting rules and standards in the alternative investment fund homeland or the accounting standards of the third country in which the alternative investment fund is established, and in accordance with the accountancy provisions contained in the alternative investment fund of incorporation or fund rules.

(5). The financial information in the annual report must be audited by one or more statutory auditors approved in accordance with rules transposing Directive 2006/43/EC of 17 May 2006. May 2006 on statutory audits of annual accounts and consolidated accounts. The audit report including any reservations must be reproduced in full in the annual report. For managers, marketing alternative investment funds, which is from a third country, annual reports from these funds may be reviewed in accordance with applicable international accounting standards of the country where the Foundation has its registered office.

(6). If the alternative investment fund, in accordance with national regulation shall publish an annual report no later than 6 months after the end of the financial year, only the information referred to in paragraph 3, and that are not already included in the revised and published annual report, which the Manager is obliged to make available or transmit in accordance with paragraphs 1 and 2. This can be done separately or as an addition to the annual report. If some of the information referred to in paragraph 3, shall be supplied separately as a supplement to the annual report, which is published as mentioned in 1. point, Manager at the same time inform the other information can be found in the published annual report and refer to the place where the annual report is published.

(7). The Danish financial supervisory authority may lay down detailed rules concerning the content and form of the annual report. The rules must be adapted according to the type of alternative investment fund, they apply to.

Chapter 10 Managing's disclosure obligations of investors section 62. A manager shall, in respect of each alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, which it manages, as well as for each alternative investment fund manager, marketing in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, provide the following information as well as any significant changes of these at the disposal of the Fund's investors on the way specified in the Fund's articles of association or fund rules, before investors invest in the alternative investment fund: 1) A description of the alternative investment fund investment strategy and investment objectives.

2) Where any master Fund is established.

3) If the alternative investment fund has a fund of funds structure, it must be reported, where the underlying funds are established.

4) A description of the types of assets, such as the alternative investment fund can invest in.

5) A description of the practices, the alternative investment fund can use when investing, and the risks associated with such practices.

6) A description of all applicable investment restrictions.

7) A description of the circumstances in which the alternative investment fund can use leverage, including what kinds of leverage and what sources to leverage the Fund may use, possible restrictions on the use of leverage, as well as all risks associated with the Fund's use of leverage.

8) the maximum level of leverage.

9) A description of the options for reusing the alternative investment fund assets and security made by the Fund.

10) a description of the procedures, after which the alternative investment fund may change its investment strategy or investment policy, or both.

11) A description of the most important consequences of concluding an agreement to invest in the alternative investment fund. This should be provided on jurisdiction and applicable law, and about the availability of legal security documents, which must be observed in order to ensure enforcement and recognition in the jurisdiction in which the alternative investment fund is established.

12) identification of the alternative investment fund manager, custodian, auditor and all other suppliers of services, including a description of their responsibilities and rights in relation to these investors.

13) A description of how the Manager of the alternative investment Fund meets the requirements of section 16, paragraph 5.

14) A description of any management task, as the alternative investment fund manager has delegated regulation. Annex 1, point 1. 1 and 2, and of any task which the depositary has delegated. The descriptions should specify who has been entrusted with a task, and a description of any conflicts of interest which may arise in connection with the delegations.

15) A description of the methods and procedures, the alternative investment fund established pursuant to section 29, paragraph 1, of the value and price of the recruitment of the Fund's assets and obligations, including the methods used for the valuation of assets and liabilities, which are hard to overstate.

16) A description of the alternative investment fund management of liquidity risks, including a description of the investor's right to be redeemed under both normal and exceptional circumstances as well as the agreements concluded with investors about redemption.

17) A description of all fees and costs, with an indication of the maximum amounts which are directly or indirectly borne by investors.

18) A description of how the manager ensures that all investors are treated fairly.

19) If one or more investors obtain preferential treatment or the right to preferential treatment, preferential treatment, the type of investors who can achieve such a treatment, and, if applicable, the person or their legal or economic link to the alternative investment fund or manager shall be described.

20) the latest annual report as referred to in section 61.

21) the procedure and conditions for the issue and sale of shares.

22) the alternative investment fund latest equity value or market price per share.

23) the alternative investment fund historic results, if such are available.

24) If the alternative investment fund using a prime broker, the identity of the prime broker reported, and all significant agreements with prime broker must be described, including a description of how potential conflicts of interest are handled and, where appropriate, the provision of the agreement with the alternative investment fund depository, which concerns the possibility of transfer and recycling of the Fund's assets, as well as a description of any transfer of responsibility to the prime broker.


25) A description of how and when information subject to sections 64 and 65 shall be made public.

(2). Manager shall inform the alternative investment fund investors on any measures which the depositary has taken in order to free themselves from liability in whole or in part, see. section 56 (2). Manager shall immediately inform the alternative investment fund investors if there is a change in the depositary's liability.

(3). Business and growth, the Minister may lay down detailed rules concerning the information to be given to retail investors, and in what form the information should be given, to the extent that marketing to retail investors is allowed.

section 63. If the alternative investment fund must publish a prospectus in accordance with the legislation transposing Directive 2003/71/EC of 4. November 2007 on the prospectus to be published when securities are offered to the public or admitted to trading, the manager shall only publish the information referred to in section 62 (1) and (2), and which is not already included in the prospectus. The publication can be done separately or as a supplement to the prospectus.

section 64. A manager shall, in respect of each alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, which it manages, as well as for each alternative investment fund manager, marketing in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, regularly inform fund investors on the following : 1) Proportion as a percentage of assets in the alternative investment fund, which because of their illiquid nature is subject to special measures.

2) All new arrangements for management of the alternative investment fund liquidity.

3) the alternative investment fund's current risk profile and the risk management systems, as Manager uses to manage the Fund's risks.

section 65. A manager shall, in respect of each alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, which it manages, as well as for each alternative investment fund manager, marketing in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, if the Fund uses leverage , periodically inform fund investors on the following: 1) any change of the maximum level of leverage, as a Manager, can use on behalf of the alternative investment fund, and any right to reapply secured or other warranty made pursuant to the agreement, which allows the gearing.

2) the total amount for which the alternative investment fund is geared with.

§ 66. The Danish financial supervisory authority may lay down detailed rules for the in sections 64 and 65 specified disclosure requirements, including on the frequency for the submission of the information covered by section 65. Rules adapted to the type of Manager to which they refer.

Chapter 11 Managing's information obligations towards the Danish financial supervisory authority § 67. Alternative investment fund managers should regularly provide information to the FSA on the following: 1) the main markets, as the Manager is acting on as part of the portfolio they care for alternative investment funds, which the Manager manages.

2) the main instruments that the Manager acting as part of the portfolio with care for the alternative investment funds, which the Manager manages.

3) the main instruments, which Manager deals with.

4) The markets, as the Manager is a member of or acting on.

5) the main risk exposures and concentrations for each alternative investment Fund Manager manages.

(2). At the end of each quarter to be Manager on request submit a list to the FSA over the alternative investment funds, which the Manager manages.

(3). Manager shall for each alternative investment fund from The European Union or a country with which the Union has entered into an agreement in the financial field, as Manager manages, submit the following information to the Danish financial supervisory authority: 1) the percentage of the alternative investment fund assets, which are subject to specific measures, because they are illiquid.

2) All new arrangements for management of the alternative investment fund liquidity.

3) the current risk profile and the risk management systems for the alternative investment fund manager shall use to manage market risks, liquidity risks, counterparty risks and other risks, including operational risks.

4) Information on the main categories of assets, as the alternative investment fund has invested in.

5) the results of the stress tests carried out in accordance with article 24, paragraph 2, and article 25, paragraph 2.

(4). The Danish financial supervisory authority may require that managers, as Denmark is the host country, and managing or marketing alternative investment fund in Denmark, the Danish financial supervisory authority with the information which the FSA deems necessary in order to supervise compliance with the rules, as Denmark is responsible for overseeing, including sections 18, 19 and 23. The Danish financial supervisory authority may not require other or additional information than the information provided by the Danish financial supervisory authority may require of stewards who have permission to manage alternative investment funds pursuant to section 11, as regards checks on whether they abide by the same rules.

(5). The Danish financial supervisory authority may require the managers must report any other information to the FSA than those listed in this chapter, if necessary, to the Danish financial supervisory authority can effectively monitor the buildup of systemic risks. The Danish financial supervisory authority may require information on a regular basis or on an ad hoc basis. The Danish financial supervisory authority shall inform The European Securities and markets authority about the disclosure requirements, which the FSA has made. The FSA may also provide for additional reporting requirements, if The European Securities and markets authority, in exceptional circumstances, and where it is required in order to ensure the stability of the financial system and integrity or to promote long-term sustainable growth, ask the FSA to introduce additional reporting requirements.

(6). The Danish financial supervisory authority may lay down detailed rules concerning the reporting and disclosure requirements, which apply to managers in accordance with paragraphs 1 to 5.

section 68. A manager shall, in respect of each of the alternative investment funds, which Manager manages, and which substantially uses leverage, make the following information available to the Danish financial supervisory authority: 1) the level of leverage used by the alternative investment fund.

2) a break-down between leverage based on borrowing of cash or securities and leverage in financial derivatives.

3) information about the extent to which the Fund's assets have been recycled in accordance with the agreements of leverage.

4) the five largest sources of borrowed cash or securities for each alternative investment fund and the leveraged amount received from each of these sources for the alternative investment fund.

(2). For managers, whose registered office is in a third country, includes the obligation to make information available to the Danish financial supervisory authority in accordance with paragraph 1 only the alternative investment funds, which Manager manages, who is from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, or as marketed by Manager in The European Union or a country that the Union has entered into an agreement on the financial area.

(3). Manager shall demonstrate to the FSA that they leverage limits it sets for each alternative investment fund it manages, is reasonable, and that the Manager established leverage limits at all times respected.

(4). The Danish financial supervisory authority may lay down detailed rules about when leverage in accordance with paragraph 1 shall be deemed to be used substantially by a trustee on behalf of an alternative investment fund.

FSA use of information



section 69. The Danish financial supervisory authority shall use the information provided by the manager shall submit under section 61 (1) and §§ 67 and 68, to assess the extent to which leveraged investments that are used as part of alternative investment funds investments, help to increase the systemic risk in the financial system, the risk of turmoil in the markets or risks for economic growth in the long term.

(2). The Danish financial supervisory authority must ensure that the information about the managers, which is collected pursuant to section 68, paragraphs 1 and 3, and the information, as the Manager has submitted pursuant to section 11, be made available to the competent authorities in countries within the European Union and countries with which the Union has entered into an agreement on the financial area, see. section 160, paragraph 1 of this article, The European Securities and markets authority and the European systemic risk Board. The Danish financial supervisory authority must also ensure, as soon as possible, and bilaterally to send information directly to other competent authorities in countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, if an asset manager, which is subject to their supervision, or an alternative investment fund managed by this Manager, could constitute an important source of counterparty risk to a credit institution or other system-relevant institutions in these countries.

(3). The Danish financial supervisory authority must assess the risk to the financial stability of a manager's use of leverage in connection with each of the AIF it manages, are likely to present.


(4). When it is deemed necessary in order to ensure financial stability, the Danish financial supervisory authority in accordance with the notification of The European Securities and markets authority, the European systemic risk Board and, where appropriate, the relevant alternative investment fund, competent authorities may set limits to the level of leverage that Manager must apply for each Fund, as the Manager manages. The Danish financial supervisory authority may also establish other restrictions in management's management of an alternative investment fund in order to limit the involvement of gearingens to increase the systemic risk in the financial system or the risk of turmoil in the markets.

(5). If the FSA intends to adopt a decision as referred to in paragraph 4, which is contrary to the advice on this matter, which the FSA has received from The European Securities and markets authority, the Danish financial supervisory authority shall inform the European Securities and markets authority, indicating the reasons therefor.

(6). When the FSA has imposed restrictions on the use of leverage Manager in an alternative investment fund or other restrictions in management's management of an alternative investment fund, the Danish financial supervisory authority shall inform the European Securities and markets authority, the European systemic risk Board and the alternative investment fund competent authorities.

(7). Unless special conditions apply, FSA send the notification referred to in paragraph 4 shall, at least 10 working days before the entry into force or the limits will be extended.

(8). The Danish financial supervisory authority may lay down detailed rules concerning the circumstances in which and how the FSA sets limits for a manager's use of leverage and other restrictions, in a manager's management of an alternative investment fund.

Chapter 12 Managing's obligations when an alternative investment Fund achieves a dominant influence over an unquoted company section 70. The rules in this chapter apply to 1) managers of alternative investment funds, which manage one or more AIF which either individually or collectively on the basis of an agreement achieves a dominant influence over an unquoted company, and 2) managers of alternative investment funds, pursuant to the agreement shall cooperate with one or more other managers that the alternative investment funds which they manage collectively, achieve a dominant influence over an unquoted company.

(2). Asset managers of alternative investment funds, which manages alternative investment fund, which acquires a capital interest that do not constitute a dominant influence in an unquoted company, shall also submit the article 72, paragraph 1, the information referred to.

(3). section 73, paragraph 1-3, and section 75 shall also apply for managers, which manages alternative investment funds, which acquire dominant influence over issuers. In that case, paragraph 4 shall apply mutatis mutandis.

(4). The rules in this chapter shall not apply, if the unlisted companies are: 1) Small or medium-sized enterprises as defined in article 2, paragraph 1, of the annex to the European Commission recommendation 2003/361/EC.

2) companies special aims to buy, own or manage real estate.

(5). The rules in this chapter shall not apply, to the extent that they are contrary to the rules of the law on information and consultation of employees.

(6). The rules in this chapter shall not apply, to the extent that applies stricter rules regarding the acquisition of shares of issuers and unlisted companies.

§ 71. By a dominant influence in unlisted companies for the purposes of this chapter to possess more than 50 per cent of the voting rights in the company. The percentage of voting rights is calculated on the basis of all the shares, voting rights are attached to, even if the exercise thereof is suspended.

(2). In the calculation of the percentage of voting rights, as the relevant alternative investment fund has at its disposal, the voting rights, as the relevant alternative investment fund has directly above, along with the voting rights, as follows: 1) any undertaking that is subject to the dominant influence of the alternative investment fund.

2) any natural or legal person acting in his own name but on behalf of the alternative investment fund or of an undertaking which is subject to the dominant influence of the alternative investment fund.

(3). The percentage of voting rights which result in the achievement of a dominant influence over an issuer, as well as calculation method for doing so should be in the context of the rules in § 72, paragraphs 1 to 3, and section 75 shall be determined in accordance with the rules of the country where the company has its registered office.

section 72. When an alternative investment fund acquires, disposes of or owns shares in an unquoted company, manages the Fund must inform the FSA about the proportion of the Fund's voting rights in the unlisted company, anytime that proportion reaches, exceeds or falls below the thresholds of 10%, 20%, 30%, 50% and 75%.

(2). Asset managers of alternative investment funds, which manages an alternative investment fund, which individually or collectively achieve a dominant influence over an unquoted company, shall notify the following of the Fund achievement of dominant influence: 1) The unlisted company.

2) other capital owners, whose identity and addresses Manager is in possession of, or as the Manager may obtain from the unlisted company or from a directory, as Manager has or can get access to.

3) FSA.

(3). The notification referred to in paragraph 2 shall contain the following information: 1) The situation as regards voting rights resulting from the alternative investment fund to achieve the dominant influence.

2) the conditions under which the dominant influence was gained, with indication of the identity of the other cooperating capital owners, any natural or legal person, or any entity that is entitled to vote on their behalf, and, if applicable, the chain of companies, through which there are advised of the voting rights.

3) the date on which the dominant influence was gained.

(4). Manager shall, in the notification to the unlisted company may request the company's supreme governing body, without undue delay, inform the employees ' representatives or, in the absence thereof, workers even if the dominant influence, as the alternative investment fund managed has achieved, as well as provide the information referred to in paragraph 3. Manager shall unfold all reasonable efforts to ensure that the governing body has informed the employees ' representatives or, in the absence thereof, the workers themselves, in accordance with this provision.

(5). Notification in accordance with paragraph 1-3 must be done as soon as possible and no later than 10 working days after the day on which the alternative investment fund has reached, over-or under the relevant threshold is exceeded or achieved a dominant influence over the unlisted company.

Information by obtaining a dominant influence



section 73. Asset managers of alternative investment funds, which manages an alternative investment fund, which individually or collectively achieve a dominant influence over an unquoted company or an issuer shall provide the information referred to in paragraph 2 is available for the following: 1) The unlisted company.

2) The unlisted company capital owners, whose identity and addresses Manager possess or can obtain from the unlisted company or from a directory, as Manager has or can get access to.

3) FSA.

(2). Manager shall provide the following information: 1) the identification of the person or managers who either individually or collectively with other managers to manage the alternative investment funds, which have achieved a dominant influence.

2) Policy for the prevention and management of conflicts of interest, particularly between the Manager and the person or the alternative investment funds and unlisted company, including information about the specific protective measures to ensure that any agreement between the Manager or the alternative investment fund and the company entered into on arm's length terms.

3) the policy for external and internal communication relating to the unlisted company in particular towards the company's employees.

(3). Manager shall, in the notification to the unlisted company may request the company's supreme governing body, without undue delay, inform the employees ' representatives or, in the absence thereof, the workers themselves on the information as mentioned in paragraph 2. Manager shall unfold all reasonable efforts to ensure that the governing body has informed the employees ' representatives or, in the absence thereof, the workers themselves in accordance with the rules laid down in this provision.

(4). Asset managers of alternative investment funds, which manages an alternative investment fund, which individually or collectively achieve a dominant influence over an unquoted company, either itself or through the alternative investment fund managed give information about the alternative investment fund's intention with regard to the unlisted company's future business and the likely consequences for employment, including any significant change in working conditions, to the following: 1) The unlisted company.


2) The unlisted company capital owners, whose identity and addresses Manager possess or can obtain from the unlisted company or from a directory, as Manager has or can get access to.

(5). Manager shall unfold all reasonable efforts to ensure that the governing body of the unlisted company shall make the information referred to in paragraph 4, at the disposal of the unlisted company employees ' representatives or, in the absence thereof, of the workers themselves.

(6). Asset managers of alternative investment funds, which manages an alternative investment fund, which alone or jointly with others, gain a dominant influence over an unquoted company, must give the Danish financial supervisory authority and the alternative investment fund investors information about how the acquisition was funded.

Special provisions relating to annual reports for alternative investment funds, which have a dominant influence of unlisted companies



§ 74. Asset managers of alternative investment funds, which manages an alternative investment fund, which individually or collectively achieve a dominant influence over an unquoted company, 1) request and make all efforts to ensure that the annual report of the unlisted company, which has been drawn up in accordance with paragraph 2, of the company's management shall be made available to the employees ' representatives or, in the absence thereof, the workers themselves at the latest upon expiry of the time limit for the preparation of the annual report in question in accordance with the relevant national rules, or 2) include the information referred to in paragraph 2 relating to the relevant unlisted companies in the annual report referred to in section 61 for each alternative investment fund.

(2). The supplementary information in accordance with paragraph 1 shall be included in the company's or the alternative investment fund annual report must include at least a fair review of the development of the company's activities, which illustrates the company's situation at the balance sheet date for the annual report. The annual report shall also include a description of the following: 1) Any significant event occurring after the end of the financial year.

2) the company's expected future development.

3) Information concerning acquisition of own shares, see. the rules implementing article 22 (2) of Directive 77/91/EEC of 13. December 1976 on coordination of safeguards required of the Member States referred to in article 58, paragraph 2, of the Treaty, companies or firms for the protection of the interests of members, as well as those of third parties, as regards the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent full.

(3). Asset managers of alternative investment funds, which manages an alternative investment fund, which individually or collectively achieve a dominant influence over an unquoted company, 1) request and make all reasonable efforts to ensure that the company's management in the unlisted company provides in paragraph 1, no. 2 the information provided concerning the company available to the employees ' representatives or, in the absence thereof, of the employees not later than the expiry of the deadline in article 61, paragraph 1, or 2) provide the information referred to in paragraph 1, no. 1, available to investors in the alternative investment fund, in so far as this information is already available, section 61 within the period referred to in paragraph 1 and, in any case, not later than the date on which the annual report from the unlisted company at the latest to be drawn up in accordance with the relevant national rules.

Distribution restriction, etc.



§ 75. Asset managers of alternative investment funds, which individually or collectively achieve a dominant influence over an unquoted company or an issuer is in a period of 24 months after the alternative investment fund achievement of dominant influence over the company subject to the following obligations and prohibitions, see. However, paragraph 3-5:1) the bailiff shall not allow, support or give instruction to any distribution to capital owners, capital reduction, redemption of shares or acquisition of own shares in the company.

2) the manager shall take all reasonable precautions to prevent the distribution of capital owners, capital reductions, redemption of shares or the company's acquisition of own shares.

(2). Acquisition of own shares in the company in accordance with paragraph 1 shall also be included in shares acquired by a person acting in his own name but on behalf of the company.

(3). The provision in paragraph 1 shall not prevent the manager involved in payments to capital owners, when the distribution is used exclusively to distributable reserves which shall mean amounts as in the company's latest approved financial statements are listed as transferred profits and reserves, which are not bound by law or statutes, with deduction of carried over deficits.

(4). The provision in paragraph 1 shall not prejudice the right of the Manager, the company's acquisition of contributing to own shares, if the company's net assets after the acquisition is at least equal to the amount of the subscribed capital plus those reserves which pursuant to law or the articles of association may not be distributed.

(5). The provision in paragraph 1 of this article shall not prevent Manager contributes to capital reduction in the company, if the purpose of the capital reduction is to cover the deficit or to include sums of money in a special reserve which cannot be distributed, provided that the size of such a reserve then do not constitute more than 10% of the reduced subscribed capital.

Title VI cross-border marketing and management Chapter 13 marketing in Denmark of shares in alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, of managers with registered office in Denmark section 76. Alternative investment fund managers, with registered office in Denmark, which manages alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, these funds can market shares for professional investors in Denmark, if the conditions laid down in § § 77-80 is met.

(2). If the alternative investment fund manager wants to place on the market in Denmark, is a feederfond, it is a condition of that Manager must promote the Fund within the European Union or in a country with which the Union has entered into an agreement on the financial area, that master Fund also is from a country within the European Union or a country with which the Union has entered into an agreement on the financial area and that master fund managed by an asset manager from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, with permission to manage alternative investment funds.

§ 77. Alternative investment fund managers, with registered office in Denmark, which in Denmark want to market alternative investment funds from The European Union or a country with which the Union has entered into an agreement on financial matters, must submit notification to the FSA for each Fund prior to marketing.

(2). The notification referred to in paragraph 1 must be made in writing and include the following documentation and information: 1) A business plan with a unique identification of the alternative investment fund, as Manager, is planning to market and information on where the funds are established.

2 the Fund rules or instruments of incorporation) each.

3) indication of each fund custodian.

4) A description of the funds available to investors.

5) information about where the master Fund is established, if any of the funds is a feederfond.

6) any additional information referred to in article 6. section 62, paragraph 1, for each Fund Manager intends to market.

7) where relevant, information on the measures taken to prevent the shares of the Fund from being marketed to retail investors, also when Manager using independent entities to provide investment services in connection with the Fund.

§ 78. No later than 20 working days after receipt of a complete notification pursuant to section 77, paragraph 2, should the FSA give Manager message about whether the Manager can start marketing of the alternative investment fund in Denmark. Refusal of marketing may be granted only if management's management of the alternative investment fund are not in accordance with this law and the regulations issued thereunder, or if the Manager does not comply with this law and the regulations issued thereunder.

(2). Manager may start marketing of the alternative investment fund in Denmark from the date on which the FSA has informed the manager that marketing can commence.

(3). Where Denmark is not the homeland of the alternative investment fund, the FSA immediately after having decided that the alternative investment fund can be marketed in Denmark, also inform the competent authorities of the alternative investment fund homeland that the Manager can begin placing of shares of the Fund in Denmark.

§ 79. Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information provided pursuant to section 77, paragraph 2. For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.


(2). If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 1.

(3). If a planned alteration undertaken in spite of FSA communication in accordance with paragraph 2, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.

section 80. The Danish financial supervisory authority may lay down detailed rules for the 1) the form and content of the review, as the manager shall send to the Danish financial supervisory authority prior to the placing on the market within the meaning of section 77, and 2) form for the written notification, which Manager shall submit to the financial supervision, see. section 79 (1), whether planned or any changes in the information provided pursuant to section 77, paragraph 2.

Marketing in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, of shares in alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, by an asset manager with registered office in Denmark



§ 81. Asset managers of alternative investment funds with registered office in Denmark who want to market shares in alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, to professional investors in another country within the European Union or a country with which the Union has entered into an agreement on the financial area must notify the financial supervisory authority thereof.

(2). The notification referred to in paragraph 1 must be made in writing and include the following documentation and information: 1) A business plan with a unique identification of the alternative investment fund, as Manager, is planning to market and information on where the funds are established.

2 the Fund rules or instruments of incorporation) each.

3) indication of each fund custodian.

4) A description of the funds available to investors.

5) information about where the master Fund is established, if any of the funds is a feederfond.

6) any additional information referred to in article 6. section 62, paragraph 1, for each Fund Manager intends to market.

7) information about the Member State or Member States in which the Manager intends to market to professional investors for shares of each Fund.

8) information on the measures taken to marketing funds, and any information on measures taken in order to prevent shares in each fund from being marketed to retail investors, also when Manager using independent entities to provide investment services in connection with the Fund.

section 82. The notification referred to in article 81 shall be drawn up in a language that is customary in the sphere of international finance.

section 83. If the alternative investment fund manager wants to place on the market within the meaning of section 81, is a feederfond, it is a condition of that Manager must market the Fund in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, that master Fund also is from a country within the European Union or a country that the Union has entered into an agreement on financial matters, and that the master fund managed by a trustee with permission to manage alternative investment funds.

section 84. No later than 20 working days after receipt of a complete notification which complies with the conditions laid down in articles 81 and 82, the Danish financial supervisory authority forward the notification to the competent authorities of the country where it is intended that the alternative investment fund to be placed on the market. The Danish financial supervisory authority shall send notification only if management's management of the alternative investment fund are in accordance with this law and the regulations issued thereunder and the manager shall, moreover, complies with this Act and the regulations issued thereunder.

(2). The Danish financial supervisory authority shall attach a declaration to the effect that the Manager has permission to manage alternative investment funds with an investment strategy, such as the alternative investment fund in question follows.

§ 85. When the FSA has sent the notification to the competent authorities of the host Member State, without prejudice. § 84, shall inform the FSA immediately Manager about the transmission. Manager may start marketing of the alternative investment fund in the host Member State from the date of such communication.

(2). If the alternative investment fund have home country in another country within the European Union or a country with which the Union has entered into an agreement on financial matters, than the host country, the Danish financial supervisory authority must also inform the competent authorities of the alternative investment fund homeland that the Manager can begin placing of shares of the Fund in the host country.

§ 86. Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information provided pursuant to section 81, paragraph 2. For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.

(2). If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 1.

(3). If a planned alteration undertaken in spite of FSA communication in accordance with paragraph 2, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.

(4). If the announced changes are not in contravention of the rules laid down in this law or regulations issued pursuant to law, shall inform the FSA immediately the competent authorities of the host country about the changes. Management's

section 87. The Danish financial supervisory authority may lay down detailed rules for the 1) the form and content of the review, as the manager shall send to the Danish financial supervisory authority prior to the placing on the market pursuant to sections 81 and 82, and (2)) form for the written notification, which Manager shall submit to the financial supervision, see. section 86, paragraph 1, whether planned or any changes in the information supplied in accordance with section 81.

Marketing in Denmark of shares in alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, by an asset manager with registered office in a country within the European Union or a country with which the Union has entered into an agreement on the financial area



section 88. Asset managers of alternative investment funds with registered office in another country within the European Union or a country with which the Union has entered into an agreement on the financial area, which has been authorised to manage alternative investment funds in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, and who wants to market the shares in alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on financial matters in respect of professional investors in Denmark, may begin this marketing from the time when the competent authorities of the home Member State has informed the management Manager they have sent a notification and declaration to this effect to the Danish financial supervisory authority in accordance with the rules laid down in Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

(2). The Danish financial supervisory authority may lay down detailed rules concerning the placing on the market referred to in paragraph 1.

Chapter 14 managing alternative investment funds from another country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment fund managers, with registered office in Denmark


section 89. Asset managers of alternative investment funds with registered office in Denmark can manage alternative investment funds established in another country within the European Union or a country with which the Union has entered into an agreement on financial matters, either directly or through the establishment of a branch provided that the Manager has permission to manage alternative investment funds with that type of investment strategy.

section 90. The first time a manager of alternative investment funds, with registered office in Denmark wants to manage alternative investment funds established in another country within the European Union or a country with which the Union has entered into an agreement on the financial area, the manager shall submit the following information to the Danish financial supervisory authority: 1) which country within the European Union or country which has entered into an agreement with the Union in the financial field , the Manager intends to manage alternative investment funds in either directly or through the establishment of a branch.

2) an operating plan, which, among other things. should describe what Services Manager intends to provide, and what alternative investment Fund Manager intends to manage.

(2). If an asset manager of the alternative investment fund intends to set up a branch in the host Member State to take charge of the management, the Manager, in addition to the information referred to in paragraph 1, submit the following information to the Danish financial supervisory authority: 1) the organisational structure of the branch.

2) Address in the alternative investment fund's home country, from which documents may be requested.

3) names and contact information regarding the persons who are responsible for the branch's management.

(3). The information communicated in accordance with paragraphs 1 and 2 shall be drawn up in a language that is customary in the sphere of international finance.

section 91. The Danish financial supervisory authority shall be forwarded not later than 1 month after receiving the whole of section 90, paragraph 1, referred to documentation or within 2 months after receiving the whole of section 90, paragraph 2, referred to in the documentation this complete documentation to the competent authorities of the host country's management. The Danish financial supervisory authority shall send notification only if management's management of the alternative investment fund are in accordance with this law and the regulations issued thereunder and the manager shall, moreover, complies with this Act and the regulations issued thereunder.

(2). The Danish financial supervisory authority shall attach a declaration to the effect that the Manager has permission to manage alternative investment funds with the investment strategy, such as the alternative investment fund in question follows.

section 92. When the FSA has sent the information to the competent authorities of the host Member State, without prejudice. section 91, shall inform the FSA immediately manager thereof. Manager may commence the provision of management services in the host country after receiving this notification.

section 93. Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information provided pursuant to section 90. For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.

(2). If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 1.

(3). If a planned alteration undertaken in spite of FSA communication in accordance with paragraph 2, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.

(4). If the announced changes are not in contravention of the rules laid down in this law or regulations issued pursuant to law, shall inform the FSA immediately the competent authorities of the host country about the changes. Management's

§ 94. The Danish financial supervisory authority may lay down detailed rules for the 1) the information to be provided pursuant to section 90, and 2) form for the written notification, which Manager shall submit to the financial supervision, see. § 93 (1), whether planned or any changes in the information provided pursuant to section 90.

Management of alternative investment funds established in Denmark of alternative investment fund managers, with registered office in another country within the European Union or a country with which the Union has entered into an agreement on the financial area



section 95. Asset managers of alternative investment funds with registered office in another country within the European Union or a country with which the Union has entered into an agreement on the financial area, which has been authorised to manage alternative investment funds in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, can begin management of alternative investment funds established in Denmark, from the time when the competent authorities of the home Member State of the management has informed the manager that the FSA has forwarded the information provided for in § 90 (1), if the management must be done directly, and the information shown in section 90(2), if management should be made through a branch in Denmark , as well as a statement that the Manager has permission to manage alternative investment funds with that type of investment strategy.

Management of alternative investment funds, which come from a third country, and which are not placed on the market in a country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment fund managers, with registered office in Denmark



section 96. Asset managers of alternative investment funds with registered office in Denmark, which are authorized under section 11, to manage alternative investment funds, which come from a third country, and which are not placed on the market within a country within the European Union or a country with which the Union has entered into an agreement on the financial area, provided that the following conditions are met: 1) the manager shall comply with all the requirements of this Act and the regulations issued in implementation thereof with the exception of Chapter 8 and 9 with regard to these funds.

2) the FSA must have entered into appropriate cooperative agreements with the competent authorities of the third country in which the alternative investment fund is established, that lives up to international standards, and that puts the Danish financial supervisory authority in a position to supervise the Manager pursuant to this Act, including monitoring the systemic risks.

(2). The Danish financial supervisory authority may lay down detailed rules for the design and content of the in (1). 2, referred to cooperation agreements.

Chapter 15 marketing using the passport of a country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment funds, which is from a third country, managed by an asset manager from a country within the European Union or a country with which the Union has entered into an agreement on the financial area section 97. This chapter considers applications on placing of shares in the following alternative investment funds: 1) Alternative investment funds from a third country, and which is managed by a trustee with permission.

2) Alternative investment funds from a country in The European Union or a country with which the Union has entered into an agreement on the financial area, which is feederfonde, not complying with the requirement in section 76 (2).

section 98. Asset managers of alternative investment funds with registered office in Denmark who want to market shares in the funds referred to in section 97 to professional investors in Denmark, a country within the European Union or a country with which the Union has entered into an agreement on financial matters, shall meet all the relevant requirements of this law and the regulations issued pursuant thereto, with the exception of the rules in chapter 13 and 14. In addition, the following conditions must be met: 1) That must be entered into appropriate cooperative agreements between the Danish financial supervisory authority and the competent authorities of the country where the alternative investment fund, see. section 97, no. 1, or master Fund for feederfonden, see. section 97, no. 2, has its registered office, that lives up to international standards, and that puts the Danish financial supervisory authority in a position to supervise the Manager pursuant to this Act, including monitoring the systemic risks.

2) the third country in which the alternative investment fund has its registered office, shall not be registered as a non-samarbejdsvilligt land and territory by the Financial Action Task Force.


3) the third country in which the alternative investment fund is established, must have entered into an agreement with Denmark and with all the countries of the European Union and countries with which the Union has entered into an agreement in the financial field, where the alternative investment fund planned to be marketed, which comply with the standards referred to in article 26 of the Organization for economic cooperation and development model Tax Convention on income and on capital and which ensures an efficient exchange of information in tax matters, including information in relation to multilateral tax agreements.

Marketing in Denmark of alternative investment funds, which is from a third country, and which is managed by an asset manager with registered office in Denmark



section 99. Asset managers of alternative investment funds with registered office in Denmark who want to market shares in the funds referred to in section 97 to professional investors in Denmark, must submit a notification to the FSA for each Fund prior to marketing.

(2). The notification referred to in paragraph 1 must be made in writing and include the following documentation and information: 1) A business plan with a unique identification of the alternative investment fund, as Manager, is planning to market and information on where the funds are established.

2 the Fund rules or instruments of incorporation) each.

3) indication of each fund custodian.

4) A description of the funds available to investors.

5) information about where the master Fund is established, if any of the funds is a feederfond.

6) any additional information referred to in article 6. section 62, paragraph 1, for each Fund Manager intends to market.

7) where relevant, information on the measures taken to prevent the shares of the Fund from being marketed to retail investors, also when Manager using independent entities to provide investment services in connection with the Fund.

§ 100. No later than 20 working days after receipt of a complete notification pursuant to § 99 FSA must give Manager message about whether the Manager can start marketing of the alternative investment fund in Denmark. Refusal of marketing may be granted only if management's management of the alternative investment fund are not in accordance with this law and the regulations issued thereunder, or if the Manager does not comply with this law and the regulations issued thereunder.

(2). Manager may start marketing of the alternative investment fund in Denmark from the date on which the FSA has informed the manager that marketing can commence.

(3). The Danish financial supervisory authority must inform The European Securities and markets authority that the Manager has been given permission to market shares in the alternative investment fund in Denmark.

§ 101. Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information provided pursuant to section 99 (2). For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.

(2). If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 1.

(3). If a planned alteration undertaken in spite of FSA communication in accordance with paragraph 2, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.

(4). If the announced changes are not in contravention of the rules laid down in this law or regulations issued pursuant to law, shall inform the FSA immediately The European Securities and markets authority, if the changes relating to the termination of the placing on the market of certain alternative investment funds or the placing of additional funds. The Danish financial supervisory authority shall, if appropriate, likewise inform the competent authorities in the host country about the changes. Management's

Marketing in a country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment funds, which is from a third country, and which is managed by an asset manager with registered office in Denmark



§ 102. Asset managers of alternative investment funds domiciled in Denmark, who want to market shares in the alternative investment fund referred to in section 97 to professional investors in another country than Denmark within the European Union or a country with which the Union has entered into an agreement on financial matters, must submit a notification to the FSA in respect of each such fund.

(2). The notification referred to in paragraph 1 must be made in writing and include the following documentation and information: 1) A business plan with a unique identification of the alternative investment fund, as Manager, is planning to market and information on where the funds are established.

2 the Fund rules or instruments of incorporation) each.

3) indication of each fund custodian.

4) A description of the funds available to investors.

5) information about where the master Fund is established, if any of the funds is a feederfond.

6) any additional information referred to in article 6. section 62, paragraph 1, for each Fund Manager intends to market.

7) information about the Member State or Member States in which the Manager intends to market to professional investors for shares of each Fund.

8) information on the measures taken to marketing funds, and any information on measures taken in order to prevent shares in each fund from being marketed to retail investors, also when Manager using independent entities to provide investment services in connection with the Fund.

§ 103. The notification referred to in article 102 shall be drawn up in a language that is customary in the sphere of international finance.

section 104. No later than 20 working days after receipt of a complete notification which complies with the conditions laid down in § 102, FSA transmit the notification to the competent authorities of the country where it is intended that the alternative investment fund to be placed on the market. The Danish financial supervisory authority shall send notification only if management's management of the alternative investment fund are in accordance with this law and the regulations issued thereunder and the manager shall, moreover, complies with this Act and the regulations issued thereunder.

(2). The Danish financial supervisory authority shall attach a declaration to the effect that the Manager has permission to manage alternative investment funds with an investment strategy, such as the alternative investment fund in question follows.

§ 105. When the FSA has sent the notification to the competent authorities of the host Member State, without prejudice. § 104, shall inform the FSA immediately Manager about the transmission. Manager may start marketing of the alternative investment fund in the host Member State from the date of such communication.

(2). The Danish financial supervisory authority must inform The European Securities and markets authority that the Manager may commence the marketing of units in the alternative investment fund in the host country.

§ 106. Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information provided pursuant to section 102 (2). For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.

(2). If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 1.

(3). If a planned alteration undertaken in spite of FSA communication in accordance with paragraph 2, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.


(4). If the announced changes are not in contravention of the rules laid down in this law or regulations issued pursuant to law, shall inform the FSA immediately The European Securities and markets authority, if the changes relating to the termination of the placing on the market of certain alternative investment funds or the placing of additional funds. The Danish financial supervisory authority shall, if appropriate, likewise inform the competent authorities in the host country about the changes. Management's

§ 107. The Danish financial supervisory authority may lay down detailed rules concerning: 1) the form and content of the review, as the manager shall send to the Danish financial supervisory authority prior to the placing on the market within the meaning of section 99.

2) form and content of the review, as the manager shall send to the Danish financial supervisory authority prior to the placing on the market pursuant to section 102.

3) shape of the sections 101 and 106 concerning the written notifications.

Marketing using Passport in Denmark of alternative investment funds, who are from a non-member country, of an asset manager from another country within the European Union or a country with which the Union has entered into an agreement on the financial area



§ 108. Asset managers of alternative investment funds with registered office in another country within the European Union or a country with which the Union has entered into an agreement on the financial area, which has been given permission to market the funds referred to in section 97 in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, and who wish to market these funds to professional investors in Denmark, may start this marketing from the time when the competent authorities of the home Member State of the management has informed the manager that they have forwarded a complete notification and a statement that the Manager has permission to manage alternative investment funds with that investment strategy , to the Danish financial supervisory authority in accordance with the rules laid down in Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

(2). The Danish financial supervisory authority may lay down detailed rules concerning the placing on the market referred to in paragraph 1.

Chapter 16 marketing without passport in Denmark of alternative investment funds from a third country by an asset manager from a country within the European Union or a country with which the Union has entered into an agreement with the financial section 109. Asset managers of alternative investment funds with registered office in Denmark, another country within the European Union or a country with which the Union has entered into an agreement on the financial area, which has been authorised to manage alternative investment funds in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, and who wish to market alternative investment funds from a third country or alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, which is feederfonde, not complying with the requirement in section 76, paragraph 2, to professional investors in Denmark, can be authorised by the FSA to this When the following conditions are met: 1) the manager shall comply with all the requirements of this Act and the regulations issued pursuant to the Act, with the exception of Chapter 8.

2) Manager ensures that the appointment of one or more devices, which must be different from the Manager himself, to perform the tasks that are covered by section 50, section 51, paragraph 1, and section 52. Manager shall inform the FSA about the identity of the entities that perform the tasks covered by section 50, section 51, paragraph 1, and section 52.

3) the FSA must have entered into appropriate cooperative agreements with the competent authorities of the third country in which the alternative investment fund is established, that lives up to international standards, and that puts the Danish financial supervisory authority in a position to supervise the Manager pursuant to this Act, including monitoring the systemic risks.

4) the third country in which the alternative investment fund is established, may not be registered as a non-samarbejdsvilligt land and territory by the Financial Action Task Force.

section 110. The Danish financial supervisory authority may lay down detailed rules concerning the placing on the market referred to in section 109.

Chapter 17 rules for the authorisation and placing on the market for alternative investment fund managers, with registered office in a third country, the Requirement for an authorization in the reference country prior to management or marketing



§ 111. Asset managers of alternative investment funds with registered office in a third country must have a reference country in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, before Manager 1) begin the management of alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on the financial area , or 2) begin marketing in a country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment funds, which the Manager himself manages.

(2). If Denmark is the reference country for the Manager, see. §§ 112-115, the manager shall comply with this Act and the regulations issued thereunder, including authorized pursuant to section 11 of the basic regulation. § 116, in management or marketing of alternative investment funds.

Determining the reference country



section 112. If a steward of alternative investment funds, with registered office in a third country are planning to manage one or more alternative investment funds that are established in the same country within the European Union or a country with which the Union has entered into an agreement on financial matters, but does not plan to market any of the funds in a country within the European Union or a country that the Union has entered into an agreement on the financial area, it is considered to be managing this country's analogue country.

(2). If a steward of alternative investment funds, with registered office in a third country are planning to manage alternative investment funds established in different countries within the European Union or countries with which the Union has entered into an agreement on financial matters, but does not plan to market any of the funds in a country within the European Union or a country with which the Union has entered into an agreement on the financial area , is the reference Member State either 1) the country within the European Union or the country in which the Union has entered into an agreement on the financial area, where most of the funds are established, or 2) the country within the European Union or the country in which the Union has entered into an agreement in the financial field, where the largest amount of assets managed.

§ 113. If a steward of alternative investment funds, with registered office in a third country only planning to commercialise one alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, in a country within the European Union or a country with which the Union has entered into an agreement on the financial area determined the analogue country as follows: 1) If the Fund has acquired the authorization or is registered in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, is managing's reference country a) the alternative investment fund homeland or b) the country in which the Manager is planning to market the Fund.

2) If the Fund has not acquired permit in or is registered in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, is managing's reference country the country where the Manager is planning to market the Fund.

(2). If a steward of alternative investment funds, with registered office in a third country only planning to commercialise one alternative investment fund, that is from a third country, in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, is managing's analogue country that country, where the Fund planned to be marketed.

(3). If a steward of alternative investment funds, with registered office in a third country only planning to commercialise one alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, but in different countries within the European Union or countries with which the Union has entered into an agreement on the financial area determined the analogue country as follows: 1) If the Fund has acquired permit in or is registered in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, is managing's reference country a) the alternative investment fund homeland or b) is one of the countries where the Manager is planning to develop an effective marketing.

2) If the Fund has not acquired permit in or is registered in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, is managing's analogue country one of the countries where the Manager is planning to develop an effective marketing.


(4). If a steward of alternative investment funds, with registered office in a third country only planning to commercialise one alternative investment fund, that is from a third country, but in different countries within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, the analogue country one of these countries.

(5). If a steward of alternative investment funds, with registered office in a third country is planning to market more alternative investment funds, all of which have home country in a country within the European Union or a country with which the Union has entered into an agreement in the financial field, in one or more countries within the European Union or a country with which the Union has entered into an agreement on the financial area determined the analogue country as follows: 1) if all the funds authorised in or are registered in the same country within the European Union or a country with which the Union has entered into an agreement on financial matters, is the reference country a) these alternative investment funds in the home country or b) the country in which the Manager intends to develop an effective marketing for most of these funds.

2) If all funds not authorised or registered in one country within the European Union or a country with which the Union has entered into an agreement on financial matters, is managing's reference country the country in which the Manager intends to develop an effective marketing for most of the funds.

(6). If a steward of alternative investment funds, with registered office in a third country is planning to market more alternative investment funds in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, of which one or more of the funds are from a third country, is managing's reference country the country within the European Union or the country that the Union has entered into an agreement in the financial field, where the Manager is planning to develop an effective marketing for most of these funds.

§ 114. If Denmark pursuant to §§ 112 or 113 are management's only possible analogue country, an asset manager of alternative investment funds, with registered office in a third country to seek authorisation from the DFSA under section 11 of the basic regulation. § 119. If in accordance with the criteria set out in section 112, paragraph 2, article 113, paragraph 1, no. 1 (3) and (4) and (5), no. 1, is more potential analogue countries, one of which is Denmark, the manager shall submit an application to obtain an analogue country to the competent authorities of all the countries that are potential analogue countries. Manager shall simultaneously inform the FSA about what other countries Manager shall submit a notification to.

(2). When the FSA receives a request pursuant to paragraph 1, where the Manager has more potential analogue countries, the Danish financial supervisory authority, within 1 month after that all the competent authorities in other countries have received a notification to obtain an analogue country from Manager, together with the other countries in accordance with national legislation, decide which country Manager shall be assigned as an analogue country.

(3). If Denmark is managing's analogue country in accordance with paragraph 2, the Danish financial supervisory authority give Manager announcement that Denmark is assigned to the Manager as an analogue country.

(4). If a decision is taken pursuant to paragraph 2 and the Manager is not notified within 7 days after the decision, or where a decision has been taken, within 1 month after all requests under paragraph 1 has been received by the competent authorities, the Manager even choose a reference country according to the criteria applicable in pursuance of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers. If the manager chooses Denmark as reference Member State must immediately inform the FSA manager thereof.

(5). An asset manager who intends to develop an effective marketing in a specific country within the European Union or a country with which the Union has entered into an agreement on financial matters, at the request of the Danish financial supervisory authority must be able to demonstrate this by informing about its marketing strategy.

section 115. When the FSA receives an application under section 114 (1), as a result of the manager considers Denmark as the only potential analogue country, the Danish financial supervisory authority assess whether management's determination of the reference Member State is in accordance with §§ 112 and 113. If the FSA does not agree that Denmark is managing's reference country or Manager has other potential analogue countries, rejects the FSA application. If the FSA agrees that Denmark is managing's only possible analogue country, it shall inform the Danish financial supervisory authority the European Securities and markets authority on the assessment of the reference country, together with management's justification for the choice of Denmark as an analogue country and give, if applicable, information about management's marketing strategy.

(2). The European Securities and markets authority provides advice to the Danish financial supervisory authority on its assessment of the analogue country within 1 month after receiving the notification pursuant to paragraph 1.

(3). If the FSA is planning to grant permission to manage alternative investment funds contrary to the advice of The European Securities and markets authority, the Danish financial supervisory authority shall inform the European Securities and markets authority to that effect, together with an indication of the reasons for the decision. If the Manager intends to market shares in alternative investment funds which it manages, in other countries within the European Union or a country with which the Union has entered into an agreement on the financial area, inform the FSA also the competent authorities of the countries concerned to that effect together with the reasons for the decision. Where appropriate, the FSA also informs the competent authorities of the management's alternative investment funds managed by home countries to this effect together with the reasons for the decision.

Additional conditions for authorisation to management, etc.



section 116. The conditions and requirements provided for in § and § 117 118, paragraphs 1-3, must be met in order for an asset manager of alternative investment funds, with registered office in a third country which has been granted to Denmark as an analogue country, may be authorised to manage alternative investment funds, see. section 11, paragraph 3, nr. 7. § 117. It is a prerequisite to the Danish financial supervisory authority may grant authorisation to manage alternative investment funds to managers with registered office in a third country, that the following conditions are met: 1) That must be entered into appropriate cooperative agreements between the Danish financial supervisory authority, the competent authorities of the relevant alternative investment funds homelands and the supervisory authorities of the country in which the manager shall have its registered office, which ensures an efficient exchange of information and that puts the Danish financial supervisory authority in a position to supervise the Manager pursuant to this Act, including monitoring the systemic risks.

2) The third country where the Manager has its registered office, shall not be registered as a non-samarbejdsvilligt land and territory by the Financial Action Task Force.

3) The third country where the Manager has his registered office, must have entered into an agreement with Denmark, which comply with the standards referred to in article 26 of the Organization for economic cooperation and development model Tax Convention on income and on capital, and which ensures an efficient exchange of information in tax matters, including information in relation to multilateral tax agreements.

4) FSA supervisory tasks according to this law are prevented not by laws, regulations or administrative provisions of a third country, as a Manager is subject to, or of limitations in the surveillance and investigative powers of the supervisory authorities of the third country concerned.

Legal representative



section 118. Asset managers of alternative investment funds with registered office in a third country which seeks authorisation to manage alternative investment funds pursuant to § 11 of the basic regulation. § 116, must have a legal representative in Denmark.

(2). As regards the activities of the Manager applies for permission to carry out, the legal representative together with the manager shall be the contact point for Manager of: 1) FSA.

2) Other competent authorities from countries within the European Union or in countries which have entered into an agreement with the Union in the financial field.

3) Investors from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, in the funds managed by the Manager.

4) The European Securities and markets authority.

(3). All correspondence from the Manager as provided in this law and the regulations issued thereunder must be done through the legal representative when the correspondence is addressed to the following individuals, corporations and authorities: 1) FSA.

2) Other competent authorities from countries within the European Union or in countries which have entered into an agreement with the Union in the financial field.

3) Investors from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, investing in those of Manager managed funds.


(4). The legal representative must have the necessary skills and resources to ensure that manager complies with the requirements of this Act and rules issued thereunder relating to the activities of the manager shall apply for permission.

Application for permission to manage alternative investment funds



§ 119. Asset managers of alternative investment funds with registered office in a third country, seeking permission to manage alternative investment funds, must submit an application in accordance with section 11, supplemented by the following information: 1) Management's justification for his choice of Denmark as an analogue country in accordance with the criteria set out in sections 112 and 113, along with information about management's marketing strategy.

2) A list of any provisions of this Act or rules issued thereunder, which Manager is unable to comply, because in accordance with the conditions set out in section 120 (1) (8). 1-3, will be incompatible with the observance of a mandatory provision in the legislation as an alternative investment fund manager or from a third country, which are placed on the market in The European Union, is subject to.

3) any written statement in accordance with the regulatory technical standards developed by The European Securities and markets authority, which contains documentation for that legislation in the relevant third country contains the regulation corresponding to the provisions of this law, as it is impossible to comply with the order Manager, see. § 120, and which have the same regulatory purpose and gives it the same level of protection for investors in the relevant funds. The written statement must be supported by a legal opinion as to the appropriate incompatible mandatory regulation found in the third country's legislation, including a description of the regulatory legislative purpose and nature of the intended level of investor protection.

4) information about the name and place of establishment for management's legal representative.

(2). When an asset manager with registered office in a third country is seeking permission to manage alternative investment funds pursuant to section 11 of the basic regulation. § 116, they can in section 11 (5) of the said information is restricted to only those alternative investment funds from countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, as Manager intends to manage, and other alternative investment funds, which Manager manages and want to market in countries within the European Union or countries that the Union has entered into an agreement on the financial area.

(3). The Danish financial supervisory authority may lay down detailed rules about how a Manager with registered office in a third country to comply with the requirements of this Act, including in particular the requirements pursuant to § § 61-68.

section 120. If compliance with a provision of this Act or rules issued thereunder is contrary to the respect of mandatory law, as a steward of alternative investment funds, with registered office in a third country or an alternative investment fund from a third country, as Manager, is planning to market in a country within the European Union or a country with which the Union has entered into an agreement on the financial area are subject to, is Manager is not obliged to comply with the provision. Manager may, however, only failing to comply with the provision, when the Manager in the face of the Danish financial supervisory authority can prove that 1) it is impossible to reconcile the legal regulations are in compliance with the legislation, as Manager or Fund is subject, 2) the legislation as Manager or Fund is subject, shall fix a corresponding provision with the same purposes and with the same level of protection for investors in the Fund as in this law Annex to the law or regulations issued pursuant to the Act and 3) Manager or Fund complies with this legislation.

(2). If the FSA believes that the Manager may apply the provisions of paragraph 1, the Danish financial supervisory authority without undue delay notify the European Securities and markets authority annexed to the information manager has informed the financial supervision pursuant to section 119 (1) (8). 2 and 3.

(3). The European Securities and markets authority shall deliver an opinion to the FSA on whether The European Securities and markets Authority agrees, that Manager may fail to comply with any provision of this Act or regulations issued pursuant to the Act, no later than 1 month after receiving notification from the FSA.

(4). If the FSA announces authorization contrary to the advice of The European Securities and markets authority, the Danish financial supervisory authority shall inform the European Securities and markets authority to that effect, together with an indication of the reasons for the decision. If the Manager intends to market shares in alternative investment funds, which Manager manages, in other countries within the European Union or a country with which the Union has entered into an agreement on the financial area, inform the FSA also the competent authorities of the countries concerned to that effect together with the reasons for the decision. Where appropriate, the FSA also informs the competent authorities of the alternative investment fund managed by the Manager, home countries thereof together with the reasons for the decision.

(5). The Danish financial supervisory authority may lay down detailed rules about when the legislation, as an asset manager is subject, shall be deemed to have a provision which has the same purpose and level of protection for investors in the Fund as the applicable under this Act. The FSA can similarly lay down detailed rules on this for a alternative investment fund from a country in The European Union or a country with which the Union has entered into an agreement on the financial area, managed by the Manager, or a fund from a third country, which are marketed by a Manager in a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

Chapter 18 changes of reference country § 121. Asset managers of alternative investment funds with registered office in a third country which has been granted to Denmark as an analogue country, must not change the reference country without authorisation from the DFSA.

(2). If the Manager changes its marketing strategy, within the first two years after the financial supervisory authority has granted permission to manage alternative investment funds to the Manager pursuant to section 11 of the basic regulation. § 116, and this change would have affected the determination of the reference Member State, if the changed marketing strategy had been laid out by management's original application, the manager shall inform the financial supervision thereof.

(3). Manager must not initiate a change of marketing strategy, before Manager has informed this to the Danish financial supervisory authority in accordance with paragraph 2. At the same time as the notification shall inform the Manager, which reference country Manager assesses that it is correct on the basis of the revised marketing strategy in accordance with the criteria set out in sections 112-115. The Manager must also give an account of its new marketing strategy with regard to the Danish financial supervisory authority. Manager shall also indicate the name and location of the management's legal representative in the specified new analogue country.

(4). The Danish financial supervisory authority verifies whether the management's assessment of the new reference country is in accordance with the rules adopted pursuant to article 37, paragraph 4, of the directive-2011 61/EU of 8. June 2011 on alternative investment fund managers, and shall inform The European Securities and markets authority to that effect together with management's justification for the choice of the analogue country and information about the new management's changed marketing strategy.

(5). The European Securities and markets authority shall deliver an opinion to the FSA with its assessment of whether the shift of an analogue country is in accordance with the rules adopted pursuant to article 37, paragraph 4, of the directive-2011 61/EU of 8. June 2011 on alternative investment fund managers.

(6). The Danish financial supervisory authority must decide whether the permission can be granted to, the Manager must change the reference country, according to The European Securities and markets authority has delivered its opinion, in accordance with paragraph 5.

(7). When the Danish financial supervisory authority shall decide whether the Manager can switch analogue country, must inform the management of the FSA's legal representative in Denmark and The European Securities and markets authority thereof. In so far as Manager marketing alternative investment funds in other countries within the European Union or countries with which the Union has entered into an agreement on the financial area, the Danish financial supervisory authority also inform the competent authorities of the countries where the funds are placed on the market. If the FSA approves the shift, the Danish financial supervisory authority must inform the new reference Member State accordingly.

(8). By switching the analogue country should send a copy of the management of the FSA's permission to manage alternative investment funds and the files associated with the management's permission, for the new reference country.

(9). Denmark is no longer manage's reference country when the new analogue country has received notification of the authorization and a copy of the file from the Danish financial supervisory authority.


Paragraph 10. If the FSA decision is contrary to The European Securities and markets authority's assessment, the Danish financial supervisory authority at the same time as the notification to The European Securities and markets authority about the decision and explain the reasons for doing so. The Danish financial supervisory authority shall also inform the competent authorities of the countries within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, where Manager marketing alternative investment funds, about the decision. Where relevant, the FSA also inform the competent authorities of the home Member State of the alternative investment fund, as manager responsible for this effect.

section 122. The FSA should require a steward of alternative investment funds, with registered office in a third country entering its correct reference country, if, within 2 years after the Manager has acquired its consent, shown by managing the actual business development in countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, to 1) the marketing strategy which Manager got his permit on the basis of, has not been followed, 2) Manager has made false information about the marketing strategy manager got his permit on the basis of, or 3) Manager has changed its marketing strategy without informing FSA about this, see. § 121, paragraphs 2 and 3.

(2). If the bailiff fails to comply with an injunction from the Danish financial supervisory authority in accordance with paragraph 1, the Danish financial supervisory authority include managing's permission to manage alternative investment funds.

section 123. If an asset manager of the alternative investment fund to change its marketing strategy, later than 2 years after the FSA has given Manager permission to manage alternative investment funds, and the Manager is planning to switch analogue country on the basis of a new marketing strategy, the manager shall submit a request for permission to the Danish FSA. In that case, section 121 shall apply mutatis mutandis.

(2). The Danish financial supervisory authority may lay down detailed rules concerning the form and content of the request referred to in paragraph 1.

Chapter 19 jurisdiction and applicable law section 124. Cases relating to matters governed by this law, between the FSA and a steward of alternative investment funds, with registered office in a third country, which has Denmark as an analogue country, brought here in the country according to the rules of the code of Civil Procedure Act Chapter 22 of territorial jurisdiction.

(2). Which is not in accordance with the rules in the code of Civil Procedure Act Chapter 22 is territorial jurisdiction for cases covered by paragraph 1, brought proceedings in Copenhagen.

(3). Cases covered by paragraph 1 are processed during the application of Danish law.

section 125. Cases relating to matters governed by this law, between investors with residence in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, and a steward of alternative investment funds, with registered office in a third country which has been granted permission to manage alternative investment funds in a country within the European Union or a country that the Union has entered into an agreement on financial matters, or an alternative investment fund manager shall manage or market in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, may be brought here in the country according to the rules of the code of Civil Procedure Act Chapter 22 of territorial jurisdiction.

(2). Cases covered by paragraph 1 are processed during the application of the law of a country within the European Union or a country with which the Union has entered into an agreement on the financial area.

Chapter 20 managing alternative investment funds from another country within the European Union or a country with which the Union has entered into an agreement on the financial area of alternative investment fund managers, with registered office in a third country, paragraph 126. Asset managers of alternative investment funds with registered office in a third country which has permission to manage alternative investment funds pursuant to section 11 of the basic regulation. section 116, to manage alternative investment funds established in another country within the European Union or a country with which the Union has entered into an agreement on financial matters, either directly or through the establishment of a branch provided that the Manager has permission to manage alternative investment funds with that type of investment strategy.

(2). The first time a manager want to manage an alternative investment fund established in another country within the European Union or a country with which the Union has entered into an agreement on the financial area, the manager shall submit the following information to the Danish financial supervisory authority: 1) which country within the European Union or country which has entered into an agreement with the Union in the financial field , the Manager intends to manage alternative investment funds in either directly or through the establishment of a branch.

2) an operating plan, which, among other things. should describe what Services Manager intends to provide, and what alternative investment Fund Manager intends to manage.

(3). If a Manager intends to set up a branch in the host Member State to take charge of the management, the Manager, in addition to the information provided under paragraph 2, submit the following information to the Danish financial supervisory authority: 1) the organisational structure of the branch.

2) Address in the alternative investment fund's home country, from which documents may be requested.

3) names and contact information regarding the persons who are responsible for the branch's management.

(4). The information communicated in accordance with paragraphs 2 and 3 shall be drawn up in a language that is customary in the sphere of international finance.

(5). The Danish financial supervisory authority shall be forwarded not later than 1 month after having received all the documentation referred to in paragraph 2, or at the latest 2 months after receipt of all the documentation referred to in paragraph 3, this complete documentation to the competent authorities of the host country's management. The Danish financial supervisory authority shall send notification only if management's management of the alternative investment fund are in accordance with this law and the regulations issued thereunder and the manager shall, moreover, complies with this Act and the regulations issued thereunder.

(6). The Danish financial supervisory authority shall attach a declaration to the effect that the Manager has permission to manage alternative investment funds with the investment strategy, such as the alternative investment fund in question follows.

(7). When the FSA has sent the information to the competent authorities of the host Member State, without prejudice. paragraphs 5 and 6, it shall inform the FSA immediately manager thereof. Manager may commence the provision of management services in the host country after receiving this notification. The Danish financial supervisory authority must inform The European Securities and markets authority that the Manager can begin delivery of services in the host countries.

(8). Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information supplied in accordance with paragraphs 2 and 3. For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.

(9). If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 8.

Paragraph 10. If a scheduled change implemented in spite of the FSA announcement after paragraph 9, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.

Paragraph 11. If the announced changes are not in contravention of the rules laid down in this law or regulations issued pursuant to law, shall inform the FSA immediately the competent authorities of the host country about the changes. Management's

Paragraph 12. The Danish financial supervisory authority may lay down detailed rules concerning the 1) the form and content of the information in accordance with paragraphs 2 and 3 and 2) the form of the written notification, which the manager shall submit to the financial supervision, see. (8).

Management of alternative investment funds established in Denmark of alternative investment fund managers, with registered office in a third country which has been allocated to another country within the European Union or a country with which the Union has entered into an agreement on the financial area, as an analogue country




section 127. Asset managers of alternative investment funds with registered office in a third country which has been allocated to another country within the European Union or another country with which the Union has entered into an agreement on the financial area, as an analogue country, and which has been authorised to manage alternative investment funds in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, can begin management of alternative investment funds established in Denmark, from the time when the competent authorities of the home Member State of the management has informed the manager that the FSA has forwarded the information provided for in § 126, paragraph 2, if the management must be done directly, and the information provided for in § 126, paragraph 3, if the management must be made through a branch in Denmark , and a statement that the Manager has permission to manage alternative investment funds with that type of investment strategy.

Chapter 21 marketing using the passport of a country within the European Union or a country with which the Union has entered into an agreement on financial matters, alternative investment fund managed by an asset manager with registered office in a third country which has been granted to Denmark as an analogue country, section 128. Asset managers of alternative investment funds with registered office in a third country which has been granted to Denmark as an analogue country, and which has been authorised to manage alternative investment funds pursuant to § 11 of the basic regulation. section 116, which want to market shares in an alternative investment Fund Manager manages to professional investors in Denmark or another country within the European Union or a country with which the Union has entered into an agreement on financial matters, must submit a written notification to this effect to the FSA for each alternative investment fund manager is planning to place on the market. The notification shall be drawn up in a language that is customary in the sphere of international finance.

(2). If the alternative investment fund manager wants to place on the market in accordance with paragraph 1, is from a third country, the following must be met: 1) That must be entered into appropriate cooperative agreements between the Danish financial supervisory authority and the competent authorities of the country where the alternative investment fund is established, that lives up to international standards, and that puts the Danish financial supervisory authority in a position to supervise the Manager in accordance with this law including monitor systemic risks.

2) the third country in which the alternative investment fund is established, may not be registered as a non-samarbejdsvilligt land and territory by the Financial Action Task Force.

3) the third country in which the alternative investment fund is established, must have entered into an agreement with Denmark and with all the countries of the European Union and countries with which the Union has entered into an agreement in the financial field, where the alternative investment fund planned to be marketed, which comply with the standards referred to in article 26 of the Organization for economic cooperation and development model Tax Convention on income and on capital and which ensures an efficient exchange of information in tax matters, including information in relation to multilateral tax agreements.

(3). If the manager wants to market an alternative investment fund in Denmark in accordance with paragraph 1, the manager shall enclose the following documentation and information: 1) A notification accompanied by a business plan with a unique identification of the alternative investment fund, as Manager, is planning to market and information on where the funds are established.

2 the Fund rules or instruments of incorporation) each.

3) indication of each fund custodian.

4) A description of the funds available to investors.

5) information about where the master Fund is established, if any of the funds is a feederfond.

6) any additional information referred to in article 6. section 62, paragraph 1, for each Fund Manager intends to market.

7) where relevant, information on the measures taken to prevent the shares of the Fund from being marketed to retail investors, also when Manager using independent entities to provide investment services in connection with the Fund.

(4). No later than 20 working days after receipt of a complete notification pursuant to paragraph 1 of this article, see. (3) for the placing on the market in Denmark the Danish financial supervisory authority must give Manager message about whether the Manager can start marketing of the alternative investment fund in Denmark. Refusal of marketing may be granted only if management's management of the alternative investment fund are not in accordance with this law and the regulations issued thereunder, or if the Manager does not comply with this law and the regulations issued thereunder. Manager may start marketing of the alternative investment fund in Denmark from the date on which the FSA has informed the manager that marketing can commence.

(5). The Danish financial supervisory authority must inform The European Securities and markets authority that the Manager has been given permission to market shares in the alternative investment fund in Denmark. If the Fund is from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, the Danish financial supervisory authority also inform the alternative investment fund competent authorities.

(6). If the alternative investment fund to be marketed in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, the notification under paragraph 1 shall be attached to the following documentation and information: 1) A notification accompanied by a business plan with a unique identification of the alternative investment fund, as Manager, is planning to market and information on where the funds are established.

2 the Fund rules or instruments of incorporation) each.

3) indication of each fund custodian.

4) A description of the funds available to investors.

5) information about where the master Fund is established, if any of the funds is a feederfond.

6) any additional information referred to in article 6. section 62, paragraph 1, for each Fund Manager intends to market.

7) information about the Member State or Member States in which the Manager intends to market to professional investors for shares of each Fund.

8) information on the measures taken to marketing funds, and any information on measures taken in order to prevent shares in each fund from being marketed to retail investors, also when Manager using independent entities to provide investment services in connection with the Fund.

(7). No later than 20 working days after receipt of a complete notification which complies with the conditions laid down in paragraph 6, for the placing on the market of a country within the European Union or a country with which the Union has entered into an agreement on the financial area, the Danish financial supervisory authority forward the notification to the competent authorities of the country where it is intended that the alternative investment fund to be placed on the market. The Danish financial supervisory authority shall send notification only if management's management of the alternative investment fund are in accordance with this law and the regulations issued thereunder and the manager shall, moreover, complies with this Act and the regulations issued thereunder. The Danish financial supervisory authority shall attach a declaration to the effect that the Manager has permission to manage alternative investment funds with an investment strategy, such as the alternative investment fund in question follows.

(8). When the FSA has sent the notification to the competent authorities of the host Member State, without prejudice. paragraph 7, immediately inform the FSA Manager of transmission. Manager may start marketing of the alternative investment fund in the host country after receiving this notification.

(9). The Danish financial supervisory authority must inform The European Securities and markets authority that the Manager may commence the marketing of units in the alternative investment fund in the host Member State, without prejudice. (8). If the Fund is from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, the Danish financial supervisory authority also inform the alternative investment fund competent authorities.

Paragraph 10. Manager shall in writing notify the financial supervisory authority, if there are significant changes in the information supplied in accordance with paragraph 3 or paragraph 6. For planned changes to the notification happen not later than 1 month before the changes are implemented. Unforeseen changes must be communicated to the Danish financial supervisory authority, immediately after the change has occurred.

Paragraph 11. If the planned changes will cause the management's management of the alternative investment fund will no longer be in compliance with this law or regulations issued thereunder, or if the manager shall, moreover, no longer will be able to comply with this Act or rules issued thereunder, the FSA order manager that this must not be allowed to initiate the changes. The Danish financial supervisory authority must notify the Manager immediately after the receipt of the notification referred to in paragraph 10.


Paragraph 12. If a planned alteration undertaken in spite of FSA communication in accordance with paragraph 11, or if there has been an unforeseen change in place, whereby the management's management of the alternative investment fund no longer complies with this Act or rules issued thereunder, or if the Manager is otherwise no longer complies with this Act or rules issued thereunder, the Danish financial supervisory authority must take the necessary measures including, if necessary, prohibit the placing on the market of the alternative investment fund or involve management's permission to manage alternative investment funds, see. § 17.

Paragraph 13. If the announced changes are not in contravention of the rules laid down in this law or regulations issued pursuant to law, shall inform the FSA immediately The European Securities and markets authority, if the changes relating to the termination of the placing on the market of certain alternative investment funds or the placing of additional funds, and, if appropriate, the competent authorities in the host countries where the funds are placed on the market.

Paragraph 14. The Danish financial supervisory authority may lay down detailed rules concerning the 1) the form and content of the reviews referred to in paragraphs 1 and 2) the form of the written notification, which the manager shall submit in accordance with paragraph 10.

Marketing using Passport in Denmark of alternative investment funds by an asset manager with registered office in a third country which has been allocated to another country within the European Union or a country with which the Union has entered into an agreement on the financial area, as an analogue country



§ 129. Asset managers of alternative investment funds with registered office in a third country which has been allocated to another country within the European Union or a country with which the Union has entered into an agreement on the financial area, as an analogue country, and who has authorization to market alternative investment funds, which Manager manages, in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, and who wish to market these funds to professional investors in Denmark, may start this marketing from the time when the competent authorities of the management's analogue country has informed the manager that they have forwarded a comprehensive review and a statement that the Manager has permission to manage alternative investment funds with that investment strategy , to the Danish financial supervisory authority in accordance with the rules laid down in Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

(2). The Danish financial supervisory authority may lay down detailed rules concerning the placing on the market referred to in paragraph 1.

Managers from third countries, that markets alternative investment fund in Denmark without passport



§ 130. Asset managers of alternative investment funds with registered office in a third country can instead of a permit pursuant to section 11 of the basic regulation. section 116 may be authorised by the FSA to market shares for professional investors in Denmark in an alternative investment Fund Manager manages, if the conditions laid down in paragraphs 2 to 4 are fulfilled.

(2). Manager shall comply with § § 61-68 for each alternative investment fund, as the markets in accordance with paragraph 1. In addition, the manager shall comply with § § 70-75, provided an alternative investment fund, as the markets in accordance with paragraph 1, fall within the scope of section 70 (1).

(3). The FSA must have entered into appropriate cooperative agreements that lives up to international standards, and that puts the Danish financial supervisory authority in a position to supervise the Manager pursuant to this Act, including monitoring the systemic risks, with the following: 1) the competent authorities of another country within the European Union or a country with which the Union has entered into an agreement on the financial area If the Fund is established there.

2) the relevant regulatory authorities in managing the home Member State.

3) with the relevant authorities in the alternative investment fund home country, if the Fund is established in a third country.

(4). The third country in which the alternative investment fund is established, may not be registered as a non-samarbejdsvilligt land and territory by the Financial Action Task Force.

(5). The Danish financial supervisory authority may lay down detailed rules concerning the placing on the market within the scope of this provision.

Title VII Chapter 22 years of managers-annual report and interim report for managers section 131. Alternative investment fund managers, with registered office in Denmark that are not self-managed, and who has permission to manage alternative investment funds, must prepare and submit annual report in accordance with the rules laid down by the Danish financial supervisory authority in accordance with paragraph 6 of the basic regulation. However, paragraphs 2 to 5.

(2). Where rules issued under paragraph 6 regulates the same ratio, as Regulation No 40/94. 1606/2002 on the application of international accounting standards to regulate, without prejudice. Article 4 of the regulation, the rules issued pursuant to paragraph 6 is not valid for those of article 4 of the regulation included the companies ' consolidated financial statements.

(3). Managers, whose securities are not admitted to trading on a regulated market in this country, in another country within the European Union or in a country which has entered into an agreement with the Union in the financial sphere, notwithstanding paragraph 1, may choose to apply the standards referred to in paragraph 2, on their consolidated accounts.

(4). Managers, which in accordance with paragraph 3 following the standards referred to in paragraph 2, shall apply all the accepted standards in their consolidated accounts. Where rules issued under paragraph 6 regulates the same ratio as the standards, the managers, in accordance with paragraph 3 of this article apply standards, applying the standards in place of the provisions in question.

(5). The Danish financial supervisory authority may impose disclosure requirements for companies that follow the standards referred to in paragraph 2.

(6). FSA sets out rules for the annual and interim reports for managers of alternative investment funds, with registered office in Denmark that are not self-managed, and who has permission to manage alternative investment funds, as well as about their reporting of financial information to the Danish FSA.

§ 132. The Danish financial supervisory authority may lay down rules on the revision of the alternative investment fund managers, with registered office in Denmark that are not self-managed, and who has permission to manage alternative investment funds, and their subsidiaries, including requirements for auditor and on elections and appointment of Auditor.

(2). The Danish financial supervisory authority may lay down rules on internal audit and system audit implementation in the data centres.

Title VIII provisions for capital Structure associations Chapter 23 Formation section 133. A capital Association may be formed by one or several founders. A founder may not be bankrupt or reconstructive treatment. If a founder is a natural person, the person must be competent, and the person must not be under guardianship under section 5 of the Guardianship Act or under samværgemål under section 7 of the guardianship law. If a founder is a legal person, shall be authorised to acquire rights, enter into commitments and be a party to legal proceedings.

(2). The founders must sign a founding document that will contain the capital statutes. If not, in the context of the formation of the Association is carried out the election of the Board of Directors of the capital and the statutory auditor, the founders within 2 weeks from the signing of the founding document hold general Assembly for election of the Board of Directors and the auditor.

section 134. A capital Association must have a Union capital, which may vary in accordance with the conditions laid down in the capital statutes. Anyone who owns a share in a Department of a capital Association, is an investor in capital Association and the Department.

(2). Capital associations should be organized with one or more sections, each based on a specific portion of the assets in accordance with the provisions of the statutes. The Board of Directors may establish new departments and make amendments thereto, unless otherwise provided by the articles of Association.

(3). Each Department shall be liable only for its own obligations. Each Department shall be liable, however, for its share of the costs that are common to the departments in a capital Association. There is vain carried out prosecution, or it is otherwise established that a Department cannot meet its obligations after 2. paragraph, shall be liable to the other departments jointly and severally liable for the Department's share of the common costs.

(4). A section may be divided into classes according to the statutes of cooperatives legislation.

(5). An investor in a Department shall not be liable personally for capital the Corporation's or the Department's commitments. The investor shall be liable alone with its deposits.

(6). All investors in a capital Association must have the same rights, in respect of matters which concern all investors in capital Association. All investors in a section should have the same rights with regard to the relationship, which only concerns investors in the Department. The provisions of 1. and 2. paragraph may be waived as a result of the establishment of cooperative classes, issuance of shares without entitlement to dividend and setting rules on voting rights restriction, as any investor, however, must have at least one vote.

(7). It must be indicated in the statutes of the Association, according to which a capital accounting rules Capital Association will present its annual report.

section 135. Only capital associations can and should use the term in their name Capital Association.

(2). A capital Association administers constitute Capital Corporation's daily management.

Reviews for commercial agency




section 136. When a participating Association is founded, must notify the Association manages capital for registration in the Commercial Agency. The notification shall be accompanied by a copy of the incorporation document and bylaws of the Association of capital.

(2). A capital society, that has not yet been registered in Business Agency, cannot, as such, acquire rights and enter into obligations. Capital Association cannot be a party to legal proceedings with the exception of actions for the Foundation.

(3). For an obligation before the registration shall be concluded on behalf of a participating association liable those who have concluded the obligation or has responsibility for it, personally, without limitation and in solidarity. At registration takes over the capital Association of these obligations.

(4). When a capital Association has changed its statutes, the Association manages the review changes to capital Business Agency, carrying out the necessary registrations.

(5). Chapter 2, section 366, § 367, paragraphs 1 and 4, and section 371 of the Danish companies act shall mutatis mutandis apply to capital funds. Notwithstanding the provision in § 9 (1) of the companies act to review amendments to be received in Business Agency, not later than 4 weeks after the decision to amend the articles of Association is taken.

(6). Any notification to Business Agency, as an asset manager shall carry out the provisions of this law, associations in the capital must be accompanied by a declaration by the Manager, stating that the declared conditions are in accordance with the provisions of this law associations in the capital.

(7). Business Board may lay down detailed rules concerning the registration of the Agency, including whether the fees for registration.

Cooperative classes



section 137. When the Statute in a capital Association stipulates that departments can be divided into cooperative classes, can Board 1) through the establishment of a new Department without further split the Department of cooperative classes and 2) splitting an existing section in cooperative classes after the investors ' decision at a general meeting.

(2). It must be reflected in the Department's name, if the Board of Directors may establish cooperative classes in the Department.

(3). A cooperative class has no preference to any share of the Department's assets, including any class-specific assets. A cooperative class has only a right to a share of the return of assets, including a share of the return of the common portfolio, which is the portion of the portfolio, as all cooperative classes entitled to return of, and the return of the class specific assets, as is the portion of the portfolio, as it only is the cooperative concerned class entitled to a return of.

(4). Is a section divided into cooperative classes, should the Board determine the principles for allocation of costs between cooperative classes so that every cooperative class only carries its share of the Department's common costs and the specific costs associated with the cooperative of the class-specific characteristics.

section 138. A capital Association which receives funds from retail investors, at his or her manager's website, what cooperative classes that have been created, including providing information about the characteristics that apply to each cooperative class, and on the principles for allocation of costs between cooperative classes.

Registered office and representative



§ 139. Have a capital Association appointed a manager of the alternative investment fund with head office (Head Office) in Denmark, has capital Association head office in the same place as Manager, see. However, paragraph 2.

(2). Have a capital Association appointed a manager of the alternative investment fund with head office (Head Office) in another country, should capital Association conclude an agreement with a representative of representation of capital Association in this country. Capital Association has its registered office at the place where the representative has his registered office (Head Office), and the main office where the Manager is headquartered.

Winding-up proceedings



section 140. Decision on liquidation of a Department in a capital Association shall be taken by the general Assembly.

(2). The General Assembly resolution on the liquidation shall contain a provision as to who should be the liquidator. The liquidator shall enter into the Board's and management's place.

(3). The liquidator may, at any time, removed by the general meeting.

§ 141. A Department that is under liquidation should add ' in liquidation ' to its name.

(2). The liquidator shall as soon as possible by means of a notice in the Official Gazette with a notice of at least 3 months request a Department vendors to review their requirements. Call to review requirements must also be sent to all known creditors.

(3). The liquidator may not recognize a claim, as notified, the liquidator must inform the vendor accordingly by registered letter with indication by the creditor, if the latter wishes to challenge the decision, must bring the matter to the Court not later than 4 weeks after sending the letter.

(4). The liquidator shall not distribute the liquidation proceeds and exit the winding-up proceedings, when the time limit set in the notice referred to in paragraph 2, has expired and 1) possible disputes pursuant to paragraph 3 is definitely and 2) all debts to the known creditors are paid.

(5). The liquidator must oversee the drafting of a liquidation company, as approved by the general Assembly.

(6). A capital Association deemed settled when the winding-up of the capital of the Association only or last section is completed. When a participating Association is liquidated pursuant to the 1. paragraph, shall notify the liquidation the liquidator for commercial agency. The notification shall be accompanied by the general meeting approved the liquidation of accounts and a declaration by the liquidator, which States that winding-up proceedings are conducted in accordance with the provisions relating to winding-up proceedings in this law.

Settlement of capital associations and departments without investors



section 142. Have a participating organization or a Department never had investors, the Board of Directors may decide on the liquidation of capital Association or the Department.

(2). When a participating organization or Department is settled in accordance with paragraph 1 shall notify the Association manages the settlement for business capital Agency.

Liquidation of the cooperative classes



section 143. Decision on liquidation of a cooperative class in a capital Association taken by cooperative class investors at a general meeting, in accordance with article 3. However, paragraph 2. If cooperative class investors don't want their shares transferred to another cooperative class, carried out the dismantling, by Department, redeem all the shares issued in the cooperative classroom.

(2). Have a cooperative class never had investors, the Board of Directors may decide on the liquidation of the cooperative class.

Bankruptcy



§ 144. The companies current rules on bankruptcy in sections 233 and 234 of the Danish companies act shall mutatis mutandis mutatis mutandis to capital associations and departments thereof.

Compulsory dissolution



section 145. The FSA may ask the bankruptcy court on capital the company's registered office to dissolve a capital Association if the Association does not have a capital asset manager who has permission to manage alternative investment funds.

(2). The Danish financial supervisory authority may lay down a period within which the capital Association may appoint a trustee, who has permission to manage alternative investment funds.

(3). The FSA's decision to send a capital Association to the forced dissolution of the Probate Court shall be published in the Business Agency's it system.

(4). Capital Association must retain its name with the addition of ' under compulsory dissolution '.

(5). The bankruptcy court may appoint one or more liquidators. The bankruptcy court may also appoint an auditor. For compulsory dissolution applies the provisions relating to winding-up proceedings in section 141 so that the bankruptcy court or the court empowered for that purpose, shall take decisions in capital Association's conditions. The cost of the solution, if necessary, be paid by the State Treasury.

(6). When the proceedings have been completed, notify the bankruptcy court this to the Danish financial supervisory authority and the Danish business authority, which registers the capital Association's resolution in the Agency's it system.

(7). In the period from capital corporation's transmission to the bankruptcy court and the appointment of a liquidator, should the Board of Directors of capital the Association carry out transactions is necessary, and that can be implemented without harm for capital Association and its creditors.

(8). After coming into Office are former members of the Board of liquidator and the management of capital the Association's former manager committed to assist the liquidator, as necessary, with information about the Association's work until liquidation of capital entry. The Board of Directors and the management of capital the Corporation's manager must give the liquidator the information including, as may be needed for the liquidator; assessment of existing and future requirements.

(9). The liquidator may ask the bankruptcy court to summon former members of the Association's Board of Directors and the management of capital the capital of the Association manages to meeting in the Probate Court for the purpose of obtaining information in accordance with paragraph 8.

Fusion



section 146. A capital Association can merge with another capital Association, and a branch in a capital Association can merge with another Department in a capital Association. Prior to the merger to the merging entities publish a merger plan.

(2). A fusion of capital associations is carried out by the Association entrusts his capital departments discontinuing for the continuing capital Association.

(3). A fusion of the departments conducted by discontinuing the Department shall transfer assets and liabilities as a whole to the continuing division.


(4). In the case of a merger to be investors in the unit have swapped their shares with discontinuing participation in the continuing entity. By Exchange of shares will be investors in the discontinuing device investors of the continuing entity.

(5). Excess amount arising from the exchange of shares through a merger between departments, to be paid to investors in the discontinued section.

(6). A capital Association may merge with a Danish UCITS, and a branch in a capital Association may merge with a Division in a Danish UCITS in accordance with the provisions of section 119 of the Act on investment associations, etc., so that capital Association or department thereof is the discontinuing unit.

§ 147. Resolution on the merger taken in the discontinuing unit by the general Assembly.

(2). Resolution on the merger taken in the continuing entity of the Board, unless it is clear from the statutes, that this decision is a decision of the general meeting.

§ 148. A capital Association, which ends at the concentration shall be deemed settled when capital Association has transferred its branches to the continuing capital Association and the investors in the capital Association has been swapped their discontinuing shares with shares in the forsættende Capital Association.

(2). A through the fusion Department considered settled when discontinuing the discontinuing the Department has transferred its assets and liabilities as a whole to the continuing Department and investors in the Department have been swapped their shares discontinuing with shares in the forsættende Department.

(3). A capital Association considered dismantled, when the Association's sole or last section is merged with a section from another capital Association and this section is the continuing entity.

(4). When a participating Association is wound up pursuant to paragraph 1 or paragraph 3 shall notify the Association manages the settlement for business capital Agency.

(5). The Danish financial supervisory authority may lay down detailed rules on the merger.

Cleavage



section 149. A section in a capital Association can Cleave. Prior to the Division to be capital Association publish a draft plan.

(2). A demerger carried out by a part or all of a Department's assets and liabilities be transferred to one or more existing departments or 2) 1) newly established departments.

(3). Splitting can be done without the consent of the creditors. If a vendor in the split section does not get satisfaction, each of the other participating departments in the Division jointly and severally liable for obligations that existed at the time of the draft terms of the plan's publication. The other participating departments shall be liable up to a maximum of an amount corresponding to the net value received by the Division.

(4). By cleavage to be investors in the split section have swapped their shares with shares in one of the continuing divisions. By the substitution will be investors in the split Chamber investors in one or more of the continuing divisions. 1. and 2. paragraph shall not apply to investors who continue to be investors in a Department, by demerger alone gives off a part of the Department's assets and liabilities.

(5). Excess amount arising from the exchange of shares, to be paid to investors in the split section.

section 150. Resolution on the Division of a Department in a capital Association are taken by the Department's investors at the annual general meeting.

(2). Decision on receipt of a share of another departmental assets and liabilities as part of a Division be taken in the receiving Department of the Board of Directors.

§ 151. They know a Division transferred assets and liabilities shall be deemed as passed to the receiving Department at the time, as laid down in the draft terms of Division.

§ 152. A section which ends at the cleavage, considered settled when the Department has transferred all its assets and liabilities to the receiving departments and investors in the Department have been swapped their shares discontinuing with shares in it or the receiving departments.

(2). A capital Association deemed settled when capital corporation's sole or last section by a Division has transferred all its assets and liabilities to subsidiaries in one or more other capital funds.

(3). When a participating Association is wound up in accordance with paragraph 2, shall review the conduct of the business of the Association capital manages the Agency.

(4). The Danish financial supervisory authority may lay down detailed rules on the Division.

The transfer of a business unit



§ 153. A section in a capital Association can be migrated to another capital Association.

(2). Migration will be investors in the migrated Department investors in the capital Association, as the Department migrated to.

§ 154. Resolution on the transfer of a branch will be taken in the capital, where the Department migrated from the Association, of the Department's investors at the annual general meeting.

(2). Resolution on the transfer of a branch will be taken in the capital, where the Department transferred to the Association, the Board of Directors.

(3). A capital Association considered dismantled, when the Association's sole or last section is transferred to another capital Association.

(4). When a participating Association is wound up in accordance with paragraph 3, shall review the conduct of the business of the Association capital manages the Agency.

Title IX surveillance and Charges Chapter 24 Supervision, etc.

General rules on supervision



§ 155. The Danish FSA shall ensure compliance with this law and the regulations issued pursuant to the law. The Danish financial supervisory authority verifies that the rules for financial information in annual reports and interim reports issued under section 131 are complied with for alternative investment fund managers, which has issued transferable securities admitted to trading on a regulated market referred to in article 6. section 83 (2) and (3) and to section 83 (b) of the law on securities trading, etc. also shall ensure compliance with FSA regulations issued under section 31, paragraph 8, in revisorloven. Business Agency shall ensure, however, compliance with section 136.

(2). When the competent authorities of another country within the European Union or a country with which the Union has entered into an agreement on financial matters, has given an asset manager from that country or from a third country is authorised to manage alternative investment funds that have country of origin in the country concerned, and the Manager on the market shares of the funds in question in Denmark are the measures as Manager has taken to market funds in Denmark, and the measures taken by the bailiff to prevent shares in funds from being marketed to retail investors, subject to Danish law and supervision. This also applies when the Manager using independent units to market shares in investment funds.

(3). The Danish financial supervisory authority must organise the usual supervisory activities with the aim of promoting financial stability and confidence in the managers of alternative investment funds and markets. The Danish financial supervisory authority in its supervisory activities should put emphasis on the durability of the individual manager's business model. Organisation of supervisory activities must be done from a materiality considerations where the supervisory efforts is proportionate to the potential risks or adverse effects. FSA Executive Board is responsible for oversight of the establishment of the organization.

(4). The Danish financial supervisory authority in the organisation of supervisory activities must consider the potential consequences for financial stability in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial field. This is particularly true in connection with crisis situations. For branches located here in the country by foreign companies authorised to carry on the activities referred to in article 11 in accordance with rules transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, the FSA supervise branches and assist the competent supervisory authorities in the supervision of branches. The Danish financial supervisory authority shall, in respect of significant branches and subsidiaries of foreign companies authorised to carry on the activities referred to in section 11 in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, participate in any cooperation forums on the supervision of the Group's total.

(5). The Danish financial supervisory authority can in special cases apply foreign assistance.

(6). Business and growth, the Minister may lay down detailed rules for FSAs procedure in accordance with the provisions laid down in Community law.

section 156. The Financial Advice is included in the supervision of managers of alternative investment funds, see. § 345 of the financial business Act.

(2). The Financial Advice 1) take decisions in supervisory cases of principled character and in regulatory matters, who have higher education, significant implications for managers of alternative investment funds, 2) acting in matters relating to injunctions under section 163, paragraph 1, 3) makes the decision to hand over the cases covered by nr. 1 to the police investigation and 4) assisting the FSA with its information activities and advises the financial supervisory authority in connection with its issuance of rules.


section 157. The FSA should investigate alternative investment fund managers with permission to manage alternative investment funds in the relationship, including through the review of ongoing alerts and inspections of each manager. This also includes the alternative investment fund managers, which has registered office in a third country, which has Denmark as an analogue country, see. section 1, paragraph 1, no. 2. The FSA must also examine the managers, as Denmark is the host country, as regards compliance with sections 18, 19 and 23, where managers Manager or marketing alternative investment fund in Denmark through a branch established in this country.

(2). After inspection, in a manager of alternative investment funds must be held a meeting with the participation of management's supreme governing body, the Executive Board, external auditor and internal audit manager, unless the inspection relates to defined areas of activity with Manager. At the meeting the FSA must announce its conclusions relating to inspection.

(3). Essential conclusions must after an inspection shall be forwarded in the form of a written report to the company's supreme governing body, the Executive Board, external auditor and internal audit manager.

(4). The supervisory authorities of another country within the European Union or in a country which has entered into an agreement with the Union in the financial field, may, after prior notice to the Danish financial supervisory authority carried out inspections in the here in the country located branches of foreign managers with permission to manage alternative investment funds domiciled in that country. In addition, the Danish financial supervisory authority at the request of the supervisory authority in the home Member State of the branch carry out the in 1. paragraph referred to inspection in the branch.

(5). The supervisory authorities of another country within the European Union or in a country which has entered into an agreement with the Union in the financial sphere, with the FSA authorisation to carry out verification of the information given by you in this country located managers who have permission to manage alternative investment funds offering ancillary financial undertaking subject to supplementary supervision of the relevant supervisory authority in accordance with the provisions laid down in directives in the financial field.

§ 158. The Danish financial supervisory authority may cooperate with other Danish authorities in order to ensure compliance with the law and by the regulations issued pursuant to the Act relating to managers of alternative investment funds management of alternative investment funds established in Denmark or in other countries within the European Union or countries with which the Union has entered into an agreement on financial matters, and the depositary function for the mentioned alternative investment funds. The Danish financial supervisory authority can delegate tasks to other authorities, who is Danish, bodies or persons.

§ 159. The Danish financial supervisory authority may request the financial regulatory authorities in a country within the European Union or in a country which has entered into an agreement with the Union in the financial field, The European Securities and markets authority and the European systemic risk Board to help to ensure compliance with the law and by the regulations issued pursuant to the law, by the supervisory activities , on-the-spot checks or inspections on the territory of another country.

section 160. The Danish financial supervisory authority shall cooperate with the competent authorities in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, to participate in supervisory activities, on-the-spot checks or inspections in this country when it comes to managers of alternative investment funds, which operate in other countries within the European Union or countries with which the Union has entered into an agreement on the financial area , or an asset manager, which has been authorised to manage alternative investment funds in Denmark, but operate in other Member countries.

(2). Where a competent authority in another country within the European Union or in a country with which the Union has entered into an agreement on the financial area, ask the FSA to assist in an inspection or survey of asset managers of alternative investment funds, which operate in other countries within the European Union or countries with which the Union has entered into an agreement on the financial area without prejudice to article. (1) can the FSA 1) carry out the verification or investigation itself, 2) allow the requesting authority carrying out the verification or investigation, or 3) let an accountant or other expert to implement controls or the investigation.

(3). Oppose as a steward of alternative investment funds domiciled in Denmark itself a competent foreign authority's study, see. (2) the investigation may only be carried out with the complicity of the Danish FSA. The same applies to a self-managed alternative investment fund established in Denmark.

(4). If the verification or investigation on Danish territory carried out by the Danish financial supervisory authority, without prejudice to article. (2). 1, the financial supervisory authority in the country within the European Union or the country in which the Union has entered into an agreement in the financial sphere, which has requested co-operation, may ask for its employees accompanying the employees who carry out the verification or investigation. The Danish financial supervisory authority has overall responsibility for the verification or investigation. Similarly, the Danish financial supervisory authority as a condition for allowing the requesting authority carrying out the verification or investigation, demanding that FSA staff accompanying the employees who carry out inspection or investigation, see. (2). 2. the provisions of paragraph 5. The Danish financial supervisory authority may lay down detailed rules on cooperation and on the on-the-spot checks with competent authorities in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial field.

§ 161. Alternative investment fund managers, suppliers and subcontractors must give the Danish financial supervisory authority with the information necessary for supervisory activities. This applies mutatis mutandis to foreign managers who manage alternative investment funds established in Denmark, or placing funds in Denmark, including through the establishment of the branch, or where Denmark is the reference country for an asset manager, which has registered office in a third country.

(2). The Danish financial supervisory authority may at any time against proper identification access without a court order for asset managers of alternative investment funds and its branches for the purpose of obtaining information and for inspections.

(3). In so far as it is necessary for the assessment of an asset manager of alternative investment funds in the financial position of, the FSA can obtain information at any time against proper identification without a court order to gain access to the companies with which the Manager has in particular direct or indirect connection.

(4). The Danish financial supervisory authority may require all the information, including financial statements and accounting materials, extracts from books, other commercial documents and electronically stored data, as deemed necessary for the FSA company or to the decision of whether a physical or legal person is subject to the provisions of this law.

(5). The Danish financial supervisory authority may at any time against proper identification access without a court order to a supplier or subcontractor for the purpose of obtaining information about a delegated activity.

section 162. Business and growth, the Minister may lay down rules for managers of alternative investment funds required to publish information about the FSA assessment of Manager and that the FSA has the option to publish the contents before the Manager.

§ 163. The FSA can order a steward of alternative investment funds to arrange for and meet the costs of an independent study of one or more conditions in the Manager, if the FSA believes that this is of significant importance to the supervision of the Manager, and there is no one for FSA usual occurring study. The result of the independent study is to be given in a written report, which shall be recorded in one of the FSA set time. The Danish financial supervisory authority may provide that the qualified persons, see. paragraphs 2 to 6, on an ongoing basis to make reporting to the Danish financial supervisory authority on matters in connection with the investigation.

(2). The impartial investigation must be carried out by one or more qualified persons. The manager shall designate the qualified persons within a period specified by the FSA. The Danish financial supervisory authority must approve the proposed qualified persons.

(3). The Manager of the alternative investment fund shall provide the qualified persons the information necessary for the implementation of the independent study.

(4). The qualified persons must provide a copy of the written report on the investigation to the FSA, at the latest at the same time as the report handed over to the Manager.

(5). The qualified persons shall immediately give the FSA information of which they become aware of in connection with the independent study, if the information is essential for managing's risk profile or business model that can lead to a not inconsiderable risk that these conditions may develop in such a way that the Manager will lose his permit.

(6). If the qualified person due to his or her particular circumstances cannot disclose the information referred to in paragraphs 4 and 5 to the Danish financial supervisory authority, under the direction of FSA happen other than the qualified person, including the Manager.


§ 164. The Consumer Ombudsman can institute proceedings relating to acts contrary to fair business rules and best practices, see. section 18 (1) (8). 1, including proceedings for prohibition, injunction, damages and recovery of unduly collected amounts. section 20, section 22, paragraph 2, article 23, paragraph 1, § 27, paragraph 1, and section 28 of the marketing practices Act shall apply mutatis mutandis to cases which the Consumer Ombudsman wants to take after this provision. The Consumer Ombudsman can be designated as the Group's representative in a class action lawsuit, see. Chapter 23 (a) of the code of civil procedure.

(2). The Danish financial supervisory authority may give orders for the rectification of circumstances that are in violation of §§ 18 and 23. The Danish financial supervisory authority may inspect the branches of alternative investment fund managers.

§ 165. The Danish financial supervisory authority informs the Consumer Ombudsman, if the Danish financial supervisory authority will be aware that a steward of alternative investment funds clients or customers in the alternative investment funds, which Manager manages, may have suffered losses as a result of the Manager has violated section 18, paragraph 1, or regulations issued under section 18, paragraph 3.

(2). The Consumer Ombudsman has regardless of § 170 access to all information in the FSA cases covered by paragraph 1.

§ 166. The FSA can order a steward of alternative investment funds management to let prepare a statement of management's financial position and prospects. Manage's supreme governing body, the Executive Board, external auditor and internal audit manager must know the signature on the injunction against the FSA confirm to be made aware of the contents of this letter.

(2). The statement must be accompanied by a statement from 1) management's external auditor, unless the statement as a whole is prepared for this, 2) submitted for approval to the management's supreme governing body and 3) are submitted in copy to the Danish FSA.

section 167. The FSA can order a steward of alternative investment funds within a supervision period to carry out the necessary measures, if 1) management's financial position is so deteriorated that the alternative investment funds or investors in alternative investment funds interests are at risk, or 2) that is a non-negligible risk that management's financial position due to internal or external relations develops so that Manager will lose his permit.

(2). Is the required measures are not made within the prescribed period, the FSA can involve management's permission.

section 168. The FSA can order a steward of alternative investment funds that allocate a member of the Executive Board, in a manager within a period specified by the FSA, if this under section 13, paragraph 2, cannot contest the post.

(2). The Danish financial supervisory authority may order a member of the governing body in an alternative investment fund manager to resign within a period specified by the FSA, if this under section 13, paragraph 2, cannot contest the Office.

(3). The FSA can order a steward of alternative investment funds that allocate a member of the Executive Board, when there are indicted member of the Executive Board in a criminal case about violation of criminal law, this law or other financial legislation, until the criminal case is settled, if the conviction would mean that he or she does not meet the requirements of section 13, paragraph 2, no. 1. The Danish financial supervisory authority shall set a deadline for compliance with the order. The Danish financial supervisory authority may, under the same conditions as in 1. point to order a member of the governing body in an alternative investment fund manager to resign. The Danish financial supervisory authority shall set a deadline for compliance with the order.

(4). The duration of the injunction granted in accordance with paragraph 2 on the basis of section 13, paragraph 2, no. 2-4, must be indicated in the order.

(5). Injunction granted pursuant to paragraphs 1 to 3, of the Manager and of the person to whom the order relates, demanded brought before the courts. The request must be submitted to the FSA, within 4 weeks after the order is notified the concerned. The request does not have suspensive effect on order, but the Court may by order direct that the Member concerned by management during these proceedings can maintain his functions or his position. FSA earns within 4 weeks the matter to the courts. Proceedings in the civil procedure forms.

(6). The FSA may, of its own motion or on application, withdraw an injunction granted under paragraph 2, and paragraph 3 3. paragraph shall refuse an application for revocation, the DFSA, the applicant may require the refusal brought before the courts. The request must be submitted to the FSA, within 4 weeks after the refusal is notified the concerned. Request for judicial review can only be made if the order is not limited in time and elapsed at least 5 years from the date of issue of the order, or at least 2 years after the FSA refused withdrawal is confirmed by judgment.

(7). Alternative investment fund manager has not devoted member of the Executive Board within the prescribed time limit, the Danish financial supervisory authority include managing's permission, see. § 17, nr. 3. The FSA may also involve management's permission, see. § 17, nr. 3 If a member of the governing body fails to comply with an injunction issued pursuant to paragraphs 2 and 3.

§ 169. The FSA can independently or in cooperation with other authorities carry out investigations, which are suitable for promoting transparency in the financial market, and publish the results of these.

§ 170. FSA employees are under responsibility after Penal Code §§ 152-152 (e) obliged to keep secret all confidential information which they acquire their knowledge through supervisory activities. The same applies to persons performing service tasks as part of the operation, and FSA experts acting on behalf of the FSA. This shall also apply after the termination of employment or contract.

(2). Consent from the that secrecy is intended to protect, does not justify the persons referred to in paragraph 1 to disclose confidential information.

(3). Paragraph 1 shall not, however, apply to information in respect of: 1) Good usage, see. section 18 and notices issued under section 18, paragraph 3.

2) decisions concerning managers of alternative investment funds administrative and accounting practices, business processes and control procedures, see. § § 23-25 and 27.

3) expenditure in connection with the issuance of shares in alternative investment fund managed through a central securities depository.

4) Information to investors pursuant to §§ 62-66 and rules issued under section 66.

5) publication of the intrinsic value per share of the alternative investment fund managed, see. sections 30 and 36.

6) agreement on placement of clients ' portfolio products, see. § 19.

7) by depositaries independence. § 53.

(4). Paragraph 1 shall not prevent the Danish financial supervisory authority on its own initiative disclose confidential information in summary or aggregate form, when neither the individual manager or its customers can be identified.

(5). Confidential information may be divulged in civil or commercial proceedings when a steward of alternative investment funds are bankrupt, and provided that the information does not relate to customer relationships or third parties are or have been involved in attempts to rescue the Manager.

(6). Confidential information may be divulged in civil or commercial proceedings when an alternate investment fund has been declared bankrupt, including information about the steward, who managed the Fund, to the extent that the information relates to the Fund, and provided that the information does not relate to customer relationships or third parties are or have been involved in attempts to rescue the Fund.

(7). The provision in paragraph 1 of this article shall not prevent confidential information disclosed to: 1) the systemic Risikoråd.

2) Other public authorities, including the Prosecutor's Office and the police, in connection with the investigation and prosecution of offences covered by the Penal Code or regulatory legislation.

3) Concerned Ministers as part of his overall supervision.

4) Administrative authorities and courts, which deal with decisions taken by the FSA.

5) stabiblity.

a Parliamentary Commission set up by 6) in the Folketing.

7) Investigative commissions established by law or pursuant to the law on investigative commissions.

8) the Folketing Standing Committee relating to an asset manager of alternative investment funds in general economic conditions, as regards crisis management of asset managers of alternative investment funds, when deciding on whether or not the State should provide guarantee or make funds available. Similarly, in the context of parliamentary control in the cases covered by 1. PT.

9) State Auditors and national audit office.

10) Stakeholders, including the authorities, involved in attempts to rescue a distressed asset manager of alternative investment funds, when the FSA has received a mandate from the Minister of business and growth, and on the condition that the recipients of the information need.

11) trustee in bankruptcy, the bankruptcy court and other authorities involved in the asset managers of alternative investment funds in liquidation, bankruptcy or similar procedures, as well as persons responsible for carrying out statutory audits of the accounts of a manager's accounts, provided that the recipients of the information need it to perform their tasks.


12) Institutions which administer deposit-, investor-or insurance guarantee schemes, provided that the information is necessary for the performance of their work.

13) Danmarks Nationalbank, foreign central banks, the European System of Central banks and of the European Central bank, in their capacity as monetary authority, provided that the information is necessary for them to fulfil their statutory tasks, including the conduct of monetary policy, monitoring of payment and securities handling systems as well as addressing the concerns of the stability of the financial system.

14) an institution responsible for the clearing of securities or money, if it is necessary to ensure that the institution react duly on defaults or potential defaults on the market, in which the institution is responsible for clearance.

15) Customs and tax authorities in cases covered by the tax kontrolloven § 6 d (2).

16) Auditor and Auditor Oversight Board for the performance of their tasks.

17) Ministers responsible for the financial legislation in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, in connection with crisis management of asset managers of alternative investment funds.

18) the European Commission, in the case of information referred to in section 181, paragraph 5. The European Securities and markets authority and the European systemic risk Board, as well as bodies established by those authorities, provided that the recipients of the information need to the discharge of their duties.

19) financial regulators in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, which has responsibility for the oversight of alternative investment fund managers, and bodies involved in the managers winding up, bankruptcy or like proceedings, as well as persons responsible for carrying out the statutory audits of the accounts of the managers, provided that the recipients of the information need to the discharge of their duties.

20) Financial supervisory authorities in third countries, which are responsible for the supervision of alternative investment fund managers, and bodies involved in the managers winding up, bankruptcy or like proceedings, as well as persons responsible for carrying out the statutory audits of accounting documents, cf. managers However, paragraphs 10 and 11.

(8). All of which in accordance with paragraph 5-7 receiving confidential information from the Danish financial supervisory authority, with regard to this information, subject to the obligation of professional secrecy referred to in paragraph 1.

(9). Confidential information received pursuant to paragraph 7, nr. 18, 2. paragraph, regardless of secrecy as referred to in paragraph 8 shall be exchanged directly between, on the one hand, The European Securities and markets authority and, on the other hand, the European systemic risk Board, as well as between the bodies established by those authorities.

Paragraph 10. Disclosure in accordance with paragraph 7, nr. 20, can only happen 1) on the basis of an international cooperation agreement, 2) provided that at least the recipients are subject to a statutory secrecy that corresponds to professional secrecy in accordance with paragraph 1, and that the authorities receiving the information are subject to an obligation not to disclose information, unless authorized, the DFSA in writing for the transfer, 3) when recipients need the information to perform their tasks and 4) when the conditions laid down in Chapter 4 of the Act on processing of personal data are complied with.

Paragraph 11. Disclosure in accordance with paragraph 7, nr. 20, of confidential information derived from countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, can also only be done if the authorities which have submitted the information, have given their express permission, and must only be used for the purposes for which the authorization relates.

§ 171. Supervisory responses given to a manager of alternative investment funds in accordance with article 156, paragraph 2, no. 1, and supervisory responses given after the delegation from the Financial Advice to be published with the indication of the name, see manage. However, paragraph 3. Manager shall make publicly available this information on its website in a location where they naturally belong, as soon as possible and no later than 3 business days after the trustee has received notification of regulatory reaction, or at the latest at the time of publication required by law on securities trading, etc. at the same time with the publication that manages to insert a link, which provides direct access to supervisory reaction, on the front of that Manager's website in a visible way and it must be of the link and any associated text clearly state that in the case of a regulatory response from the Danish financial supervisory authority. If he manages to comment on regulatory response, it shall be in an extension of this, and the explanatory statement must be clearly separated from regulatory reaction. Removal of the link on the front page and the information from the concerned Manager's Web site shall take place in accordance with the same principles as the concerned Manager uses for other messages, but no earlier than after the link and the information has been on the site for 3 months, and at the earliest after the next general Assembly. Managers of alternative investment funds required to publish on management's home page only applies to legal persons. The Danish financial supervisory authority must publish this information on the FSA website. Regulatory reactions given pursuant to section 156, paragraph 2, no. 3, and FSA decisions to hand over cases to the police investigation must be published on the FSA website, with an indication of management's name, see. However, paragraph 3.

(2). If a case is handed over to the police investigation and who has dropped partially or totally damning judgment or adopted fine, must be publication of the sentence, fine or a summary thereof, without prejudice to adoption. However, paragraph 3. If the judgment is final, or if it is appealed or an appeal, this must be reflected in the publication. Management's disclosure must be made at the relevant manager's home page in a place where it naturally belongs, as soon as possible and no later than 10 working days after the judgment or that have fallen passed fine, or at the latest at the time of publication required by law on securities trading, etc. at the same time with the publication that manages to insert a link, which provides direct access to judgment, fine, the adoption or the summary , on the front of that Manager's website in a visible way, and it must be of the link and any associated text clearly state that there is talk about a verdict or fine adoption. If he manages to comment on the verdict, fine adoption or characteristics, it shall do so by extension, and the explanatory statement must be clearly separated from judgment, fine, the adoption or the summary. Removal of the information from the concerned Manager's Web site shall take place in accordance with the same principles as the concerned Manager uses for other messages, but no earlier than after the link and the information has been on the site for 3 months, and at the earliest after the next general Assembly. The person manages to give the FSA notice of publication, including forward a copy of the sentence or fine the adoption. The Danish financial supervisory authority must publish the verdict, fine adoption or a summary thereof on its website. Managers of alternative investment funds required to publish on management's home page only applies to legal persons.

(3). Publication in accordance with paragraph 1 or 2 shall not happen if it would cause disproportionate harm to the Manager or the alternative investment fund or investigative reasons militate against disclosure. The publication shall not contain confidential information about customer relations or information subject to the provisions of the law on transparency in the management of the exception of information about private matters and operational or business conditions, etc., the publication shall not contain confidential information derived from the financial supervisory authorities in third countries, unless the authorities that have submitted information, have given their express permission.

(4). If disclosure is omitted in accordance with paragraph 3, 1. point, there must be disclosure in accordance with paragraph 1 or 2, when the account, which necessitated the omitted Act is no longer applicable. However, this applies only for up to 2 years after the date of the regulatory reaction.

section 172. The Danish financial supervisory authority must inform the public about matters that are dealt with by the Danish financial supervisory authority, the Prosecutor's Office or the courts, and which is of general interest or of importance for the understanding of the following provisions: 1) Good usage, see. section 18, paragraph 1. Nr. 1, and notices issued under section 18, paragraph 3.

2) depositary's independence. § 53.

3) agreement on placement of clients ' portfolio funds and regulations issued thereunder, see. § 17.

(2). The Danish financial supervisory authority must also inform the public about the names of companies or individuals who fail to seek permission under section 11 or fails to register in accordance with section 9, paragraph 1.

§ 173. As a party in relation to the Danish financial supervisory authority shall be deemed to be the steward of alternative investment funds, as the FSA decision taken pursuant to this Act or the regulations laid down pursuant to this Act is aimed at, see. However, paragraphs 2 and 3.


(2). In the following cases shall be deemed to be a person other than the Manager, as well as a party to the FSA decision, as regards the part of the case, which concerns the question: 1) the parent undertaking of an asset manager of alternative investment funds.

2) companies, with which a manager has a special direct or indirect connection, and how supervision can obtain information and inspect, without prejudice. section 161, paragraph 3.

3) A natural or legal person to whom the DFSA requires information of for use by the FSA company or to the decision of whether or not this is subject to the provisions of this law, without prejudice. section 161, paragraph 4.

4) A person who receives information about the DFSA in relation to approval under section 13, paragraphs 1 and 2.

5) the proposed acquirer or the possessor of a qualifying share, when the FSA deals with matters relating to the approval of the acquisition of the basic regulation. section 11 (6).

6) Auditor in an asset manager with permission to manage alternative investment funds, when the FSA imposing this giving information about management's conditions.

7) a company which is applying to be registered, without prejudice. section 9, paragraph 1, or for permission to manage alternative investment funds, see. § 11.

8) A member of an asset manager of the alternative investment fund management or a capital owner, when supervision refuses a steward of alternative investment funds or withdraw this authorisation in whole or in part, see. section 11, paragraph 3, nr. 3 and 4, and section 17.

9) companies, which the FSA considers has close links to the asset managers of alternative investment funds, when permission is denied under section 11, paragraph 3, nr. 7, or suspended under section 17.

10) an alternative investment fund, when the Danish financial supervisory authority shall take a decision in a case involving the asset manager, which manages the alternative investment fund, as regards conditions relating directly to the Fund.

11) anyone who, without being registered or authorized managing alternative investment funds.

12), which violates the law's ban on in a company name or name of the company to use words that are the subject of managers of alternative investment funds, the exclusive right to the name, see. section 5, paragraph 2.

(3). As a party shall be deemed to be a member of the governing body or of the central governing body, an accountant, a member of the Executive Board or other senior staff, in a manager of alternative investment funds, if the FSA decision is aimed directly at the question.

(4). As a party in relation to decisions taken within the framework of the Danish FSA supervision checking accounts reported in accordance with the rules in this chapter 9 and the regulations issued under section 61, paragraph 7, and section 131, is considered, moreover, that the FSA considers that any party to the proceedings.

section 174. If the FSA believes that asset managers of alternative investment funds, as Denmark is the host country, does not comply with the rules, as Denmark is responsible for overseeing, including sections 18, 19 or 23, where they manage the funds established in Denmark, or placing funds in Denmark, the Danish financial supervisory authority may require the Manager to bring an end to the irregular situation. The Danish financial supervisory authority at the same time inform the competent authorities of the home Member State of the management thereof.

(2). If an asset manager, as Denmark is the host country for not supplying the FSA with the information provided by the Danish financial supervisory authority has requested under section 67, paragraph 4, or Manager does not bring a relationship with cessation after an injunction issued pursuant to paragraph 1, it shall inform the competent financial supervisory authorities in managing the home Member State accordingly.

(3). If an alternative investment fund, which manages Denmark's host country, despite the measures taken by the competent authorities of the home Member State after FSA managing notification in accordance with paragraphs 1 and 2, still does not provide the information, which the FSA has requested under section 67, paragraph 4, or Manager after FSA rating continues to violate the in Denmark applicable laws, regulations or administrative provisions can the FSA after giving the competent authorities of the home Member State shall inform management, take appropriate measures to prevent or penalize further illegality and, if necessary, prevent the Manager from making new operations in Denmark.

(4). The Danish financial supervisory authority may also require the Manager to cease to manage alternative investment funds in Denmark.

§ 175. If the FSA has grounds for believing that a steward of alternative investment funds, as Denmark is the host country, does not comply with the obligations arising from the rules, as any other competent authority in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, is responsible for overseeing the FSA must make representations to the authorities of the home Member State of the managing. The Danish financial supervisory authority shall submit the matter to the competent authorities, with a view to the authority shall take appropriate measures to investigate whether there is a violation of the rules adopted pursuant to Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, and that the authority can then take appropriate action.

(2). If an alternative investment fund, which manages Denmark's host country, despite the measures taken by the competent authorities of the home Member State after FSA managing notification in accordance with paragraph 1 shall continue to act in a manner clearly contrary to investors ' interests in the alternative investment funds that are marketed or managed in Denmark, the financial stability or integrity of the financial market in Denmark FSA, after informing the competent authorities of the home Member State of the managing take all necessary measures to protect investors in the relevant alternative investment funds, the financial stability or integrity of the financial markets in Denmark. The FSA has the same powers, if the measures taken by the competent authorities of the home Member State has taken management have proved insufficient or the authorities fail to act within a reasonable time.

(3). The Danish financial supervisory authority may pursuant to paragraph 2 provide the concerned Manager banned from the market shares in the relevant alternative investment fund in Denmark.

(4). Paragraphs 1 to 3 shall apply mutatis mutandis, if the FSA cannot endorse the permission to manage alternative investment funds, as an asset manager with its registered office in a third country have been in another country within the European Union or a country with which the Union has entered into an agreement on the financial area.

§ 176. If the FSA receives notification from an authority in another country of the European Union or in a country which has entered into an agreement with the Union in the financial field, that a Manager does not comply with the laws of the country or does not provide sufficient information to the authority, the Danish financial supervisory authority must take all necessary steps to ensure that the manager shall comply with the law or provide the information. Moreover, the FSA can obtain information from third countries to use for the job.

(2). The Danish financial supervisory authority must inform the competent authorities of the host country on measures management's, as the Danish FSA shall, in accordance with paragraph 1 1. PT.

(3). If the FSA receives notification from an authority in another country of the European Union or in a country which has entered into an agreement with the Union in the financial sphere, that the authority has clear and demonstrable grounds for believing that a steward, as the FSA supervises, infringed the rules laid down in this law, the Danish financial supervisory authority must take all necessary measures, including, if necessary, request further information from the relevant supervisory authorities in third countries to use for the job.

§ 177. If the FSA believes that asset managers of alternative investment funds with registered office in a third country, as Denmark is the reference country, does not comply with its obligations under this Act, the regulations issued pursuant to this Act or the regulations issued in a country within the European Union under Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, the Danish financial supervisory authority give The European Securities and markets authority thereof without undue delay.

§ 178. The FSA can pass on a copy of the relevant cooperation agreements, which the FSA has concluded under section 98, nr. 1, § 117, no. 1, and section 128, paragraph 2, no. 1, to the financial regulators in other countries within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, which is the host country for the stewards with home country in Denmark.

(2). The Danish financial supervisory authority may, in accordance with the procedures set out in the applicable regulatory technical standards referred to in article 35, paragraph 14, article 37, paragraph 17, or article 40, paragraph 14, of the directive-2011 61/EU of 8. June 2011 on alternative investment fund managers disclose information relating to an asset manager, which the FSA has received from the financial supervisory authorities in third countries in the context of cooperation agreements with these regulatory authorities, to the competent supervisory authorities in the concerned Manager's host country.


§ 179. When the systemically important financial institutions stability or integrity of the markets is threatened by the way, one or more alternative investment fund managers act on the financial supervisory authority must notify the financial supervisory authorities in other Member countries of the European Union to that effect. The Danish financial supervisory authority shall forward the necessary information to the competent authorities, in order that they can monitor or react to the consequences that the managers ' action may result.

(2). When the FSA disclose information to an authority in accordance with paragraph 1, the Danish financial supervisory authority at the same time, pass the information to The European Securities and markets authority and the European systemic risk Board.

(3). The Danish financial supervisory authority must submit the summary details of the activities of managers under their responsibility to The European Securities and markets authority and the European systemic risk Board in accordance with article 35 of Regulation (EU) No. 1095/2010.

Chapter 25-Cooperation with The European Securities and markets authority and the Danish financial supervisory authority and other competent authorities the opportunity to bring proceedings before The European Securities and markets authority section 180. The Danish financial supervisory authority may refer a case to The European Securities and markets authority in the following cases: 1) If the FSA disagree with another competent authority's assessment of whether a condition laid down in article 21, paragraph 6, point (a), (c) and (e) of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers are fulfilled at the time of placing on the market of an alternative investment fund, which has a depositary, which is established in a third country.

2) If the FSA disagree with another competent authority's assessment of whether there has been appropriate cooperation arrangements between the competent authorities of the home Member State, who are managing from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, and the authorities of the third country where the alternative investment fund is established.

3) If the FSA disagree with another competent authority assessment of which country is managing's correct reference country, when the Danish financial supervisory authority considers that the competent authority's assessment of management's analogue country is contrary to Directive 2011/61/EU of 8. June 2011 on the managers of alternative investment funds, criteria or procedures for doing so.

4) If the FSA disagree with another competent authority assessment of which country within the European Union or the country, as the Union has entered into an agreement on the financial area, there are appropriate reference country in connection with management's shift of an analogue country, within 2 years after the Manager has got a permission to manage alternative investment funds.

5) If the FSA disagree with another competent authority's assessment of whether the Manager has a legal representative established in its reference country.

6) If the FSA disagree with another competent authority's assessment of whether or not the legal representative actually contact or have the necessary skills and resources to ensure that manager complies with the requirements of the laws, regulations and rules issued thereunder relating to the activities of the manager shall apply for permission.

7) If the FSA disagree with another competent authority's assessment of whether the FSA or the competent authorities ' effective exercise of their supervisory functions is prevented by laws, regulations or administrative provisions of a third country, as an asset manager from a third country which has been granted permission to market alternative investment funds or exercising management activities are subject, or by restrictions on the powers of the supervisory authorities of the third country concerned.

8) If the FSA disagree with another competent authority's assessment of whether there has been appropriate cooperation arrangements for each alternative investment fund, that is from a third country, and the competent authorities.

9) If the FSA disagree with another competent authority's assessment of whether the third country, in which an alternative investment fund is established, as Manager, is planning to market in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, are listed as non-cooperative countries and territories of the Financial Action Task Force.

10) If the FSA disagree with another competent authority's assessment of whether the third country in which a manager has detected the home, is not listed as a samarbejdsvilligt country and territory of the Financial Action Task Force.

11) If the FSA disagree with another competent authority's assessment of whether a trustee need not comply with a portion of the legislation transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

12) if the content of a cooperation agreement, which the FSA receives from other financial supervisory authorities within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, does not comply with the requirements of the applicable regulatory technical standard laid down pursuant to Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

13) If the FSA disagree in a measure as any other competent authority in a country within the European Union or a country with which the Union has entered into an agreement on financial matters, have taken in application of article 45, paragraph 4-9 of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

14) If the FSA believes that an asset manager, which has received Denmark as an analogue country and have been given permission to manage alternative investment funds, should not have been allowed, including if the FSA believes that the competent authority's assessment of whether the conditions laid down in article 40, paragraph 2 (a) and (b) of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers are satisfied, is wrong.

15) If the FSA disagree with a decision of another competent authority, under which a trustee has been given permission to manage alternative investment funds of the authority concerned.

16) If a competent authority in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, rejects a request for Exchange of information in accordance with article 35, paragraph 15, article 37, paragraph 19, and article 40, paragraph 15, of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

17) If one of the competent authorities of an alternative investment fund from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, not within a reasonable time, enters into a cooperation agreement as required under this Act, and if Denmark is managing's analogue country.

18) If the FSA disagree with another competent authority's assessment of whether there has been appropriate cooperation arrangements between the competent authorities of the management's reference country, the competent authorities of the relevant alternative investment funds in the home country, who is from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, and the authorities of the third country where the Manager has registered office.

19) If there is a discrepancy between the FSA and financial regulators in countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, for an assessment, action or omission in areas where directive 2011/61/EU of 8. June 2011 on alternative investment fund managers require cooperation between supervisory authorities.

(2). Pursuant to the provisions of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers can a competent authority from another country within the European Union or a country with which the Union has entered into an agreement on the financial area, bring a case before The European Securities and markets authority in the following cases: 1) If the competent authority disagree with the FSA assessment of whether a condition of section 49 , nr. 1, 2, 4 or 7, are fulfilled at the time of placing on the market of an alternative investment fund, which has a depositary, which is established in a third country.

2) If the competent authority disagree with the FSA assessment of whether there has been appropriate cooperation arrangements between the FSA and the authorities of the third country where the alternative investment fund is established, when the FSA is managing's home country.

3) If the competent authority disagree with the assessment of the Danish financial supervisory authority, which is managing the country's appropriate analogue country, as a result of that the competent authority considers that the FSA assessment of management's analogue country is contrary to Directive 2011/61/EU of 8. June 2011 on the managers of alternative investment funds, criteria or procedures for doing so.

4) If the competent authority disagree with the FSA assessment of which country within the European Union or the country, as the Union has entered into an agreement on the financial area, there are appropriate reference country in connection with management's shift of an analogue country, within 2 years after the Manager has got a permission to manage alternative investment funds, see. § 121.

5) If the competent authority disagree with the FSA assessment of whether the Manager has a legal representative established in Denmark, see. section 118 (1) and (2).


6) If the competent authority disagree with the FSA assessment of whether or not the legal representative actually contact or have the necessary skills and resources to ensure that manager complies with the requirements of the laws, regulations and rules issued thereunder relating to the activities of the Manager, looking for permission to see. section 118 (2) and (4).

7) If the competent authority disagree with the FSA assessment of whether the FSA or the competent authority, effective exercise of its supervisory functions is prevented by laws, regulations or administrative provisions of a third country, as an asset manager from a third country which has been granted permission to market alternative investment funds or exercising management activities are subject, or by restrictions on the powers of the supervisory authorities in the third country concerned; without prejudice to article. § 117, no. 4.8) If the competent authority disagree with the FSA assessment of whether there has been appropriate cooperation arrangements for each alternative investment fund, that is from a third country, without prejudice. section 96 (1). 2, section 98, nr. 1, § 109, no. 3, § 117, no. 1, and section 130 (3).

9) If the competent authority disagree with the FSA assessment of whether the third country, in which an alternative investment fund is established, as Manager, is planning to market in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, are listed as non-cooperative countries and territories of the Financial Action Task Force, in accordance with article 3. section 98, nr. 2, § 109, no. 4, § 117, no. 2, and section 130 (4).

10) If the competent authority disagree with the FSA assessment of whether the third country in which a manager has detected the home, is not listed as a samarbejdsvilligt country and territory of the Financial Action Task Force.

11) If the competent authority disagree with the FSA assessment of whether a trustee need not comply with a portion of the legislation transposing Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers, see. section 120.

12) If the competent authority does not believe that the content of a cooperation agreement that the authority receives from the Danish financial supervisory authority satisfies the requirements laid down in the applicable regulatory technical standard laid down pursuant to section 178, paragraph 2.

13) If the competent authority disagrees with a measure which the FSA has taken pursuant to § § 174-176.

14) where the competent authority considers that an asset manager, which has received Denmark as an analogue country and have been given permission to manage alternative investment funds, should not have been allowed, including if the competent authority believes that the FSA assessment of whether the conditions of section 117, no. 1, 2 and 4, article 118, paragraphs 1-3, and section 119 is fulfilled, is wrong.

15) If there is disagreement about the decision, which the FSA has taken pursuant to section 11, paragraph 2, of the basic regulation. section 116.

16) If the Danish financial supervisory authority rejects a request for Exchange of information.

17) If the FSA does not within a reasonable period of time shall enter into a cooperative agreement pursuant to Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

18) If the competent authorities of a country within the European Union or a country with which the Union has entered into an agreement on financial matters, disagree with FSA assessment of whether there has been appropriate cooperation arrangements between the FSA, the competent authorities of the relevant alternative investment funds homelands and the supervisory authorities of the country in which the manager shall have its registered office, in accordance with article 3. § 117, no. 1.19) If there are inconsistencies between the competent authorities and the Danish financial supervisory authority on an assessment, action or omission in areas where directive 2011/61/EU of 8. June 2011 on alternative investment fund managers require cooperation between supervisory authorities.

section 181. The Danish financial supervisory authority shall without undue delay notify The European Securities and markets authority of the result of the first authorisation procedure for managers with registered office in a third country, and of any change in these managers permissions, including withdrawal thereof. The Danish financial supervisory authority must inform The European Securities and markets authority on applications for permission from managers with registered office in third countries with which the FSA has declined, including the Danish financial supervisory authority must provide information about the Manager and of the reasons for the refusal.

(2). The Danish financial supervisory authority shall on a quarterly basis, inform the European Securities and markets authority about which other permissions to manage alternative investment funds that have been granted or withdrawn in accordance with this law.

(3). The Danish financial supervisory authority shall on a quarterly basis to The European Securities and markets authority shall send information about the alternative investment fund managers, subject to FSA supervision and managing or marketing alternative investment funds, who are resident in another country, and for managers with its registered office in a third country, the placing of funds in Denmark under section 130. The Danish financial supervisory authority shall forward the necessary information to The European Securities and markets authority can assess whether the system of alternative investment fund managers from a country within the European Union or a country with which the Union has entered into an agreement on the financial area, cross-border marketing and management of alternative investment funds operate. The Danish financial supervisory authority shall forward this information to the European Securities and markets authority, until The European Securities and markets authority shall deliver its opinion in accordance with article 67, paragraph 1 (a) of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

(4). The Danish financial supervisory authority must annually submit the information referred to in paragraph 5, to the European Commission about the alternative investment fund managers from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, managing or marketing alternative investment funds, which are under FSA oversight. The Danish financial supervisory authority must also disclose to the European Commission, the date of marketing is conducted and, if the pass fell applied in Denmark.

(5). The information referred to in paragraph 4 shall include information on, 1) where those managers have registered office, 2) the alternative investment funds from countries within the European Union or countries with which the Union has entered into an agreement on the financial area, managed or marketed by managers, 3) the alternative investment funds from a third country, which is managed by a Manager from a country within the European Union or a country that the Union has entered into an agreement on financial matters, but which are not placed on the market in a country within the European Union or a country with which the Union has entered into an agreement on the financial area, 4) identification of alternative investment funds from a third country, which is managed by a Manager from a country within the European Union or countries with which the Union has entered into an agreement on the financial area , and which are placed on the market in Denmark, 5) which legal basis managers carry out their activities in accordance with, and 6) conditions relevant to understand how management and marketing managers of alternative investment funds in countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, works in practice.

(6). The Danish FSA shall quarterly submit information to The European Securities and markets Authority relating to the alternative investment fund managers, subject to FSA supervision and managing or marketing alternative investment funds domiciled in another country within the European Union or a country with which the Union has entered into an agreement in the financial field, or in a third country. The Danish financial supervisory authority shall forward this information to the European Securities and markets authority, until The European Securities and markets authority shall deliver its opinion in accordance with article 68, paragraph 1, subparagraphs (a), of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

§ 182. If The European Securities and markets authority in accordance with the rules laid down in article 47 of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers are putting forward a request, can the FSA 1) prohibit the marketing in Denmark of the units of alternative investment funds, which is from a third country, 2) prohibit the marketing in Denmark of shares in alternative investment fund managed by an asset manager with registered office in a third country, 3) instruct managers with registered office in a third country restrictions, with regard to their management of an alternative investment fund in the case of a too high cross-border risk concentration on a specific market and 4) impose on managers with registered office in a third country restrictions, with regard to their management of alternative investment funds, where the funds activities potentially constitute an important source of counterparty risk to a credit institution or other systemically relevant institutions.

(2). The FSA may ask the European Securities and markets authority to reconsider its decisions in accordance with article 47 of Directive 2011/61/EU of 8. June 2011 on alternative investment fund managers.

Deadlines




section 183. The time limits laid down in or under this Act, begins to run as of the day following the date on which the event which triggers the deadline, takes place. This applies in the calculation of both daily, weekly, monthly, and årsfrister.

(2). Is the deadline specified in weeks expires, without prejudice. (1) on the day of the week for the date on which the event which triggered the deadline, took place.

(3). The time limit is specified in months shall expire, in accordance with article 3. (1) on the day of the month of the day on which the event which triggered the deadline, took place. If on the day of the event which triggered the deadline, took place, is the last day of a month, or if the period expires on a monthly date, which does not exist, the period shall expire on the last day of the month always regardless of its length.

(4). Is the deadline set in years shall expire, in accordance with article 3. (1) on the anniversary of the day on which the event which triggered the deadline, took place.

(5). A time limit expires in a weekend, on a holiday, Constitution Day, Christmas Eve or new year's Eve, the deadline should be extended until the first following working day.

Chapter 26 Charges and compulsory digitisation § 184. Alternative investment fund managers with permission to manage alternative investment funds pursuant to section 11, managers with Denmark as an analogue country, authorized pursuant to section 11 of the basic regulation. § 111 (2) managers from another country within the European Union or a country with which the Union has entered into an agreement on the financial area, placing one or more alternative investment funds in Denmark or managing one or more AIF established in Denmark, as well as managers from a third country which has been granted under section 130 (1), pay the tax to the Danish FSA. The levy fixed in accordance with Chapter 22 of the financial business Act.

section 185. Business and growth, the Minister may lay down rules to the effect that the written communication to and from the Danish financial supervisory authority and to and from the Danish business authority on matters covered by this law or regulations issued pursuant to this law, shall be carried out digitally.

(2). Business and growth, the Minister may lay down detailed rules on digital communications, including on the application of specific it systems, specific digital formats and digital signature etc.

(3). A digital message is considered to be reached when it is available to the addressee of the message.

§ 186. Business and growth, the Minister may lay down rules to the effect that the FSA and Commercial Agency may issue decisions and other documents under this law or under rules issued pursuant to this law without signature, with power-or similarly reproduced signature or using a technique that ensures unique identification of the person who issued the decision or document. Such decisions and documents be treated as decisions and documents with personal signature.

(2). Business and growth, the Minister may lay down rules to the effect that decisions and other documents, which are exclusively made or issued on the basis of electronic data processing, may be issued only with the indication of the Danish financial supervisory authority or Vocational agency as sender.

section 187. Where in this Act or in the rules issued pursuant to this law required that a document which is issued by other than the Danish financial supervisory authority or Business Agency, must be signed, this requirement can be satisfied by use of a technique that ensures unique identification of the issuing document, see. However, paragraph 2. Such documents shall be treated as documents with personal signature.

(2). Business and growth, the Minister may lay down detailed rules derogating from the signature requirements. It can be determined that the requirement for personal including signature cannot be waived in the case of certain types of documents.

Title X criminal, entry into force and transitional provisions etc.

Chapter 27 Delegation-and complaints provisions of § 188. Assign business and growth, the Minister's powers under the law to the Danish financial supervisory authority, the Minister may lay down rules on the appeals procedure, including the complaints cannot be brought before another administrative authority.

section 189. Decisions taken by the Danish financial supervisory authority or Vocational Agency pursuant to law or regulations issued by virtue of law can by it, as the decision is aimed at, be referred to the EAB, no later than 4 weeks after the decision is announced.

Chapter 28 Criminal provisions of section 190. Violation of section 4, paragraph 2 1. paragraph, article 5, paragraphs 1-3, paragraph 4, 1. clause, and paragraph 5, section 6, paragraph 1, article 8, paragraphs 1 and 4, article 9, paragraphs 1 to 3, article 10, paragraph 1, article 11, paragraph 1, article 13, paragraph 3, article 15, paragraph 1, article 16, paragraph 1 (2) 1. paragraph (4), 1. and (3). paragraphs, and paragraphs 5 and 7, article 18, paragraphs 1 and 2, section 19, article 23, paragraphs 1 to 5, article 24, paragraphs 1 to 6, section 25, paragraphs 1-3, section 27 (1) and (2), sections 29 and 30, section 31, paragraph 3 and 4, article 32, paragraph 1, § 33, article 34, paragraph 1, article 36, paragraphs 1 and 2, § § 38-41, article 42, paragraph 2, §§ 43, 45 and 50-53, § 54, paragraphs 1, 4 and 5, § 59 , article 61, paragraph 1-5, section 62 (1) and (2), sections 64 and 65, section 67, paragraph 1-5, section 68, paragraphs 1-3, §§ 72-74, article 75, paragraph 1, § 77, article 79, paragraph 1, article 81, article 86, paragraph 1, article 88, paragraph 1, article 93, paragraph 1, article 95, article 96, paragraph 1, articles 98 and 99, § 101, paragraph 1, article 106, paragraph 1, section 108, paragraph 1, section 109, no. 2, 2. paragraph, section 111, § 118, paragraphs 1 and 4, § 121, paragraphs 1-3, section 123 (1) of section 127, section 128, paragraph 1 and 10, § 129, paragraph 1, article 134, paragraph 6, 1. and 2. paragraph, article 135, paragraph 1, article 136, paragraph 4, article 137, paragraph 4, article 138, paragraph 139, paragraph 2 1. paragraph, article 141, paragraph 1-5, section 146 (1), (2). section, and section 149 (1), (2). paragraph are punishable by fine or imprisonment up to 4 months, unless a higher penalty is inflicted for other legislation.

(2). Violation of article 20, paragraphs 1-7 and 9, article 21, paragraph 1, paragraph 2 2. paragraphs, and paragraphs 3 and 4, section 22, paragraphs 1-3, section 28 (1) (8). 1, and paragraph 2, no. 1, § 163, paragraphs 3, 5 and 6, and section 171, paragraph 1, 1.-5. point, and (2), 1-7. paragraph is punishable by a fine.

(3). With fine punished a steward of alternative investment funds, which fails to comply with an injunction or prohibition is given under section 4, paragraph 2 2. paragraph, article 34, paragraph 2, article 69, paragraph 4, article 79, paragraphs 2 and 3, article 86 (2) and (3), article 93, paragraphs 2 and 3, article 101, paragraphs 2 and 3, article 106 (2) and (3), article 122, paragraph 1, § 126, paragraphs 9 and 10, section 128, paragraphs 11 and 12, article 164, paragraph 2 1. paragraph, section 167, section 174, paragraph 4, and section 175, paragraph 3. In addition, the punished with a fine, which fails to comply with an injunction granted under section 163, paragraph 1 1. PT., and § 168, paragraph 2, and paragraph 3 3. PT.

(4). In regulations issued under section 3, paragraph 9, article 5, paragraphs 7 and 8, § 6, paragraphs 5 and 6, § 9, paragraph 4, article 10, paragraph 3, article 11, paragraph 7, article 16, paragraphs 8 and 9, article 18, paragraph 2, section 20, paragraph 11, section 22, paragraph 4, article 23, paragraph 6, section 24, paragraph 7, article 25, paragraph 4, article 26, § 27, paragraph 3, article 32, paragraph 3, sections 37, 44 and 60 , article 61, paragraph 7, article 62, paragraph 3, article 66, article 67, paragraph 6, section 68, paragraph 4, section 69, paragraph 8, §§ 80 and 87, section 88 (2), § 94, article 96, paragraph 2, article 107, section 108, paragraph 2, § 110, § 119, paragraph 3, article 120, paragraph 5, article 123, paragraph 2, § 126, paragraph 12, section 128, paragraph 14, § 129, paragraph 2, article 130, paragraph 5, section 131, paragraph 6, section 132, section 148, paragraph 5, article 152, paragraph 4 , section 160, paragraph 5, article 185, paragraph 2, § 186, § 187, paragraph 2, and section 188 can be fixed to punishment by fine or imprisonment up to 4 months for violation of the provisions in the rules.

(5). The Danish financial supervisory authority may lay down rules on penalty of fines for breach of the provisions contained in the official regulations for those areas of the law, which the FSA supervises.

(6). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

(7). Failure by a member of the management of asset managers of alternative investment funds, to take necessary measures in the event of loss or nearby danger of loss of significant size, he or she will be punished with a fine or imprisonment up to 4 months, as higher punishment not inflicted after the rest of the legislation.

(8). Persons associated with asset managers of alternative investment funds, and as they supply incorrect or misleading information about the circumstances relating to the Manager for public authorities, to the public, to any corporate body or to investors in Manager or in an alternative investment Fund Manager manages, or who is guilty of gross or repeated negligence or carelessness, more often which can result in the loss of Manager or investors in an alternative investment fund which Manager manages, punishable by fine or imprisonment up to 4 months, as higher punishment not inflicted after the rest of the legislation.

(9). The limitation period for criminal responsibility for violation of the provisions of the Act or regulations issued pursuant to law is 5 years.

section 191. Fails a steward of an alternative investment fund in time to comply with his obligations towards the Danish financial supervisory authority, which under section 5, paragraphs 1 and 5, section 10, paragraph 1, article 11, paragraph 1, article 61, paragraph 2, no. 2. Article 67, paragraphs 1 to 5, article 68, paragraph 1-3, and section 73, paragraph 1, no. 3, and paragraph 6, shall be the responsibility of the Manager, or fails a depository in time to comply with his obligations towards the Danish financial supervisory authority, which is the responsibility of the depositary pursuant to section 59, the Danish financial supervisory authority as coercive means to impose on those daily or weekly payments.

(2). A natural or legal person fails to fulfil the obligations imposed by § 161, paragraphs 3 and 4, the Danish financial supervisory authority as a compulsory instrument to impose on the natural or legal person or the legal person responsible persons daily or weekly payments.


(3). An alternative investment fund manager fails to comply with an obligation issued under section 168 (1) and (3) 1. point, can the FSA impose on members of management's supreme governing body daily or weekly periodic penalty payments.

(4). If a steward of alternative investment funds, which has issued transferable securities admitted to trading on a regulated market, does not meet its obligations in accordance with the provisions laid down under section 131, the FSA can give that manages orders amending the relationship, including ordering the publication of the amended or additional information. It is considered appropriate, the FSA can even publish that information, publish the order or suspend or delete the affected securities from trading on a regulated market.

(5). A steward of an alternative investment fund which does not comply with an injunction from the Danish financial supervisory authority or shall give false or misleading information to the FSA in relation to supervisory tasks according to paragraph 4, be punished by a fine, as higher punishment not inflicted upon other law.

(6). Paragraphs 1 to 3 shall apply mutatis mutandis to the FSA by supervisory control under section 155 (1), (2). PT.

(7). In regulations issued pursuant to the Act, which sets out the duties of managers of alternative investment funds or any other natural or legal persons covered by the Act, may be provided for, to the Danish financial supervisory authority as coercive means can impose fines on daily or weekly.

Chapter 29 entry into force, transitional provisions, changes in other legislation and territorial validity of the entry into force of



section 192. The law will enter into force on 22. July 2013, see. However, paragraphs 2 and 3.

(2). section 28 and section 197, nr. 5, shall enter into force on the 22nd. July 2014.

(3). Business and growth, the Minister shall determine the time of the entry into force of § § 97-108 and 111-129, § 181, paragraph 6, and paragraph 197, nr. 8. (4). section 20 applies to managers of alternative investment funds agreements entered into, extended or renewed after the entry into force of the Act.

(5). sections 21 and 22 have effect only for the individual manager of alternative investment funds from the next annual general meeting or equivalent, which takes place after the Act's entry into force.

Transitional provisions



section 193. Companies that operate the 22. July 2013, and which will be subject to the provisions of this law on alternative investment fund managers, can continue their activities until the 22. July 2014. Such companies must take all necessary measures to organize their activities, so that it is in accordance with that law rules on alternative investment fund managers, and submit an application for authorisation or register in the 22. July 2014. The company can continue its business in this country without permission until the Danish financial supervisory authority has taken a decision on the application.

(2). For companies that operate the 22. July 2013, and which will be subject to the provisions of this law on alternative investment fund managers, see section 11, paragraph 3, nr. 2 of the basic regulation. section 13 does not apply in the case of an application for a permit.

§ 194. Chapter 13 and 14 shall not apply to the placing on the market of shares in alternative investment funds, which are the subject of a current offer to the public in a prospectus published in accordance with rules transposing Directive 2003/71/EC of 4. November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, before the 22. July 2013, as long as the prospectus are applicable.

section 195. Companies that in the 22. July 2013 manage AIF of the closed-end type, can continue to manage such AIF without acquiring permission under this law, if these alternative investment funds do not make further investments after the 22. July 2013.

section 196. Companies that manage AIF of the closed-end type, where the subscription period for investors has expired before the 22. July 2013 and which is created with expired at the latest by 22. July 2016, can continue to manage such AIF without applying for permission to manage alternative investment funds and without having to comply with the rules laid down in this law, with the exception of the rules in Chapter 9 and, where relevant, Chapter 12.

Changes in other legislation



section 197. In the financial business Act, see. lovbekendtgørelse nr. 705 of 25. June 2012, as amended, inter alia, by section 2 of Act No. 512 of 17. June 2008, § 2 of the law No. 557 of 18. June 2012 and § 1 of lov nr. 1287 of 19. December 2012 and no later than by section 3 of Act No. 378 of 17. April 2013, shall be amended as follows: 1. In the footnote to the title of the Act, the words ', the European Parliament and of the Council directive 2010/76/EC of 24. November 2010 amending Directive 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies (CRD III), the official journal of the European Union 2010, nr. L 329, page 3 ' to: ' the European Parliament and of the Council directive 2010/76/EC of 24. November 2010 amending Directive 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies (CRD III), the official journal of the European Union 2010, nr. L 329, page 3, and parts of the European Parliament and of the Council directive of the EU 8/61/2011. June 2011 on alternative investment fund managers and amending Directive 2003/41/EC, and 2009/65/EC and Regulation (EC) No 1782/2003. 1060/2009 and (EU) nr. 1095/2010, the official journal 2011, nr. L 174, page 1 ".

2. Under section 10 shall be inserted: ' article 10 (a). an investment management company in addition to the activities that the company may carry out in accordance with this law, managing one or more AIF, if the company has permission to do so under section 11 of the Act on alternative investment fund managers, etc. ' 3. In paragraph 77 (c), (2) 1. paragraph shall be added after ' (1) ': ' or section 21, paragraph 1, of the law on alternative investment fund managers, etc. ' 4. In article 360, paragraph 2, the words ' section 361 (1). 20 ' to: ' section 361 (1). 19 '.

5. § 361 (1). 19, is repealed.

No. 20-22 will be then no. 19-21.6. § 361 (1). 22, there will be 21, is repealed.

No. 23-32 is then no. 21-30.7. § 361 (1). 31 and 32, which will be no. 29 and 30, repealed, and replaced by: ' 29) central counterparties with permission, see. Article 14 of European Parliament and Council Regulation No 40/94. 2012/648 of 4. July 2012 (EMIR-Regulation), see. section 83, paragraph 1, of the law on securities trading, etc., pay annually 387,250 kr.

30) Foreign managers of alternative investment funds from a country within the European Union or a country with which the Union has entered into an agreement on financial matters, and foreign managers of alternative investment funds from a third country, as Denmark is the reference country for authorised to manage Danish alternative investment funds, pay annual 20,000 kr.

31) Foreign managers of alternative investment funds, which have been granted permission to market a foreign alternative investment fund in Denmark, pay annually 2,000 DKK PR. alternative investment fund plus 2,000 DKK per Department.

32) Approved foreign clearing houses, see. section 8 (a) of the law on securities trading, etc., pay annually $ 68,150. ' 8. § 361 (1). 32, is repealed.

9. section 362, paragraph 2 is replaced by the following: ' (2). Investment management companies pay annual 10.5 per mille of their costs for salary, Commission and performance related bonus. Alternative investment fund managers, with registered office in Denmark authorised to manage alternative investment funds, pay annually 10.5 per mille of their costs for salary, Commission and performance related bonus. Always a minimum tax be imposed on 20,000 kr. ' 10. section 362, paragraph 4, shall be repealed.

11. paragraph 367 is replaced by the following: ' § 367. Danish UCITS and alternative investment fund managers with permission to manage alternative investment funds pay annual 4.4 per cent of the difference between expenditure and tax paid after FSA sections 361 and 362.

(2). The levy is distributed between companies with 10,000 DKK Danish UCITS and with 10,000 DKK PR. alternative investment fund managed or marketed by a steward who has permission to manage alternative investment funds, see. section 184 of the law on alternative investment fund managers, etc. in addition to Danish UCITS pay 3,000 € per section in each UCITS and alternative investment fund managers with permission to manage alternative investment funds must pay 2,000 DKK per section in each alternative investment fund. The remaining charge is allocated in proportion to each company's share of the paragraph 1 included the companies ' total balance '.

section 198. In the Act on certain operators companies, see. lovbekendtgørelse nr. 559 of 19. May 2010, as amended by section 1 of Act No. 616 of 14. June 2011, § 3 of law No. 1231 by 18. December 2012 and § 2 of the law No. 1383 of 23. December 2012, is amended as follows: 1. In article 1, paragraph 2, 1st paragraph, the words ' or law on trader funds ' to: ', law on trader funds or §§ 133-154 of the law on alternative investment fund managers, etc. '


section 199. Of the law on a guarantee fund for depositors and investors, without prejudice. lovbekendtgørelse nr. 133 of 22. February 2011, as amended most recently by section 49 of Act No. 1231 by 18. December 2012, shall be amended as follows: 1. Article 3, paragraph 1 is replaced by the following:

» The following institutions shall be connected and make contributions to the Fund: 1) financial institutions.

2) mortgage companies.

3) stockbroking companies and investment management companies, with regard to the part of the companies ' activity that is covered by an authorisation in accordance with article 10, paragraph 2, of the financial business Act.

4) Managers of alternative investment funds authorised under section 11 of the Act on alternative investment fund managers, etc., in respect of the part of the managers ' activity, covered by the annex 1, nr. 3, of the law on alternative investment fund managers, etc.

5) Branches located in Denmark by credit institutions and investment firms with registered office in a country outside the European Union with the exception of countries with which the Union has entered into an agreement on the financial area. '

2. In section 4, 1. paragraph, the words ' and investment management companies ' to: ', investment management companies and managers of alternative investment funds '.

3. In article 5, paragraph 4, shall be inserted after ' § 3 (1) (8). 3 ': ' and 4 '.

4. In article 5, paragraph 6, and article 9, paragraph 1, shall be replaced by ' article 3 (1) (8). 4 ' to: ' section 3 (1) (8). 5 '.

5. In paragraph 10, the words ' article 3, paragraph 1, no. 2 and 3 ' to: ' section 3 (1) (8). 2-4 ', and ' § 3 (1) (8). 4 ' to: ' section 3 (1) (8). 5 '.

6. In article 18, paragraph 2, shall be inserted after ' § 3 (1) (8). 3 ': ' and 4 '.

§ 200. Of the law on securities trading, etc., see. lovbekendtgørelse nr. 219 of 20. February 2013, as amended by section 2 of Act No. 155 of 28. February 2012, § 2 of the law No. 1287 of 19. December 2012 and section 8 of Act No. 1383 of 23. December 2012, is amended as follows: 1. In article 83, paragraph 2, 1st paragraph, shall be inserted after ' sections 63 and 64 of the law on investment funds, etc., ': ', in regulations issued under section 131 of the Act on alternative investment fund managers, etc. «§ 201. In Act No. 1287 of 19. December 2012 on the amendment of the financial business Act, Act on securities trading, etc., law on payment services and electronic money and various other laws (transmission of information to the public prosecutor's Office and police, the creation of the systemic Risikoråd, aggregation of The Financial Business Council and the Danish securities Council, short selling, new approach to enforcement of the solvency requirements and the establishment of supervision of reference interest rates, etc.) is amended as follows: 1. section 1 , nr. 49, is repealed.

Faroe Islands and Greenland



section 202. The law does not apply to the Faroe Islands and Greenland but may by Royal Decree be set wholly or partially in force in respect of Faroe Islands and Greenland with the changes that the Faroese and Greenlandic conditions warrant.

Given at Christiansborg Palace, on 12. June 2013 Under Our Royal hand and Seal MARGRETHE r./Annette Vilhelmsen



Annex 1 the features, alternative investment fund managers may be authorised to carry out 1)





Investment management functions as a trustee at least shall be liable for in connection with the management of an alternative investment fund:





 



(a))





Portfolio management.





 



(b))





Risk management.





 

 

 

 





2)





Other features that a trustee is liable for in connection with the collective management of an alternative investment fund:





 



(a))





Administration, including:





 

 



in)





The Fund's legal services and accounting services.





 

 



(ii))





Customer inquiries.





 

 



(iii))





Value and pricing, including tax returns.





 

 



(iv))





Control of compliance.





 

 



v)





Conveyance of cooperative gardens/kapitalejerregister.





 

 



vi)





Distribution of profits.





 

 



(VII))





Issuance and redemption of units/shares.





 

 



(VIII))





Agreement establishment, including the deployment of evidence.





 

 



IX)





Registration.





 



(b))





Marketing.





 



(c))





Activities relating to the alternative investment fund assets, IE. the provision of the services is necessary for the fulfillment of management's fiduciary duties, facility management, property management, advising companies about capital structure, business strategy and related matters, advice and services relating to mergers and the purchase of undertakings and other services in connection with management of the alternative investment fund and the companies and other assets it has invested in.





 

 

 

 





3)





Additional features that a manager can get permission to:





 



(a))





Management of investment portfolios, including portfolios owned by pension funds and occupational retirement provision in accordance with the rules, which implement article 19, paragraph 1, of the European Parliament and of the Council Directive 2003/41/EC of 3. June 2003 on occupational retirement provision activities and supervision of institutions, in accordance with mandates given by investors on a discretionary individual basis.





 



(b))





Non-core services include





 

 



in)





investment advice,





 

 



(ii))





safekeeping and administration in relation to the shares or units in undertakings for collective investment or





 

 



(iii))





reception and transmission of orders on financial instruments.





 

 

 

 







Official notes 1) Act implements the directive of the European Parliament and the Council 2011/61/EU of 8. June 2011 on alternative investment fund managers and amending Directive 2003/41/EC, and 2009/65/EC and Regulation (EC) No 1782/2003. 1060/2009 and (EU) nr. 1095/2010, the official journal 2011, nr. L 174, page 1.

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