Section I	General provisions
Chapter 1	Scope of application
Chapter 2	Definitions
TITLE II	Permission and Enterprise Area
Chapter 3	Alteration of alternative investment funds
TITLE III	Conditions for operation of managers
Chapter 4	General provisions
TITLE IV	Organizational requirements
Chapter 5	General provisions
Chapter 6	Valuation
Chapter 7	Delegation
Chapter 8	Depositary
Section V	Transparency, etc.
Chapter 9	Annual report for alternative investment funds
Chapter 10	Convalence of the valor to investors
Chapter 11	Management Board ' s Information Responsibilities to the Financial supervision
Chapter 12	Obligations of the Vale when an alternative investment fund determines a source of influence over an unlisted company
TITLE VI	Cross-border marketing and management
Chapter 13	In Denmark, the placing on the market of alternative investment funds from a country within the European Union or a country concluded by the Union in the area of the financial area of the registered office of the Union shall be made in Denmark,
Chapter 14	Management of alternative investment funds from another country within the European Union or a country concluded by the Union in the financial area of the management of alternative investment funds with registered registered offices in Denmark ;
Chapter 15	placing on the market in a country of the European Union or a country with which the Union has concluded an agreement in the financial sphere of a third country managed by a manager from a third country, the placing on the market of a country within the European Union or a country that the Union has concluded in the financial area. a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere ;
Chapter 16	Marketing without marketing funds in Denmark of alternative investment funds from a third country of a managing country within the European Union or a country to which the Union has concluded agreement in the financial sphere shall be subject to marketing.
Chapter 17	Rules on the authorisation and placing on the market of alternative investment fund managers with registered registered offices in a third country
Chapter 18	Anchor Anchor
Chapter 19	Value and Law Option
Chapter 20	Management of alternative investment funds from another country within the European Union or a country concluded by the Union in the financial area by the managers of alternative investment funds with registered registered offices in a country of origin ; third country,
Chapter 21	placing on the market in a country of the European Union or a country with which the Union has concluded an agreement in the financial sphere, of alternative investment funds managed by a registered office in a country of the Union, by a country of the Union, by a country of origin, of alternative investment funds managed by a registered office of a country of origin ; the third country which has been granted Denmark as a reference country ;
TITLE VII	Annual Report for Caretaker
Chapter 22	Annual and Annual Report for Caretaker
TITLE VIII	Structural Funds for capital associations
Chapter 23	Foundation
TITLE IX	Supervision and Charges
Chapter 24	Supervision, etc.
Chapter 25	Cooperation with the European Securities and Markets Authority and the Finance-synet and other competent authorities shall be able to bring matters to the European Securities and Markets Authority
Chapter 26	Charges and compulsory digitization
TITLE X	Penalty, entry into force and transitional provisions, etc.
Chapter 27	Delegation and Clapping
Chapter 28	Penalty provisions
Chapter 29	Entry into force, transitional provisions, changes to other legislation and territorial validity
Appendix 1	The functions, managers of alternative investment funds may be authorized to perform

The law on alternative investment fund managers and so on. 1)

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

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

Section I

General provisions

Chapter 1

Scope of application

§ 1. This law shall apply to :

1) the management of alternative investment funds which have registered registered offices in Denmark ;

2) the management of alternative investment funds which have registered registered offices in a third country and which have Denmark as its reference country ;

3) alternative investment funds established in Denmark and which are not covered by an agreement with a manager authorized or registered as managers for the management of the Fund ; and

4) alternative investment funds from a third country and which are not covered by an agreement with a manager authorised or registered as managing the Fund, which has Denmark as its reference country.

Paragraph 2. sections 18, 19 and 23, section 67 (4). 4, section 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184 and 190-192 applies to alternative investment fund managers, which have Denmark as a host country when authorised to exercise it in Section 11 in another a country within the European Union or a country with which the Union has concluded an agreement in the financial field, when the manager or market-conducting alternative investment funds in Denmark through a branch in Denmark.

Paragraph 3. section 61-68, 70-75, 130, 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 182 and 190-192 shall apply to alternative investment funds registered registered offices in a third country and which do not have a reference country in the European Union ; Union or a country with which the Union has concluded agreement in the financial field, which is planning to market shares in alternative investment funds in Denmark.

Paragraph 4. sections 5, 9, 10, 161 and 190-192 shall apply to alternative investment fund managers which have registered registered offices in Denmark which are not subject to the obligation to seek authorisation as managers of alternative investment funds, cf. Section 6 (2). 1 and which have not voluntarily chosen to seek such authorisation to manage alternative investment funds (registered management of alternative investment funds).

Paragraph 5. § 18, section 67, paragraph. 4, section 155-157, 161, 162, 164, 170, 171, 173-176, 180, 182, 184 and 190-192 shall apply to alternative investment fund managers in another country within the European Union or a country the Union has entered into ; Agreement on the financial area when the manager or market-conducting alternative investment funds in Denmark, without establishing a branch in Denmark.

§ 2. Notwithstanding section 1, the law shall not apply to :

1) Holding parties.

2) Alternative investment funds, which only manage one or more alternative investment funds only if only investors are the caretaker, or the parent undertaking or subsidiaries of the caretaker or other subsidiaries of these ; parent companies, provided that none of these investors themselves is an alternative investment fund.

3) Work-market-related pension funds covered by the rules implementing Directive 2003 /41/EC of 3. June 2003 on the activities and supervision of occupational pension funds, including, where appropriate, the approved units responsible for the management of such pension funds and acting on their behalf, in accordance with the case of the approved units. the rules implementing Article 2 (1). The first subparagraph of Article 19 (1) of the Directive or of the investment administrators who are appointed in accordance with the rules laid down in Article 19 (1) of the Directive shall be adopted. The same directive, in so far as they are not managing alternative investment funds.

4) National institutions, similar international organisations and members of the European development funding institutions, if such institutions and organisations manage alternative investment funds, and to the extent that : alternative investment funds are in the public interest.

5) The Growth Fund.

6) Denmark's National Bank.

7) Government, regional and municipal bodies or other institutions that manage funds in support of social security and pension schemes.

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

9) Securitisation units with a specific purpose.

10) Family-owned investment units.

Chapter 2

Definitions

§ 3. For the purposes of this Act :

1) Alternative investment fund : A collective investment unit or investment departments thereof, which :

a) raise capital from a number of investors in order to invest it in accordance with a defined investment policy in favour of these investors ; and

b) should not be subject to authorization in accordance with the rules implementing Article 5 of Directive 2009 /65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions on certain undertakings for collective investment in transferable securities (UCITS).

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

3) Alternative investment fund management : A business with normal business activities in the management of one or more alternative investment funds and which has assumed the responsibility for one or more alternative sources ; investment funds.

4) Filial of an alternative investment fund manager : a place of business that is legally a non-rodiciant part of a Caretaker and who provides the services for which the administration is authorized. All business locations established in the same country within the European Union or a country concluded by the Union in the area of the financial area of a registered office of a registered office in another country shall be considered to be a single branch.

5) Pre-ferencing return : part of the proceeds from an alternative investment fund which the caretaker has served as a credit for the management of an alternative investment fund, but reduced by that part of the profit from the alternative investment fund, which the steward has served as a return on any investment that the Caretaker had made in the alternative investment fund.

6) Narrow connections :

a) A situation in which two or more natural or legal persons are linked by capital interests, which means either directly or indirectly possession of 20%. or more of the voting rights or capital of a business.

b) A situation in which a natural or legal person has a determining influence over one or more other natural or legal persons understood as the relationship between a parent undertaking and a subsidiary as referred to in paragraph 1. 4 to 7 or a corresponding relationship between a natural or legal person and a company. A subsidiary of a subsidiary shall be deemed to be a subsidiary of the parent undertaking of these subsidiaries.

c) A situation in which the same natural or legal person is permanently connected to two or more natural or legal persons by having a determining influence on these.

7) Authorities : national authorities in a country within the European Union or a country with which the Union has concluded an agreement in the area of the financial area, which, by law or other law, is empowered to supervise the supervisors.

8) Competent authorities in respect of a depositary :

a) The competent authorities as defined in Article 4 (2), 4, in Directive 2006 /48/EC of 14. June 2006, on the subject of access to the establishment and undertaking of credit institutions, the depositary is a credit institution which has acquired the authorisation under the rules implementing Directive 2006 /48/EC of 14. June 2006, on the admission and pursuit of business as a credit institution.

b) The competent authorities as defined in Article 4 (1). 1, no. Twenty-two, in Directive 2004 /339/EC of 21. April 2004 on markets for financial instruments if the depositary is an investment firm which has acquired authorisation under the rules implementing Directive 2004 /339/EC of 21. April 2004 on the markets for financial instruments.

c) The national authorities of the home Member State of the depositary, which, by law or other authority, shall be empowered to supervise such categories of undertakings if the depositary falls within a category of undertakings referred to in the rules, which : implement Article 21 (1). THREE, ONE. in paragraph 1 (c) of Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

d) The national authorities of the country where the entity has its registered head office, which is authorised to supervise the entity or the official body with the jurisdiction to register or supervise the unit in the territory of the country of law or other authority, shall be authorised to supervise the entity or the official body with competence to register or monitor in accordance with the applicable professional code, the Depositary is a unit within the meaning of the rules implementing Article 21 (1). 3, 3. Paragraph, in Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

(e) The national authorities of the third country in which the depositary has its registered office if the depositary is the depositary of an alternative investment fund from a third country in accordance with the rules implementing Article 21 (1). 5 (b) of Directive 2011 /61/EC of 8. June 2011 on alternative investment fund managers and not covered by subparagraph (a).

9) Alternative investment fund from a third country : an alternative investment fund, which :

a) has not acquired a permit or registered in a country within the European Union or a country concluded by the Union in the area of the financial area under existing national legislation ; and

b) have not registered office or office in a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere.

10) Determination of determination : The height of control to guide the economic and operational decisions of a subsidiary, cf. paragraph 3-7.

11) ' Chapter ` shall mean an alternative investment fund set up pursuant to Title VIII as a association with one or more investors ;

a) the purpose of which is to make a return to the investors ' investors by investing in cash, including currency, or financial instruments covered by Annex 5, in the Act of Financial Company,

b) the association of the Staff Regulations indicates that the association is a capital union, and

c) who have appointed a managers authorized to administer alternative investment funds, which are responsible for managing the capital union.

12) Established in the case of alternative investment funds : the country where an alternative investment fund has acquired permission or has been registered or, if the Fund has not acquired or registered, the country where the fund has its responsibility ; registered office.

13) Established, in the case of depositary, the country where the depositary has its registered office or the country where the depositary has a branch.

14) Established in the case of legal persons legal persons : the country where the legal representative has registered office or the country where the legal representative has a branch.

15) Established in the case of legal representatives who are natural persons : The country where the legal representative is established.

16) An alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement in the financial sphere : an alternative investment fund, which :

a) has acquired a permit or registered in a country within the European Union or a country concluded by the Union in the area of the financial area under existing national legislation, or

b) has not acquired a permit or registered in a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere but has its registered head office or headquarters in a country within it ; The European Union or a country with which the Union has concluded agreements in the financial sphere.

17) A manager of a country within the European Union or a country concluded by the Union in the financial field : a manager who has its registered office in a country within the European Union or a country with which the Union is situated ; concluded agreement in the financial sphere.

18) Feeders Fund : An alternative investment fund that

a) invests at least 85%. of its assets in units in another alternative investment fund (master fund),

b) invests at least 85%. of its assets in more than one master fund when these master funds have identical investment strategies ; or

c) in other ways, an exposure of at least 85%. of its assets in a master fund.

(19) Financial instrument means an instrument as specified in section 2 (2). 1 and 2, in the Act on securities trading, etc.

20) Holding Company : A company with shares in one or more other companies whose commercial purpose is to implement a business strategy or strategies through its subsidiaries, affiliated companies or capital interests to contribute to their long-term value and which are either a company which :

a) operate on the basis of its own assets, and whose capital shares are included in trade in a regulated market in a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, or

b) has not been created with the primary purpose of generating return to investors by dispositing of its subsidiaries or affiliated undertakings as documented by the company's annual report or other official documents.

21) Alternative investment fund homeland : either

a) the country of the European Union or the country to which the Union has concluded an agreement in the financial sphere and where the alternative investment fund has acquired permission or has been registered under applicable national law, or cases of multiple authorisations or registrations of the country of the European Union or the country to which the Union has concluded an agreement in the financial sphere and where the alternative investment fund was first obtained or was authorised for the first time ; registered, or

b) the country of the European Union or the country in which the Union has concluded an agreement in the financial sphere and where the alternative investment fund has its registered head office or headquarters where the alternative investment fund is not registered, has acquired permission or is registered in a country within the European Union or a country with which the Union has concluded agreement in the financial sphere.

(22) The country of the country : the country of the European Union or the country with which the Union has concluded an agreement in the financial sphere and where the caretaker has its registered office. For the administration of registered registered office in a third country, all references to the country ' s home Member State shall be understood in this Act as reference and reference.

23) The host Member State of the Vale or countries within the European Union or the countries with which the Union has concluded an agreement in the financial sphere and is not the managing country of the administration, where a manager

a) in an alternative investment fund from a country within the European Union or a country concluded by the Union in the financial sphere, or market shares in an alternative investment fund ; or

b) market shares in an alternative investment fund from a third country.

24) Initial capital shall mean the capital base of the convalence at the time when the caretaker is authorized to manage alternative investment funds, cf. Section 11 (1). 3.

25) Issuer : A issuer as referred to in the rules implementing Article 2 (1). Paragraph 1 (d) of Directive 2004 /109/EC of 15. In December 2004 on the harmonisation of transparency requirements for issuers whose securities are included in trade in a regulated market when the issuer has its registered office in the European Union or a country which : The Union has concluded an agreement in the financial sphere, and when its shares are included in trade in a regulated market within the meaning of the rules implementing Article 4 (1). 1, no. 14, in Directive 2004 /39/EC of 21. April 2004 on the markets for financial instruments.

26) Legal representative : a natural person belonging to a country within the European Union or a country with which the Union has concluded an agreement in the financial field, or a legal person having its registered office in a country before for the European Union or a country with which the Union has concluded an agreement in the financial sphere and has been explicitly designated by a manager having its registered office in a third country, to act on behalf of this administration, the authorities, the customers, the bodies and the counterparts of the European Union or a country which the Union has concluded ; Agreement on the financial area, concerning the obligations of the managing manager under this law.

27) Gearing : A method that the Caretaker uses to increase the exposure of an alternative investment fund, as it is managing, whether by means of loans of cash or securities or leverage contained in derivatives positions or by- other means.

28) Alteration of alternative investment funds shall mean the responsibility for the exercise of at least the investment management functions referred to in Annex 1 (1). 1, for one or more alternative investment funds.

29) ' placing on the market ' means any direct or indirect service or location on the initiative of the manager or on behalf of the managing of shares in an alternative investment fund which it administs, to or to investors who are resident or have their own ; registered office in a country within the European Union or a country with which the Union has concluded agreement in the financial sphere.

(30) A MasterFund : An alternative investment fund, which another alternative investment fund invests or has exposure to, in accordance with paragraph 1. 18.

31) A reference country shall mean a country within the European Union or a country with which the Union has concluded an agreement in the financial field, determined in accordance with Chapter 17.

32) Third country : a country outside the European Union, which the Union has not signed up to in the financial sphere.

33) Noted company : A company which has its registered office in a country of the European Union or a country with which the Union has concluded an agreement in the financial sphere, and whose shares are not included in trade in a regulated market such as : referred to in the rules implementing Article 4 (1). 1, no. 14, in Directive 2004 /39/EC of 21. April 2004 on the markets for financial instruments.

34) Capital basis : Capital basis of the ballot as referred to in the rules implementing Articles 56 to 67 of Directive 2006 /48/EC of 14. June 2006, on the admission and pursuit of business as a credit institution.

35) Moderate company : A parent company as defined by the rules 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 firm or another entity subject to supervisory regulation and on-going supervision and offers services to professional investors, primarily to finance or perform transactions in financial instruments as a counterpart, and who can also offer other services such as clearing and settlement of deals, storage services, lending of securities, tailor-made technology and operational support facilities.

37) Professional investor : An investor who is considered as a professional customer or who, upon request, is treated as a professional customer, as defined by the rules implementing Annex II to Directive 2004 /339/EC of 21. April 2004 on the markets for financial instruments.

38) Eligible units : direct or indirect possession of a proportion in a manager, representing at least 10%. of the capital or voting rights, cf. the rules implementing Articles 9 and 10 of Directive 2004 /109/EC of 15. In December 2004 on the harmonisation of transparency requirements for information concerning issuers whose securities are included in trade in a regulated market, taking into account the conditions for the ownership of the ownership, cf. the rules implementing Article 12 (1). In the relevant Directive, 4 and 5, or which provide for the possibility of exerting a significant influence on the management of the administration in which such possession exists.

39) Workers ' representatives, as defined by the rules implementing Article 2 (e) of Directive 2002 /14/EC of 11, are the representatives of the working representatives. In March 2002, the establishment of a general framework for informing and consulting workers in the European Community.

40) Detailinvestor : an investor who is not a professional investor, cf. no. 37.

41) Data companion : A subsidiary as defined by the rules 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, by law or other regulation, shall be authorised to supervise alternative investment funds.

43) Supervisory authorities with regard to the administrations of third countries : national authorities of a third country which, by law or other law, is empowered to supervise the oversight of the administration.

44) Securitisation units for special purpose : Units, the sole purpose of which is to make securitisation or securitisations referred to in Article 1 (2). paragraph 2 of Regulation (EC) No 2, 24/2009 and other appropriate activities in order to achieve this purpose.

45) UCITS : A collective investment institution in transferable securities, which has acquired authorisation in accordance with the rules implementing Article 5 of Directive 2009 /65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions on certain undertakings for collective investment in transferable securities (UCITS).

46) Regulated market : a market that is covered by the rules implementing Article 4 (2). 1, no. 14, in Directive 2004 /39/EC of 21. April 2004 on the markets for financial instruments.

47) Variable wage parts : wage schemes and other form of payment where the final value is not known in advance, including, inter alia, bonus schemes, result contracts, preferential tax returns and other similar schemes.

Paragraph 2. For the managers of alternative investment funds, which have registered registered offices in Denmark which are not self-handling, the following shall be understood by :

1) The executive executive :

a) The board of directors who have a board and a management board.

b) The Supervisory Board of Companies that have a Board of Supervisors and a Board of Directors.

c) The division of companies that alone has a management board.

2) The central executive body :

a) The division of companies that have a management board and a Board of Supervisors.

b) The board of directors who have a board and a management board.

c) The division of companies that alone has a management board.

3) Management : all the bodies mentioned in paragraph 1. 1 and 2. A member of the management may be a member of a company's supervisory board, board or management board.

Paragraph 3. For the management of alternative investment funds that do not have their registered registered office in Denmark and for self-adminiiling alternative investment funds, the provisions of paragraph 1 shall be subject to the provisions of paragraph 1. 1, 2 and 5, section 11 (4). 3, section 13, section 20, section 20. 2-7 and 10, section 21 (1). 3 and 4, section 22, section 23 (4). 2, section 28 (3). 1 and 9, Section 61 (2). 3, section 157, paragraph. 2 and 3, section 166, section 168 (4). 1-3, 5 and 7, section 173, paragraph 1. 2 and 3, section 190, paragraph. 7, and Section 191 (1). 1 and 3, if the executive executive, the central management body, management and management, or members of these management bodies shall be used with the necessary adjustments to these management bodies and members of the management bodies.

Paragraph 4. Determination in relation to a subsidiary is available when the parent undertaking, directly or indirectly through a subsidiary, owns more than half of the voting rights in a company, unless in specific cases it can clearly be clearly available ; it is shown that such an ownership does not determine the influence of any such ownership.

Paragraph 5. If a parent undertaking does not have more than half of the voting rights in a company, it is a bogey influence if the parent undertaking has

1) raw more than half of the voting rights in force of an agreement with other investors ;

2) the power to control the financial and operational conditions of a company in accordance with a statute or agreement ;

3) the power to designate or dismiss the majority of the members of the executive body and this body shall have the dominant influence on the establishment or

4) the actual majority of the votes of the general assembly or in a similar body, and in so doing, possess the actual determining influence over the company.

Paragraph 6. The existence and the impact of potential voting rights, including design and purchase options on shareholdings which are currently available to be utilized or converted, must be taken into account when assessing whether or not a company has a determining influence.

Paragraph 7. The voting rights in a subsidiary shall be disregarded from voting rights which are linked to the holdings of holdings which are possessed by the subsidiary undertaking or its subsidiary undertakings.

Paragraph 8. For the purposes of paragraph 1, 1, no. The rules implementing Articles 13 to 16 of Directive 2006 /49/EC of 14 shall apply to 34. June 2006 on the capital adequacy of investment firms and credit institutions shall apply mutatis muted.

Niner. 9. The Financial supervision may lay down detailed rules on when a unit satisfies the conditions laid down in paragraph 1. 1, no. 1 (a).

TITLE II

Permission and Enterprise Area

Chapter 3

Alteration of alternative investment funds

§ 4. If an alternative investment fund is not covered by an agreement to be managed by a management of alternative investment funds authorised or registered as steward, the fund shall be self-adminitailing. The provisions of this Act on alternative investment funds and so on shall apply equally to self-adminiiling alternative investment funds, with the necessary adjustments.

Paragraph 2. If a manager is unable to ensure compliance with the requirements of this Act, for which an alternative investment fund or other unit on the behalf of the Fund is responsible, the manager shall promptly notify this to the SEC and the competent authorities of the Fund ; a country within the European Union or the country in which the Union has concluded an agreement in the financial sphere and where the Fund is from, if not Denmark. The SEC is then required to make the necessary arrangements to correct the situation.

Paragraph 3. If the non-compliance continues, despite the measures required by the Financial Authority, in accordance with paragraph 1. 2, and to the extent that it is a registered office in Denmark or an alternative investment fund from a country within the European Union or a country concluded by the Union in the area of the financial sphere, The SEC shall involve the manager of the manager or the administrative manager for the alternative investment fund in question. In this case, the Fund can no longer be placed on the market in countries within the European Union or countries that the Union has agreed to in the area of the financial sphere. To the extent that it is a registered office in a third country or an alternative investment fund from a third country, the SEC must prohibit the placing on the market of the fund within the European Union or countries ; which the Union has agreed on in the financial sphere. The SEC shall immediately inform the competent authorities of any host Member State ' s host countries.

§ 5. Companies that manage alternative investment funds must be authorised to manage alternative investment funds, cf. Section 11 (1). 3, or have been registered with the Financial supervision, cf. Section 9 (1). 1.

Paragraph 2. Entities authorised to administer alternative investment funds, and firms registered with the Finance SEC as managers of alternative investment funds have the sole right to manage alternative investment funds and have exclusive rights to use the name manager of alternative investment funds in their name.

Paragraph 3. Alternative investment funds authorised to manage alternative investment funds must market share in alternative investment funds to professional investors in compliance with the rules laid down in Section VI.

Paragraph 4. Parts of alternative investment funds shall not be marketed to retail investors in Denmark. The SEC may provide management with authorization to manage alternative investment funds to market shares in alternative investment funds to retail investors.

Paragraph 5. Parts of alternative investment funds may not be placed on the market in other countries of the European Union or countries concluded by the Union in the financial sphere unless this is done by alternative investment funds by the Union, permit to manage alternative investment funds or, in accordance with the delegation of such a custodian.

Paragraph 6. Convalents registered in the Financial Regulation may market shares in alternative investment funds established in Denmark or in a third country, to professional investors in Denmark and in third countries.

Paragraph 7. Whereas the Minister for the Industry and Growth Minister may lay down detailed rules on the conditions to be met in order to permit the market share of alternative investment funds to be marketed by a manager with a permit to market retail investors in Denmark, as well as rules for : the authorisation and placing on the market of this.

Paragraph 8. The SEC may lay down detailed rules for the types of alternative investment fund managers.

Alternative investment funds, which must be authorised

§ 6. Undertakings managing one or more alternative investment funds must be authorised from the Financial supervision, provided that the assets of alternative investment funds managed by the undertaking are more than one equal to :

1) 100 million. Euro or

2) 500 million. the euro provided that the company is solely managing alternative investment funds which has not shieled its investments and no investors in the Funds have the right to be inaucred for a period of a minimum of five years after the date of the initial investment ; each of the Funds.

Paragraph 2. Assets acquired through leverage, cf. Section 3, paragraph 3. 1, no. 27 shall be included in the inventory of assets pursuant to paragraph 1. 1, no. 1.

Paragraph 3. In the calculation of the total value of assets managed by the company in all managers, assets managed either directly or indirectly through a company managed by the administration shall determine its influence over the above ; or is linked to through a significant direct or indirect possession, it is included.

Paragraph 4. The threshold values laid down in paragraph 1 shall be made. Paragraph 1 shall not apply to undertakings which manage one or more capital associations, since these managers, regardless of the value of the assets, must have the authorisation of the Financial supervision to manage alternative investment funds.

Paragraph 5. The financial supervision may lay down rules on the calculation of the borders referred to in paragraph 1. 1 and the procedure for the authorisation of the management of alternative investment funds.

Paragraph 6. The SEC may lay down detailed rules for the clarification of methods for gearing and how the transmission is calculated.

§ 7. The management of alternative investment funds authorised by the registered office in Denmark shall be subject to legal persons covered by company law.

Paragraph 2. Encounters of alternative investment funds with registered registered offices in a third country which have Denmark as a reference country must be companies with limited liability.

Paragraph 3. Paraguating 1 and 2 shall not apply where the managing operator is an alternative investment fund, which is self-adminitailing.

§ 8. Alternative investment funds, with authorisation which are not self-handling, may not carry out any activities other than those referred to in Annex 1. 1 and 2, cf. however, paragraph 1 Two and three.

Paragraph 2. However, the management of alternative investment funds, which is not self-handling, may also be authorised as an investment management company after Section 10 of the Act of Finance, and perform the activities for which such investment is authorised.

Paragraph 3. In addition to the provisions of paragraph 1, 1 may be authorised to carry out those listed in Annex 1 (1), which are not self-adminiasing. 3, mentioned services. A manager cannot be given permission to provide ancillary services in accordance with Annex 1 (s). 3 (b), unless the manager is entitled to the management of investment portfolios in accordance with Annex 1. (3) (a)

Paragraph 4. A self-adminiiling alternative investment fund shall be carried out exclusively in accordance with Annex 1 (1). One and two, and alone for the fund itself.

Paragraph 5. If a manager has the authorization to perform the requirements set out in Annex 1 (1). Paragraph 10 (3) shall be referred to in Article 10 (3). 4, and sections 43, 72 and 125 of the Community ' s financial undertaking shall apply mutatis muties to the management of such services.

Alternative investment fund managers to register

§ 9. Alternative investment funds, which have registered registered offices in Denmark which are not covered by the obligation to seek authorisation as managers of alternative investment funds, cf. Section 6 (2). 1 and which have not voluntarily chosen to seek such authorisation to manage alternative investment funds, cf. ~ 10 (1)) 2, must be registered with the Financial supervision.

Paragraph 2. When a company registers itself with the Finance SEC as the Caretaker, the company must provide information :

1) company name,

2) business cvr number,

3) a unique identification of the alternative investment funds managed by the company ; and

4) a description of the investment strategies for each alternative investment fund managed by the company.

Paragraph 3. A registered manager shall make regular reports to the Financial supervision,

1) on the alternative investment fund managers, their investment strategies and the most important concentrations of the funds and the main concentrations of the funds ;

2) whether or not substantially changed investment strategies for each alternative investment fund since the last report and

3) on the most important instruments that the manstee deals with.

Paragraph 4. The SEC may lay down detailed rules on the obligation to register and which information a manager shall give at the time of registration and regularly report and how the information is to be submitted.

§ 10. A registered management of alternative investment funds shall, within 30 calendar days, apply for authorisation from the Financial supervision, when the assets, managed by the Caretaker, shall exceed the provisions of section 6 (2). 1, mentioned limits.

Paragraph 2. A registered manager or establishment may, by its own operation, request permission to manage alternative investment funds, even though the value of the assets managed does not exceed the provisions of section 6 (2). 1, mentioned limits.

Paragraph 3. The SEC may lay down detailed rules for :

1) any overshoot as a manager of alternative investment funds is expected to be temporary, of the sections referred to in section 6 (2). 1, mentioned limits ; and

2) the authorisation procedure for establishments seeking authorisation.

Application for authorisation as managers of alternative investment funds

§ 11. Companies that exceed the sections in section 6 (2). The limits laid down by 1 shall be subject to authorisation to manage alternative investment funds in the Finance-SEC.

Paragraph 2. The authorisation of the financial system shall include the activities listed in Annex 1 (1). In addition, the Financial supervision may provide a manager to carry out one or more of the activities referred to in Annex 1 (1). 3, unless the managble is self-adminitailing. Authorisation to carry out the requirements set out in Annex 1 (1). 3, mentioned activities are conditional on the custodian of a guarantee fund, cf. Act on the guarantee fund for depositors and investors in the case of these activities. The SEC may also limit the scope of the authorisation, in particular as regards the investment strategies in the alternative investment funds, which the undertaking seeks to manage.

Paragraph 3. The SEC provides a business permit to manage alternative investment funds when the company is able to meet the conditions of that law and when

1) the establishment has sufficient start-up capital and sufficient capital base in accordance with the requirements of section 16,

2) the members of the company ' s management have a good reputation and adequate experience to carry out their duties or fulfil their position, cf. § 13,

3) the establishment of the administration ' s business behaviour shall always be carried out by at least two persons from the management of the steward,

4) the owners of eligible units in the establishment are appropriate in order to ensure sound and sound operation of the establishment,

5) the corporate headquarters and registered offices are in Denmark, unless the undertaking is covered by Section 1 (1). 1, no. 2 or 4,

6) the establishment meets the requirements of section 7 ;

7) the conditions laid down in section 116 are met if the undertaking is covered by Section 1 (1). 1, no. 2 or 4,

8) The financial supervision shall not be prevented from carrying out its supervisory functions as a result of close links between the undertaking and other natural or legal persons ; and

9) The financial supervision shall not be prevented from carrying out its supervisory tasks as a result of laws, regulations or administrative provisions of a third country which is applicable to natural or legal persons with close links to, or as a result of, difficulties in enforcing these laws, regulations and administrative provisions.

Paragraph 4. An application for authorization to manage alternative investment funds must include :

1) information on the persons responsible for carrying out the duties of the managing manager ;

2) information on the identity of natural or legal persons who are capital owners of the undertaking and which directly or indirectly possess a qualified share in the company, as well as the size of this proportion,

3) an activity plan of which the organizational structure of the undertaking appears, including information on how the company intends to comply with its obligations under this law ;

4) information on wage policies and practices pursuant to section 20 and

5) information on agreements relating to delegation and delegation to third parties as provided for in section 40 and 43.

Paragraph 5. For each alternative investment fund which the undertaking intends to manage, the application shall contain :

1) information on the investment strategies, including the types of underlying funds, if the alternative investment fund is a find of funds, its policy in relation to the use of leverage, risk profiles and other data on the alternative ; investment funds managed by the company or intend to manage, including information on the countries of the European Union or the countries concluded by the Union in the area of the financial area or third countries, on whose territory the Union is responsible ; whereas these alternative investment funds are established or are expected to be established,

2) information about the master fund, including where it is established if the alternative investment fund is a feeder fund,

3) rules or articles of association of each alternative investment fund which the undertaking intends to manage ;

4) information on the measures to be taken in accordance with Chapter 8, with regard to the establishment of a depositary for each alternative investment fund which the undertaking intends to manage ; and

5) any other relevant information, cf. § 62, for each alternative investment fund, which the company intends to manage.

Paragraph 6. Any natural or legal person or natural or legal persons acting in understanding with each other who are directly or indirectly acquiring a qualified share, cf. Section 3, paragraph 3. 1, no. Thirty-eight, in a man-made manager, shall grant the Financial supervision of the proposed acquisition beforehand in advance. The same is true in the case of increasing the amount of the qualified share resulting from the acquisition or exceeding a limit of 20 pct., 33%, respectively, in addition to the amount of the acquisition. or 50%. of the capital or voting rights or shall mean that the Caretaker becomes a subsidiary.

Paragraph 7. The Financial supervision may lay down detailed rules for the following :

1) The information to be provided by a company when the company is seeking permission as managers.

2) The requirements for the undertaking ' s application.

3) The requirements of paragraph 1. 3, no. 3.

4) The procedure, requirements, timeframes, etc. for the notification of the acquisition of eligible units, cf. paragraph 6.

5) The requirements of paragraph 1. 3, no. 8 and 9, and more detailed rules on the obstacles which may impede the Financial supervision in the effective way of carrying out the tasks assigned to it.

§ 12. The SEC must ask the home Member State ' s supervisory authorities to make a statement before the Financial Supervisory Authority grants permission to manage alternative investment funds, cf. Section 11 (1). 3 To

1) a subsidiary of another manages, a UCITS administration company, a fund-broiler, a credit institution or an insurance undertaking approved in another country within the European Union or a country with which the Union has concluded agreement ; in the financial sphere,

2) a subsidiary of a parent company of another manages, a UCITS administration company, a fund-broiler, a credit institution or an insurance undertaking approved in another country within the European Union or a country such as the Union ; have concluded an agreement in the financial sphere ; or

3) a company subject to the controlling influence of the same natural or legal persons as those who determine the influence over another manor, a UCITS administration company, a fund broiler, a credit institution or one ; an insurance undertaking approved in another country within the European Union or a country with which the Union has concluded an agreement in the financial sphere.

§ 13. A member of management in a manageable manager with authorization to manage alternative investment funds must be given adequate experience to exercise his or his position.

Paragraph 2. A member of the management must fulfil the following :

1) may not be charged or imposed on impunity for infringement of the penal code, the financial legislation or other relevant legislation where the offence involves the risk that he may or may not be responsible for his or her position on the matter ; That's comforting.

2) May not have lodged a request for reconstruction, bankruptcy or debt relief, or be during reconstruction processing, bankruptcy or debt relief.

3) In view of its economic situation or through a company which they own, participate in the operation of or having a significant impact on, on or on the custodian or the fund manager, loss or risk of loss.

4) Do not have shown or show a behaviour in which there is reason to assume that they will not be responsible for the profession or the position in a responsible manner. When assessing whether a member of the management meets the requirements, the emphasis must be placed on the concern to maintain confidence in the financial sector.

Paragraph 3. The members of management in a manager with authorization to manage alternative investment funds shall communicate to the financial supervision information relating to matters referred to in paragraph 1. 1 and 2 in connection with their entry into the manager ' s activities and the conditions referred to in paragraph 1. 2 if the conditions are subsequently changed.

§ 14. Within three months of the submission of a full application for the authorisation of alternative investment funds, the Finance Board shall inform the applicant in writing as to whether authorisation has been granted or not. The Financial supervision may extend this period of up to three months if the Financial supervision considers it necessary because of the specific circumstances of the case, and after notification of the applicant.

Paragraph 2. An application shall be deemed to have been fully in relation to paragraph 1. 1, where the Financial supervision is at least received the information referred to in section 11 (4). 4, no. 1-4, and paragraph 1. 5, no. 1 and 2. for the managers covered by Section 1 (1). 1, no. In section 119 (2) or (4), the Financial supervision shall also receive the information referred to in Section 119. 1.

Paragraph 3. A manager must begin to manage alternative investment funds with investment strategies as specified in the application when the authorization is available, cf. Section 11, however, no earlier than one month after submitting any missing information after Article 11 (1). 4, no. 5, and paragraph 1. 5, no. 3-5.

Paragraph 4. Where the Financial supervision receives an application from a company registered registered registered office in a third country, the time limits laid down in paragraph 1 shall be suspended. 1 in the period in which the European Securities and Markets Authority shall carry out the assessment referred to in § 115 (3). 2, and, if applicable, § 120 (3). 3.

Notify obligations

§ 15. The management of alternative investment funds shall inform the Finance-monitoring of the proposed changes of essential conditions before the changes are carried out in the context of the information received in the Financial supervision in the context of the notification of : permit to manage alternative investment funds. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 2. Where the Financial supervision is not acceptable, the amendments to the notification referred to in paragraph 1 shall not be accepted. 1 pertaining to the Finance Board shall give notice to the Caretaker within a period of 1 month after receipt of notification. The financial supervision may extend this period of up to 1 month if necessary because of the particular circumstances of the case. In such a way, the SEC shall notify the Caretaker of the possible delay within a period of one month after the SEC has received notification of the notification pursuant to paragraph 1. 1.

Paragraph 3. Extend the notification to the manager in accordance with paragraph 1. 2 may impose restrictions on the Financial supervision, or reject the changes that the Caretaker has planned. In addition, the SEC can instrumentation the administration to make the changes necessary if these have already been done. The Management Board may, respectively, implement and maintain the amendments if the Financial supervision is not resistant to the expiry of the deadline.

Capital ratio

§ 16. The management of alternative investment funds shall have a start-up capital which shall at least constitute an amount equal to the value of EUR 125,000. Independent investment funds shall be given a start-up capital, which represents at least a sum equal to the value of EUR 300,000.

Paragraph 2. Caretaker shall increase their capital base by 0,02%. by the part of the alternative investment fund portfolio which exceeds 250 million ; Euro. The portfolios of alternative investment fund managers shall include the assets of alternative investment funds managed by the managing manager, including alternative investment funds, for which the management has delegated functions relating to management ; in accordance with Chapter 7. The alternative investment fund managers of the Caretaker shall not include the assets of alternative investment funds managed by the administration after delegation.

Paragraph 3. The requirements of the capital base under paragraph 1. 1 and 2 together amount to a maximum of 10 million. Euro.

Paragraph 4. A manager shall notwithstanding paragraph 1. 1-3 have a capital base equal to at least one quarter of the previous year ' s fixed costs. The SEC may adapt this requirement in the event of a substantial change in the manager ' s activities since the previous year. If a manager has not been operating for a period of 1 year, it shall have a capital base equal to at least one quarter of the fixed costs set out in the activity plan for the first year of operation unless the Financial supervision requires this plan to change.

Paragraph 5. A Caretaker must

1) increase its capital base in addition to the requirements of paragraph 1. 1-4, therefore, that it is appropriate to cover any risk of liability for liability as a result of dereliction of duty, or

2) have a liability insurance against liability for liability as a result of malpractice, which is appropriate in relation to the risks it must cover.

Paragraph 6. The financial supervision may allow up to 50%. by the supplement in accordance with paragraph 1. 2 may be granted in the form of a guarantee made by a credit institution or an insurance undertaking. The credit institution or the insurance undertaking shall be situated in a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere or in a third country in which it is subject to supervision rules, which, after that, are subject to surveillance ; The assessment of the financial system corresponds to the rules of the European Union.

Paragraph 7. A manager can place its capital base, including additional capital bases as referred to in paragraph 1. 4, in capital and bonds engaged in trade in a regulated market, or in units of UCITS and capital associations meeting the conditions laid down in section 162 (1). 1, no. 8, in the law of financial activities. The assets invested in capital must be liquefied and easily transferable and may not include speculative positions.

Paragraph 8. The SEC may lay down detailed rules on the calculation of the capital base, including how the risks may be covered by the use of professional liability insurance.

Niner. 9. The financial supervision may lay down detailed rules for the reporting of the capital base.

Paragraph 10. If a manager also has authorisation as an investment management company, cf. Paragraph 10 of the Act of Finance, shall apply only the requirements laid down in paragraph 1. 5 and 7 and rules issued with the home meal referred to in paragraph 1. 8 and 9 applications.

Inter or Termination of the Caretaker ' s operation

§ 17. The SEC shall include a management of alternative investment fund permits in full or in part, including the prohibition of the placing on the market of alternative investment funds managed by the manor in the case of a manager,

1) is requesting this,

2) obtained the authorization on the basis of incorrect information or in any other ureticable manner ;

3) no longer meets the conditions for having a permit ;

4) make themselves guilty of serious or repeated infringement of rules in this law or by rules issued under the law,

5) do not make use of the authorization within 12 months of the notification of the authorisation ;

6) shall not exercise any activities covered by the authorization to manage alternative investment funds for a period of more than six months ;

7) no longer complies with the conditions for the exercise of discretionary portfolios, cf. in Annex 1, no. 3 (a) where the manager is authorized to do so ; or

8) may no longer be able to maintain the authorisation as a result of other legislation.

TITLE III

Conditions for operation of managers

Chapter 4

General provisions

§ 18. A management of alternative investment funds must be available at all times.

1) carry out its activities in accordance with edible business practices and good practice in the management area ;

2) have the resources and procedures necessary for a satisfactory exercise of the undertaking,

3) take all reasonable steps to avoid conflicts of interest and, where they cannot be avoided, demonstrate, control and monitor the conflicts of interest ;

4) inform the managed alternative investment funds, investors in these and any other parties concerned of possible conflicts of interest in order to prevent them from having a negative impact on the managed funds or investors in their interests ; and in order to ensure that the funds are treated fairly ;

5) comply with all the rules in force so that the administration may, as appropriate, carry out the interests of the managed funds, the integrity of the fund investors and the integrity of the markets ; and

6) treat all of the managed alternative investment funds investors fairly.

Paragraph 2. No investor in an alternative investment fund must be given preferential treatment to other investors, unless it is clear from the Fund ' s statutes or fund rules that the investor concerned is entitled to such preferential treatment.

Paragraph 3. The Minister for the Industry and Growth Pact may lay down detailed rules on the rules laid down in paragraph 1. 1 and 2 conditions.

Commercial Portfolio Care

§ 19. A management of alternative investment funds authorised to perform discretionary portfolio management, cf. in Annex 1, no. Point 3 (a) shall not invest anything of the customer's portfolio in the alternative investment funds managed by the administration, unless the Customer prior written acceptance of this option.

Compensation

20. A management of alternative investment funds must have a wage policy and practice that is in line with and promotes sound and effective risk management.

Paragraph 2. Where employees are paid by members of management and other staff whose activities have a significant influence on the risk profile of the manager or on the risk profile of the managed alternative investment funds, the Caretaker shall ensure that : the following are fulfilled :

1) The variable salary parts of a member of the management board shall not exceed 50%. of the fee or flat-rate basic salary, including pensions.

2) An appropriate ceiling shall be laid down for variable pay grades for other staff whose activities affect the risk profile of the manager or the risk profile of the alternative investment fund managed.

3) Without prejudice to the legal structure of the alternative investment fund and its rules of the fund and its rules of the Fund, a substantial part and, in any case, at least 50% shall be. a variable salary part of a member of the management and other staff whose activities affect the risk profile of the manager or the risk profile of the managed alternative investment funds at the time of the calculation of such operations ; shares, shares or instruments linked to capital shares in the alternative investment funds or the parent undertaking which owns the alternative investment funds in full or by similar instruments reflecting the alternative ; value of the investment fund. The minimum requirement of 50%. in 1. Act. shall not apply where the management of alternative investment funds amounts to less than 50%. of the overall portfolio managed by the Caretaker.

4) The payout of at least 40% of the valor. of a variable salary part and at greater amounts of at least 60%. shall be carried out over a period of at least three years, however, for a member of the Management of Leadership at least four years, beginning one year after the date of calculation, with a balanced distribution of the years or with a growing share at the end of the period. If the life cycle of an investment fund is shorter than 3 and 4 years respectively, the period shall be adapted to 1. Act. for the life cycle of the fund and the solution policy.

5) The valet may not pay a variable in full or in part if the manager at the time of the payment of the variable salary does not comply with the capital base in section 16 or if the SEC assesses that there is nearby risk thereof.

6) The valet does not pay the salary of a member of the Management Board if the manager during the period during which the agreement on the variable salary is concerned and until the date of calculation is given a period from the Financial supervision at the Clause Section 16, on compliance with the requirements for capital base.

Paragraph 3. For a member of management in the management board, options relating to capital units or similar instruments shall not exceed 12.5%. of the fee or flat-rate basic salary, including pensions at the time of the calculation of this.

Paragraph 4. The valet shall ensure that capital shares and instruments are transferred to a member of the management or other staff whose activities have a significant effect on the risk profile of the manager or the risk profile of the alternative ; investment funds, as part of the variable salary referred to in paragraph 1. 2, no. 3 shall not be disposed of by these persons during an appropriate period. The valet shall also ensure that these persons must not take account of the risks associated with these capital units and instruments etc.

Paragraph 5. The valet shall ensure that the payment or transfer of the following paragraph shall be ensured. 2, no. 4, deferred variable remuneration to a member of the management and other staff whose activities have a significant influence on the risk profile of the manager or the risk profile of the managed alternative investment funds shall be subject to the criteria to be used, where the basis for calculating the variable salary has been established, shall continue to be fulfilled at the time of payment, and conditional on the economic situation of the managing operator or the alternative investment fund not significantly in proportion to the time, for the calculation of the variable salary.

Paragraph 6. The valet shall ensure that members of the management and other staff whose activities have a significant influence on the risk profile of the manager or at the risk profile of the managed alternative investment funds receiving a variable pay shall be required ; repay the variable salary in whole or in part if the variable salary is paid on the basis of data on results which can be documented to be incorrect and if the consignee is in malicious belief.

Paragraph 7. The valet shall ensure that if a member of the Management or other staff whose activities have a significant influence on the risk profile of the manager or on the risk profile of the managed alternative investment funds, a pension service shall be granted ; who can be treated as wholly or partially with variable pay, the manager shall, if the consignee leaves before the time of retirement, keep this Part of the pension allowance for five years in the form of instruments referred to in paragraph 1. 2, no. Paraganalogs 3. 5 and 6 shall apply mutatis muctis to the provisions of 1. Act. the case mentioned. Where the beneficiary is a member of the executive executive agency or employed by the manager of the retirement age, the manager shall pay the variable part of the pension provision to the recipient in the form of the persons referred to in paragraph 1. 2, no. 3, mentioned without possibility of disposable or utilisation in a period of five years. Paragraph 6 shall apply mutatis muctis to the 3. Act. the case mentioned.

Paragraph 8. A variable salary part of a result-dependent shall be determined on the basis of an assessment of the performance of the recipient concerned, the performance of the department or of the managed alternative investment funds and the overall results of the administration.

Niner. 9. Paragraph 2-8 shall apply only to function matters not covered by collective agreements, however, so that paragraph is not covered by the provisions of the contract. 2-8 shall apply to agreements on variable pay for persons in employment matters covered by a collective agreement if the agreement on variable wages is not set out in the agreement.

Paragraph 10. Paragraph 2, no. 1-4, paragraph 1. FOUR, ONE. pkt., and paragraph. 5 shall not apply to preferential returns in the following situations :

1) If the alternative investment fund has been reimburcently repaid to investors and an amount equal to the advance payment of the deposit, before preferential return, be paid to members of the management or other staff, if activities have a significant impact on the risk profile of the manager or on the risk profile of the managed alternative investment funds and, if the preferential return on which it is paid is subject to readmission requirements, cf. paragraph 6 until the alternative investment fund in question is liquidation.

2) For alternative investment funds that are investing in assets characterized by long investment horizons and in predictable payments from the assets invested and where preferential return is paid to members of the management or other employees whose activities affect the risk profile of the manager or on the risk profile of the managed alternative investment funds before the alternative investment fund has repaid all deposits to investors and one ; amounts corresponding to the advance payment of the deposits in advance. In this context, it is a precondition that, at the time of the granting of preferential return on, it is possible to establish that the investment permits repayment of deposits, and the advance payment due to investors in advance ; an agreed timescale and that the preferential return on the part of the preferential treatment shall be subject to readmission requirements, cf. paragraph 6 until the alternative investment fund in question is liquidation.

Paragraph 11. The SEC may lay down detailed rules on the measures to be taken by a manager to have a wage policy and practice consistent with and promote a healthy and effective risk management, including detailed rules concerning payment of variable pay, cf. the referred to in paragraph 1 1-8 conditions.

§ 21. A manager of alternative investment funds, which is significant by the size and size of alternative investment funds, the administration, its internal organisation and the nature, purpose and complexity of its activities, must be set up, the remuneration committee, cf. however, paragraph 1 2.

Paragraph 2. In groups, with several companies, which are under paragraph 1. Paragraph 1 or Article 77 (c) (c), 1, in the law of financial activities, the duty to set up a remuneration committee may be set up in the group, or part thereof, to set up a committee of remuneration. The Compensation Committee must be organized in a company under the supervision of the SEC and must be set up in a company that is the parent business of the other companies set up by the Committee.

Paragraph 3. The Chairman and the members of the remuneration committee shall be members of the executive executive agency of the undertaking which shall set up the remuneration committee, or by the executive bodies of undertakings which, pursuant to paragraph 1, shall be that of the establishment. 2 has a common remuneration committee. The Compensation Committee shall be groused in such a way as to enable members to make a qualified and independent assessment of whether the company's remuneration, including wage policy and related business procedures, is in accordance with section 20.

Paragraph 4. The remuneration committee shall be required to carry out the preparatory work for the executive executive decisions on remuneration, including wage policy and other decisions on this subject, which may affect the management of risk management. The Committee shall be capable of carrying out other duties relating to remuneration. The Committee shall, in the preparatory work, be responsible for the long-term interests of the manager, including in relation to capital owners and other investors.

§ 22. Before a manager of alternative investment funds, an agreement on the subject of a variable salary or deduction of deduction with a member of the manager's management, shall have approved manager ' s salary policy as provided for in accordance with the management of the management board. Section 20 (2). 1, including guidelines for the allocation of variable pay and guidelines for severance payments.

Paragraph 2. In a manager, the chairman of the executive executive body of his report shall explain the remuneration of the management of the manager. The statement shall contain information on the remuneration in the preceding financial year and on the expected remuneration of the current and the next financial year.

Paragraph 3. The valet shall publish in the annual report the total remuneration for each member of the Management, as part of this task, received from the manager of the financial year in question, which shall be received in the same financial year ; as a member of the management of a company within the same group.

Paragraph 4. The SEC shall lay down rules governing the administration ' s obligation to publish information on their remuneration of members of the management and other staff whose activities are significantly influencing the risk profile of the managing manager or at the risk profile of the management of the management of the management of the management of the management of the management of the management board ; managed alternative investment funds.

Conflicts

-23. The management of alternative investment funds must, at the establishment of its organisation, organizationally to take all reasonable steps to identify, prevent, control and monitor conflicts of interest in order to : prevent damage to the interests of the managed alternative investment funds or their investors.

Paragraph 2. A manager must be able to identify conflicts of interest that may arise in the context of the management of alternative investment funds between the following :

1) The valet, including its management, staff or any other person directly or indirectly connected to the Caretaker in a control relationship, and the managed alternative investment funds or investors in such alternative investment funds.

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

3) Alternative investment funds or investors in such funds and one or more other customers of the Caretaker ' s other.

4) Two of the Caretaker's customers.

Paragraph 3. Where the requirements of paragraph 1 are 1 and 2 not with reasonable certainty to ensure that the risk of harm to investors ' interests will be avoided, the caretaker shall clearly inform investors of the general nature of the conflicts of interest or the sources of interest before the steward takes on ; assignments on behalf of the investors.

Paragraph 4. The management shall draw up appropriate policies and procedures for the management of conflicts of interest, which shall be used when organizational arrangements and measures pursuant to paragraph 1. 1 is not sufficient.

Paragraph 5. If the Caretaker uses prime broker services on behalf of an alternative investment fund, the conditions for such benefits shall be laid down in a written agreement. The possibilities of transferable securities or other transfer of the assets of alternative investment funds, including assets made to safety, must be regulated in the agreement, provided that it is possible and must be carried out within the framework of the alternative ; the bylaws of the investment fund or the Fund ' s provisions. The agreement must be made in the agreement that the depositary of the alternative investment fund must be informed of the agreement. The valet shall exercise the necessary care in the selection of prime brokers for which agreement is concluded.

Paragraph 6. The financial supervision may lay down detailed rules on the measures to be taken by the administration in accordance with paragraph 1. 1 and 3-5 may reasonably be expected to determine whether the different types of conflicts of interest referred to in paragraph 1 are likely to be taken. 2, and the prevention of conflicts of interest.

Risk management

§ 24. The management of alternative investment funds must, in order to prevent conflicts of interest conflicts, establish a risk management function, which must be functional and hierarchically separated from the operational units, including the portfolios, and which are consistent ; and effectively, in a position to detect, measure, manage and monitor all the risks that are relevant to the investment strategies, objectives and risk profiles which the managed alternative investment funds each follow in particular.

Paragraph 2. A manager must perform appropriate stress tests as part of the risk management.

Paragraph 3. A manager shall ensure that each of the managed alternative investment fund managers shall correspond to their size, portfolios, investment strategy and investment objectives as laid down in the Fund ' s Staff Regulations or Fund Regulations ; prospectus and other tender documents.

Paragraph 4. A management of alternative investment funds must, where this invests, on behalf of the managed alternative investment funds, implement appropriate due diligence procedure.

Paragraph 5. A manager shall set limits for the maximum transmission level for each of the managed alternative investment funds, including the possibilities for the re-use of the alternative investment fund assets in safety or guarantees that may be granted under the leverage agreement. In setting the limits, the manager must take into account the type, strategy, method of leverage, any connection or other relation to other institutions which provide financial services which could constitute a systemic risk, counterparty risk, collateral security, the relationship between assets and liabilities and the extent, nature and dissemination of the operations of the manager in the relevant market.

Paragraph 6. A manager shall review the risk-management systems with appropriate frequency and at least once a year in order to ensure that they are still adequate and, if necessary, adapt to them.

Paragraph 7. The SEC may lay down detailed rules on the risk management function and systems, including the requirements set out in paragraph 1. 1-6.

Liquidity Management

§ 25. An alternative investment fund manager with the exception of alternative investment funds, which is of the closed type and does not use the leverage, have and use an appropriate liquidity management system must be provided for each alternative investment fund, with the exception of alternative investment funds, which are not in use by leverage ; appropriate procedures to enable the manager to monitor the cash flow risk of the Fund and ensure that the liquidity profile of the investment is in line with the underlying liquidity obligations of the Fund.

Paragraph 2. The alternative investment fund shall be required to carry out stress tests on normal and exceptional liquidity conditions for alternative investment funds of the open type and on funds using gearing. The results shall be included in the risk assessment of the funds and shall also be included in the assessment of the appropriate liquidity management system and an appropriate procedure for monitoring the liquidity risk of the funds.

Paragraph 3. The valet shall ensure that there is consistency between investment strategy, liquidity profile and the solution policy for each of the managed alternative investment funds.

Paragraph 4. The SEC shall lay down detailed rules on the liquidity management systems and procedures and on the obligations of the steward in accordance with paragraph 1. 3.

Investments in securitisations positions

SECTION 26. The SEC may lay down rules on which securitisation positions are managed by alternative investment funds on behalf of alternative investment funds, including :

1) The requirements of the exposures to credit institutions the organizational credit institution or the original borrower must satisfy in order that alternative investment funds are to be invested on behalf of alternative investment funds in transferable securities ; or any other financial instruments of this type, which are issued after the 1. January, 2011, as well as requirements that ensure that the exposures to credit institution, the organizing credit institution or the original lender shall maintain an economic interest of at least 5%. Net.

2) The qualitative requirements which must be met by managers who invest in these securities or other financial instruments on behalf of one or more alternative investment funds.

TITLE IV

Organizational requirements

Chapter 5

General provisions

§ 27. The management of alternative investment funds must at all times have adequate resources and qualified staff in order to ensure proper management of the managed alternative investment funds.

Paragraph 2. During the consideration of the nature of the managed alternative investment funds, the Caretaker shall have effective forms of enterprise management, including :

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

2) a good administrative and accounting practice ;

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

4) rules for employees ' personal transactions, possessions and management of own resources which, at the very least, ensure that any transaction involving one of the managed alternative investment funds may be reconstruated in terms of origin, the parties involved and the kind and the time and place of implementation,

5) adequate internal control procedures, including inspection procedures for employee personal transactions, possessions and management of their own resources ;

6) reassuring control and security measures in the IT area ; and

7) control procedures to ensure that assets are invested in accordance with the Staff Regulations of the Administrative Fund or the Fund ' s provisions and applicable laws.

Paragraph 3. The SEC may lay down detailed rules on the measures to be taken by a manager in order to have effective forms of enterprise management pursuant to paragraph 1. One and two.

Gender composition in the executive executive and so on.

§ 28. In the management of alternative investment funds, registered in Denmark which has securities admitted to trade in a regulated market in a country within the European Union or a country with which the Union has concluded the financial contract ; region or a balance sheet of 500 million. DKK or, in two consecutable financial years, shall :

1) the head of the executive body shall set out the target figures for the proportion of the under-represented gender in the manager ' s upper management body ; and

2) the central executive body shall draw up a policy to increase the proportion of the lower-level under-represented gender in the management level of the manager in general, cf. however, paragraph 1 5-8.

Paragraph 2. A management of alternative investment funds shall for each alternative investment fund to which the manager is responsible, ensure that :

1) the head of the fund has drawn up target figures for the proportion of the supreme sexes in the top executive body of the Fund ; and

2) the central management body of the fund has developed a policy to increase the proportion of the lower-level under-represented gender in its management levels in general, cf. however, paragraph 1 5-8.

Paragraph 3. Paragraph 2 shall apply only to alternative investment funds with registered registered offices in Denmark, which have assets with a total value of 500 million. DKK or over there in two consecutable financial years.

Paragraph 4. Assets that the alternative investment fund has acquired through leverage, cf. Section 3, paragraph 3. 1, no. Twenty-seven shall be included in the inventory of assets assets in accordance with paragraph 1. 3.

Paragraph 5. If an alternative investment fund is managed by a manager who has prepared a policy to increase the proportion of the under-represented gender in the management level of the manager in general, paragraph 1 shall be subject to the provisions of paragraph 1. 2, no. 2, do not apply where the operation of the Fund is carried out by the management level of the manager.

Paragraph 6. In the case of parent companies producing group accounts, it is sufficient to set the target figures and draw up a policy, cf. paragraph 1, no. 2, and paragraph 1. 2, no. Two, for the group as a whole.

Paragraph 7. A subsidiary that is part of a group cannot fail to set out the target figures and formulate a policy, cf. paragraph 1, no. 2, and paragraph 1. 2, no. 2, if the parent company sets out the target figures and draws up a policy for the overall group.

Paragraph 8. Alternative investment fund managers or the fund managers who have employed fewer than 50 employees in the last financial year may not draw up a policy to increase the proportion of the gender-represented sex in their other management levels, cf. paragraph 1, no. 2, and paragraph 1. 2, no. 2.

Niner. 9. Where a manager or alternative investment fund is both covered by this provision and provisions concerning the gender composition of the top executive body, etc. in the company law, the law of financial activities, the law on trader funds, or the rule of law on certain operators is given precedence over this provision.

Chapter 6

Valuation

§ 29. For each alternative investment fund managers, a manager of alternative investment funds shall have procedures for the valuation of the assets and obligations of the Fund, ensuring that the valuation of assets and the calculation of the interior of the Fund, value per its share is carried out, independently and consistently and in accordance with this law and in force in force. The rules for the valuation of assets and calculation of internal value by share must be specified in the individual ' s statutes or the Fund ' s provisions.

Paragraph 2. If an alternative investment fund has the running of emissions and the settlement of shares, the Caretaker shall ensure that the valuation of the funds ' s assets and the calculation of the internal value by the Fund shall be ensured. share is carried out with a frequency that is appropriate to the assets of the fund and the frequency of emissions and solutions.

Paragraph 3. If an alternative investment fund does not have the running of emissions and the arrangement of shares, the Caretaker shall ensure that the valuation and calculation of the internal value of the single value shall be ensured. share shall be made in the case of capital increases or reductions.

Paragraph 4. The valet shall ensure that the valuation of the assets of each managed alternative investment fund assets and the calculation of the internal value of each share in the fund shall be at least once a year.

Paragraph 5. The valet shall ensure that the valuation is carried out in an impartial manner and with the necessary skill and care.

-$30. The management of alternative investment funds shall ensure that the managed alternative investment funds are regularly managed and at least once a year to inform the Fund ' s investors of the internal value of the internal value of the Fund. share in accordance with this law, applicable national law and the Fund ' s statutes or the Fund ' s rules.

Paragraph 2. The valet shall ensure that the Fund ' s Staff Regulations or Fund provisions contain provisions on how investors are given information about valuation and the internal value by the Fund. share.

§ 31. The valuation of an alternative investment fund may be handled by the alternative investment fund manager or an external assessment expert.

Paragraph 2. An external assessment expert may be a natural or legal person. The external rating expert must be independent of the managing, the alternative investment fund and persons who have close ties to the fund or the steeper.

Paragraph 3. If a manager itself is responsible for the valuation of one or more alternative investment funds, the task shall be carried out by a function which is separate from the portfolio of the manager. In addition, the valet must incorporate its activities, including the remuneration policy, so that conflicts of interest and undue influence are reduced as much as possible.

Paragraph 4. If an alternative investment fund deposits presiding the valuation of the Fund ' s assets as an external assessment expert, the task must be carried out by a separate function that is separate both functional and hierarchical from the Depositary function. The Depositary must ensure that potential conflicts of interest are correctly identified, controlled, monitored and informed to the fund investors.

§ 32. When an external assessment expert foreigners the valuation of the transferable securities, the manager of an alternative investment fund must be able to prove that :

1) the external rating expert is competent to register in accordance with the law, including administrative provisions, or professional code, or is included in the Financial Registration experts ' register of assessment experts, cf. paragraph 2,

2) the external rating expert may provide sufficient professional guarantees in order to be able to carry out the valuation in accordance with the requirements of sections 29 and 30 ; and

3) the designation of the expert's expert meets the requirements of a delegation in section 38 to 41 and in accordance with provisions laid down in section 44.

Paragraph 2. The SEC may set up a register of external assessment experts to which they may apply.

Paragraph 3. The financial supervision may lay down detailed rules on the requirements of paragraph 1. 1, no. Furthermore, the Financial Control may lay down detailed rules for admission to the Register, cf. paragraph Two, and the direction of the register and the execution of the register.

§ 33. A designated external assessment expert may not delegate the value employment contract to third parties.

§ 34. A management of an alternative investment fund shall inform the Financial supervision that the manager will use an external assessment expert before the agreement with the external assessment expert will enter into force.

Paragraph 2. If the Financial supervision assesses that the requirements of section 32 are not met, the Financial supervision may be required to appoint a second assessment expert to appoint a second assessment expert.

$35. If the valuation of an alternative investment fund has not been carried out by an independent assessment expert, the Financial supervision may require that the transferable securities recruitment process or the valuation of the administration or both are verified by an independent external ; assessment expert or, if appropriate, by an auditor.

§ 36. The management of an alternative investment fund is responsible for the valuation of the assets and obligations of alternative investment funds and the calculation of the internal value per unit ; share is correct whether or not the Caretaker itself prescribes the valuation and calculation or tasks assigned to an external assessment expert.

Paragraph 2. The valet shall be responsible for the publication of the internal value by : share, regardless of whether the Caretaker himself prefaces the calculations or task is delegated to an external assessment expert.

Paragraph 3. If the valuation of an alternative investment fund assets and obligations, the calculation of the internal value of each share or both tasks are delegated to an external assessment expert, the external assessment expert shall be responsible to the manager of any loss that the administration has suffered as a result of the negligence of the external assessment expert ; or intentionally, failed to perform its tasks.

§ 37. The SEC may lay down rules for the following :

1) Procedures for the valuation of assets and the calculation of the internal value of each share.

2) The professional guarantees which an external assessment expert must provide in order to enable the assessment expert to carry out the relevant valuation in an effective manner.

3) The frequency of the valuation to be carried out by alternative investment funds, with continuous emissions and the solution that is appropriate in relation to both the Fund's assets and its emissions and its solutions.

Chapter 7

Delegation

§ 38. The management of alternative investment funds shall inform the Financial supervision when the administration is intended to delegate the execution of essential tasks to third parties. The notification shall be made before the Delegation Agreement enters into force.

§ 39. A management of alternative investment funds or, according to the rules of this law delegates or delegates tasks, must continuously check the benefits provided by the company that is delegated.

§ 40. Delegation can only be achieved if the following are met :

1) The management must objectively be able to justify the whole of its delegation structure.

2) The valet shall have ensured and must be able to prove that the person delegated to has sufficient resources to perform the respective tasks and that the persons who are actually carrying out their duties have a sufficient amount ; good reputation and adequate experience.

3) The delegation of portfolios or risk management must take place only to undertakings authorised or registered for the management of assets and subject to supervision. If this condition is not met, the delegation can only take place after prior approval from the Financial supervision.

4) For the delegation of portfolio management or risk management to a company in a third country, the delegation must only take place when the requirements of no. 3 has been met and cooperation between the Financial Supervisory Authority and the supervisory authority of the undertaking.

5) Delegation must not prevent effective supervision of the manager and must not prevent the caretaker from acting or the alternative investment fund managed in the interest of investors.

6) The valet must be able to demonstrate that the powers of the delegates are able to perform the functions concerned and have been selected with due diligence.

7) The valet shall be able to demonstrate that the manager is capable of effectively monitoring the performance of the delegated tasks.

8) The valet shall be able to demonstrate that the manager will be able to give additional instructions at any time to the delegated tasks and that the manager may, at all times, have the possibility of having an immediate effect of the delegation, if any ; It's in the interest of investors.

§ 41. Delegation or re-delegation of the portfolio or risk management must not be allowed to happen

1) the depositary of alternative investment funds or to a given to the tasks of the depositary ; or

2) others who may have interests that run counter to the alternative investment fund managers or the interests of the alternative investment fund investors, unless the person concerned makes the portfolio or risk management of a separate ; function that is separate both functional and hierarchical from the functions of other tasks that could cause conflicts of interest and the potential conflicts of interest have been adequately demonstrated, controlled, monitored and informed by the Fund ; investors.

§ 42. The management of alternative investment fund managers and responsibility towards the alternative investment funds and their investors are not affected by the fact that the steward delegates tasks to third parties.

Paragraph 2. A manager must not delegate tasks to such an extent that it is not possible to be considered to be caretaker or that the Caretaker is given the nature of being an empty party.

§ 43. The third party shall not delegate essential tasks which have been received by delegation from the manager unless the following conditions are met :

1) The management of alternative investment funds has been approved prior to the delegation approved by the delegation.

2) The Management Board has notified the Financial supervision of the delegation prior to the date of entry into force of the further delegation.

3) The delegation must comply with the requirements laid down in section 38 to 40 for the manager's delegation.

Paragraph 2. If the delegated essential tasks from third parties are delegated to the tasks, such a delegation shall meet the same requirements as those applicable to the third party ' s delegation.

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

1) when the conditions in section 38 to 41 and 43 have been met,

2) when a management of alternative investment funds shall be deemed to have delegated tasks to such an extent that the Caretaker shall be regarded as an empty undertaking after paragraph 42 (5). 2, and no longer can be considered to be a manager of the alternative investment fund ; and

3) the tasks which are considered essential in relation to the delegation.

Chapter 8

Depositary

§ 45. The management of alternative investment funds shall ensure that a depositary for each individual alternative investment fund which it adminices shall be designated in accordance with the rules laid down in this Chapter.

Paragraph 2. There must be a written agreement between the alternative investment fund and its designated depositary.

Paragraph 3. The delegation agreement must contain a regulation of the exchange of information necessary for the deposition of the depositary in accordance with the applicable rules.

§ 46. A depositary must be one of the following, cf. however, paragraph 1, 2 and 3 :

1) A credit institution having registered home in a country of the European Union or a country with which the Union has entered into agreement in the financial field, and which has authorisation pursuant to the rules implementing Directive 2006 /48/EC of 14. June 2006, on the admission and pursuit of business as a credit institution.

2) a fund broiler company registered in a country of the European Union or a country with which the Union has concluded an agreement in the financial field, which is subject to sufficient capital base in accordance with the capital requirements of the rules implementing Article 20 of Directive 2006 /49/EC of 14. June 2006 on the capital adequacy of investment firms and credit institutions, including capital requirements for operational risks, which have been granted authorisation by the rules implementing Directive 2004 /339/EC of 21. April 2004 on financial instruments markets and which provide ancillary services in the form of the storage and management of financial instruments for the customers ' expense, cf. the rules implementing Annex I (B) (B), 1, in Directive 2004 /39/EC of 21. April 2004 on the markets for financial instruments.

3) Other categories of establishments subject to prudential regulation and continuous monitoring, and as 21. In July 2011, the categories of undertakings adopted by the countries of the European Union could have been chosen as depositary for UCITS under the rules implementing Article 23 (1). 3, in Directive 2009 /65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions on certain undertakings for collective investment in transferable securities.

Paragraph 2. For alternative investment funds from a third country, and subject to the requirements of section 48 (3). 2, and § 49, nr. 3, the depositary may also be a credit institution or a different unit of the same type as those referred to in paragraph 1. 1, no. 1 and 2 units.

Paragraph 3. For alternative investment funds that meet the conditions laid down in 2. pkt., the Financial supervision may allow the deposition of the depositary to be a unit which performs the depositary functions as part of their professional or professional activity in respect of which the entity is registered, in respect of which the entity is registered, laws, including administrative provisions, or professional rules, and which may provide sufficient financial and professional guarantees to enable it to effectively carry out the appropriate depositary functions and satisfy them ; requirements associated with these functions. The SEC may grant authorization after 1. in the case of an alternative investment fund which, for a period of five years after the first investment date, does not have an obligation to cash in its investors and whose basic investment policy is essentially to invest in issuers or unlisted companies with a view to potentially achieving a dominant influence over such companies in accordance with section 71 or if the basic investment policy of alternative investment fund is not primarily to invest in assets ; must be stored in depot by the rules in section 51 (3). 1, no. 1.

Paragraph 4. A fund brokerage party designated as a depositary shall have a capital base, which shall at least amount to the value of EUR 730 000.

§ 47. A management of alternative investment funds cannot be designated as a depositary.

Paragraph 2. A prime broker acting as a counterpart to an alternative investment fund cannot be designated as a depositary for the same alternative investment fund unless the Prime Broker functionally and hierarchically separated the execution of his depositary tasks ; its tasks as prime broker and any conflicts of interest have been adequately demonstrated, controlled, monitored and informed by the fund investors. However, a depositary may delegate its storage tasks to a prime broker in accordance with section 54, provided that the conditions of section 54 (4) are granted. Two-four, come true.

§ 48. The Depositary must be established in the country where the alternative investment fund has a country where the depositary has been designated by an alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement ; the financial area.

Paragraph 2. In the case of alternative investment funds from a third country, the depositary must be established in the third country in which the alternative investment fund is established in the home Member State of the managing the alternative investment fund, or in the reference unit for the managing the alternative investment fund.

§ 49. The addition of a third country depositary established in a third country is in addition to the requirements of section 46 subject to the following conditions :

1) Where an alternative investment fund from a third country is managed by a managing country in Denmark or on the market in Denmark, the Finance Board must have concluded an agreement on cooperation and exchange of information with the competent depositary ; Government.

2) Where an alternative investment fund from a third country is to be placed on the market in other countries within the European Union or countries concluded by the Union in the financial sphere than Denmark, an agreement must be concluded between : the competent authorities of the depositary and the competent authorities of each of those countries on cooperation and exchange of information.

3) The depositary must be subject to effective prudential regulation, including minimum capital requirements, and effective monitoring, which corresponds to the regulation and monitoring of the European Union, and which is effectively enforced.

4) The third country in which the Depositary is established may not be included on the list of non-cooperating countries and territories prepared by the Financial Action Task Force.

5) Where an alternative investment fund from a third country is managed by a managing country in Denmark or on the market in Denmark, Denmark must have concluded an agreement with the competent authority of the Depositary Authorating Authority, which fully complies with the standards in : Article 26 of the Organisation for Economic Cooperation and Development's Model Taxation Agreement on income and wealth, ensuring the effective exchange of information on tax matters, including the possible multilateral tax agreements.

6) Where an alternative investment fund from a third country is to be placed on the market in other countries within the European Union or a country concluded by the Union in the financial sphere than Denmark, an agreement must be concluded between : the competent authorities of the depositary and the competent authorities of each of those countries which fully comply with the standards referred to in Article 26 of the Organisation for Economic Cooperation and Development and the Agricultural Guidance Agreement on the income and assets of the Development of Agricultural Development ; to ensure the effective exchange of information on tax matters, including if any ; Multilateral tax agreements.

7) The Depositary shall be liable to the alternative investment fund or to the Fund ' s investors in accordance with sections 55 and 56, and expressly agree to comply with Section 54.

$50. The Depositary shall check the payment flows of the alternative investment fund.

Paragraph 2. The Depositary must carry out particular control of the fact that all payments made by or on behalf of investors in connection with drawing shares in the Fund have been received and that all cash in the alternative investment fund has been posted to cash accounts, in the name or the name of the fund, or the name of the manager, when acting on behalf of the Fund ;

1) in units covered by the rules implementing Article 18 (1). 1 (a) (b) (b) and (c) of Directive 2006 /73/EC of 10. in August 2006 on the implementation of Directive 2004 /39/EC of the European Parliament and of the Council with regard to the organizational requirements and conditions for the operation of investment firms and definitions of concepts for the purposes of that Directive, or

2) in units corresponding to those referred to in no. 1 in the relevant market where cash accounts are required, provided that these are subject to effective prudential regulation and monitoring corresponding to the regulation of the European Union, and which is effectively enforced and in accordance with the principles laid down in Article 16 of Directive 2006 /73/EC of 10. In August 2006, implementing Directive 2004 /39/EC with regard to organizational requirements and the conditions for the operation of investment firms and definitions of concepts for the purposes of that Directive.

Paragraph 3. If cash accounts are created in the name of the alternative investment fund, the name of the depositary in accordance with paragraph 1 shall be : 2, neither the funds from the account-leading unit nor the depositary shall be entered in the accounts in such accounts.

§ 51. The assets or assets of the alternative investment fund or assets managed by the manager on behalf of the Fund shall be transferred to the deposit of the depositary in accordance with the following rules :

1) In the case of financial instruments which may be stored in depot, the following shall apply :

a) The Depositary shall keep all financial instruments that can be registered in an account or in a depot established by the Depositary.

b) The Depositary shall keep all physical financial instruments available for the depositary.

c) The Depositary shall ensure that the stored financial instruments are recorded on accounts or in deposits which are separate from the depositary's own and that the accounts and deposits used are established in the name of alternative investment funds or its manager, so that they may at all times be identified as belonging to the alternative investment fund.

d) Registrations shall comply with the rules laid down in section 72 of the Act of Financial Regulation and rules issued under this provision.

2) For other assets, the following applies :

a) The Depositary shall verify that the alternative investment fund or its manager on behalf of the Fund is the owner of the assets.

b) The assessment of ownership shall be based on documentation submitted by the alternative investment fund or its manager and, where appropriate, existing external documentation.

c) The Depositary shall keep records of the assets to which the Depositary has verified that the alternative investment fund or its manager on behalf of the Fund is the owner of the Fund. The Depositary must continuously ensure that the register is up to date.

Paragraph 2. The depositary must not sell, pawn or otherwise dispose of the alternative investment fund assets or assets managed by the steward on behalf of the Fund without the prior consent of the fund or its manager.

§ 52. The Depositary shall ensure that :

1) the sale, issue, withdrawal, solution and cancellation of the shares of the alternative investment fund shall be made in accordance with the applicable national law and the Fund ' s statutes or the Fund ' s rules ;

2) the calculation of the internal value by the share shall be done in accordance with the legislation in force, the Fund ' s Statute or Fund Regulations and the procedures laid down in Chapter 6 ;

3) in the case of operations to which the alternative investment fund is included, the fund shall be delivered to the Fund within the usual time limits ; and

4) the income of alternative investment funds shall be used in accordance with the laws and regulations of the Fund and the Fund ' s rules of the Fund.

Paragraph 2. The Depositary shall perform the manager ' s instructions unless they contradict the applicable laws or the Fund ' s statutes or the Fund ' s rules.

§ 53. In the course of the execution of its tasks, the depositary must act in a fair, fair, professional, independent and alternative investment fund and the interests of his investors.

Paragraph 2. The Depositary must not perform activities that may cause conflicts of interest between the alternative investment fund, the fund investors, the manager and the depositary, unless the depositary functionally and hierarchically separated the performance of its own ; Depositary tasks from the execution of the other tasks which could potentially cause conflicts of interest, and the potential conflicts of interest have been adequately demonstrated, controlled, monitored and informed to the investors of alternative investment fund.

§ 54. The Depositary must not delegate tasks covered by § § 50 to 53 to third parties, cf. however, paragraph 1 2-4.

Paragraph 2. Notwithstanding paragraph 1 1 may be covered by section 51 (1). 1, be delegated if the following conditions are met :

1) The tasks are not delegated to avoid the requirements of this law.

2) The depositary must be objectively able to justify the delegation.

3) The Depositary has shown sufficient skill, thoroughness and care in the selection of any third party to which the tasks are delegated.

4) The Depositary shall show skill, thoroughness and care in the ongoing monitoring and monitoring of third parties ' s solution of delegated tasks and thereby connected arrangements.

5) The Depositary shall ensure that the third party to whom tasks are delegated, in the performance of these tasks at all times, meets the following conditions :

a) The third party ' s organisation and competences shall be sufficient in relation to the nature and complexity of the assets belonging to the alternative investment fund or the manager on behalf of the Fund, which is transferred to the third party.

b) As regards the delegation of the storage tasks covered by Section 51 (1). 1, no. 1, the third party must be subject to effective prudential regulation, including minimum capital requirements, and surveillance in the jurisdiction in question, and third parties must be subject to periodic external audit to ensure that the financial services are available ; instruments are in the possession of third parties, cf. however, paragraph 1 3.

c) The third party shall keep the depositary's customers assets separate from the depositary and third party's own assets in a way so that they can be identified at all times as the specific customer of the depositary.

d) The third party shall not sell, pawn or otherwise dispose of assets without prior consent to this from the alternative investment fund or its manager and to have notified the depositary thereof.

(e) The third party shall comply with the obligations and prohibitions in § § 51 and 53.

Paragraph 3. The Depositary may delegate to a third party, notwithstanding the requirements set out in paragraph 1. 2, no. The following conditions have not been met if the following conditions are met :

1) The delegation must apply to financial instruments in respect of which the laws of a third country require that they be kept in depot at a local unit.

2) The functions of delegates are not delegated to the extent required by the legislation of the third country.

3) No local device meets the requirements of paragraph 1. 2, no. 5 (b) of delegation.

4) The investors of the alternative investment fund must be duly informed in advance of their investment in the Fund, that the delegation is required because of rules in the third country, and the circumstances justicing the delegation.

5) The alternative investment fund or its managers shall have the depositary required to delegate the storage of such financial instruments to the local unit.

Paragraph 4. Delegation after the derogation in paragraph 1. 3 can only be maintained for as long as all the conditions laid down in paragraph 1 are 3, no. 1-3, have been met.

Paragraph 5. Third party may delegate the tasks assigned to third parties by a third party to the depositary, provided that the delegation meets the same requirements that apply to the Depositary Delegation. Section 56 shall apply to the relevant parties in the event of further delegation.

Paragraph 6. Delivery of benefits through transferable securities-related systems, which are subject to the rules applying Directive 98 /26/EC of 19. May 1998, finally, on payment systems and securities settlement systems, and the delivery of benefits through third-country securities settlement systems does not be considered as a delegation of depositary functions.

§ 55. The Depositary is responsible to the alternative investment fund or the fund investors for the loss of financial instruments in storage in accordance with the rules in section 51 (3). 1, no. 1 which has been caused by the depositary or third party to whom the task is delegated.

Paragraph 2. In the case of losses of financial instruments stored in depot, the depositary shall, without undue delay, provide compensation to the alternative investment fund or its manager on behalf of the Fund in the form of financial instruments of the same type ; an amount equal to the value of these.

Paragraph 3. However, the Depositary shall not be responsible for any loss after paragraph 1. 1 and 2, if this can prove that the loss is due to an external event that the depositary cannot reasonably be expected to have control and whose consequences would have been inevitable, even if the depositary had taken all reasonable steps ; precaution.

Paragraph 4. In addition, Depositary shall be responsible to the alternative investment fund or his investors for any other loss which they suffer as a result of the unintentional or deliberate non-compliance of his obligations under this law.

§ 56. The Depositary shall not be affected by any delegation after paragraph 54, cf. however, paragraph 1 Two and seven.

Paragraph 2. Notwithstanding paragraph 1 1 may release the depositary from its liability in relation to the loss of financial instruments in the storage of depot at third party, following the rules on delegation in § 54, if the Depositary can prove that :

1) all the requirements for the delegation of the storage of financial instruments after Section 54 has been met ;

2) Whereas a written agreement between the depositary and the third party is expressly awarded the liability of the depositary to the third person and, at the same time, make it possible for the alternative investment fund or its manager on behalf of the Fund ; to make a claim to the third party in the event of a loss of financial instruments or make it possible for the depositary to make such claims valid on behalf of the alternative investment fund ; and

3) a written agreement between the depositary and the alternative investment fund or its manager on behalf of the Fund, which expressly permits such emancipation from liability, shall provide the objective justification for the purpose of : conclude such an agreement on the release of the depositary from replacement liability.

§ 57. When the legislation of a third country requires that certain financial instruments be stored in depot at a local unit and there are no local entities meeting the requirements requirements of section 54 (4). 2, no. In addition, 5 (b), a depositary may free itself from its liability if the following conditions are met :

1) The alternative investment fund ' s bylaws or fund rules should expressly provide for such emancipation from liability.

2) The investors of the alternative investment fund must be duly informed in advance of their investment in the Fund on the emancipation of liability and the circumstances justifying it.

3) The alternative investment fund or its managers shall have the depositary required to delegate the storage of such financial instruments to the local unit.

4) A written agreement between the depositary and third parties, which expressly states the depositary liability of the depositary to the third party, shall, at the same time, enable the alternative investment fund or its manager on behalf of the Fund ; to make a claim to the third party in the event of a loss of financial instruments or make it possible for the depositary to make such claims valid on behalf of the alternative investment fund.

5) There must be a written agreement between the depositary and the alternative investment fund or its manager on behalf of the Fund, which expressly permits such emancipation from liability.

§ 58. If a deposit or third party is liable to the investor ' s investors, the investor ' s investors may make that responsibility directly or indirectly through the Fund ' s manager, depending on the legal nature of the Fund ; the relationship between the Depositary, the Fund manager and the fund investors.

$59. A depositary shall, at its request, provide all the information to the competent authorities of the Depositary, to which the depositary has obtained the execution of its duties and which may be necessary for the alternative investment fund and its operations ; the competent authorities of the administration. Where the alternative investment fund or its manager ' s competent authorities are different from the depositary, the competent authorities of the Depositary shall forthwith disclose the information received to the alternative investment fund and its its own ; the competent authorities of the administration.

§ 60. The Financial supervision may lay down detailed rules for the following :

1) The content of the depositary agreement, cf. Section 45 (3). Two and three.

2) Evaluation of whether third-country supervisory regulation and supervision are similar to the regulation of the European Union and effectively enforced, cf. § 49, no. 3.

3) The conditions for the execution of the depositary functions in section 50 (3). 1, and § § 51 and 52, including

a) the types of financial instruments covered by the depositary ' s retention obligation, cf. § 51, paragraph. 1, no. 1,

b) the conditions under which the deposition of the depositary must exercise its storage tasks with regard to financial instruments registered at a central depositary ; and

c) the conditions for the security of the depositary in accordance with section 51 (2). 1, no. 2, shall exercise its storage tasks with regard to financial instruments issued by a name and registered to a issuer or a registrar.

4) The Depositary ' s obligations in relation to the selection and surveillance of third parties by delegation of depositary tasks, cf. Section 54 (1). 2, no. 3 and 4.

5) The requirements imposed on the third party ' s separation of the depositary's own assets from the assets of its customers, cf. Section 54 (1). 2, no. 5 (c).

6) The detailed conditions and circumstances in which financial assets to which the depositary is responsible shall be considered as lost, cf. § 55, paragraph 1. 1.

7) What is meant by external events that the depositary cannot reasonably be expected to have control over and whose consequences would have been inevitable, even if the depositary had taken all reasonable measures, cf. § 55, paragraph 1. 3.

8) The conditions and circumstances to be made in order for objective reasons to conclude an agreement that exonerate the depositary of its liability for liability, cf. § 56, paragraph. 2, no. 3.

Section 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 concluded by the Union in the area of the financial area managed by the administration or of each alternative investment fund managed by the administration, in a country within the territory of a country within the European Union or a country concluded by the Union in the financial sphere, the manager shall make an annual report at the latest six months after the end of each financial year.

Paragraph 2. The annual report shall be submitted at the request of :

1) Investors in the appropriate alternative investment fund.

2) Financial supervision.

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

Paragraph 3. The annual report shall contain at least the following :

1) A balance or a form of wealth.

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

3) A report on activities in the preceding financial year.

4) Sigsential changes in the information referred to in sections 62, 64 and 65 during the financial year covered by the annual report.

5) The total salary sum of the financial year, distributed on fixed and variable wages paid by the staff to staff, as well as the number of beneficiaries and, where appropriate, preferential return on the alternative investment fund.

6) The sum of the sum of the sum allocated to the manager's management and staff whose activities has significant influence on the risk profile of the managed alternative investment funds.

Paragraph 4. The accountancy information of the annual report shall be drawn up in accordance with the accounting rules and standards of the home Member State of alternative investment fund or the accounting standards of the third country in which the alternative ; the investment fund has been established and in accordance with the accounting provisions laid down in the Statutes of the Alternative Investment Fund or the Fund ' s provisions.

Paragraph 5. The financial information contained in the annual report shall be reviewed by one or more auditors approved in accordance with the rules implementing Directive 2006 /43/EC of 17. May 2006 on statutory audits of annual accounts and consolidated accounts. The audit plan, including any reservations, shall be rendered uncut in the annual report. In the case of managers who market alternative investment funds from a third country, the annual reports from these funds may be revised in accordance with the applicable international audit standards in the country in which the fund has its data ; Home.

Paragraph 6. Where the alternative investment fund, in accordance with national arrangements, shall publish an annual report within six months of the expiry of the financial year, the information referred to in paragraph 1 shall be the information referred to in paragraph 1. 3, and which are not already part of the revised and published annual report, which the administration is obliged to make available or submitted in accordance with paragraph 1. This may be done separately or as an addition to the annual report. Where any of the information referred to in paragraph 1 is referred to in paragraph 1. 3, is provided separately as a supplement to an annual report published as mentioned in 1. required by the manager, at the same time, that the other information can be found in the published annual report and referring to the place where the annual report is published.

Paragraph 7. The financial supervision may lay down detailed rules for the content and form of the annual report. The rules must be adjusted in accordance with the type of alternative investment fund they apply to.

Chapter 10

Convalence of the valor to investors

§ 62. A manager shall for each alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement in the financial area as it adminithers and for each alternative investment fund managed by the administration, market in a country within the European Union or a country with which the Union has concluded agreement in the financial field, provide the following information and any significant changes made to them by the Fund ' s investors in the manner in which it is provided, given in the Fund ' s statutes or Fund regulations before investors invest in the alternative investment fund :

1) A description of the investment strategy and investment objectives of the alternative investment fund.

2) Where a possible master fund is established.

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

4) A description of the types of assets that the alternative investment fund can invest in.

5) A description of the procedures or procedures which the alternative investment fund may use when it invests and the risks associated with such practices.

6) A description of all applicable investment limitations.

7) A description of the circumstances under which the alternative investment fund may use gearing, including the types of leverage and the sources of the leverage fund, any restrictions on the use of leverage and all the risks ; connected to the Fund's use of leverage.

8) The maximum level for leverage.

9) A description of the options to reuse the assets and security of the alternative investment fund provided by the Fund.

10) A description of the procedures whereby the alternative investment fund can change its investment strategy or investment policy or both.

11) A description of the most important legal consequences of concluding an agreement to invest in the alternative investment fund. This must be stated in the case of jurisdiction and legislative elections, and whether there are legal safeguards to be observed in order to ensure enforcement and recognition in the jurisdiction where the alternative investment fund is established.

12) Identification of alternative investment fund managers, depositary, auditor and all other suppliers of services, including a description of their obligations and the rights of investors in relation to them.

13) A description of how the alternative investment fund manager meets the requirements of section 16 (3). 5.

14) A description of any management task which the alternative investment fund manager has delegated, cf. in Annex 1, no. 1 and 2, and of any task that the depositary has delegated. The descriptions must indicate who has been assigned a task and a description of any conflicts of interest that may occur in connection with the delegations.

15) A description of the methods and procedures the alternative investment fund has established in accordance with section 29 (3). 1, in the case of valuation and pricing of the Fund's assets and obligations, including the methods used for valuing assets and obligations which are difficult to value.

16) A description of the alternative investment fund management of cash risks, including a description of the right of investors to be subject to both normal and in exceptional circumstances, as well as the agreements concluded with investors ; for the solution.

17) A description of all fees and costs, specifying the maximum amounts, which are to be borne directly or indirectly by investors.

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

(19) If one or more investors obtain preferential treatment or the right to preferential treatment, priority treatment must be given to the type of investors who can obtain such treatment, and, if applicable, the legal or economic or economic nature of the latter ; relating to the alternative investment fund or the Caretaker 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 units.

(22) The latest internal value of the alternative investment fund or market price per unit. share.

23) The historical results of the alternative investment fund, if available.

24) If the alternative investment fund is using a prime broker, the identity of the prime broker shall be reported and all essential agreements with the prime broker shall be described, including a description of how possible conflicts of interest are handled, and where applicable, the provision of the Agreement with the depositary of the alternative investment fund, which relates to the possibility of transfers and reuse of the funds assets, and a description of any transfer of responsibility to the prime broker.

25) A description of how and when the information covered by sections 64 and 65 is published.

Paragraph 2. The valet shall inform the alternative investment fund investors of any measures taken by the Depositary in order to free themselves in full or in part for the responsibility, cf. § 56, paragraph. 2. The valet shall immediately inform the investors of alternative investment fund investors in the event of alterations to the depositary ' s liability.

Paragraph 3. The Minister for the Industry and Growth Minister may lay down detailed rules on the information to be provided to retail investors, and in what form the information is to be given, to the extent to permit the marketing of retail investors.

§ 63. If the alternative investment fund is to publish a prospectus by the rules implementing Directive 2003 /71/EC of 4. In November 2007, the prospectus to be published where transferable securities are offered to the public or to be admitted to trade, the administrative manager shall publish only the information referred to in section 62 (2). 1 and 2, which are not already part of the prospectus. The publication can be done separately or as a supplement to the prospectus.

§ 64. A manager shall for each alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement in the financial area as it adminithers and for each alternative investment fund managed by the administration, in the territory of a country within the European Union or a country with which the Union has concluded agreement in the financial sphere, the investors ' investors shall regularly inform the Funds of the Funds :

1) The percentage of the assets of the alternative investment fund, which is the nature of their illiquid nature, is covered by special measures.

2) All new systems for managing the liquidity of alternative investment funds.

3) The current risk profile of the alternative investment fund and the risk management systems that the administration uses to control the risks of the fund.

§ 65. A manager shall for each alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement in the financial area as it adminithers and for each alternative investment fund managed by the administration, market in a country within the European Union or a country that the Union has agreed to in the financial area if the fund is using leverage, at regular intervals to inform the Fund ' s investors :

1) Any change in the maximum transmission level that the manager may use on behalf of the alternative investment fund and any right to re-use security or other guarantees provided under the agreement which makes the transmission.

2) The total amount of the alternative investment fund has been gearing up.

§ 66. The SEC may lay down detailed rules for the information provided for in section 64 and 65 of the information provided, including the frequency of submission of the information covered by Section 65. The rules shall be adjusted according to the type of managers they apply to.

Chapter 11

Management Board ' s Information Responsibilities to the Financial supervision

§ 67. Alternative investment funds shall be required to provide information to the Financial supervision of the following information on a regular basis :

1) The main markets that the Caretaker deals with in the framework of the portfolio for the alternative investment funds managed by the manor.

2) The most important instruments that the Caretaker deals with as part of the portfolio for the alternative investment funds managed by the administration.

3) The most important instruments that the Caretaker deals with.

4) The markets that the Caretaker is a member of or acting on.

5) The most significant risk exposures and concentrations for each alternative investment fund managed by the manor.

Paragraph 2. At the end of each quarter, the Manager shall submit, at the request of the Commission, a list for the Financial supervision of the alternative investment funds managed by the manor.

Paragraph 3. The valor of each alternative investment fund from the European Union or a country concluded by the Union in the financial area managed by the administration, shall submit the following information to the Financial Regulation :

1) The percentage of the alternative investment fund assets, which are covered by special measures, is because they are illiquid.

2) All new systems for managing the liquidity of alternative investment funds.

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

4) Information about the most important categories of assets which the alternative investment fund has invested in.

5) The results of the stress tests carried out in accordance with section 24 (4). Article 25 (2) and section 25 (1). 2.

Paragraph 4. The financial supervision may require that managers, which Denmark is host country, and as managers or market alternative investment funds in Denmark, provide the Financial supervision of the information which the Financial supervision estimates are necessary to supervise the supervision of : compliance with the rules to which Denmark is responsible for overseeing, including sections 18, 19 and 23. However, the financial supervision may not require other or more information than the information which the Financial supervision may require of managers with the authorization to manage alternative investment funds in accordance with section 11 as regards checks on whether they comply with them ; the same rules.

Paragraph 5. The financial supervision may require managers to report other information to the Financial supervision than those listed in this Chapter if necessary in order to effectively monitor the construction of systemic risks. The SEC may require information on a regular basis or on an ad hoc basis. The Financial Supervisory Authority shall inform the European Securities and Markets Authority of the information requirements laid down by the Financial Supervisory Authority. The Financial Supervisory Board may also establish additional reporting requirements if the European Securities and Markets Authority in exceptional circumstances and where it is required to ensure the stability and integrity of the financial system or promoting long-term sustainable growth, asks the Financial supervision to introduce additional reporting requirements.

Paragraph 6. The SEC may lay down detailed rules concerning the reporting and information obligations that apply to the management of paragraph 1. 1-5.

§ 68. A manager shall, for each of the alternative investment funds managed by the administration, and which, to a significant extent, use leverage, make the following information available to the Financial supervision :

1) The gear level used by the alternative investment fund.

2) A split between leverage based on loans in cash or securities and leverage in financial derivatives.

3) Information on the extent to which the Fund ' s assets have been reused in the transmission agreements.

4) The five largest sources of borrowed cash or transferable securities for each alternative investment fund and the amounts received from each of those sources of the alternative investment fund.

Paragraph 2. In the case of managers whose registered registered office is in a third country, the obligation to provide information shall be made available to the Financial supervision provided for in paragraph 1. 1 only the alternative investment funds managed by the managing operator of a country within the European Union or a country with which the Union has concluded agreement in the financial sphere or is marketed by the steward of the European Union ; or a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 3. The valet shall demonstrate to the Financial supervision that the gear ceilings set for each alternative investment fund which it adminithers are reasonable and that the gearbox fixed by the administration at any time shall be complied with at all times.

Paragraph 4. The financial supervision may lay down detailed rules on when the leverage of paragraph (1) is to be determined. 1 shall be deemed to have been applied to the significant extent by a manager on behalf of an alternative investment fund.

Information to be used by the financial system of information

§ 69. The SEC shall use the information provided by the steward in accordance with section 61 (2). 1, and sections 67 and 68, to assess the extent to which fixed investments used in the context of alternative investment fund investments contribute to increasing the systemic risk in the financial system, the risk of unrest on the markets or the risks to economic growth in the long term.

Paragraph 2. The Financial supervision must ensure that the information on managers obtained pursuant to section 68 (3) is required. The information supplied by the manager pursuant to Article 11 shall be made available to the competent authorities of countries within the European Union and countries concluded by the Union in the area of the financial area, cf. § 160, paragraph. 1, the European Securities and Markets Authority and the European Systemic Risks Board. The SEC must also provide as soon as possible and bilaterally to send information directly to other competent authorities of countries within the European Union or countries with which the Union has concluded an agreement in the financial sphere, if any ; manages subject to their supervision, or an alternative investment fund managed by this manager, will constitute an important source of counterparty risks to a credit institution or other system-relevant institutions in these countries.

Paragraph 3. The financial supervision must assess the risk of the financial stability of the management of leverage in connection with the individual alternative investment funds that it administs will be able to involve.

Paragraph 4. When deemed necessary to ensure financial stability, the financial supervision of the European Securities and Markets Authority shall be subject to the European Agency for Systemic Risks and, where appropriate, the relevant alternative ; the competent authorities of the investment fund shall set limits for the transmission level to which the administration may be used for each fund managed by the administration. The SEC may also impose other restrictions on the management of an alternative investment fund in order to reduce the transmission of the gear to increase the systemic risk in the financial system or the risk of disturbation on the markets.

Paragraph 5. Where the Financial supervision is intended to take a decision as referred to in paragraph 1. 4, which is contrary to the advice received from the European Securities and Markets Authority, the Financial Supervisory Authority shall inform the European Securities and Markets Authority, stating the details of the financial supervision of the European Securities and Markets Authority ; justification for this.

Paragraph 6. When the SEC has imposed restrictions on the management of leverage in an alternative investment fund or other restrictions in the management of an alternative investment fund, the Financial Authority shall inform the European Union Securities and Markets Authority, the European Council for Systemic Risks and the competent authorities of the alternative investment fund.

Paragraph 7. Without prejudice to special circumstances, the Finance Board shall send the one referred to in paragraph 1. 4 mentioned notification, at least 10 working days before the borders enter into force or be extended.

Paragraph 8. The SEC may lay down detailed rules on the conditions under which circumstances and how the Financial supervision sets limits for the use of gearing and other restrictions in the management of an alternative investment fund.

Chapter 12

Obligations of the Vale when an alternative investment fund determines a source of influence over an unlisted company

§ 70. The rules laid down in this Chapter apply :

1) the management of alternative investment funds managed by one or more alternative investment funds, either individually or collectively, on the basis of an agreement having a dominant influence over an unlisted company, and

2) the management of alternative investment funds, which, pursuant to agreement on this subject, cooperate with one or more other managers, that the alternative investment fund managers, collectively, will have an influence over an unlisted company.

Paragraph 2. An alternative investment fund manager who adminites alternative investment funds, which acquires a vested interest which does not constitute a determinant influence in a dislisted company, shall also place in section 72, paragraph 1. 1.

Paragraph 3. § 73, paragraph 1. 1 3, and Section 75 shall also apply to managers who manage alternative investment funds, which will have a decisive influence over issuers. In that case, paragraph shall be : 4 use with the necessary adaptations.

Paragraph 4. The rules of this Chapter shall not apply where the unlisted companies are :

1) Small or medium-sized enterprises as defined in Article 2 (2). 1, in the Annex to the European Commission Recommendation 2003 /361/EC.

2) Companies which are specifically intended to buy, possess or manage property.

Paragraph 5. The rules laid down in this Chapter do not apply, to the extent that they are contrary to the rules of the law on information and consultation of employees.

Paragraph 6. The rules laid down in this Chapter shall not apply to the extent that more stringent rules apply to the acquisition of units in issuers and unlisted companies.

§ 71. In determining the influence of the unlisted companies, this chapter means more than 50%. of the voting rights in the company. The percentage of the voting rights shall be calculated on the basis of all the capital shares associated with voting rights, even if the exercise of this is suspended.

Paragraph 2. For the calculation of the percentage of the voting rights provided for by the relevant alternative investment fund, the voting rights to the relevant alternative investment fund shall be subject to the voting rights to the voting rights, the following has :

1) Any firm subject to the influence of the alternative investment fund.

2) Any natural and legal person acting in his own name, but on behalf of the alternative investment fund or by a company subject to the dominant influence of the alternative investment fund.

Paragraph 3. The percentage of the voting rights resulting in a determinant influence over a issuer, as well as the method of calculating it, shall in relation to the rules in section 72 (2). 1 3, and section 75 shall be determined in accordance with the rules of the country where the company has its registered office.

§ 72. When an alternative investment fund acquires, disposals or ownership of capital shares in an unlisted company, the Fund ' s manager shall inform the Finance-vision of the proportion of the Fund ' s voting rights in the unlisted company at any time, at any time, when, at any time, exceeds or fall below the thresholds of 10 pct;, 20 pct., 30 pct., 50%. and 75%.

Paragraph 2. A manager of alternative investment funds, which administs an alternative investment fund individually or collectively achieves a determining influence over an unlisted company, shall inform the following of the contribution of a dominant influence :

1) The unlisted company.

2) The other capital owners whose identity and addresses the manager are in possession of, or managed by, the caretaker may obtain from the unlisted company or from a register to which the manager can or may have access.

3) Financial supervision.

Paragraph 3. The notification under paragraph 1. 2 shall contain the following information :

1) The situation in the case of voting rights resulting from the achievement of the dominant position of the alternative investment fund.

2) The conditions under which the dominant influence was obtained, indicating the identity of the other cooperating capital owners, any natural or legal person or entity who has the right to vote on their behalf, and, if so, relevant, the chain of undertakings through which the voting rights are being clamped.

3) The date on which the determining influence was achieved.

Paragraph 4. In the course of the undue delay, the valet must request the executive executive executive, without undue delay, to inform the representatives of workers or, when such do not exist, the workers themselves determine their decision ; the impact of the alternative investment fund managed by the managed alternative investment fund and shall provide the information referred to in paragraph 1. 3. The valet shall make all reasonable efforts to ensure that the executive executive has informed the representatives of workers or, when such do not exist, the workers themselves in accordance with this provision.

Paragraph 5. Notify by paragraph 1-3 shall be carried out as soon as possible and within 10 working days of the day the alternative investment fund has reached, above-or undertook the relevant threshold or a decisive influence over the unlisted company.

Information when determining the determinant influence

§ 73. A management of alternative investment funds, which administs an alternative investment fund individually or collectively, determines the influence of an unlisted company or a issuer, shall make them in paragraph 1. The information referred to in paragraph 2 shall be provided for :

1) The unlisted company.

2) The company ' s capital owners, whose identity and addresses, are in possession of or can obtain from the unlisted company or from a register to which the manager has or may have access.

3) Financial supervision.

Paragraph 2. The valet shall provide the following information :

1) Identification of the manager or managers who, either individually or collectively, manage the alternative investment funds, which have obtained decisive influence.

2) The policy of conflict prevention and management policy, in particular between the managing, the alternative investment fund and the unlisted company, including details of the specific protective measures to ensure that any the agreement between the managing or alternative investment fund and the undertaking shall be awarded on a crossover level.

3) The policy of external and internal communications relating to the unlisted company, in particular, to the company's employees.

Paragraph 3. In the course of the undue delay, the valet must request the executive executive executive, without undue delay, to inform the representatives of workers or, when such workers do not exist, the workers themselves of the information which is available ; referred to in paragraph 1. 2. The valet shall make all reasonable efforts to ensure that the executive executive has informed workers ' representatives or, when such do not exist, workers themselves in accordance with the rules laid down in this provision.

Paragraph 4. An alternative investment fund manager of alternative investment fund, which is an alternative investment fund individually or collectively achieves a dominant influence over any unlisted company, must either themselves or through the managed alternative investment fund ; provide information on the intention of alternative investment fund in respect of the future activities of the unlisted company and the likely impact on employment, including any significant change in the working conditions, to the following :

1) The unlisted company.

2) The company ' s capital owners, whose identity and addresses, are in possession of or can obtain from the unlisted company or from a register to which the manager has or may have access.

Paragraph 5. The valet shall make all reasonable efforts to ensure that the senior executive agency in the unlisted company shall place them in paragraph 1. 4 mentioned information at the disposal of the employee representatives of the unlisted company or, where they do not exist, for the workers themselves.

Paragraph 6. A manager of alternative investment funds managed by an alternative investment fund, which alone or jointly influences a dislisted company, shall provide the Financial supervision and investment fund investors ; information on how the acquisition was financed.

Special provisions relating to annual reports for alternative investment funds that have a determining influence over unlisted companies

§ 74. A management of alternative investment funds that administs an alternative investment fund, which individually or collectively achieves, determines the influence of an unlisted company, must :

1) request and make every effort to ensure that the annual report of the unlisted company which has been drawn up in accordance with paragraph 1 shall be ensured. 2, the management of the company shall be made available to the workers ' representatives or, where such workers do not exist, themselves at the latest by the closing date for the preparation of the annual report in accordance with the national national authorities ; rules, or

2) include the provisions referred to in paragraph 2 mentioned information relating to the annual report referred to in Section 61 to each alternative investment fund (s).

Paragraph 2. The additional information which shall be provided in accordance with paragraph 1. 1 shall be included in the annual report of the company or the alternative investment fund, which illustrates the situation of the company, which illustrates the situation of the company at the status of the annual report. The annual report shall include a description of the following :

1) Any significant incident occurred after the closing of the financial year.

2) The expected future development of the company.

3) Information relating to the acquisition of own capital units, cf. the rules implementing Article 22 (1). 2, in Directive 77 /91/EEC of 13. December 1976 on the coordination of guarantees required by Member States in the measures referred to in Article 58 (3). 2, in the Treaty, companies referred to the protection of members of the company and third parties as regards the foundation of the limited liability company and the maintenance of and changes in its capital, with the aim of making these guarantees equal.

Paragraph 3. A management of alternative investment funds that administs an alternative investment fund, which individually or collectively achieves, determines the influence of an unlisted company, must :

1) to request and make all reasonable efforts to ensure that the company ' s management in the unlisted company shall place them in paragraph 1. 1, no. The information referred to in paragraph 2 concerning the undertaking shall be made available to the workers ' representatives or, where such does not exist, for the workers at the latest at the end of the period in section 61 (1). 1, or

2) provide the information referred to in paragraph 1. 1, no. 1, at the disposal of investors in the alternative investment fund, to the extent that this information is already available within the provisions of section 61 (1). However, no later than the date on which the annual report of the unlisted company shall be drawn up in accordance with the national rules of the relevant country, in any case.

Limit limitation, etc.

§ 75. A manager of alternative investment funds individually or collectively achieves a dominant influence over an unlisted company or a issuer is for a period of 24 months following the attainment of the determinant ; influence over the company under the following duties and prohibitions, cf. however, paragraph 1 3-5 :

1) The valet shall not permit, support or give instructions to any encoding to capital owners, capital reduction, depositing of capital shares or the acquisition of own share of shares in the company.

2) The valet shall take all reasonable steps to prevent the engravation of capital owners, capital reductions, the settlement of shares or the transferability of own holdings by the company.

Paragraph 2. For the acquisition of its own shares in the company in accordance with paragraph 1. Paragraph 1 shall also include the profession of a person acting in his own name, but on behalf of the company.

Paragraph 3. The provision in paragraph 1 shall be 1 shall not preclude the operation of the caretaker to capital owners where free reserves are used exclusively for the purpose of the extract, which shall mean amounts which are listed in the company ' s most recent annual accounts as transferred profits ; reserves which are not bound by law or statutes, with deduction of a transfer deficit.

Paragraph 4. The provision in paragraph 1 shall be 1 shall not preclude the carrier ' s acquisition of its own shareholdings if the undertaking ' s net assets are at least equal to the amount of the subscribed capital with a supplement of the reserves under law, or Statutes cannot be endubbed.

Paragraph 5. The provision in paragraph 1 shall be 1 shall not preclude the operator ' s capital reduction if the purpose of the capital reduction is to cover deficits or to include sums of money in a special reserve which cannot be imploded, provided that : the size of such a reserve thereafter is not more than 10%. by the reduced subscribed capital.

TITLE VI

Cross-border marketing and management

Chapter 13

In Denmark, the placing on the market of alternative investment funds from a country within the European Union or a country concluded by the Union in the area of the financial area of the registered office of the Union shall be made in Denmark,

SECTION 76. The management of alternative investment funds with registered registered offices in Denmark, which is managing alternative investment funds from a country within the European Union or a country with which the Union has concluded agreements in the financial sphere, may : market these funds to professional investors in Denmark if the conditions in section 77-80 are met.

Paragraph 2. If the alternative investment fund that the manager wants to market in Denmark is a feeder fund, it is a condition for the custodian of the fund within the European Union or in a country to which the Union has concluded agreement ; in the financial sphere, the master fund is also from a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere and that the master fund is managed by a manager from a country within the European Union ; Union or a country with which the Union has concluded an agreement in the area of the financial sphere ; to manage alternative investment funds.

§ 77. The management of alternative investment funds with registered registered offices in Denmark which, in Denmark, wants to market alternative investment funds from the European Union or a country concluded by the Union in the area of the financial sphere, shall : submit notification to the Financial supervision of each fund prior to placing on the market.

Paragraph 2. The notification pursuant to paragraph 1. 1 shall be written in writing and shall include the following documentation and information :

1) An operational plan, with a unique identification of the alternative investment funds, which the manager is planning to market, and information on where the funds are established.

2) Every fund's rules or regulations.

3) Indication of each of the depositary deposits.

4) A description of the funds that are available to investors.

5) Information about where the master fund is established if one of the funds is a feeder fund.

6) Any additional information, cf. § 62 (2) One, about each fund, which the manager intends to market.

7) Where appropriate, information on the measures taken to prevent the participation of the Fund in the Fund for retail investors, even when the Caretaker is using independent entities to provide investment services in the context of the Fund.

§ 78. No later than 20 working days after receiving a complete notification pursuant to section 77, paragraph 1. 2, the Financial supervision of the Financial Authority shall inform the Caretaker as to whether or not the Caretaker may begin marketing of the alternative investment fund in Denmark. Refunting on the market may be granted only if the management of the alternative investment fund management is not in conformity with this law and rules issued under this, or, if the manager does not comply with this law and rules ; issued in accordance with this.

Paragraph 2. The Management Board may commence the placing on the market of the alternative investment fund in Denmark from the date on which the Financial supervision has informed the manager of the commencement of placing on the market.

Paragraph 3. In the event that Denmark is not a country of the alternative investment fund, the Financial supervision must immediately after a decision that the alternative investment fund may be marketed in Denmark also inform the competent authorities of it ; in the case of alternative investment fund homeland, the manager may begin marketing of shares in the Fund in Denmark.

§ 79. The Management Board shall notify the Financial supervision of the Financial Regulation in writing in the event of significant changes in the information given in accordance with section 77 (3). 2. For planned changes, the notification shall be made within one month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 2. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 1.

Paragraph 3. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 2 or, if an unforeseen change is taking place whereby the management of the alternative investment fund is no longer complying with that law or rules issued under this, or, in the other manner, no longer the administration is no longer in service ; in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

$80. The financial supervision may lay down detailed rules for :

1) the form and content of the notification to be sent to the Financial supervision prior to marketing in accordance with section 77, and

2) the form of the written notification that the Caretaker shall submit to the Financial supervision, cf. Section 79, paragraph 1. 1 on planned or deposited changes in the information given in section 77 (3). 2.

The placing on the market of a country within the European Union or a country concluded by the Union in the area of the financial area of alternative investment funds from a country within the European Union or a country which the Union has concluded ; Agreement with the financial area, by a registered office manager, in Denmark ;

§ 81. A manager of alternative investment funds with registered registered offices in Denmark which wants to market share in alternative investment funds from a country within the European Union or a country with which the Union has concluded agreement ; in financial terms, to professional investors in another country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, the Financial Authority shall notify the Financial Authority.

Paragraph 2. The notification pursuant to paragraph 1. 1 shall be written in writing and shall include the following documentation and information :

1) An operational plan, with a unique identification of the alternative investment funds, which the manager is planning to market, and information on where the funds are established.

2) Every fund's rules or regulations.

3) Indication of each of the depositary deposits.

4) A description of the funds that are available to investors.

5) Information about where the master fund is established if one of the funds is a feeder fund.

6) Any additional information, cf. § 62 (2) One, about each fund, which the manager intends to market.

7) Information on the Member State or Member State in which the manager intends to market shares to professional investors for each fund.

8) Information on the measures taken to market funds and any information on the measures taken to prevent the participation of shares in each fund for retailers, even when the manor is utilised ; independent units to provide investment services in the context of the Fund.

$82. The notification referred to in section 81 must be drawn up in a language which is the international financial world.

§ 83. If the alternative investment fund that the manager wants to market under Article 81 is a feeder fund, it is a condition that the manager may market the fund within the territory of a country within the European Union or a country the Union has, the contract concluded in the financial sphere that the master fund is also from a country within the European Union or a country concluded by the Union in the financial sphere and that the master fund is managed by a man-made manager, to manage alternative investment funds.

§ 84. No later than 20 working days after receiving a full notification meeting the conditions of section 81 and 82, the Financial supervision shall send the notification to the competent authorities of the country in which it is intended to do so. The investment fund must be marketed. The SEC shall forward only notification if the management of the alternative investment fund is in accordance with this law and rules issued in accordance with that law and the administration, by the way, complies with that law and rules issued in accordance with of which.

Paragraph 2. The SEC is appensing a statement that the administration has permission to manage alternative investment funds with an investment strategy that the alternative investment fund in question is following.

§ 85. Where the SEC has sent the notification to the competent authorities in the host country, cf. Section 84 will inform the SEC immediately of the submission. The management may commendate the placing on the market of the alternative investment fund in the host country from the date of such notification.

Paragraph 2. If the alternative investment fund has a country in another country within the European Union or a country concluded by the Union in the area of the financial area other than the host country, the Financial supervision shall also inform the competent authorities of the Community ; the authorities of the alternative investment fund homeland that the manager may initiate the placing on the market of shares in the host country.

§ 86. The Management Board shall notify the Financial supervision of the Financial Regulation in writing in the event of significant changes in the information given under Section 81 (3). 2. For planned changes, the notification shall be made within one month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 2. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 1.

Paragraph 3. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 2 or, if an unforeseen change is taking place whereby the management of the alternative investment fund is no longer complying with that law or rules issued under this, or, in the other manner, no longer the administration is no longer in service ; in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

Paragraph 4. If the communication changes are not in breach of the rules of this Act or rules issued under the law, the SEC shall forthwith inform the competent authorities of the host country of the administration of the changes.

§ 87. The financial supervision may lay down detailed rules for :

1) the form and content of the notification to be sent to the Financial supervision prior to the placing on the market in accordance with sections 81 and 82, and

2) the form of the written notification that the Caretaker shall submit to the Financial supervision, cf. § 86, paragraph. 1 on planned or deposited changes in the information given under Section 81.

In Denmark, the placing on the market of alternative investment funds from a country within the European Union or a country concluded by the Union in the financial area by a registered office in a country within the territory of the European Union ; European Union or a country with which the Union has concluded an agreement in the financial sphere ;

§ 88. A management of alternative investment funds with registered registered offices in another country within the European Union or a country with which the Union has concluded agreement in the financial area, which has been authorised to administer alternative activities ; investment funds in accordance with rules implementing Directive 2011 /61/EU of 8. June 2011 on alternative investment fund managers and who wish to market shares in alternative investment funds from a country within the European Union or a country with which the Union has reached agreement in the financial sphere ; in Denmark, professional investors in Denmark may start this marketing from the time when the competent authorities of the managing country of the managing country have informed the manager of their submission and declaration to the Financial supervision in pursuant to the rules laid down in Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

Paragraph 2. The SEC may lay down detailed rules on the marketing referred to in paragraph 1. 1.

Chapter 14

Management of alternative investment funds from another country within the European Union or a country concluded by the Union in the financial area of the management of alternative investment funds with registered registered offices in Denmark ;

$89. A management of alternative investment funds with registered registered offices in Denmark may manage alternative investment funds established in another country within the European Union or a country with which the Union has concluded agreement ; in financial terms, either directly or through the establishment of a branch, provided that the administration is authorized to manage alternative investment funds with the type of investment in question in question.

§ 90. The first time a manager of alternative investment funds with registered registered offices in Denmark wants to manage alternative investment funds established in another country within the European Union or a country with which the Union has concluded agreement ; in the financial field, the manager shall submit the following information to the Financial supervision :

1) Which country, within the European Union, or the country with which the Union has agreed in the financial area, is intended to manage the alternative investment funds either directly or by the establishment of a branch.

2) An operational plan which, amongst other things, must describe which services the manager intends to provide and what alternative investment funds the manager intends to manage.

Paragraph 2. Where a manager of alternative investment funds is intended to establish a branch in the host Member State to manage the administration, the manager shall, in addition to the information referred to in paragraph 1, have to be provided for the purposes of this Article. 1 submit the following information to the Financial supervision :

1) The organizational structure of the Filial.

2) The address of the home country of the alternative investment fund from which documents may be requested.

3) The names and contact information relating to the persons responsible for the branch management.

Paragraph 3. The information provided in accordance with paragraph 1 shall be 1 and 2 shall be drawn up in a language which is the common in the international financial world.

§ 91. The Financial supervision shall forward to the Commission no later than one month after receiving the whole section of section 90 (1). The documents referred to in paragraph 90 (1), as referred to in Article 90 (1), as referred to in Article 90 (1) The documentation referred to in paragraph 2 shall provide the full documentation of the competent authorities of the host country of the managing country. The SEC shall forward only notification if the management of the alternative investment fund is in accordance with this law and rules issued in accordance with that law and the administration, by the way, complies with that law and rules issued in accordance with of which.

Paragraph 2. The financial supervision is accompanied by a statement that the administration has permission to manage alternative investment funds with the investment strategy that the alternative investment fund in question is following.

§ 92. When the SEC has sent the information to the competent authorities of the host country, cf. in section 91, the Financial supervision shall forthwith inform the Caretaker. The official shall be able to start the delivery of management services in the host Member State after receiving this notification.

§ 93. In writing, the valet shall inform the Financial supervision if significant changes are made in the information given in section 90. For planned changes, the notification shall be made within one month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 2. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 1.

Paragraph 3. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 2 or, if an unforeseen change is taking place whereby the management of the alternative investment fund is no longer complying with that law or rules issued under this, or, in the other manner, no longer the administration is no longer in service ; in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

Paragraph 4. If the communication changes are not in breach of the rules of this Act or rules issued under the law, the SEC shall forthwith inform the competent authorities of the host country of the administration of the changes.

$94. The financial supervision may lay down detailed rules for :

1) the information to be given in accordance with section 90, and

2) the form of the written notification that the Caretaker shall submit to the Financial supervision, cf. § 93, paragraph. 1 on planned or deposited changes in the information given in section 90.

The management of alternative investment funds established in Denmark by the management of alternative investment funds registered registered offices in another country within the European Union or a country with which the Union has concluded the financial contract ; area

§ 95. A management of alternative investment funds with registered registered offices in another country within the European Union or a country with which the Union has concluded agreement in the financial area, which has been authorised to administer alternative activities ; investment funds in accordance with rules implementing Directive 2011 /61/EU of 8. In June 2011 on alternative investment funds, the implementation of alternative investment funds established in Denmark may be launched at the time when the competent authorities of the managing country of the managing country have notified the caretaker of the need for : the information provided for in Article 90 (2) shall be provided for the Financial supervision of the Financial Authority. 1 if the administration is to be carried out directly and the information provided for in section 90 (5). 2 if the management of the administration is to be carried out via a branch in Denmark and a declaration that the administration is authorised to manage alternative investment funds with the type of investment investment in question.

Management of alternative investment funds from a third country and not placed on the market in a country of the European Union or a country concluded by the Union in the area of the financial area, by alternative services, investment funds, based in Denmark,

§ 96. The management of alternative investment funds with registered registered office in Denmark, which has a licence under section 11, may manage alternative investment funds from a third country and which are not marketed within a country of the country of the country ; the European Union or a country concluded by the Union in the area of the financial area, provided that the following conditions are met :

1) The valet complies with all requirements of this Act and rules issued in accordance with the exception of Chapters 8 and 9 as regards such funds.

2) Financial supervision must have concluded appropriate cooperation agreements with the competent authorities of the third country in which the alternative investment fund is established that complies with international standards and which enables the Financial supervision to lead ; the supervision of the manager under this law, including monitoring the systemic risks.

Paragraph 2. The financial supervision may lay down detailed rules for the design and content of the provisions referred to in paragraph 1. 1, no. 2, as referred to as cooperation agreements.

Chapter 15

placing on the market in a country of the European Union or a country with which the Union has concluded an agreement in the financial sphere of a third country managed by a manager from a third country, the placing on the market of a country within the European Union or a country that the Union has concluded in the financial area. a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere ;

§ 97. This chapter shall apply to the placing on the market of shares in the following alternative investment funds :

1) Alternative investment funds that are from a third country and managed by a manager with a permit.

2) Alternative investment funds from a country of the European Union or a country with which the Union has concluded agreements in the financial field which are feeders that do not meet the requirement in section 76 (2). 2.

-98. A man-made manager of alternative investment funds, registered in Denmark, which wants to market shares in the funds provided for in Article 97 to professional investors in Denmark, a country within the European Union or a country the Union has, Agreement concluded in the financial sphere shall comply with all the requirements of this Act and rules issued in accordance with them, with the exception of the rules laid down in Chapters 13 and 14. In addition, the following conditions must be met :

1) Appropriable cooperation agreements shall be concluded between the SEC and the competent authorities of the country in which the alternative investment fund, cf. § 97, no. 1, or the Master Fund for the feeder fund, cf. § 97, no. 2, has its registered head office living up to international standards and which enables the Financial supervision to supervise the caretaker under this law, including monitoring the systemic risks.

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

3) The third country in which the alternative investment fund has been established must have concluded an agreement with Denmark and with all the countries of the European Union and countries concluded by the Union in the area of the financial area in which the alternative ; the investment fund is placed on the market, which complies with the standards referred to in Article 26 of the Organisation for Economic Cooperation and Development and the Agricultural Guidance Agreement on income and fortune, ensuring an effective exchange of information on : fiscal matters, including information relating to multilateral tax agreements.

The placing on the market of alternative investment funds from a third country and managed by a registered office in Denmark shall be the market in which the market is to be administered.

§ 99. A manager of alternative investment funds with registered registered offices in Denmark which wants to market shares in the funds referred to in Article 97 to professional investors in Denmark shall submit a notification to the Financial supervision of each Fund prior to : The marketing.

Paragraph 2. The notification pursuant to paragraph 1. 1 shall be written in writing and shall include the following documentation and information :

1) An operational plan, with a unique identification of the alternative investment funds, which the manager is planning to market, and information on where the funds are established.

2) Every fund's rules or regulations.

3) Indication of each of the depositary deposits.

4) A description of the funds that are available to investors.

5) Information about where the master fund is established if one of the funds is a feeder fund.

6) Any additional information, cf. § 62 (2) One, about each fund, which the manager intends to market.

7) Where appropriate, information on the measures taken to prevent the participation of the Fund in the Fund for retail investors, even when the Caretaker is using independent entities to provide investment services in the context of the Fund.

§ 100. No later than 20 working days after receiving a complete notification pursuant to section 99, the Financial supervision shall provide the Caretaker ' s notice of whether or not the manager can initiate the placing on the market of the alternative investment fund in Denmark. Refunting on the market may be granted only if the management of the alternative investment fund management is not in conformity with this law and rules issued under this, or, if the manager does not comply with this law and rules ; issued in accordance with this.

Paragraph 2. The Management Board may commence the placing on the market of the alternative investment fund in Denmark from the date on which the Financial supervision has informed the manager of the commencement of placing on the market.

Paragraph 3. The Financial Supervisory Authority shall inform the European Securities and Markets Authority that the manager has been granted authorisation to market shares in the alternative investment fund in Denmark.

§ 101. The Management Board shall notify the Financial supervision of the Financial Regulation in writing in the event of significant changes in the information given in accordance with section 99 (5). 2. For planned changes, the notification shall be made within one month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 2. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 1.

Paragraph 3. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 2 or, if an unforeseen change is taking place whereby the management of the alternative investment fund is no longer complying with that law or rules issued under this, or, in the other manner, no longer the administration is no longer in service ; in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

Paragraph 4. If the uninformed changes are not in breach of the rules of this Act or rules issued under the law, the Financial Supervisory Board shall immediately inform the European Securities and Markets Authority if the changes pertaining to the termination of the marketing of : certain alternative investment funds or the placing on the market of additional funds. The SEC must also inform the competent authorities of the host country of the managing country of the amendments.

The placing on the market of a country within the European Union or a country concluded by the Union in the financial sphere of alternative investment funds obtained from a third country and managed by a registered office in the Community ; Denmark

§ 102. A manager of alternative investment funds, based in Denmark, which wants to market shares in the alternative investment funds referred to in Article 97, to professional investors in a country other than Denmark within the European Union or any other ; the country to which the Union has concluded an agreement in the financial sphere shall submit a notification to the Financial supervision of each fund.

Paragraph 2. The notification pursuant to paragraph 1. 1 shall be written in writing and shall include the following documentation and information :

1) An operational plan, with a unique identification of the alternative investment funds, which the manager is planning to market, and information on where the funds are established.

2) Every fund's rules or regulations.

3) Indication of each of the depositary deposits.

4) A description of the funds that are available to investors.

5) Information about where the master fund is established if one of the funds is a feeder fund.

6) Any additional information, cf. § 62 (2) One, about each fund, which the manager intends to market.

7) Information on the Member State or Member State in which the manager intends to market shares to professional investors for each fund.

8) Information on the measures taken to market funds and any information on the measures taken to prevent the participation of shares in each fund for retailers, even when the manor is utilised ; independent units to provide investment services in the context of the Fund.

§ 103. The notification referred to in section 102 shall be drawn up in a language which is the common in the international financial world.

§ 104. Within 20 working days of receipt of a full notification meeting the conditions laid down in Article 102, the Finance Board shall forward the notification to the competent authorities of the country in which the alternative investment fund is intended to be used, is marketed. The SEC shall forward only notification if the management of the alternative investment fund is in accordance with this law and rules issued in accordance with that law and the administration, by the way, complies with that law and rules issued in accordance with of which.

Paragraph 2. The SEC is appensing a statement that the administration has permission to manage alternative investment funds with an investment strategy that the alternative investment fund in question is following.

§ 105. Where the SEC has sent the notification to the competent authorities in the host country, cf. § 104, the SEC shall immediately inform the manager of the submission. The management may commendate the placing on the market of the alternative investment fund in the host country from the date of such notification.

Paragraph 2. The Financial Supervisory Authority shall inform the European Securities and Markets Authority that the manager may initiate marketing of shares in the alternative investment fund in the host Member State.

§ 106. The Management Board shall notify the Financial supervision of the Financial Regulation in writing in the event of significant changes in the information given in accordance with Article 102 (1). 2. For planned changes, the notification shall be made within one month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 2. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 1.

Paragraph 3. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 2 or, if an unforeseen change is taking place whereby the management of the alternative investment fund is no longer complying with that law or rules issued under this, or, in the other manner, no longer the administration is no longer in service ; in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

Paragraph 4. If the uninformed changes are not in breach of the rules of this Act or rules issued under the law, the Financial Supervisory Board shall immediately inform the European Securities and Markets Authority if the changes pertaining to the termination of the marketing of : certain alternative investment funds or the placing on the market of additional funds. The SEC must also inform the competent authorities of the host country of the managing country of the amendments.

§ 107. The financial supervision may lay down detailed rules concerning :

1) The Regulation and the content of the notification to be sent to the Financial supervision prior to the placing on the market in accordance with section 99.

2) The Regulation and the content of the notification to be sent to the Financial supervision prior to the placing on the market in accordance with section 102.

3) The Formen of the sections 101 and 106 written information.

Market marketing in Denmark of alternative investment funds from a third country, by a manager from another country within the European Union or a country to which the Union has concluded agreement in the financial sphere,

§ 108. A manager of alternative investment funds with registered registered offices in another country within the European Union or a country concluded by the Union in the area of the financial area which has been granted authorisation to market the products referred to in Article 97 ; funds in accordance with rules implementing Directive 2011 /61/EU of 8. In June 2011 on alternative investment fund managers and who wish to market these funds to professional investors in Denmark, this marketing may commence at the time when the competent authorities of the managing country of the Caretaker have the right to say : informed the manager of their submission of a complete notification and a statement that the administration has permission to manage alternative investment funds with the investment strategy in question, to the Financial supervision of the rules in accordance with the rules laid down in : Directive 2011 /61/EU of 8. June 2011, the management of alternative investment funds.

Paragraph 2. The SEC may lay down detailed rules on the marketing referred to in paragraph 1. 1.

Chapter 16

Marketing without marketing funds in Denmark of alternative investment funds from a third country of a managing country within the European Union or a country to which the Union has concluded agreement in the financial sphere shall be subject to marketing.

-109. A manager of alternative investment funds with registered registered offices in Denmark, another country within the European Union or a country with which the Union has concluded agreement in the financial field, which has been granted authorisation to administer ; alternative investment funds in accordance with rules implementing 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 fund from a country within the European Union or a country which the Union has concluded ; Agreement on the financial area which is feeder funds that do not meet the requirement in section 76 (3). 2, for professional investors in Denmark, the Finance Board may be authorized to do so, provided that the following conditions are met :

1) The valet complies with all the requirements of this Act and rules issued under the Law, with the exception of Chapter 8.

2) The valet shall ensure that one or more entities are designated, which must be different from the Caretaker itself, to carry out the tasks covered by Section 50, section 51 (4). One, and section 52. The valet shall inform the Finance-vision of the identity of the entities that carry out the tasks covered by sections 50, section 51 (1). One, and section 52.

3) Financial supervision must have concluded appropriate cooperation agreements with the competent authorities of the third country in which the alternative investment fund is established that complies with international standards and which enables the Financial supervision to lead ; the supervision of the manager under this law, including monitoring the systemic risks.

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

§ 110. The SEC may lay down detailed rules on the marketing referred to in section 109.

Chapter 17

Rules on the authorisation and placing on the market of alternative investment fund managers with registered registered offices in a third country

Requirements concerning the authorisation of reference land prior to management or marketing

§ 111. A manager of alternative investment funds with registered registered offices in a third country must have a reference country in a country within the European Union or a country concluded by the Union in the area of the financial sector, before the administration ;

1) the management of alternative investment funds from a country within the European Union or a country concluded by the Union in the area of the financial sphere ; or

2) shall commences the placing on the market of a country within the European Union or a country concluded by the Union in the area of the financial area of alternative investment funds managed by the administration of the man-made services.

Paragraph 2. If Denmark is the reference country for the manager, cf. § § 112-115, the Caretaker shall comply with this law and rules issued under this, including having permission after Section 11, cf. Section 116, before managing or placing alternative investment funds on the market, starting or marketing.

Establishment of reference and reference

§ 112. Where a manager of alternative investment funds with registered registered offices in a third country is planning to manage one or more alternative investment funds established in the same country within the European Union or a country with which the Union is to : Agreement concluded in the financial sphere, but does not plan to market any of the funds of a country within the European Union or a country concluded by the Union in the financial sphere, this country is considered to be a country ; the reference country of the manager.

Paragraph 2. Where a manager of alternative investment funds with registered registered office in a third country plans to manage alternative investment funds established in different countries within the European Union or countries which the Union has concluded ; Agreement on financial matters, but does not plan to market any of the funds of a country within the European Union or a country concluded by the Union in the area of the financial sphere, the reference cell shall be either :

1) the country of the European Union or the country in which the Union has concluded an agreement in the area of the financial area in which most of the funds are established ; or

2) the country of the European Union or the country in which the Union has concluded an agreement in the financial sphere, where the largest quantity of assets is managed.

§ 113. Where a manager of alternative investment funds with registered registered office in a third country is intended solely to market one alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement ; in the financial sphere, in a country of the European Union or a country concluded by the Union in the area of the financial area, the reference sector shall be fixed as follows :

1) Where the Fund has acquired permission or is registered in a country within the European Union or a country concluded by the Union in the area of the financial area, the manager of the administration is the reference country of the administration ;

a) the home country of the alternative investment fund ; or

b) the country in which the steward is planning to market the fund.

2) If the Fund has not acquired or registered in a country within the European Union or a country concluded by the Union in the area of the financial area, the reference country of the manager is the country in which the steward is planning to : market the trust fund.

Paragraph 2. Where a manager of alternative investment funds with registered registered office in a third country is intended solely to market one alternative investment fund from a third country, in a country within the European Union or a country that : The Union has concluded agreement with the financial area, the country of reference is the country where the fund is planted.

Paragraph 3. Where a manager of alternative investment funds with registered registered office in a third country is intended solely to market one alternative investment fund from a country within the European Union or a country with which the Union has concluded agreement ; in the financial sphere, but in various countries within the European Union or countries concluded by the Union in the area of the financial area, the reference sector shall be fixed as follows :

1) If the Fund has acquired a permit in or is registered in a country within the European Union or a country with which the Union has concluded agreement in the financial sphere, the manager ' s reference and reference zone shall be :

a) the home country of the alternative investment fund ; or

b) one of the countries in which the steward is planning to develop an efficient marketing.

2) If the Fund has not acquired or registered in a country within the European Union or a country concluded by the Union in the area of the financial area, the reference country of the manager is one of the countries where the steward is, or not, is planning to develop an efficient marketing.

Paragraph 4. Where a manager of alternative investment funds with registered registered office in a third country is intended solely to market one alternative investment fund from a third country, but in different countries of the European Union ; or countries with which the Union has concluded agreements in the financial sphere are one of those countries.

Paragraph 5. Where a manager of alternative investment funds with registered registered office in a third country is planning to market more alternative investment funds, all of which have a country of origin within the European Union or a country the Union has, the contract concluded in the financial sphere, in one or more countries within the European Union or a country concluded by the Union in the area of the financial area, the reference sector shall be determined as follows :

1) Where all the funds have been authorised in or registered in the same country within the European Union or a country concluded by the Union in the area of the financial sphere, the reference area shall be :

a) the home Member State of the alternative investment fund ;

b) the country in which the administration intends to develop an effective marketing for most of these funds.

2) Where all funds have not acquired or registered in the same country within the European Union or a country concluded by the Union in the area of the financial area, the country of reference shall be the country of which the steward has, to develop an effective market for most of the funds.

Paragraph 6. Where a manager of alternative investment funds with registered registered office in a third country plans to market more alternative investment funds in a country within the European Union or a country with which the Union has concluded agreement ; the financial area, of which one or more of the Funds are from a third country, the reference country of the manager is the country of the European Union or the country of which the Union has concluded the financial area in which the steward is planning to : develop an effective marketing for most of these funds.

§ 114. If Denmark is in accordance with section 112 or 113, the administration of alternative investment funds with registered registered office in a third country shall be subject to the authorization of the Financial supervision pursuant to section 11, cf. § 119. If, in accordance with the criteria in section 112 (2), 2, section 113 (3). 1, no. Paragraph 1 (1). 3 and 4, and paragraph 1. 5, no. 1, several possible reference countries, one of which is Denmark, shall submit an application for a reference and to the competent authorities of all the countries which are possible reference countries. At the same time, the valet shall inform the Finance-Review of which the other countries are to submit notification.

Paragraph 2. When the Financial supervision receives a request in accordance with paragraph 1. 1, where the Caretaker has several possible reference countries, the Financial supervision, within a period of 1 month after all competent authorities in other countries, have received a notification to have a reference country assigned from the steward, together with the other countries of : the national legislation shall decide on the basis of which the country may be assigned as a reference country.

Paragraph 3. Where Denmark is the manager ' s reference and reference to paragraph 1. 2, the Financial supervision of the Financial Authority shall inform the Caretaker that Denmark has been assigned the custodian as a reference country.

Paragraph 4. Where a decision has been taken in accordance with paragraph 1. 2 and the caretaker shall not be informed within 7 days of the decision, or if a decision has not been taken within one month after all requests referred to in paragraph 1 shall not be taken. 1 has been received by the competent authorities, the Caretaker may select a reference country from the criteria applicable in accordance with Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds. If the manager chooses Denmark as a reference country, the Caretaker shall immediately inform the Finance-Board thereof.

Paragraph 5. A manager intended to develop an efficient marketing in a particular country within the European Union or a country with which the Union has entered into agreement in the financial sphere, shall, at the request of the Financial supervision, be able to document : This by informing on the marketing strategy of its marketing strategy.

§ 115. When the Financial supervision receives an application after paragraph 114 (1) 1, as a result of the administration considers Denmark as the only possible reference and the Financial supervision, shall assess the extent to which the manager ' s determination of the reference cell is in accordance with sections 112 and 113. If the Financial Control Board does not agree that Denmark is the manager's reference country, or the Caretaker has other possible reference countries, the Financial supervision application shall reject the application. If the Financial Supervisory Board agrees that Denmark is the manager's only possible reference country, the Financial Supervisory Board shall inform the European Securities and Markets Authority on the assessment of the reference cell with the manager's justification for the choice of : Denmark as a reference country and provides, where appropriate, information on the management strategy of the manager.

Paragraph 2. The European Securities and Markets Authority shall provide advice to the Financial Supervisory Board of the Agency ' s assessment of reference at the latest within one month after receiving the notification pursuant to paragraph 1. 1.

Paragraph 3. If the Financial Supervisory Board is planning to notify an authorization to manage alternative investment funds contrary to the advice of the European Securities and Markets Authority, the Financial Supervisory Authority shall notify the European Securities and Securities and Value Paper-and Market surveillance, together with the reasons for the decision, together with information on the reasons for the decision. Where the manager intends to market shares in alternative investment funds, as it adminithers, in other countries of the European Union or a country with which the Union has concluded agreement in the financial sphere, it shall inform the Member States of the Agency ' s decision ; The SEC shall also, together with the reasons for the decision, be taken by the competent authorities of the countries concerned. Where appropriate, the SEC shall also inform the competent authorities of the home Member States ' s managed alternative investment fund ' s home Member States, together with the reasons for the decision.

Additional conditions in connection with the authorisation of administration and so on

§ 116. The conditions and requirements in § 117 and § 118 (3). 1 3, must be fulfilled in order to permit the administration of alternative investment funds registered in a third country which has been granted Denmark as a reference country to manage alternative investment funds, in accordance with the registered office of a reference country. Section 11 (1). 3, no. 7.

§ 117. It is a prerequisite for the Financial supervision to permit the management of alternative investment funds to manage the registered office of a third country, that the following conditions are met :

1) Suisive cooperation agreements must be concluded between the SEC, the competent authorities of the home Member States concerned and the supervisory authorities of the country in which the steward has its registered office, which ensures that : the effective exchange of information and which enables the Financial supervision to supervise the managing manager under this law, including monitoring the systemic risks.

2) The third country in which the steward has his registered office should not be registered as a non-cooperative country and territory by the Financial Action Task Force.

3) The third country in which the caretaker has its registered office shall have an agreement with Denmark complying with the standards referred to in Article 26 of the Organisation for Economic Cooperation and Development and the Agricultural Guidance Agreement on income and wealth and provide an effective exchange of information on tax matters, including information relating to multilateral tax agreements.

4) The supervision tasks of the financial system under this law are not prevented by the laws, regulations or administrative provisions of a third country governed by the competent authority or by restrictions on the supervisory and investigative powers applicable to the person concerned ; the supervisory authorities of the third country

Legal representative

§ 118. A management of alternative investment funds with registered registered office in a third country which is applying for the authorization to manage alternative investment funds pursuant to section 11, cf. Section 116 shall have a legal representative established in Denmark.

Paragraph 2. In the case of the activities of the applicant for authorization to perform, the legal representative shall be the contact point of the administration for :

1) Financial supervision.

2) Other competent authorities from countries within the European Union or countries with which the Union has concluded agreements in the financial sphere.

3) Investors from a country within the European Union or a country with which the Union has concluded agreements in the financial sphere, in the funds managed by the managing manager.

4) The European Securities and Markets Authority.

Paragraph 3. All correspondence from the Caretaker as referred to in this Act and rules issued in accordance with it shall be carried out by means of the legal representative, where the correspondence is addressed to the following individuals, companies and authorities :

1) Financial supervision.

2) Other competent authorities from countries within the European Union or countries with which the Union has concluded agreements in the financial sphere.

3) Investors from a country within the European Union or a country with which the Union has concluded agreements in the financial area which are investing in the management of funds.

Paragraph 4. The legal representative must have the necessary powers and resources to ensure that the Caretaker complies with the requirements of this Act and rules issued in accordance with those relating to the activities for which the steward is seeking authorization.

Applications for the management of alternative investment funds

§ 119. A manager of alternative investment funds with registered registered office in a third country seeking authorization to manage alternative investment funds shall submit an application in accordance with section 11, supplemented by the following information :

1) The reason for the explanation of the reasons for the choice of Denmark as a reference country in accordance with the criteria in section 112 and 113 together with information on the manager's marketing strategy.

2) A list of the possible provisions of this Act or rules issued by virtue of which the manager cannot comply, because it complies with the conditions set out in section 120 (2). 1, no. One-three would be incompatible with respect for a preceptive provision in the legislation which the steward or alternative investment fund from a third country marketed in the European Union is subject to.

3) A possible written statement, in accordance with the regulatory technical standards developed by the European Securities and Markets Authority, which contains evidence that the legislation of the relevant third country contains : regulation corresponding to the provisions of this Act, which it is impossible to comply with for the managing manager, cf. Section 120, which has the same regulatory objective and provides the same level of protection for investors in the relevant funds. The written statement shall be supported by a legal opinion that the relevant incompatibility of the relevant provisions of the third country are in the legislation of the third country, including a description of the regulatory objectives of the regulatory instrument and the nature of the intended purpose ; investor protection.

4) Information on the name and place of establishment of the administrator ' s legal representative.

Paragraph 2. When a manager of registered registered office in a third country is authorized to manage alternative investment funds in accordance with section 11, cf. § 116, can they in section 11, paragraph 1. The information referred to above shall be limited to the alternative investment funds from countries within the European Union or countries concluded by the Union in the financial area to which the manager intends to manage, and the information they have to do so ; other alternative investment funds managed by the administration and wish to market in countries within the European Union or countries with which the Union has concluded agreement in the financial sphere.

Paragraph 3. The SEC may lay down detailed rules on how a manor registered office in a third country can comply with the requirements of this Act, in particular the requirements laid down in section 61-68.

§ 120. If compliance with a provision of this Act or rules issued pursuant to this is contrary to compliance with preceptive legislation, as a manager of alternative investment funds with registered registered office in a third country or alternative, the investment fund from a third country to which the administration plans to market within the territory of a country within the European Union or a country concluded by the Union in the area of the financial sphere is subject to the manager, the manager is not obliged to : to the determination. However, the valet cannot fail to comply with the provision when the Manager of the Financial supervision can prove that :

1) It is impossible to reconcile the law of compliance with the legislation which the manager or fund is subject to,

2) the legislation to which the manager or fund is subject shall lay down a corresponding provision of the same purpose and the same level of protection for investors in the Fund, as provided for in this Act, Annexes to the law or provisions adopted under the law, and

3) the steward or the fund complies with this legislation.

Paragraph 2. If the Financial supervision determines that the administration can use the provision in paragraph 1. 1, the Financial Supervisory Board shall inform the European Securities and Markets Authority without undue delay to the European Securities and Markets Authority to provide the information which the manager has informed the Financial Supervisory Authority pursuant to section 119 (1). 1, no. Two and three.

Paragraph 3. The European Securities and Markets Authority shall deliver an opinion on the Financial Supervisory Board of the extent to which the European Securities and Markets Authority shall agree that the administration may waive compliance with a provision of this law or rules ; issued under the law, no later than 1 month after receiving notification from the Financial supervision.

Paragraph 4. If the Financial Supervisory Board is permitted in violation of the advice of the European Securities and Markets Authority, the Financial Supervisory Authority shall inform the European Securities and Markets Authority together with information on the reasons for the reasons for the use of the European Securities and Markets Authority (s). for the decision. Where the manager intends to market shares in alternative investment fund managers in other countries within the European Union or a country with which the Union has concluded an agreement in the financial sphere, it shall inform the Member States of the Fund ; The SEC shall also, together with the reasons for the decision, be taken by the competent authorities of the countries concerned. Where appropriate, the Financial supervision authorities shall also inform the competent authorities of the home Member States ' s home Member States, together with the reasons for the decision.

Paragraph 5. The SEC may lay down detailed rules on when legislation which a manager is subject to is considered to have a provision which has the same objective and level of protection for investors in the Fund as the one applying under this law. The Financial supervision may accordingly lay down detailed rules on this option for an alternative investment fund from a country of the European Union or a country which the Union has concluded in the financial area managed by the managing manager, or a fund from a third country which is placed on the market by a government in a country within the European Union ; or a country with which the Union has concluded an agreement in the financial sphere.

Chapter 18

Anchor Anchor

§ 121. A management of alternative investment funds with registered registered office in a third country which has been granted Denmark as a reference country shall not change the reference and without authorisation from the Financial supervision.

Paragraph 2. If the manager changes its marketing strategy within the first two years after the Financial supervision has granted authorisation to manage alternative investment funds for the manager under section 11, cf. Section 116, and this change would have affected the determination of the reference cell if the modified marketing strategy had been placed on the original application of the manager, the manager shall inform the Finance-SEC accordingly.

Paragraph 3. The manager must not implement a modified marketing strategy before the Caretaker has notified it to the Financial supervision referred to in paragraph 1. 2. At the same time, the notice shall inform the manager, which the reference and steward assesses, according to the modified marketing strategy, in accordance with the criteria in section 112-115. At the same time, the author of his new marketing strategy must be set out in the face of the Financial supervision. The foreman shall also inform the name and establishment of the administration ' s legal representative in the new reference country.

Paragraph 4. The SEC shall verify whether the manager's assessment of the new reference country is in accordance with the rules adopted pursuant to Article 37 (3). 4, in Directive 2011 /61/EC of 8. June 2011 on alternative investment fund managers and shall inform the European Securities and Markets Authority in conjunction with the reasons for the choice of the new reference country and the information on the change in the administration ; Marketing strategy.

Paragraph 5. The European Securities and Markets Authority shall deliver an opinion on the Financial supervision by its assessment of whether the replacement of the reference country is in accordance with the rules adopted pursuant to Article 37 (1). 4, in Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

Paragraph 6. The Financial Supervisory Board shall decide whether authorisation may be granted to the administration to change the reference country after the opinion of the European Securities and Markets Authority has delivered the opinion pursuant to paragraph 1. 5.

Paragraph 7. When the Financial Supervisory Board decides whether or not the administration can change the reference country, the SEC shall inform the legal representative of the administration in Denmark and the European Securities and Markets Authority on this subject. To the extent that alternative investment funds in other countries within the European Union or countries concluded by the Union are marketed by the Union in the financial sphere, the Financial Authority shall also inform the competent authorities of the financial market ; countries where the Funds are placed on the market. If the Financial supervision approves the shift, the SEC must inform the new reference country.

Paragraph 8. In the case of switching of the reference country, the FL shall send a copy of the manager's permission to manage alternative investment funds and the dossiers linked to the manager's permission for the new reference country.

Niner. 9. Denmark is no longer the manager's reference country when the new reference country has received notification of the authorisation and copy of the case files from the Financial supervision.

Paragraph 10. Where the Decision of the Financial Decision is contrary to the assessment of the European Securities and Markets Authority, the Financial supervision of the European Securities and Markets Authority shall be subject to the decision of the European Securities and Markets Authority. justification for this. The SEC must also inform the competent authorities of the countries of the European Union or countries concluded by the Union in the area of the financial area where the manager of the market is marketed alternative investment funds, Decision. Where appropriate, the Financial supervision shall also inform the competent authorities of the home Member State of the alternative investment funds to which the manager is responsible.

§ 122. The SEC must provide for a management of alternative investment funds with registered registered office in a third country to indicate its correct reference country if, within two years of the administration, it is apparent from the Caretaker ' s permit, as the manager has obtained. the actual business development of countries within the European Union or countries concluded by the Union in the financial sphere ;

1) the marketing strategy to which the manager obtained his authorization on the basis of which has not been followed has not been followed,

2) the caretaker has provided inaccurate information concerning the marketing strategy to which the manager obtained his authorization on the basis of, or

3) the manager has altered its marketing strategy without informing the Finance-sighted subject in accordance with the Financial Authority. § 121, paragraph 1. Two and three.

Paragraph 2. If the Caretaker does not comply with an injunction from the Financial supervision referred to in paragraph 1. 1, the Finance-SEC must involve the manager's permit to manage alternative investment funds.

§ 123. If a management of alternative investment funds changes its marketing strategy later than 2 years after the SEC has authorised the manager to manage alternative investment funds, and the caretaker plans to change Reference and on the basis of a new marketing strategy, the manager shall submit a request for authorization to this purpose for the Financial supervision. In this case, Section 121 shall apply with the necessary adjustments.

Paragraph 2. The financial supervision may lay down detailed rules on the form and content of the request in accordance with paragraph 1. 1.

Chapter 19

Value and Law Option

§ 124. Cases related to matters covered by this Act, between the SEC and a management of alternative investment funds with registered registered offices in a third country which have Denmark as a reference country, shall be placed here in the country according to the rules of the law of the law of law ; Chapter 22 : Stepable jurisdiction.

Paragraph 2. Where, in accordance with the rules laid down in the rule of law on the rule of law, jurisdiction shall be subject to jurisdiction for cases covered by paragraph 1. 1, consider the case in Copenhagen.

Paragraph 3. The scope of paragraph 1 shall apply. 1 is treated in the course of the application of Danish law

§ 125. Cases related to matters covered by this law between investors resident in a country of the European Union or a country with which the Union has concluded an agreement in the financial sphere, and a management of alternative investment funds, registered office in a third country which has been authorised to manage alternative investment funds within a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, or an alternative ; investment fund managed by the administration or market in a country within the European Union ; or a country with which the Union has concluded an agreement in the financial sphere, may be entered in this country according to the rules laid down in the procedural law Chapter 22, which shall be responsible for the territory.

Paragraph 2. The scope of paragraph 1 shall apply. Paragraph 1 is being dealt with under the law of a country within the European Union, or a country with which the Union has concluded an agreement in the financial sphere.

Chapter 20

Management of alternative investment funds from another country within the European Union or a country concluded by the Union in the financial area by the managers of alternative investment funds with registered registered offices in a country of origin ; third country,

§ 126. A management of alternative investment funds with registered registered offices in a third country authorised to manage alternative investment funds in accordance with section 11, cf. Article 116 may manage alternative investment funds established in another country within the European Union or a country concluded by the Union in the financial sphere, either directly or in the establishment of a branch, under : the management of alternative investment funds with the type of investment strategy concerned with the management of alternative investment funds.

Paragraph 2. The first time a manager wants to manage an alternative investment fund established in another country within the European Union or a country concluded by the Union in the area of the financial sphere, the manager shall submit the following : information for the Financial supervision :

1) Which country, within the European Union, or the country with which the Union has agreed in the financial area, is intended to manage the alternative investment funds either directly or by the establishment of a branch.

2) An operational plan which, amongst other things, must describe which services the manager intends to provide and what alternative investment funds the manager intends to manage.

Paragraph 3. Where a manager intends to establish a branch in the host country to manage the administration, the manager shall have to do so beyond the information provided for in paragraph 1. 2 submit the following information to the Financial supervision :

1) The organizational structure of the Filial.

2) The address of the home country of the alternative investment fund from which documents may be requested.

3) The names and contact information relating to the persons responsible for the branch management.

Paragraph 4. The information provided in accordance with paragraph 1 shall be 2 and 3 shall be drawn up in a language which is attached to the international financial world.

Paragraph 5. The SEC shall forward to the Commission no later than one month after receiving the whole of the provisions referred to in paragraph 1. the documentation referred to in paragraph 2 or no later than two months after receiving the full paragraph of the paragraph. the documentation referred to in paragraph 3 shall be provided to the competent authorities of the host Member State ' s host countries. The SEC shall forward only notification if the management of the alternative investment fund is in accordance with this law and rules issued in accordance with that law and the administration, by the way, complies with that law and rules issued in accordance with of which.

Paragraph 6. The financial supervision is accompanied by a statement that the administration has permission to manage alternative investment funds with the investment strategy that the alternative investment fund in question is following.

Paragraph 7. When the SEC has sent the information to the competent authorities of the host country, cf. paragraph 5 and 6, the Finance Board shall immediately inform the Caretaker thereof. The official shall be able to start the delivery of management services in the host Member State after receiving this notification. The Financial Supervisory Board shall inform the European Securities and Markets Authority that the manager may begin delivery of services in the host countries.

Paragraph 8. The Management Board shall inform the Financial supervision in writing if any significant changes are made in the information given in accordance with paragraph 1. Two and three. For planned changes, the notification shall be made within one month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Niner. 9. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 8.

Paragraph 10. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 9 or, if an unforeseen change is carried out whereby the management of the alternative investment fund is no longer complying with this law or rules issued in accordance with it, or if the steward is no longer in the service of in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

Paragraph 11. If the communication changes are not in breach of the rules of this Act or rules issued under the law, the SEC shall forthwith inform the competent authorities of the host country of the administration of the changes.

Nock. 12. The SEC may lay down detailed rules for :

1) the form and content of the information provided for in paragraph 1 2 and 3 and

2) the form of the written notification that the Caretaker shall submit to the Financial supervision, cf. paragraph 8.

The management of alternative investment funds established in Denmark by the management of alternative investment funds with registered registered offices in a third country which has been granted to another country within the European Union or a country with which the Union has concluded agreement in the financial field, as referred to in the field of reference ;

§ 127. A management of alternative investment funds with registered registered office in a third country which has been granted to another country within the European Union or another country with which the Union has concluded agreement in the financial sphere, Reference and authorised to manage alternative investment funds in accordance with rules implementing Directive 2011 /61/EC of 8. In June 2011 on alternative investment funds, the implementation of alternative investment funds established in Denmark may be launched at the time when the competent authorities of the managing country of the managing country have notified the caretaker of the need for : the information provided for in section 126 (2) shall be provided for the Financial supervision. 2 if the administration is to be carried out directly and the information provided for in section 126 (1). 3 if the management of the administration is to be carried out via a branch in Denmark and a declaration that the administration is authorized to manage alternative investment funds with the type of investment investment in question.

Chapter 21

placing on the market in a country of the European Union or a country with which the Union has concluded an agreement in the financial sphere, of alternative investment funds managed by a registered office in a country of the Union, by a country of the Union, by a country of origin, of alternative investment funds managed by a registered office of a country of origin ; the third country which has been granted Denmark as a reference country ;

§ 128. A management of alternative investment funds with registered registered office in a third country which has been granted Denmark as a reference country and authorised to manage alternative investment funds pursuant to section 11, cf. Article 116, which seeks to market shares in an alternative investment fund managed by the administration to professional investors in Denmark or another country within the European Union or a country with which the Union has concluded agreement ; in financial matters, shall submit a written notification to the Financial supervision of each alternative investment fund planned by the administration to market. The notification must be drawn up in a language which is attached to the international financial world.

Paragraph 2. If the alternative investment fund that the manager wants to market in accordance with paragraph 1 shall be : 1, from a third country, must be fulfilled as follows :

1) Appropriate cooperation agreements between the SEC and the competent authorities in the country must be concluded where the alternative investment fund is established that complies with international standards and which enables the Financial supervision to be able to carry out the supervision of the manager under this law, including monitoring the systemic risks.

2) The third country in which the alternative investment fund is established must not be registered as a non-cooperative country and territory by the Financial Action Task Force.

3) The third country in which the alternative investment fund has been established must have concluded an agreement with Denmark and with all the countries of the European Union and countries concluded by the Union in the area of the financial area in which the alternative ; the investment fund is placed on the market, which complies with the standards referred to in Article 26 of the Organisation for Economic Cooperation and Development and the Agricultural Guidance Agreement on income and fortune, ensuring an effective exchange of information on : fiscal matters, including information relating to multilateral tax agreements.

Paragraph 3. If the Caretaker wants to market an alternative investment fund in Denmark under paragraph 1. 1, the Caretaker shall include the following documentation and particulars :

1) A notification was accompanied by an operational plan with a unique identification of the alternative investment funds, which the manager is planning to market, and information on where the funds are established.

2) Every fund's rules or regulations.

3) Indication of each of the depositary deposits.

4) A description of the funds that are available to investors.

5) Information about where the master fund is established if one of the funds is a feeder fund.

6) Any additional information, cf. § 62 (2) One, about each fund, which the manager intends to market.

7) Where appropriate, information on the measures taken to prevent the participation of the Fund in the Fund for retail investors, even when the Caretaker is using independent entities to provide investment services in the context of the Fund.

Paragraph 4. No later than 20 working days after receiving a full notification pursuant to paragraph 1. 1, cf. paragraph 3, concerning the placing on the market in Denmark, the SEC shall notify the Caretaker of the extent to which the manager may initiate the marketing of the alternative investment fund or the alternative investment funds in Denmark. Refunting on the market may be granted only if the management of the alternative investment fund management is not in conformity with this law and rules issued under this, or, if the manager does not comply with this law and rules ; issued in accordance with this. The Management Board may commence the placing on the market of the alternative investment fund in Denmark from the date on which the Financial supervision has informed the manager of the commencement of placing on the market.

Paragraph 5. The Financial Supervisory Authority shall inform the European Securities and Markets Authority that the manager has been granted authorisation 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 concluded agreement in the financial sphere, the SEC must also inform the competent authorities of the alternative investment fund.

Paragraph 6. If the alternative investment fund is to be placed on the market in other countries within the European Union or countries concluded by the Union in the financial sphere, the notification shall be notified in accordance with paragraph 1. 1 is accompanied by the following documentation and information :

1) A notification was accompanied by an operational plan with a unique identification of the alternative investment funds, which the manager is planning to market, and information on where the funds are established.

2) Every fund's rules or regulations.

3) Indication of each of the depositary deposits.

4) A description of the funds that are available to investors.

5) Information about where the master fund is established if one of the funds is a feeder fund.

6) Any additional information, cf. § 62 (2) One, about each fund, which the manager intends to market.

7) Information on the Member State or Member State in which the manager intends to market shares to professional investors for each fund.

8) Information on the measures taken to market funds and any information on the measures taken to prevent the participation of shares in each fund for retailers, even when the manor is utilised ; independent units to provide investment services in the context of the Fund.

Paragraph 7. No later than 20 working days after receipt of an adequate notification which satisfies the conditions laid down in paragraph 1. 6, concerning the placing on the market of a country within the European Union or a country concluded by the Union in the financial sphere, the Financial Authority shall forward the notification to the competent authorities of the country in which it is intended to do so ; Alternative investment fund shall be marketed. The SEC shall forward only notification if the management of the alternative investment fund is in accordance with this law and rules issued in accordance with that law and the administration, by the way, complies with that law and rules issued in accordance with of which. The SEC is appensing a statement that the administration has permission to manage alternative investment funds with an investment strategy that the alternative investment fund in question is following.

Paragraph 8. Where the SEC has sent the notification to the competent authorities in the host country, cf. paragraph 7, the Financial supervision shall immediately inform the manager of the submission. The manager may start the placing on the market of the alternative investment fund in the host Member State after receiving this notification.

Niner. 9. The Financial Supervisory Authority shall inform the European Securities and Markets Authority that the manager may initiate the marketing of shares in the alternative investment fund in the host country, cf. paragraph 8. If the Fund is from a country within the European Union or a country with which the Union has signed agreements in the financial sphere, the SEC must also inform the competent authorities of the alternative investment fund.

Paragraph 10. The Management Board shall inform the Financial supervision in writing if any significant changes are made in the information given in accordance with paragraph 1. 3 or 3. 6. For planned changes, the notification must be made, no later than 1 month before the changes are initiated. Any unforeseen changes shall be notified to the Financial supervision immediately after the change has occurred.

Paragraph 11. If the proposed changes mean that the management of the alternative investment fund will no longer be in conformity with this law or rules issued in accordance with this law or if the steward will no longer be able to do so. In accordance with this law or rules issued in accordance with this, the Financial supervision shall be able to provide for the manager to ensure that it does not have to take the changes. The financial supervision shall inform the Caretaker immediately after receipt of the notification referred to in paragraph 1. 10.

Nock. 12. If a planned change is initiated, in spite of the Finance-synet notification after paragraph 1. 11 or, if an unforeseen change is carried out so that the management of the alternative investment fund is no longer complying with this law or rules issued in accordance with it, or if the steward is no longer in the same way ; in compliance with this law or rules issued in accordance with this, the SEC shall take the necessary measures, including, where necessary, prohibit the placing on the market of the alternative investment fund or to allow the manager of the manager to manage ; alternative investment funds, cf. § 17.

Paragraph 13. If the uninformed changes are not in breach of the rules of this Act or rules issued under the law, the Financial Supervisory Board shall immediately inform the European Securities and Markets Authority if the changes concern the termination of the placing on the market of certain products ; alternative investment funds or the placing on the market of additional funds, and, where appropriate, the competent authorities of the host countries where the Funds are marketed.

Paragraph 14. The SEC may lay down detailed rules for :

1) the form and content of notifications in accordance with paragraph 1. 1 and

2) the form of the written notification that the administration shall submit to paragraph 1. 10.

Market marketing through the use of the marketing passport in Denmark of alternative investment funds by a registered office in a third country which has been granted a different country within the European Union or a country with which the Union has concluded ; Agreement on the Financial Area as a reference country ;

§ 129. A manager of alternative investment funds with registered registered office in a third country which has been granted to another country within the European Union or a country with which the Union has entered into agreement in the financial field, as a reference country, and authorised to market alternative investment funds managed by the Caretaker in accordance with rules implementing Directive 2011 /61/EC of 8. June 2011 on alternative investment fund managers and who wish to market these funds to professional investors in Denmark may initiate this marketing at the time when the competent authorities of the manager ' s reference country are to be taken ; have informed the manager of their submission of an adequate notification and a statement that the administration is authorised to administer alternative investment funds with the investment strategy in question, to the Financial supervision in accordance with the rules laid down in Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

Paragraph 2. The SEC may lay down detailed rules on the marketing referred to in paragraph 1. 1.

Vessels from third countries that market alternative investment funds in Denmark without the marketing of the market

$130. A manager of alternative investment funds with registered registered office in a third country may, instead of a permit pursuant to section 11, cf. Section 116, get permission from the Financial supervision to market shares to professional investors in Denmark in an alternative investment fund manager, if the conditions set out in paragraph 1. 2-4 is fulfilled.

Paragraph 2. The valet shall comply with § § 61 to 68 for each alternative investment fund placed on the market in accordance with paragraph 1. In addition, the manor must comply with section 70 75 if an alternative investment fund that is marketed under paragraph 1 shall be made. Paragraph 1 shall fall within the scope of Article 70 (3). 1.

Paragraph 3. The financial supervision must have concluded appropriate cooperation agreements that meet international standards and which enables the Financial supervision to supervise the caretaker under this law, including monitoring the systemic risk, with the following :

1) The competent authorities of another country within the European Union or a country with which the Union has concluded agreements in the financial sphere if the Fund is established there.

2) The relevant supervisory authorities of the managing country of the managing country.

3) The relevant authorities of the alternative investment fund homeland if the Fund is established in a third country.

Paragraph 4. The third country in which the alternative investment fund is established must not be registered as a non-cooperative country and territory by the Financial Action Task Force.

Paragraph 5. The financial supervision may lay down detailed rules on the placing on the market of this provision.

TITLE VII

Annual Report for Caretaker

Chapter 22

Annual and Annual Report for Caretaker

§ 131. The management of alternative investment funds with registered registered offices in Denmark which is not self-administering and authorised to manage alternative investment funds shall prepare and submit annual reports in accordance with the rules laid down ; the Financial supervision referred to in paragraph 1. 6, cf. however, paragraph 1 2-5.

Paragraph 2. Where rules have been issued in accordance with paragraph 1. 6 regulates the same conditions as Regulation No 2 ; Regulation 1606/2002 on the application of international accounting standards govers, cf. Article 4 of the Regulation shall be issued by the rules pursuant to paragraph 1. 6 shall not be valid for the corporate accounts of the regulation of the regulation of the Regulation.

Paragraph 3. Convalents whose transferable securities are not available for trade in a regulated market in this country, in another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere, may, however, notwithstanding paragraph 1, may not be accepted. 1 choosing to apply the standards referred to in paragraph 1. Two, on their corporate accounts.

Paragraph 4. Comvalents, as provided for in paragraph 1. 3 shall be followed in paragraph 1. The standards referred to above shall be applied to all approved standards in their group accounts. Where rules have been issued in accordance with paragraph 1. 6 regulates the same conditions as the standards shall be managers which, pursuant to paragraph 1, shall be managed. 3 shall apply the standards to apply the standards instead of the relevant provisions.

Paragraph 5. The financial supervision may lay down information requirements for undertakings which comply with the requirements referred to in paragraph 1. 2 mentioned standards.

Paragraph 6. The SEC provides for rules on year and annual reports for the managers of alternative investment funds registered registered offices in Denmark which are not self-manageable and are authorised to manage alternative investment funds, as well as on : their reporting of accounting information to the Financial supervision.

§ 132. The SEC may lay down rules for the auditing of alternative investment fund managers with registered registered offices in Denmark which are not self-administering and authorised to manage alternative investment funds, and their subsidiaries, including the requirements for auditor and the choice and designation of the auditor.

Paragraph 2. The SEC may lay down rules for internal audit and on the implementation of the system audit in joint data centers.

TITLE VIII

Structural Funds for capital associations

Chapter 23

Foundation

§ 133. A capital union can be founder by one or more founders. A founder may not be under bankruptcy or redesign. If a founder is a physical person, the person shall be of the age, and the person shall not be under the guardianship of section 5 in the guardianship or during the congregate of section 7 in the host ' s slop. If a founder is a legal person, then this must be empowered to acquire rights, make commitments and be party to legal proceedings.

Paragraph 2. The founders must sign a foundation document, which will include the association's statutes. If the foundation of the capital association is not made by the management of the board and auditor, the founders shall, within two weeks of the signing of the Foundation document, hold the General Assembly for the choice of board and auditor.

§ 134. A capital union must have a simplification capital that can vary according to the conditions laid down in the capital association ' s statutes. Anyone who owns a stake in a department in a capital union is an investor in the capital union and the department.

Paragraph 2. Fund associations must be organized with one or more departments each based on a particular part of the assets in accordance with the provisions of the Staff Regulations. The Management Board may establish new departments and make the relevant memorandum changes unless otherwise stated in the statutes.

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

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

Paragraph 5. An investor in a department does not take personal responsibility for the commitment of capital or department. The investors are alone with his own deposits.

Paragraph 6. All investors in a capital union must have the same rights as regards matters that concern all investors in the capital association. Every investor in a department must have the same rights as regards matters which are solely concern for investors in the department. The provisions of 1. and 2. Act. may be deviated from the establishment of other classes, the issue of units without the right to yield and the fixing of rules for the right to vote ; however, any investor must have at least one vote.

Paragraph 7. It must be set out in the statutes of a capital association, according to which accounting rules will be made by the capital union to submit a yearly report.

§ 135. Only capital associations can and must, in their name, use the term 'capital union'.

Paragraph 2. The management of a capital union is the day-to-day administration of capital.

Enrollments to the Danish Business Authority

§ 136. When a capital association is set up, the managers of the capital union shall report it to registration in the Corporate Authority. The notification shall be accompanied by a copy of the Foundation ' s Foundation ' s Foundation ' s Foundation ' s Foundation ' s instrument of incorporation.

Paragraph 2. A capital association that is not yet registered in the Corporate Authority cannot as such acquire rights and make commitments. The capital union cannot be a party to lawsuits, either except the lawsuit of the foundation.

Paragraph 3. For an obligation prior to entry into account of a capital union, those who have concluded the obligation or have a share of responsibility for this, in person, shall be liable, without limitation and solidarity. Upon registration, the capital association will take over these commitments.

Paragraph 4. When a capital association has changed its statutes, the managers of the capital union shall report the changes to the Corporate Board which shall carry out the necessary registrations.

Paragraph 5. Chapter 2, section 366, section 367, paragraph. The necessary adjustments shall be made in respect of capital associations, and section 371 in the corporate law. Regardless of the provision in section 9 (4). 1, in the company law, notification of the memorandum of association shall be received in the Danish Agency for the Administrative Board, within four weeks of the decision to amend the statutes.

Paragraph 6. Any notification to the Danish Agency for the Corporate Management Board shall be accompanied by a management declaration by a manager, stating that the declared conditions are in accordance with the provisions relating to capital associations in this law.

Paragraph 7. The Danish Agency for the Management Board may lay down detailed rules on registration in the Administrative Board, including on registration fees.

Classes Classes

§ 137. When the statutes of a capital association contain provisions to be divided into other classes, the Board of Directors may be able to :

1) in the establishment of a new division, without further dividing the department into the andclasses and

2) divide an existing section of the other classes according to the decisions of the investors on a general assembly.

Paragraph 2. It must be stated in the department's name, if the board of directors can set up the other classes in the department.

Paragraph 3. An andlover does not have preferential rights to any portion of the department's assets, including any class-specific assets. An AndClass has sole right to a part of the return on the fortune, including part of the return of the common portfolio, which is the part of the portfolio, which is the part of the portfolio, all of the andloo classes, and the yield of the class-specific assets that is the part of the portfolio. part of the portfolio, as is the sole class for which the product concerned is to be discharged.

Paragraph 4. If a division is divided into other classes, the Management Board shall lay down the principles governing the allocation of costs between the classes, so that each of the classes only carries its share of the share of the department and the special costs which are connected with the specific characteristics of the second class.

§ 138. A capital organization receiving funds from retail investors shall indicate, on its own or its manager ' s website, the other classes set up, including providing information on the characteristics that apply to each other class, and whether the principles are applied ; in the allocation of costs between the classes.

Home and representative

§ 139. If a capital union has been appointed a management of alternative investment funds with its head office (principal) in Denmark, the seat of the capital office shall be located in the same place as the custodian, cf. however, paragraph 1 2.

Paragraph 2. If a capital union has been appointed a management of alternative investment funds with its head office in another country, the capital association must conclude an agreement with a representative representing the capital union here in the country. The capital association has head office where the representative has head office (headquarters) and headquarters where the manager has the head office.

Liquidation

§ 140. Resolution of winding-up proceedings of a department of capital shall be taken by the general assembly.

Paragraph 2. The decision-making by the General Assembly on winding-up proceedings shall contain a provision for the liquidator to be liquidated. The Liquidator is on the boardroom and the Caretaker's place.

Paragraph 3. The Liquidator may at any time be disposed of by the General Assembly.

§ 141. A branch that is under winding-up proceedings shall add 'in winding-up proceedings' to its name.

Paragraph 2. The Liquidator shall as soon as a notice of at least 3 months call on a department ' s creditors to report their claim ; calls for notification must be sent at the same time to all known creditors.

Paragraph 3. If the liquidator does not acknowledge a claim which is notified, the liquidator shall notify the creditor to the creditor in the recommended letter, with the indication that if he wishes to contest the decision, the court shall bring the matter to the court no later than four weeks after the dispatch of the letter.

Paragraph 4. Liquidator must terminate the liquidation / winding-up rate and terminate the execution of the winding-up proceedings when the time limit laid down in the provisions of paragraph 1 shall be concluded. 2 notice, has expired and

1) possible disputes in accordance with paragraph 1. 3 is settled and

2) All debts owed to known creditors have been paid.

Paragraph 5. The Liquidator shall be required to establish a liquidation accounting to be approved by the general assembly.

Paragraph 6. A capital union shall be deemed to be executed upon completion of winding-up proceedings of the sole or last section of the capital unifying department. When a capital union is carried out in accordance with 1. PC shall notify the liquidator report the execution of the Danish Business Authority. The notification shall be accompanied by the approval of the liquidation accounts of the general meeting and a declaration made by liquidator, stating that the winding-up proceedings have been carried out in accordance with the provisions relating to winding-up proceedings in this Act.

The dismantling of capital associations and departments without investors

§ 142. If a capital organization or department has never had investors, the Management Board shall be able to decide on the dismantling of the capital union or the department.

Paragraph 2. When a capital association or department is executed in accordance with paragraph 1. 1, the managers of the capital union shall report the execution of the Corporate Authority.

Liquidation of the second graces

§ 143. Decisions on the phasing out of an agricultural class in a capital association shall be taken by the investors of the general assembly, cf. however, paragraph 1 2. If the investors ' investors do not want their shares transferred to another other class, the division shall be implemented by the division of the division which is issued in the other class.

Paragraph 2. If an andfield class never had investors, the board of directors can make a decision on the execution of the second grade.

Concourse

§ 144. The necessary adjustments shall apply to companies in accordance with the rules applicable to bankruptcy in section 233 and 234 of corporate law.

Forced resolution

§ 145. The SEC may request the transfer of the capital undertaking to dissolve a capital union if the capital union does not have a manager who has permission to manage alternative investment funds.

Paragraph 2. The SEC may set a time limit within which the capital association may appoint a manager authorized to administer alternative investment funds.

Paragraph 3. The decision of the financial system to transfer a capital association to the forced dissolution of the disc shall be published in the IT system of the Commercial Management Board.

Paragraph 4. The association of the Fund shall retain its name in the name of the addition "under coercion solution."

Paragraph 5. The shifter may appoint one or more liquidators. The probate may also appoint an accountant. In addition, for the coercion, the provisions relating to winding-up proceedings in section 141 shall apply, so that the court or the person authorised to do so shall take decisions in the conditions of capital union. The costs of the solution shall be paid, where necessary, of the treasury.

Paragraph 6. Upon completion of the settlement, the replacement shall communicate this to the SEC and the Corporate Authority, which shall record the solution of the capital union in the Management System of the Management Board.

Paragraph 7. During the period from the transfer to the shift to the shift to the shift of capital and to a liquidator designated a liquidator, the Management Board shall, in the capital association, make arrangements necessary and which can be carried out without prejudice to the capital union and its creditors.

Paragraph 8. Following the accession of the liquidator, former members of the Management Board and the management of the former manager of the capital administration shall be obliged to assist liquidator in sufficient degree with information on the operation of the capital association to the winding-up of the liquidator. The management and management of the management of the capital union shall, in particular, provide the liquidator the information necessary for the liquidator assessment of existing and future requirements.

Niner. 9. The Liquidator may request the probate to convene former members of the management board of directors and management in the management board of the capital union to meet in the court for information in accordance with paragraph 1. 8.

Fusion

§ 146. A capital union can merge with another capital union, and a division of capital can mergers with another department in a capital union. In addition to the merger, the merging units must publish a merger plan.

Paragraph 2. A concentration of capital associations shall be carried out by making sure that the capital union rewards its departments to the consecutive capital union.

Paragraph 3. A concentration of divisions shall be carried out by means of a division of assets and responsibilities as a whole to the devatory section.

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

Paragraph 5. Overdue amounts arising from a transfusion of units in a concentration between departments shall be paid to investors in the related department.

Paragraph 6. A capital organization may merge with a Danish UCITS, and a department of a capital association may merge with a section of a Danish UCITS in accordance with the rules of section 119 of the Law on investment associations, so that the capital union or its department is the associated unit.

147. A decision on concentration shall be taken in the corresponding assembly of the General Assembly.

Paragraph 2. The decision on concentration shall be taken in the consecutive assembly of the Administrative Board, unless it is stated in the Staff Regulations that this decision is a general assembly decision.

148. A capital association ending in concentration shall be deemed to be executed when the capital union has transferred its departments to the consecutive capital union and the investors of the upcoming capital union have been traded on their shares with shares in it ; Supportive capital union.

Paragraph 2. One in the concentration of a concentration shall be deemed to be carried out where the associated department has transferred its assets and responsibilities as a whole to the devatory department and to the investors in the related branch have been traded their shares with shares in it ; Supportive section.

Paragraph 3. A capital union shall be deemed to be executed when the only last or last section of the association has been merged with a department of a different capital union and this department is the consecutive entity.

Paragraph 4. When a capital union is carried out in accordance with paragraph 1. Paragraph 1 or paragraph 1. 3, the managers of the capital union shall report the execution of the Corporate Authority.

Paragraph 5. The SEC may lay down detailed rules on fusion.

Splitting

§ 149. A division in a capital union can be spelt out. In addition to the division, the capital association must publish a division plan.

Paragraph 2. A split is carried out by means of part or all of the assets and liabilities of a department being transferred to one or more ;

1) compartments, or

2) newly-established divisions.

Paragraph 3. A division can take place without the consent of creditors. If a creditor in the division of the division does not become a credit, each of the divisions of the division shall be severally liable for commitments made at the time of publication of the spall-out plan. However, the other participating departments shall be liable to a maximum of a net amount equal to the net value received at the division.

Paragraph 4. On division, the investors in the spatial division must have switched their units with shares in one of the sequenders. At the exchange, the investors in the dispersed department are investors in one or more of the sequenders. 1. and 2. Act. does not apply to investors who continue to be investors in a department which, by split on its own, emits part of the department's assets and obligations.

Paragraph 5. Overage deposits arising from the exchange of units shall be paid to investors in the division of the division.

§ 150. Decisions on division of a division into a capital union are made by department investors at the annual meeting.

Paragraph 2. Decision on receipt of part of a different department's assets and obligations as part of a division shall be taken in the receiving department of the Management Board.

§ 151. The assets and obligations of a fission transferred shall be deemed to have been transferred to the receiving department at the time laid down in the draft terms of division.

§ 152. A division that ceases to be disclosed shall be deemed to be executed when the department has transferred all its assets and obligations to it or the recipient departments and the investors in the related department have been traded their shares in shares in : the receiving compartments.

Paragraph 2. A capital union shall be deemed to be executed when the only or last branch of the capital association of a fission has transferred all the assets and liabilities of all departments in one or more other capital associations.

Paragraph 3. When a capital union is carried out in accordance with paragraph 1. Two, the managers of the capital union must report the conduct of the Corporate Authority.

Paragraph 4. The SEC may lay down detailed rules on fission.

Transfer of a department

§ 153. A branch of a capital union can be transferred to another capital union.

Paragraph 2. In the transfer of funds, investors in the transferred department are investors in the capital union to which the department is transferred.

§ 154. Decisions on the transfer of a department are made in the capital union where the department is transferred from the department investors at the meeting of the General Assembly.

Paragraph 2. Decisions on the transfer of a department shall be made in the capital union to which the department is transferred to, by the Management Board.

Paragraph 3. A capital union shall be deemed to be executed when the only last or last branch of the association has been transferred to another capital union.

Paragraph 4. When a capital union is carried out in accordance with paragraph 1. 3, the managers of the capital union shall report the execution of the Corporate Authority.

TITLE IX

Supervision and Charges

Chapter 24

Supervision, etc.

General rules on supervision

§ 155. The SEC is observance of compliance with this law and the rules that have been issued under the law. The Financial supervision controls that the rules of financial information in annual reports and sub-annual reports issued under section 131 have been complied with to the managers of alternative investment funds, which have issued securities which have been admitted to trade in one ; regulated market, cf. § 83, paragraph. Furthermore, Section 83 b of the securities trading and other financial supervision shall also ensure compliance with rules issued pursuant to section 31 (1). 8, in the accountants law. However, the Danish Business Authority shall ensure compliance with Article 136.

Paragraph 2. When the competent authorities of another country within the European Union or a country concluded by the Union in the financial sphere, have provided a manager from that country or from a third country to manage it ; Whereas alternative investment funds that have homeland in the country in question and the administrations of the respective funds in Denmark are the measures taken by the manager to market the funds in Denmark and the measures taken, the manager has taken to prevent any of the shares of the funds being marketed ; retail investors subject to Danish law and supervision. This is also true when the Caretaker is using independent entities to market shares in the investment funds.

Paragraph 3. The SEC must organise the usual supervisory office in order to promote financial stability and confidence in alternative investment fund managers and markets. The SEC must place the emphasis on the durability of the business model of the individual managers. The organisation of the supervisory plant must take place on a basis of significance in relation to the potential risks or the harmful effects of the supervisory activities. The Executive Board of the Financial Supervisory Board shall be responsible for organising the organization of the supervisory organization.

Paragraph 4. The SEC must consider the potential consequences for the financial stability of other countries within the European Union or countries with which the Union has concluded agreement in the financial sphere. This is particularly true in the case of crisis situations. For branches situated here in the country of foreign undertakings authorised to exercise the undertaking referred to in Section 11 pursuant to the rules implementing Directive 2011 /61/EU of 8. In the case of alternative investment fund managers in a country within the European Union or a country concluded by the Union in the financial sphere, the Financial Authority must monitor the branches and assist the competent authorities ; supervisory authorities in the supervision of the branches. The financial supervision of the financial market shall be of major branches and subsidiaries of foreign undertakings authorised to exercise the undertaking in Section 11 within the territory of a country within the European Union or a country with which the Union has concluded agreement ; participate in the financial area, if any, to the supervision of the overall group.

Paragraph 5. In exceptional cases, financial supervision may use foreign aid.

Paragraph 6. The Minister for the Industry and Growth Pact may lay down detailed rules for the procedure laid down in Community law in accordance with the provisions of the Financial Regulations.

§ 156. The Financial Council is part of the supervision of alternative investment fund managers, cf. Section 345 in the Act of Financial Company.

Paragraph 2. The Financial Council

1) taking decisions in the supervisory matters of principle and in supervisory matters, which have higher, significant impact on alternative investment fund managers,

2) take a decision on cases of injunction pursuant to section 163 (2) ; 1,

3) decide to surrender cases covered by item (s). 1 to police investigation and

4) shall assist the Financial supervision of its information company and advise the Financial supervision in connection with its issuing of rules.

§ 157. The SEC must examine the management of alternative investment funds authorised to manage alternative investment fund conditions, including in the case of review of ongoing reports and inspections in the individual manager. This also includes the management of alternative investment funds that have registered registered offices in a third country and which has Denmark as a reference country, cf. Section 1 (1). 1, no. 2. Financial supervision shall also examine managers, which Denmark is host country in respect of sections 18, 19 and 23, provided that the managers or market alternative investment fund managers in Denmark through a branch are subject to a branch, established here in the country.

Paragraph 2. After inspection in a management of alternative investment funds, a meeting of the executive executive executive, Executive Board, external auditor and internal audit manager shall be held, unless the inspection relates to the boundaries of the inspection ; areas of activity of the Caretaker. In the meeting, the Finance Board must notify its conclusions concerning the inspection.

Paragraph 3. Signature of the conclusions shall be sent following an inspection visit in the form of a written report to the executive executive executive, management, external auditor and internal audit manager.

Paragraph 4. The supervisory authorities of another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere may be inspectorily inspecting these in the country at the time of the Financial Protection Agency ; branches of foreign managers authorised to manage alternative investment funds, located in the country concerned. In addition, the Financial Supervisory Authority may, at the request of the supervisory authority in the Member State of the branch, make it in 1. Act. said inspection in the branch.

Paragraph 5. The supervisory authorities of another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere may carry out verification of the information supplied by the Financial Authority in this country, for the management of alternative investment funds engaged in ancillary financial activities subject to the supplementary supervision of the supervisory authority in accordance with the provisions laid down in the Directives on the subject under consideration ; financial area.

§ 158. The SEC may cooperate with other Danish authorities in order to ensure compliance with the law and by rules issued under the Law of the Management of alternative investment fund management of alternative investment funds established in Denmark or other countries within the European Union or countries with which the Union has concluded an agreement in the financial sphere, and the depositary of the alternative investment funds. The Financial supervision may delegate tasks to other authorities that are Danish, bodies or persons.

§ 159. The Financial Supervisory Authority may ask the financial supervisory authorities of a country within the European Union or in a country to which the Union has entered into agreement in the financial sphere, the European Securities and Markets Authority and the European Union ; The Systemic Risk Board to assist in ensuring compliance with the law and the rules that have been issued under the law, by supervisory activities, inspections on the spot or inspections in another country ' s territory.

§ 160. The financial supervision shall cooperate with the competent authorities of other countries of the European Union or countries concluded by the Union in the financial sphere to contribute to supervisory activities, on-the-spot checks ; or inspections in this country for the management of alternative investment funds operating in other countries within the European Union or countries with which the Union has concluded an agreement in the financial sphere, or a manager who has been obtained ; permit to manage alternative investment funds in Denmark, but is operating in others ; Member States.

Paragraph 2. Where a competent authority in another country within the European Union or in a country concluded by the Union in the area of the financial area, the Financial Authority shall ask the Financial supervision to contribute to a control or investigation of a manager of alternative investment funds operating in other countries within the European Union or countries which the Union has concluded agreement with in the financial sphere, cf. paragraph 1, may the Financial supervision

1) complete the control or survey itself,

2) allow the requesting authority itself to carry out the checks or investigation, or

3) allow an auditor or other expert to carry out the checks or investigation.

Paragraph 3. In the form of a competent foreign authority study, a manager of alternative investment funds shall be subject to a competent foreign authority in Denmark. paragraph 2, the investigation may be carried out only with the complicity of the Financial Supply. The same applies to a self-managling alternative investment fund established in Denmark.

Paragraph 4. If the checks or study in the Danish area is carried out by the Financial supervision, cf. paragraph 2, no. 1, the financial supervisory authority of the country of the European Union or the country to which the Union has signed agreement in the financial area requested by the Union, may request that its employees accompany the staff who, complete the control or survey. The SEC has overall responsibility for the control or investigation. In the same way, the Financial supervision as condition allows the requesting authority itself to carry out the checks or investigations, require the employees of the Financial Personnel to accompany the employees who implement the checks or investigation, cf. paragraph 2, no. 2.

Paragraph 5. The SEC may lay down detailed rules for cooperation and on on-the-spot inspections in other countries of the European Union or countries with which the Union has concluded an agreement in the financial sphere.

§ 161. Alternative investment funds, suppliers and subcontractors shall provide the Financial supervision of the information required for the activities of the acidity. This shall apply to the equivalent of foreign managers who manage alternative investment funds established in Denmark, or market funds in Denmark, including through the establishment of branch, or where Denmark is the reference country for a manager, registered office in a third country.

Paragraph 2. The SEC may, at any time, against appropriate credentials, without a court order, access to a management of alternative investment funds and its branches for the purpose of conception of information and inspections.

Paragraph 3. To the extent necessary for the assessment of the economic position of alternative investment funds, the Finance Board may obtain information and any time against appropriate credentials without a court order ' s access to the undertakings, a special direct or indirect connection of the administration.

Paragraph 4. The Financial supervision may require all information, including accounts and accounting documents, written out of books, other business papers and electronic stored data, which are deemed necessary for the Financial activities ' s activities or for determining whether or not a physical ; or legal person shall be subject to the provisions of this Act.

Paragraph 5. The SEC may, at any time, against appropriate credentials, without a court order, access a supplier or sub-contractor for the purpose of concatenation of information about a delegated activity.

§ 162. Whereas the Minister for the Industry and Growth Minister may lay down rules governing the obligation of alternative investment fund managers to publish information on the financial services assessment by the Financial Authority and the possibility of the financial supervision of the Financial Authority to publish the information ; before the Caretaker.

§ 163. The SEC may provide for a management of alternative investment funds to conduct and hold the cost of an unwilling investigation into one or more conditions in the manager, provided that the SEC considers that this is of significant importance to the supervision of the steward and shall not be the case for the general Financial supervision, as usual. The result of the unwilling enquiry shall be submitted in a written report, which shall be available within the time of the Financial Authority. The financial supervision can determine that the experts are qualified, cf. paragraph 2-6, to continuously report to the Financial supervision of the survey.

Paragraph 2. The unwilling enquiry shall be carried out by one or more expert persons. The person shall designate the qualified persons within the time limit set by the Financial Regulation. The financial supervision must approve the proposed experts.

Paragraph 3. The management of alternative investment funds shall provide the experts with the information necessary for the conduct of the inferable investigation.

Paragraph 4. The experts shall provide a copy of the written report on the investigation into the Financial supervision, at the latest, at the same time as the report is delivered to the Caretaker.

Paragraph 5. The competent persons shall immediately give financial supervision of information relating to matters that they are aware of in the case of the non-determined investigation where the information is essential to the risk-profile or business model of the manager, as required ; may result in a non-essential risk that such conditions may develop in such a way as to allow the caretaker to lose its permit.

Paragraph 6. If the qualified person is unable to pass on the information in accordance with paragraph 1, the expert person shall not be dissused. 4 and 5 to the Financial supervision may be subject to the financial supervision of the Financial supervision by anyone other than the expert person, including by the custodian.

§ 164. The consumer ombudsman may initiate proceedings relating to acts that are contrary to the conduct of business and good practice, cf. Section 18 (2). 1, no. 1, including a case of prohibition, discharges, compensation and restitution of amounts wrongly collected. 20, section 22, paragraph. 2, section 23, paragraph. Paragraph 1, section 27, paragraph. 1, and Section 28 of the marketing law shall apply mutatis mutant to cases to which the Consumer Ombudsman wishes to take after this provision. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 a in the law of the court.

Paragraph 2. The financial supervision may provide an injunction on the correction of conditions in violation of sections 18 and 23. In this respect, inspections of alternative investment funds may be inspected by the Financial Inspectors in this connection.

§ 165. The SEC shall inform the Consumer Ombudsman if the Financial supervision is aware that alternative investment fund managers or customers in the alternative investment fund managers may have suffered losses caused by the management of the alternative investment fund ; that the Caretaker has violated Section 18 (2). 1, or rules issued pursuant to section 18 (2) ; 3.

Paragraph 2. By way of derogation from paragraph 170, the consumer ombudsman shall have access to all information in the Financial Protection cases covered by paragraph 1. 1.

§ 166. The Financial supervision may offer a management of alternative investment fund managers to make a statement on the financial position and future prospects of the managing manager. The Executive Board of the Management Board, Executive Board, external auditor and internal auditor shall be informed by the signature of the Provision of the Financial supervision which have been informed of the content of the call.

Paragraph 2. The deposition must be

1) be attached to the manager ' s external auditor, unless the statement as a whole is drawn up by this,

2) be submitted to the Executive Board of the Administrative Board for approval and

3) shall be submitted in copy to the Financial supervision.

§ 167. The SEC may provide for a management of alternative investment funds within one of the Commission, where appropriate, to take the necessary measures if :

1) the economic position of the managing operator is thus abusing that the interests of alternative investment funds or investors in the interests of alternative investment funds are at risk ; or

2) there is not an insignificant risk that the economic position of the manager on the basis of internal or external relations develops so that the Caretaker will lose his permit.

Paragraph 2. If the required measures are not carried out within the time limit laid down, the Financial supervision may involve the Administrative Board ' s authorisation.

§ 168. The SEC may provide for a management of alternative investment funds to allocate a member of the management of the management of a manager within one of the Financial supervision set out in accordance with Article 13 (1). Two, can't fight the score.

Paragraph 2. The Financial supervision may offer a member of the executive executive body of a manager of alternative investment funds to lay down its office within one of the Financial Persitates, if this is set out in section 13 (1). Two, can't fight the recruits.

Paragraph 3. The SEC may offer a management of alternative investment funds to remove a member of the Executive Board when charged with the member of the Governing Board in a criminal offence against the criminal code, this law or any financial contribution ; in the case of criminal proceedings, pending criminal proceedings, the conviction of the sentence of Article 13 (1) shall be determined that they do not comply with the requirements of section 13. 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. to a member of the executive executive body of a management of alternative investment funds, shall set a time limit for the compliance of the tender.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 13 (3). 2, no. Two-four, must be stated on the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1-3 may be required by the manager and by the person referred to by the tender for the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the invitation to tender for the person concerned. The request shall not affect the tender, but the court may decide by ruling that the member of the management concerned may, at the time of the proceedings, maintain his or her position. The SEC will be deposits within 4 weeks of the case before the courts. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation or by application, revoke an injunction notified in accordance with paragraph 1. 2, and paragraph 1. 3, 3. Act. If the Financial supervision an application for revocation is refused, the applicant may require the refusal to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, the application for a judicial review may be made only where the prohibition is not limited and has elapated at least five years from the date of issue of the tender, or at least two years after the revocation of the Financial Supply of the Financial Supply is confirmed by the judgment.

Paragraph 7. If the management of alternative investment funds has not been allocated to the member of the Governing Board within the time limit laid down, the Financial supervision may involve the manager ' s permit, cf. § 17, no. 3. Financial supervision may also involve the manager of the manager, cf. § 17, no. 3 if a member of the executive executive agency does not comply with an injunction in accordance with paragraph 1. Two and three.

§ 169. The Financial supervision may, independently or in cooperation with other authorities, carry out studies suitable to promote transparency in the financial market and to publish the results of those results.

§ 170. The employee of the financial system shall be under the responsibility of Article 152-152 of the penal code, to keep confidential information that they are aware of through the supervisory establishment. The same applies to persons performing service tasks in the context of the Financial Services operation, and experts acting on behalf of the Member. This also applies to the termination or termination of the contract of employment.

Paragraph 2. The consent of the person responsible for the confidentiality of the confidentiality does not justify the provisions of paragraph 1. 1 mentioned persons to disclose confidential information.

Paragraph 3. Paragraph 1 shall not, however, apply to information in cases of :

1) Good practice, cf. section 18 and notices issued pursuant to section 18 (2). 3.

2) Decisions relating to the administrative and accounting practices of alternative investment fund managers, business procedures and control procedures, cf. ~ ~ ~ 23-25 and 27.

3) The maintenance of expenditure in connection with the issue of units in managed alternative investment funds through a securities centre.

4) Information for investors pursuant to section 62-66 and rules issued under section 66.

5) Publication of the internal value by the share in the managed alternative investment funds, cf. § § 30 and 36.

6) Customer's portfolio of portfolio management, cf. § 19.

7) The independence of Deposits, cf. § 53.

Paragraph 4. Paragraph 1 shall not preclude the fact that the Financial supervision of its own operation conveys confidential information in summary or summarised form when the individual manager or its customers are identifiable.

Paragraph 5. Confidential information may be disclosed during a civil trial when a alternative investment fund manager is declared bankrupt and, where the information does not relate to customer relations or third parties, or has been involved in attempts to : save the Caretaker.

Paragraph 6. Confidential information may be disclosed during a civil trial when an alternative investment fund is declared bankrupt, including information on the management that managed the fund, to the extent the information relates to the Fund, and where the information is not available ; concerns customer relations or third parties who are or have been involved in the attempt to rescue the Fund.

Paragraph 7. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to :

1) The Systemic Risk Boat.

2) Other public authorities, including the prosecution and police force, in the investigation and prosecution of possible criminal offences covered by criminal law or supervisory law.

3) The next minister as part of his supervised oversight.

4) Administrative authorities and courts, which deal with decisions taken by the Financial supervision.

5) The Ombudsman's office.

6) A parliamentary commission set up by Parliament.

7) Examination commissions reduced by law or under the law of investigation commissions.

8) The general economic situation of the parliament of alternative investment fund managers in the case of crisis management of alternative investment funds when deciding whether or not the State is to : provide guarantees or make available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

9) The state auditors and the Rigsaudit.

10) Stakeholders, including authorities, involved in attempts to rescue alternative investment funds when the SEC has received a mandate from the business and growth minister, and provided that the recipients of the beneficiary are : the information is required.

11) the liquidatator, the diveal and other authorities involved in the liquidation of alternative investment funds, insolvency proceedings or similar procedures, together with persons responsible for the statutory auditing of a manager ; accounts, provided that the recipients of the information are required for the purposes of the goods being carried out.

12) Institutions which administer the depositing, investor or insurance guarantee schemes provided that they are required to carry out their duties.

13) Denmark's National Bank, foreign central banks, the European System of Central Banks and the European Central Bank in their capacity as monetary authority, provided the information is necessary for them to be fulfilled ; statutory tasks, including the execution of monetary policy, the monitoring of payment and securities handling systems, and the handling of the stability of the financial system.

14) An institution responsible for clearing up securities or money where necessary to ensure that the institution responds to non-compliance or potential non-compliance in the market in which the institution is responsible ; clearing.

15) Tax management and tax administration in cases covered by the tax control Act, section 6 (1), 2.

16) The auditor supervision and the auditing board for the taking of their duties.

17) Ministers responsible for the financial legislation of other countries within the European Union or countries with which the Union has concluded an agreement in the financial sphere, in the context of crisis management of alternative investment fund managers.

18) The European Commission, in the case of information referred to in Article 181 (1), 5. The European Securities and Markets Authority and the European Systemic Risk Board and the bodies established by these authorities, provided that the recipients of the information are required to do so in their duties.

(19) Financial regulators in other countries of the European Union or in countries with which the Union has agreed to the financial area responsible for the supervision of alternative investment funds and bodies which : works in the administration of winding-up proceedings, insolvency proceedings or similar procedures, together with persons responsible for the statutory auditing of the accounts, provided that the information is required for the purposes of this ; the taking of their duties.

20) Financial supervisory authorities in third countries that are responsible for supervising alternative investment funds and bodies that are involved in the liquidation, insolvency proceedings or similar procedures, as well as persons who are co-operated by the administration of the liquidation, insolvency proceedings or similar procedures, accountable for the statutory audit of the accounts of the management, cf. however, paragraph 1 10 and 11.

Paragraph 8. All those in accordance with paragraph 1. 5-7 receiving confidential information from the Financial Authority shall be subject to the information provided for in paragraph 1 of this Annex. This shall be subject to professional secrecy.

Niner. 9. Confidential information received pursuant to paragraph 1. 7, no. EIGHTEEN, TWO. PC, irrespective of the confidentiality of the professional confidentiality referred to in paragraph 1. 8 shall be exchanged directly between on the one hand, the European Securities and Markets Authority and on the other, the European Systemic Risk Board and between the bodies established by these authorities.

Paragraph 10. Dissemination in accordance with paragraph 1. 7, no. 20, may be done

1) on the basis of an international cooperation agreement,

2) provided that the beneficiaries are subject to a statutory professional secrecy which corresponds to the confidentiality of paragraph 1. 1 and that the authorities receiving information are subject to a duty not to pass on the information unless the SEC has given written consent to the disclosure,

3) where the recipients need the information to be taken to carry out their duties, and

4) when the conditions laid down in Chapter 4 on the processing of personal data are fulfilled.

Paragraph 11. Dissemination in accordance with paragraph 1. 7, no. Whereas 20, of confidential information originating from countries within the European Union or countries concluded by the Union in the financial sphere, may be done only if the authorities which have supplied the information have provided the information ; express consent and shall be used exclusively for the purposes of which the authorisation is to be granted.

§ 171. A management of alternative investment funds in accordance with section 156 (2) shall be given to the Member State. 2, no. 1, and the supervisory reactions given after delegation from the Financial Council shall be published with the name of the manager, cf. however, paragraph 1 3. The valet shall publish the information in its website in a place where they naturally belong, as soon as possible and within three working days after the relevant manager has received notification of the oversight, or no later than : the date of publication required by law on securities trading, etc. At the same time, with the publication, the relevant manager shall insert a link which directly accesms the oversight, on the front of the page of the relevant manager ' s website ; in a visible manner, and the link and any associated text clearly show that : This is a supervisory response from the Financial Supervisory Authority. If the manager is commenting on the surveillance response, this must take place in the prolongation of this, and the comments must be clearly separated from the control reaction. Removal of the link on the front and the information from the website of the relevant manager must take place in accordance with the same principles as the manager of the relevant manager uses for other communications, but at the earliest, the link and information has been on The home page for three months, and earliest after the former general assembly. The duty of alternative investment fund managers to publish on the Caretaker's website applies only to legal persons. The SEC must publish the information on the site's website. Accessory reactions provided for in section 156 (1). 2, no. 3, and the Danish Financial Authority ' s decisions to surrender matters to police investigations shall be published on the Financial stiltsynet website with a description of the manager, cf. however, paragraph 1 3.

Paragraph 2. Where a case has been passed to police investigation and there has been a total or partial sentence or a fine, the judgment shall be published, the ticket or a summary thereof, as provided for in the case of the sentence of the sentence of the sentence of the ruling. however, paragraph 1 3. If the judgment is not final or if it has been filed or complained, then the publication shall indicate that. The publication of the date shall be carried out on the website of the relevant manager in a place where it is natural that it should be at home as soon as possible and within 10 working days following the fall in judgment or by the date of the penalty, or at the latest at the time of the date, publication required by law on securities trading, etc. At the same time, with the publication, the relevant manager shall insert a link providing direct access to the judgment, the ticket or the summary, on the front page of that manageser. home page in a visible manner, and it must be clear from the link and any associated text that is clearly visible that there is it is a judgment or a decision to be adopted. If the administration concerned comments on the judgment, the adoption or summary of the report, this must be done in an extension, and the comments must be clearly separated from the judgment, the adoption or summary of the report. The removal of the information from the personal website of the relevant manager must take place according to the same principles that the manager uses for other communications, but at the earliest of the link and information has been on the website for three months ; and earliest after the former general assembly. The administrative person concerned shall notify the Financial supervision of the publication, including a copy of the judgment or the adoption. The SEC shall then publish the judgment, the adoption or a summary thereof on its website. The duty of alternative investment fund managers to publish on the Caretaker's website applies only to legal persons.

Paragraph 3. Publication under paragraph 1. However, 1 or 2 cannot be done if it would result in a disproportionate amount of damage to the caretaker or alternative investment fund or the investigation of the alternative means of publication. The publication shall not contain confidential information on customer relations or information covered by provisions applicable to the public in the management of the exception of information on private relations and operational or business conditions, etc. The publication shall not contain confidential information arising from financial supervisory authorities in third countries, except where the authorities which have given the information have given their express permission.

Paragraph 4. If publication is not in accordance with paragraph 1, THREE, ONE. .. shall be published in accordance with paragraph 1. 1 or 2 when the omission of the omission is no longer valid. However, this only applies to up to two years after the date of the inspection response.

§ 172. The SEC must inform the public about cases dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of relevance to the understanding of the following provisions :

1) Good practice, cf. Section 18 (2). 1. no. 1 and the notices issued pursuant to section 18 (1). 3.

2) The independence of the Depositary, cf. § 53.

3) Agreement on the placement of customers ' portfolio agents and notices issued in accordance with this, cf. § 17.

Paragraph 2. The SEC must also inform the public about the names of companies or persons failing to seek the consent of section 11 or fail to register in accordance with section 9 (4). 1.

§ 173. As a Party to the Financial supervision, the management of alternative investment funds granted under the decision of the Financial Decision pursuant to this Act shall be deemed to have been taken pursuant to this law, in accordance with this law, in accordance with the law. however, paragraph 1 Two and three.

Paragraph 2. In the case of the following cases, one other than the manager shall also be considered as a Party to the Financial Decision of the Financial Regulation in respect of the part of the proceedings relating to the person concerned :

1) The parent company to a management of alternative investment funds.

2) Businesses with which a manager has a special direct or indirect connection and where the monitoring can obtain information and make inspection visits, cf. Section 161 (1). 3.

3) A natural or legal person to whom the Financial supervision requires information to be used for the purposes of the Finance-synet company or for determining whether or not it is subject to the provisions of this Act, cf. Section 161 (1). 4.

4) A person to whom the Financial supervision receives information concerning the approval pursuant to section 13 (2). One and two.

5) The proposed acquiring or holder of a qualified share when the SEC is handling cases of approval of the acquisition in accordance with the Financial Authority. Section 11 (1). 6.

6) Accountant in a manager with authorization to manage alternative investment funds when the Financial supervision provides for this to provide information on the condition of the Caretaker.

7) A company that is applying to be registered, cf. Section 9 (1). 1 or whether authorisation to manage alternative investment funds, cf. § 11.

8) A member of a management of alternative investment fund managers or a capital owner, when the supervision denies a management of alternative investment funds, or incorporates this whole or part in part, cf. Section 11 (1). 3, no. 3 and 4, and section 17.

9) Companies, which the Financial Authority finds tight connections to a manager of alternative investment funds, when permission is refused in accordance with section 11 (4). 3, no. 7, or included after Section 17.

10) An alternative investment fund when the Financial supervision takes a decision on a case concerning the manager who adminits the alternative investment fund in relation to matters directly related to the Fund.

11) The one that without being registered or having authorisation manages alternative investment funds.

12) The person who violates the law in a company name or name of the company to use the words covered by alternative investment fund managers in accordance with the name of the alternative investment fund. Section 5 (5). 2.

Paragraph 3. By the way, as a party, a member of the executive executive body or by the central executive body, an auditor, a member of the management or other leading staff of a manager of alternative investment funds, if the decision of the Financial Decision is to be taken, direct to the person concerned.

Paragraph 4. As a party to the decisions of the Financial Regulation, taken in the context of the supervision of accounts by the Financial Authority, laid down in accordance with the rules laid down in Chapter 9 of this Act and the rules adopted pursuant to Section 61 (2). Amendment No 7, and paragraph 131, is considered to be any party to the Financial supervision as a party to the case.

§ 174. If the Financial supervision assesses that a management of alternative investment funds for which Denmark is host is not complying with the rules which Denmark is responsible for overseeing, including sections 18, 19 or 23, when they manage funds that are established in Denmark, or market funds in Denmark, the Financial supervision may offer the steward the custodian of an end to the illegal situation. The SEC shall at the same time inform the competent authorities of the country of origin of the administration.

Paragraph 2. Where a manager such as the country of Denmark is host, does not provide the Financial supervision of the information requested by the Financial supervision in accordance with section 67 (4). 4, or the steward does not put an end to an end by an injunction issued in accordance with paragraph 1. 1, the Financial Authority shall inform the competent authorities of the country of the administration thereof.

Paragraph 3. Where a manager of alternative investment funds such as Denmark is host, notwithstanding any measures taken by the competent authorities of the administration of the administration after the financial system ' s notification of paragraph 1. Paragraph 1 and 2 shall continue to provide the information requested by the Financial supervision in accordance with section 67 (4). 4, or the Administration of the Financial Services Assessment continues to violate the laws or regulations in force in Denmark, the Financial Authority may, having given the competent authorities of the country of origin, shall be subject to notification to the competent authorities of the administration. take appropriate measures to prevent or sanction further illegality and, where necessary, prevent the administration from carrying out new transactions in Denmark.

Paragraph 4. The SEC may also offer the stewards the administration to stop managing alternative investment funds in Denmark.

§ 175. If the Financial supervision has reason to assume that alternative investment fund managers Denmark is host to, does not comply with obligations arising from rules, as another competent authority in a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, is responsible for supervising the financial supervision of the competent authority of the administration of the country of administration. The SEC shall submit the matter to the competent authorities in order to establish appropriate measures to resolve the existence of a violation of the rules issued pursuant to Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds, and that the competent authority can then take the necessary measures.

Paragraph 2. Where a manager of alternative investment funds such as Denmark is host, notwithstanding any measures taken by the competent authorities of the administration of the administration after the financial system ' s notification of paragraph 1. 1, continue to act in a manner which is clearly contrary to the interests of investors in the alternative investment funds placed on the market or managed in Denmark, the financial stability or the integrity of the financial market in Denmark, may The financial supervision of the competent authorities of the country of administration shall take all necessary measures to protect investors in the relevant alternative investment funds, the financial stability or the integrity of those concerned ; financial markets in Denmark. The SEC shall have the same powers if the measures taken by the competent authorities of the managing country of the managing country have shown themselves to be inadequate or the authorities are not acting within a reasonable period of time.

Paragraph 3. The financial supervision may be in accordance with paragraph 1. 2 give the operator concerned prohibition of market share in the relevant alternative investment funds in Denmark.

Paragraph 4. Paragraph 1-3 shall apply mutatis mutable if the Financial supervision cannot be granted to the management of alternative investment funds managed by a third country in a third country within the European Union ; or a country with which the Union has concluded an agreement in the financial sphere.

§ 176. If the Financial supervision receives information from an authority in another country in the European Union or in a country concluded by the Union in the financial sphere, that a manager does not comply with the law in the country or not ; providing the necessary information to the authority, the Finance Board shall take all necessary measures to ensure that the Caretaker complies with the legislation or provides the information. In addition, the SEC may obtain information from third countries for use in the case.

Paragraph 2. The SEC shall inform the competent authorities of the host country of the managing country of the measures taken in accordance with paragraph 1. ONE, ONE. Act.

Paragraph 3. If the SEC receives information from an authority in another country in the European Union or in a country concluded by the Union in the financial sphere, that the authority has clear and incongeable reasons to believe that one Whereas manager, supervising the supervision of the Financial Supervisory Authority, shall take all necessary measures, including, where necessary, for further information from the relevant supervisory authorities of third countries to the Financial Supervisory Authority, in order to ensure that the management of the Financial Authority is subject to the rules laid down in the Financial use the case.

SECTION 177. If the Financial supervision assesses that a management of alternative investment funds with registered registered offices in a third country to which Denmark is the reference country does not comply with its obligations under this law, rules issued under this law, this law or regulation issued in a country within the European Union, pursuant to Directive 2011 /61/EC of 8. In June 2011 on the management of alternative investment funds, the Financial Supervisory Authority shall give the European Securities and Markets Authority to inform the European Securities and Markets Authority without undue delay.

§ 178. The Financial supervision may disclose a copy of the relevant cooperation agreements concluded by the Financial Regulation pursuant to Article 98. 1, § 117, nr. 1, and § 128 (1). 2, no. 1, for the financial supervisory authorities of other countries of the European Union or countries with which the Union has concluded an agreement in the financial field which are host countries for the home-country managers of Denmark.

Paragraph 2. The Financial supervision may, in accordance with the procedures laid down in the applicable regulatory technical standards referred to in Article 35 (1), may be subject to the following : Fourteen, Article 37 (2). Paragraph 17, or Article 40 (1). Fourteen, in Directive 2011 /61/EC of 8. In June 2011 on alternative investment funds, the information relating to a manager received from the Financial Supervisory Authorities of the Financial Supervisory Authorities in cooperation agreements with these supervisory authorities shall be disconnected by the Financial Supervisory Authorities of the Financial Supervisory Authorities of the Financial Supervisory Authority ( the host country of the competent authorities responsible for the supervisory authorities.

§ 179. When systemic financial institutions ' stability or integrity of markets is threatened by the way one or more alternative investment fund managers are acting on, the Financial Supervisory Authority shall notify the financial supervisory authorities of other Member States of the European Union. The financial supervision shall send the necessary information to the competent authorities in order to monitor or respond to the consequences which the manager may result in.

Paragraph 2. When the Financial Monitoring is passed on, information shall be provided to an authority pursuant to paragraph 1 1, the Financial Supervisory Board shall at the same time pass on the information to the European Securities and Markets Authority and to the European Systemic Risk Board.

Paragraph 3. The financial supervision shall be summarised together with information relating to the activities of the managers under their responsibility for 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 Finance-synet and other competent authorities shall be able to bring matters to the European Securities and Markets Authority

§ 180. The financial supervision may bring a case for the European Securities and Markets Authority in the following cases :

1) If the Financial supervision disagrees with the assessment of a condition referred to in Article 21 (2), the Financial Regulation shall not be subject to the approval of the Financial Regulation. 6 (a) (c) and (e) of Directive 2011 /61/EC of 8. In June 2011, the management of alternative investment funds has been met in the marketing of an alternative investment fund which has a depositary established in a third country.

2) Where the Financial supervision disagrees with a competent authority, the assessment of the appropriate cooperation agreements between the competent authorities of the country of origin of a country within the European Union or a country to which the Union is to be carried out shall be appropriate by the competent authority. have concluded an agreement in the financial sphere and the competent authorities of the third country in which the alternative investment fund has been established.

3) If the Financial supervision disagrees with a competent authority's assessment of the country which is the manager of the administration when the SEC assesses the assessment of the competent authority, the competent authority is in breach of the Directive ; The 2011 /61/EU of 8. In June 2011, the criteria or procedures for the management of alternative investment fund managers shall be made.

4) If the Financial supervision disagrees with a competent authority's assessment of the country of the European Union or country to which the Union has concluded agreement in the area of the financial area, which is appropriate in the context of the manager ' s administration the shift of the reference country within two years of the administration having been given permission to manage alternative investment funds.

5) If the Financial supervision disagrees with a competent authority's assessment of whether or not the Caretaker has a legal representative established in his reference country.

6) If the Financial supervision disagrees with a different competent authority's assessment of whether or not the legal representative is actually the focal point or have the skills and resources required to ensure that the manager complies with the requirements of laws and rules pursuant to this, concerning the activities to which the steward is seeking authorization.

7) Where the Financial Supervisory Board disagrees with the effective use of their supervisory tasks by a competent authority in a different competent authority, the competent authority or the competent authorities shall be prevented by laws, regulations or administrative provisions of a third country, as one of which : in the case of a third country authorised to market alternative investment funds or to conduct management activities, the powers of the supervisory authorities of the third country concerned shall be subject to restrictions or limitations.

8) If the Financial supervision is to disagree with another competent authority, the assessment of the appropriate cooperation agreements for each alternative investment fund from a third country and the competent authorities shall be the appropriate authority.

9) If the Financial supervision disagrees with a different competent authority's assessment of the establishment of third countries in which an alternative investment fund is established that the manager is planning to market in a country within the European Union or a country the Union is established ; concluded agreement with in the financial sphere, as non-cooperating countries and territories of the Financial Action Task Force.

10) If the Financial supervision disagrees in a competent authority's assessment of whether the third country in which a manager has registered registered office is listed as a non-cooperative country and territory by the Financial Action Task Force.

11) If the Financial supervision disagrees with a different competent authority's assessment of whether a manager is unable to comply with any part of the legislation implementing Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

12) If the content of a cooperation agreement to be received by the Financial Supervisory Authority from other financial supervisory authorities within the European Union or countries concluded by the Union in the area of the financial sphere, does not satisfy the requirements of the applicable Community financial supervisory authority ; regulation technical standards set out in accordance with Directive 2011 /61/EU of 8. June 2011, the management of alternative investment funds.

13) If the Financial supervision disagrees with a measure, as another competent authority in a country within the European Union or a country with which the Union has concluded agreements in the financial sphere, pursuant to Article 45 (2), it has been taken into account in the interests of the Community or the country of the European Union. 4-9, in Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

14) If the Financial supervision considers that a manager who has received Denmark as a reference country and has been given permission to manage alternative investment funds, should not have been given permission, including if the Financial supervision considers that the competent authority assessment of the conditions laid down in Article 40 (1). 2 (a) and (b) of Directive 2011 /61/EC of 8. June 2011 on the management of alternative investment funds has been met, is not correct.

15) If the Financial supervision disagrees with a decision by another competent authority, whereby a manager has been granted authorisation to manage alternative investment funds by the authority concerned.

16) If a competent authority in a country within the European Union or a country concluded by the Union in the financial sphere, shall reject a request for an exchange of information pursuant to Article 35 (1). 15, Article 37 (1). Article 40 (19) and Article 40 (1). Fifteen, in Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

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 concluded an agreement in the financial sphere is not within a reasonable time, a cooperation agreement is concluded ; required under this law, and if Denmark is the manager ' s reference country.

18) Where, in the case of financial supervision, the Financial Authority shall disagree with the assessment of the appropriate cooperation agreements between the competent authorities of the manager's reference and the competent authorities of the alternative investment fund concerned, Member States of origin of a country within the European Union or a country concluded by the Union in the financial sphere and the competent authorities of the third country in which the manager has registered office.

(19) If there is a mismatch between the Financial Supervisory Authority and the financial supervisory authorities of countries within the European Union or countries concluded by the Union in the financial sphere, an assessment, action or omission in areas where Directive 2011 /61/EC of 8 is adopted. In June 2011, the management of alternative investment funds requires cooperation between the supervisory authorities.

Paragraph 2. In accordance with the provisions of this Directive, in Directive 2011 /61/EC of 8. In June 2011 on alternative investment funds, a competent authority from another country within the European Union, or a country with which the Union has concluded agreement in the financial sphere, may bring a case to the European Union, The Securities and Markets Authority in the following cases shall be :

1) If the competent authority disagrees with the Financial Authority's assessment of whether a condition in § 49, nr. 1, 2, 4 or 7 is fulfilled in the marketing of an alternative investment fund which has a depositary established in a third country.

2) If the competent authority disagrees with the Financial Services assessment of the appropriate cooperation agreements between the SEC and the authorities of the third country in which the alternative investment fund is established when the Financial supervision is homeland of the steward.

3) If the competent authority disagrees in the assessment of the Financial Authority, which country is the manager of the administration, as a result of the competent authority, the competent authority shall assess that the assessment of the administration of the administration is in breach of the reference line ; Directive 2011 /61/EU of 8. In June 2011, the criteria or procedures for the management of alternative investment fund managers shall be made.

4) If the competent authority disagrees with the Financial Authority's assessment of the country of the European Union or country which the Union has agreed to in the area of reference in the area of the management of the administration, the country of the Union shall be responsible for the change in the management of the area of reference. by reference, within two years after the administration has been granted permission to manage alternative investment funds, cf. § 121.

5) If the competent authority disagrees with the Finance-synet assessment of whether the manager has a legal representative established in Denmark, cf. Section 118 (1). One and two.

6) If the competent authority disagrees in the assessment of the Financial Authority whether the legal representative is actually the contact person or have the necessary skills and resources to ensure that the manager complies with the requirements of laws and rules issued in accordance with including those relating to the activities for which the administration is applying for authorisation to, cf. Section 118 (1). Two and four.

7) Where the competent authority disagrees in the assessment of the Financial opinion, the effective handling of the financial services or the effective handling of its supervisory tasks by the Financial Authority or the competent authority, shall be prevented by laws, regulations or administrative provisions of a third country in which a manager is from : a third country which has been authorised to market alternative investment funds or to conduct management activities is subject to, or limitations on the powers of the supervisory authorities of the third country in question, cf. § 117, no. 4.

8) If the competent authority disagrees with the Financial Authority's assessment of whether appropriate cooperation agreements are available for each alternative investment fund from a third country, cf. § 96, paragraph. 1, no. 2, $98, no. 1, section 109, no. 3, § 117, nr. Paragraph 130 (1) and Article 130 (1). 3.

9) If the competent authority disagrees with the Financial Authority's assessment of the establishment of third countries in which an alternative investment fund is established that the manager is planning to market within a country of the European Union or a country the Union has concluded agreement with in the financial sphere shall be listed as non-cooperating countries and territories by the Financial Action Task Force, cf. $98, no. 2, section 109, no. 4, § 117, nr. 2, and section 130 (3). 4.

10) If the competent authority disagrees with the assessment of the Financial Action Task Force in the Financial Action Task Force, if the competent authority disagrees with the Financial Action Task Force, the Financial Action Task Force is listed as a non-cooperative country and territory.

11) If the competent authority disagrees with the Financial Services's assessment of whether a manager is unable to comply with any part of the legislation implementing Directive 2011 /61/EC of 8. June 2011 on alternative investment fund managers, cf. § 120.

12) If the competent authority does not consider that the content of a cooperation agreement to be received by the competent authority from the Financial Regulation, satisfies the requirements of the applicable regulatory technical standards laid down in section 178 (2). 2.

13) If the competent authority disagrees with a measure taken pursuant to section 174-176, a measure which the Financial supervision has taken pursuant to section 174-176.

14) If the competent authority considers that a manager who has received Denmark as a reference country and has been granted authorisation to manage alternative investment funds, should not have been given permission, including if the competent authority considers that : The financial system's assessment of whether the terms of section 117, no. 1, 2 and 4, section 118 (1). 1-3, and Section 119 is not correct.

15) If there is a difference of opinion on the decision taken by the Financial supervision pursuant to Article 11 (2), 2, cf. § 116.

16) If the Financial supervision is rejected, a request for an exchange of information is rejected.

17) If the Financial supervision is not within a reasonable time, a cooperation agreement under Directive 2011 /61/EC is included in the framework of the 8. June 2011, the management of alternative investment funds.

18) If the competent authorities of a country within the European Union or a country with which the Union has concluded agreements in the financial sphere, disagree with the Financial Services Assessment of the Appropriation of Cooperation Agreements between the financial institutions and the Community ; The SEC, the competent authorities of the home Member States concerned and the supervisory authorities of the country in which the steward has its registered office, cf. § 117, no. 1.

(19) If there are disagreements between the competent authorities and the Financial supervision of an assessment, action or omission in areas where Directive 2011 /61/EU of 8 is being taken. In June 2011, the management of alternative investment funds requires cooperation between the supervisory authorities.

§ 181. Financial supervision shall without undue delay inform the European Securities and Markets Authority on the result of the first authorisation procedure for the registered office of a registered office in a third country and on any change in these authorities ; authorisations, including its inclusion. The Financial Supervisory Authority shall inform the European Securities and Markets Authority of applications for authorization from the registered registered office in third countries, which the Financial Supervisory Board has refused, including the Financial Supervisory Information, including the Financial Supervisory Authority, the steward and the reasons for the refusal.

Paragraph 2. The Financial Supervisory Committee shall provide quarterly information to the European Securities and Markets Authority as to which other authorisations to manage alternative investment funds that have been granted or withdrawn following that law.

Paragraph 3. The Financial Supervisory Board shall quarterly the European Securities and Markets Authority provide information on the managers of alternative investment funds that are subject to the supervision of the Financial Supervisory Authority and as manager or market alternative ; investment funds that are indigenous to another country, and whether managers are located in a third country ' s marketing of funds in Denmark under section 130. The financial supervision must provide the information necessary for the evaluation of the European Securities and Markets Authority to assess whether the system of alternative investment fund managers from a country within the European Union or one, may be assessed ; countries with which the Union has concluded agreement in the financial area, cross-border marketing and management of alternative investment funds. The financial supervision of the European Securities and Markets Authority shall forward such information to the European Securities and Markets Authority until the European Securities and Markets Authority shall deliver an opinion pursuant to Article 67 (1). Paragraph 1 (a) of Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

Paragraph 4. The financial supervision shall be submitted annually in accordance with paragraph 1. 5 mentioned information to the European Commission on the management of alternative investment funds from a country within the European Union or a country concluded by the Union in the area of financial management or market, alternative investment funds which are under the supervision of the Financial supervision. In addition, the financial supervision of the European Commission shall inform the Commission of the date on which the marketing asset has been carried out and has been applied in Denmark for the time being.

Paragraph 5. The people in paragraph 3. 4 mentioned information shall include information on :

1) where the respective managers have registered registered office,

2) the alternative investment funds from countries within the European Union or countries concluded by the Union in the area of financial management, managed or marketed by the administrations,

3) the alternative investment funds from a third country managed by a manager of a country within the European Union or a country concluded by the Union in the area of the financial area but which are not placed on the market of a country within the territory of the European Union ; European Union or a country with which the Union has concluded an agreement in the financial sphere,

4) the identification of alternative investment funds from a third country managed by a manager of a country within the European Union or countries concluded by the Union in the area of the financial area and marketed in Denmark,

5) the legal basis for which the managers exercise their activities in accordance with, and

6) matters relevant to understand how the management and marketing of alternative investment funds in countries within the European Union or countries concluded by the Union in the area of the financial sphere are functioning, practices.

Paragraph 6. The Financial Supervisory Committee shall provide quarterly information to the European Securities and Markets Authority for the management of alternative investment funds which are subject to the supervision of the Financial Supervisory Authority and as manager or market alternative ; investment funds that are indigenous to another country within the European Union or a country with which the Union has concluded an agreement in the financial sphere or in a third country. The financial supervision of the European Securities and Markets Authority shall forward such information to the European Securities and Markets Authority until the European Securities and Markets Authority shall deliver an opinion pursuant to Article 68 (1). Paragraph 1 (a) of Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

§ 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 are in accordance with the rules laid down in Article 47 of this Directive. In June 2011 on the management of alternative investment funds, a request to this effect may be made by the Financial Authority,

1) prohibit the placing on the market in Denmark of alternative investment funds from a third country,

2) prohibit the placing on the market in Denmark of alternative investment funds managed by a registered office of a registered office in a third country,

3) impose on the registered office in a third country of restrictions as regards the management of an alternative investment fund, in the event of a too high cross-frontier risk concentration in a specific market ; and

4) impose on the registered office in a third country of restrictions as regards the management of alternative investment funds, provided that the activities of the Funds potentially constitute an important source of counterparty risk to a credit institution ; other systemic relevant institutions.

Paragraph 2. The Financial Supervisory Authority may request the European Securities and Markets Authority to reconsider its decisions under Article 47 of Directive 2011 /61/EC of 8. June 2011, the management of alternative investment funds.

Deadlines

§ 183. The time limits laid down in or pursuant to this law shall begin to run from and with the day following the day on which the event that triggers the deadline is taking place. This applies in the calculation of both the day, the weekly, the month and the year of the year.

Paragraph 2. If the deadline is set in weeks, the deadline is out, cf. paragraph 1, on the day of the day of the week of the day on which the event that triggered the deadline occurred.

Paragraph 3. If the deadline is set in months, the deadline is due, cf. paragraph 1 on the month of the month for the day on which the event that triggered the deadline took place. If the day at which the event that triggered the deadline occurred is the last day of a month, or if the deadline expires on a month date that does not exist, the period shall always expire on the last day of the month regardless of its length.

Paragraph 4. If the deadline is set this year, the deadline is out, cf. paragraph 1, on the anniversary of the day on which the event that triggered the deadline occurred.

Paragraph 5. Expires a deadline for a weekend, on a holiday, on Christmas Day or New Year's Day or New Year's Day, the deadline for the next day is extended.

Chapter 26

Charges and compulsory digitization

§ 184. Alternative investment fund managers with the authorization to manage alternative investment funds in accordance with section 11, managing with Denmark as a reference country, which has been given permission after Article 11, cf. § 111, paragraph 1. 2, manage from another country within the European Union or a country concluded by the Union in the area of the financial area which market one or more alternative investment funds in Denmark or in the management of one or more alternative sources ; investment funds established in Denmark, as well as man-made from a third country which has been granted a permit in accordance with Article 130 (3). 1, pay tax to the Financial supervision. The levy shall be fixed in accordance with Chapter 22 of the Act on financial activities.

§ 185. The Minister for the Economic and Growth Pact may lay down rules on written communication to and from the Financial supervision and to and from the Danish Business Authority on matters subject to this law or rules issued under this law must take place digitally.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on digital communications, including the use of specific IT systems, special digital formats and digital signature el.lign.

Paragraph 3. A digital message is considered to have arrived when it is available for the message address.

§ 186. Whereas the Minister for the Industry and Growth Minister may lay down rules on the granting of decisions and other documents pursuant to this law or in accordance with rules issued under this law without a signature, with a mechanical or equivalent law, in accordance with this law or in accordance with the rules laid down in accordance with this law or on the basis of rules issued. manner of signature or use of a technique that ensures uniquely identification of the person who issued the decision or the document. Such decisions and documents shall be placed in the same way as decisions and documents with a personal signature.

Paragraph 2. Whereas the Minister for the Industry and Growth Minister may lay down rules that decisions and other documents which have been made exclusively or issued on the basis of electronic data processing may be issued only with the financial supervision or the Danish Agency for the Agency for the Financial Affairs of the European Union, as applicable ; sender.

§ 187. Where it is required under this law or in accordance with rules issued in accordance with this law, a document issued by non-Finance-SEC or the Danish Agency shall be signed, this requirement may be complied with by means of a technique to ensure that : unique identification of the person who issued the document, cf. however, paragraph 1 2. Such documents are treated as a person with a personal signature document.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on the deviation of regulatory requirements, including that the requirement for personal signatures may not be permitted to be deviated from certain types of documents.

TITLE X

Penalty, entry into force and transitional provisions, etc.

Chapter 27

Delegation and Clapping

§ 188. The Minister for Finance and the Minister for Finance, after the Danish Financial Authority, can lay down rules on the draft law, including the fact that complaints cannot be brought to the second administrative authority.

§ 189. Decisions taken by the Financial Authority or the Danish Business Authority pursuant to the law or rules issued under the law may be submitted to the Agency for the Commercial Board, within four weeks of the decision to be notified to it ; in question.

Chapter 28

Penalty provisions

§ 190. The withdrawal of section 4 (4). TWO, ONE. pkt., section 5, paragraph 1. 1-3, paragraph 3. FOUR, ONE. pkt., and paragraph. 5, section 6 (4). Paragraph 1, section 8, paragraph 8. 1 and 4, section 9 (4). One-three, paragraph 10, paragraph 10. Paragraph 1, section 11, paragraph 11. Paragraph 13, paragraph 13. 3, section 15 (3). Paragraph 1, section 16, paragraph 1. Paragraph 1 (1). TWO, ONE. pkt., paragraph FOUR, ONE. and 3. pkt., and paragraph. 5 and 7, section 18 (4). 1 and 2, section 19, section 23 (4). 1-5, section 24, paragraph 24. 1-6, section 25, paragraph. One-three, paragraph 27, paragraph 27. 1 and 2, sections 29 and 30, section 31 (3). 3 and 4, section 32 (3). Paragraph 1, section 33, section 34 (4). Paragraph 1, section 36, paragraph. 1 and 2, section 38-41, section 42, paragraph 1. 2, section 43, 45 and 50-53, section 54 (5). 1, 4 and 5, section 59, section 61 (1). 1-5, section 62, paragraph. 1 and 2, sections 64 and 65, section 67 (4). 1-5, section 68, paragraph. 1-3, $72-74, section 75, paragraph 3. Paragraph 1, section 77, section 79, paragraph. One, section 81, section 86, section. Paragraph 1, section 88, paragraph. Paragraph 1, section 93, paragraph. Paragraph 1, section 95, section 96, paragraph. 1, sections 98 and 99, section 101 (3). 1, section 106 (4). Paragraph 1, paragraph 108, paragraph. 1, section 109, no. TWO, TWO. pkt., section 111, section 118 (1). One and four, section 121, paragraph 1. 1-3, section 123, paragraph 1. 1, section 127, § 128, paragraph. 1 and 10, section 129 (4). 1, section 134 (4). SIX, ONE. and 2. pkt., section 135, paragraph Paragraph 1, section 136, paragraph 1. 4, section 137, paragraph 1. 4, section 138, section 139, paragraph 1. TWO, ONE. pkt., section 141, paragraph 1. 1-5, section 146, paragraph 1. ONE, TWO. pkt., and section 149 (3). ONE, TWO. a penalty shall be penalized for a penalty or a penalty until four months unless higher penalty is owed under other legislation.

Paragraph 2. The withdrawal of section 20 (2). 1-7 and 9, section 21, paragraph. Paragraph 1 (1). TWO, TWO. pkt., and paragraph. 3 and 4, section 22 (4). One-three, paragraph 28, paragraph 28. 1, no. Paragraph 1 and paragraph 1. 2, no. Paragraph 1, section 163, paragraph 1. 3, 5 and 6, and section 171 (1). ONE, ONE, FIVE. pkt., and paragraph. TWO, ONE.-SEVEN. Pkton, punishable by fine.

Paragraph 3. The penalty shall be penalised by an alternative investment fund which does not comply with an injunction or prohibition provided pursuant to section 4 (4). TWO, TWO. pkt., section 34, paragraph 1. 2, section 69 (3). 4, section 79, paragraph. 2 and 3, section 86 (3). 2 and 3, section 93, paragraph. 2 and 3, section 101 (3). 2 and 3, section 106 (4). 2 and 3, section 122, paragraph. 1, section 126 (4). 9 and 10, section 128 (4). 11 and 12, section 164, paragraph 4. TWO, ONE. pkt., section 167, section 174, paragraph 1. 4, and § 175 (3). In addition, the penalty shall be penalised in respect of the person who does not comply with an injunction given in accordance with section 163 (4). ONE, ONE. pkt., and section 168 (3). 2, and paragraph 1. 3, 3. Act.

Paragraph 4. In accordance with Article 3 (3), the rules laid down in Article 3 9, section 5, paragraph 5. 7 and 8, section 6 (4). 5 and 6, section 9 (4). 4, section 10, section. 3, section 11, paragraph 1. 7, section 16 (4). 8 and 9, section 18 (4). 2, section 20 (2). 11, section 22, paragraph. 4, section 23, paragraph. 6, section 24, paragraph 1. 7, section 25, paragraph. 4, section 26, section 27, paragraph. 3, section 32, paragraph. 3, section 37, 44 and 60, Section 61 (3). 7, section 62, paragraph. Three, section 66, section 67, paragraph. 6, section 68, paragraph. 4, section 69 (3). 8, sections 80 and 87, section 88 (1). 2, section 94, section 96 (6). 2, section 107, section 108, paragraph 1. 2, section 110, section 119 (1). Three, section 120, paragraph. 5, section 123, paragraph 1. 2, section 126 (4). 12, section 128, paragraph 1. 14, section 129, paragraph 1. 2, section 130, paragraph 1. 5, section 131, paragraph 1. 6, section 132, section 148, paragraph 1. 5, section 152, paragraph 1. 4, section 160 (5). 5, section 185, paragraph 1. 2, section 186, section 187, paragraph 1. 2, and Article 188 provides for the penalty of fine or imprisonment for four months for infringement of rules laid down in the rules.

Paragraph 5. The SEC may lay down rules for penalties to be punished in violation of provisions contained in the European Union regulations for the areas of the law which the Financial supervision is supervising.

Paragraph 6. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Paragraph 7. In the case of a member of the management of alternative investment funds, to take the necessary measures in the event of any loss or immediate danger of significant losses, the person shall be penalised by penalty of fine or imprisonment up to four months ; in the case of higher penalties, no longer has been washed in accordance with the other legislation.

Paragraph 8. People linked to a management of alternative investment funds and which provide inaccurate or misleading information about the caretaker administration, to the public, to some company body or to investors ; in the caretaker or in an alternative investment fund managed by the administration, or which is guilty of gross or more repeated negligence or negligence which may result in loss of the caretaker or investors in an alternative ; the investment fund managed by the managing manager shall be punished by fine or penitent up to four months, in the case of higher penalties, no longer has been washed in accordance with the other legislation.

Niner. 9. The limitation period for criminal offences or rules issued under the law shall be five years.

§ 191. Avoices of an alternative investment fund manager is in the right time to comply with the Financial supervision obligations which, in section 5 (5), shall be required to comply with the Financial Fund. 1 and 5, section 10 (4). Paragraph 1, section 11, paragraph 11. Paragraph 1, section 61, paragraph. 2, no. 2, section 67 (4). 1-5, section 68, paragraph. One-three, and section 73, paragraph 3. 1, no. 3, and paragraph 1. 6, the custodian of the steward, or omit a depositary, in the right time to comply with the duties of the Financial Authority, which is the responsibility of the Depositary after Section 59, may impose penalties on the daily or weekly fines of the relevant financial instrument.

Paragraph 2. Do not allow a natural or legal person to fulfil the duties resulting from Section 161 (1). 3 and 4, the Financial Control may, as a force, impose on the natural or legal person or persons responsible for daily or weekly fines of the person responsible for the person responsible for daily or weekly penalties.

Paragraph 3. Avoices of alternative investment funds is not authorised to comply with an injunction in accordance with section 168 (4). Paragraph 1 and paragraph 1. THREE, ONE. pkt., the Financial supervision may impose daily or weekly periodic penalties on the members of the Caretaker ' s executive executive.

Paragraph 4. Where a manager of alternative investment funds which has issued securities admitted to trade in a regulated market does not comply with its obligations under provisions laid down in Article 131, the Financial supervision may give it the administration concerned shall be required to amend the relationship, including the disclosure of the amended or supplementary information. If appropriate, the SEC may publish the information in question, publish or suspend or delete the transferable securities of the trade in a regulated market.

Paragraph 5. A manager of an alternative investment fund that does not comply with an injunction from the Financial Authority or gives false or misleading information to the Financial supervision in relation to the tasks assigned to it in accordance with paragraph 1. The penalty shall be penalised for the payment of the sentence of 4, which shall be penalized for the penalties which are not due to any higher

Paragraph 6. Paragraph 1-3 shall apply mutatis mutilas to the supervision of the supervision of the supervision of the supervision after paragraph 155 (3). ONE, TWO. Act.

Paragraph 7. The rules laid down in accordance with the law governing the duties of alternative investment funds or other natural or legal persons governed by the law may be laid down that the financial supervision of the instrument may be carried out by means of an instrument of the use of force ; imposing daily or weekly fines.

Chapter 29

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

Entry into force

§ 192. The law will enter into force on the 22nd. July, 2013, cf. however, paragraph 1 Two and three.

Paragraph 2. § 28 and § 197, nr. 5, enter into force on the 22nd. July, 2014.

Paragraph 3. The Minister for the Industry and Growth Pact provides for the entry into force of sections 97 to 108 and 111-129, section 181 (1). 6, and section 197, no. 8.

Paragraph 4. Section 20 shall apply to the contracts awarded by alternative investment funds shall be extended or renewed following the entry into force of the law.

Paragraph 5. Section 21 and 22 shall not have the effect on the individual managing of alternative investment funds from the former general assembly or equivalent that is taking place after the law enters into force.

Transitional provisions

§ 193. Companies operating on the 22. July 2013, which will fall within the scope of this law on alternative investment fund managers, may continue their business up to 22. July, 2014. Such undertakings must take all measures necessary to correct their activities in order to comply with the rules of this law concerning alternative investment fund managers and submit an application for authorisation or to permit itself ; register before the 22nd. July, 2014. The company may then continue its operations in this country without authorisation until the SEC has taken a decision on the application.

Paragraph 2. For companies operating on the 22. July 2013, which will be covered by this law on alternative investment fund managers, paragraph 11, paragraph 11, will be found in paragraph 11. 3, no. 2, cf. Paragraph 13 shall not apply to applications for authorisation.

§ 194. Chapters 13 and 14 of the law shall not apply to the placing on the market of alternative investment funds which are subject to a current tender for the public in a prospectus published in accordance with rules implementing the Directive ; 2003 /71/EC of 4. November 2003 on the prospectus to be published where transferable securities are offered to the public or to be admitted to trade before 22. July 2013, as long as the prospectus is in effect.

§ 195. Companies that will be within the 22nd. July 2013, the alternative investment fund manager of the closed type may continue to manage these alternative investment funds without the authorisation of this law if these alternative investment funds do not carry out any further ; investment after the 22nd. July, 2013.

§ 196. Companies that manage alternative investment funds by the closed type in which the plans for investors have expired before the 22nd. July 2013, which has been created at the latest by the 22. July 2016 may continue to manage these alternative investment funds without submitting applications for the management of alternative investment funds and without complying with the rules laid down in this Act, with the exception of the rules laid down in Chapter 9 and where : It's relevant, chapter 12.

Changes to other legislation

SECTION 197. In the law of financial activities, cf. Law Order no. 705 of 25. June 2012, as amended, inter alia, in section 2 of Law No 2. 512 of 17. June 2008, section 2 of law no. 557 of 18. June 2012 and Section 1 of Law No 1287 of 19. December 2012, and no later than Section 3 of Act 3. 378 of 17. April 2013, the following changes are made :

1. I footnote to the title of the law, ', Directive 2010 /76/EC of the European Parliament and of the Council of 24. November 2010 amending Directive 2006 /48/EC and 2006 /49/EC in respect of capital requirements relating to commercial stock and resecuritisations and supervision of remuneration policies (CRD III), EU Official Journal 2010, nr. In 329, page 3 "for :" Directive 2010 /76/EC of the European Parliament and of the Council of 24. November 2010 amending Directive 2006 /48/EC and 2006 /49/EC in respect of capital requirements relating to commercial stock and resecuritisations and supervision of remuneration policies (CRD III), EU Official Journal 2010, nr. In 329, page 3, and parts of the European Parliament and Council Directive 2011 /61/EU of 8. June 2011 on alternative investment fund managers and amending Directive 2003 /41/EC and 2009 /65/EC, as well as Regulation (EC) No (EC) No, 1060/2009 and (EU) No 1095/2010, EU-Official Journal 2011, nr. In 174, page 1.

2. Insert after section 10 :

" § 10 a. An investment management company may, in addition to the activities carried out by the undertaking following this law, manage one or more alternative investment funds, where the company is authorised to do so pursuant to section 11 of the Clause of Alternative Administrative, investment funds, etc. ` ;

3. I § 77 (c, paragraph 1) TWO, ONE. pkt., inserted after ' paragraph 1 ' shall mean ' or Article 21 (1) ; 1, in the Law on alternative investment funds, etc. ` ;

4. I $360, paragraph. 2, ' section 361 (1). 1, no. Twenty "to :" § 361, paragraph 1. 1, no. 19. "

5. Section 361 (1). 1, no. 19, revoked.

Number 20-22 becomes the second paragraph. 19-21.

6. Section 361 (1). 1, no. 22, It's gonna be 21, lifted.

Number 23-32 will be hereafter no. 21-30.

7. Section 361 (1). 1, no. 31 and 32, which becomes number one The following shall be inserted after 29 and 30,

" 29) Central counterparts with permission, cf. Article 14 of the Regulation No 2 of the European Parliament and 2012/648 of 4. July 2012 (EMIR-Regulation), cf. § 83, paragraph. 1, in the Act of securities trading, etc., pays an annual $38,500 DKK.

(30) Foreign operators of alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, and foreign managers of alternative investment funds from a third country, As Denmark is the reference country for which the management of Danish alternative investment funds is authorised, pays 20 000 DKK 20.

31) Foreign operators of alternative investment funds authorised to market a foreign alternative investment fund in Denmark pay annually DKK DKK 2000. per alternative investment fund plus 2 000 kr. per Department.

32) Approved foreign clearings, cf. § 8 A, in the Act of securities trading, etc., pays $68.50 kr. "

8. Section 361 (1). 1, no. 32, revoked.

9. § 362, paragraph 2, ITREAS :

" Stop. 2. Investment management companies pay a year 10.5 per year of their pay, commission and tantieme costs. The management of alternative investment funds with registered registered offices in Denmark authorised to manage alternative investment funds shall pay a year 10.5 per year of their pay, commission and tantieme costs. A minimum levy shall be subject to 20 000 kr. ` ;

10. § 362, paragraph 4, revoked.

11. § 367 ITREAS :

" § 367. Danske UCITS and alternative investment fund managers with the authorisation to manage alternative investment funds are paid annually 4.4%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The tax shall be distributed among the companies by DKK 10,000. per Danish UCITS and at $10,000. per alternative investment fund managed or placed on the market by a manager authorized to manage alternative investment funds, cf. Article 184 of the alternative investment fund managers, etc., is also required to pay 3 000 kr. per department of each UCITS, and the management of alternative investment funds authorised to manage alternative investment funds must pay DKK 2 000. per unit of each alternative investment fund. The remainder of the levy shall be allocated to the individual company ' s share of the provisions of paragraph 1. 1 covered the overall balance of undertakings. ` ;

§ 198. In the law of certain business operators, cf. Law Order no. 559 of 19. In May 2010, as amended by Section 1 of law no. 616 of 14. June 2011, section 3 of law no. 1231 of 18. December 2012 and section 2 of the Law No 1383 of 23. December 2012, the following change is made :

1. I Section 1 (1). TWO, ONE. pkt., the ' or the law of commercial operators ' shall be replaced by ', the law on trader funds or sections 133-154 of the alternative investment fund managers, etc. ` ;

§ 199. In the Act of a Guarantee Fund for depositors and investors, cf. Law Order no. 133 of 22. February 2011, as last amended by Section 49 of Law No 1231 of 18. December 2012, the following changes are made :

1. Section 3, paragraph 3. 1, ITREAS :

" The following institutions must be connected and contribute to the Fund :

1) Financial institutions.

2) Realtor credit institutions.

3) Fund brokers and investment management societies, in the case of the part of the activities of the companies which are subject to a permit in accordance with section 10 (4). Two, in the law of financial activities.

4) Alternative investment fund managers with a permit in accordance with section 11 of the law on alternative investment fund managers, etc. as regards the part of the activities covered by Annex 1 (s), 3, in the law of alternative investment fund managers, etc.

5) Filials situated in Denmark of credit institutions and investment firms located in a country outside the European Union, except for countries concluded by the Union in the financial sphere. ` ;

2. I § 4, 1. pkt., the ' and investment management companies ' shall be replaced by ', investment management companies and the management of alternative investment funds `.

3. I Section 5 (5). 4, is inserted after ' Section 3 (1). 1, no. 3 ":" and 4 ".

4. I Section 5 (5). 6, and Section 9 (1). 1, in section 3, paragraph 1 shall be amended. 1, no. 4 " to : section 3, paragraph 3. 1, no. FIVE. "

5. I § 10 in section 3, paragraph 1 shall be amended. 1, no. 2 and 3 ' shall be replaced by ' section 3 (1). 1, no. 2-4 ", and section 3, paragraph 3. 1, no. 4 " to : section 3, paragraph 3. 1, no. FIVE. "

6. I Section 18 (2). 2, is inserted after ' Section 3 (1). 1, no. 3 ":" and 4 ".

$200. In the Act of securities trading, etc., cf. Law Order no. 219 of 20. February 2013, as amended by Section 2 of Law No 155 of 28. February 2012, section 2 of the law. 1287 of 19. December 2012 and section 8 of the law. 1383 of 23. December 2012, the following change is made :

1. I § 83, paragraph. TWO, ONE. pkt., the following ' section 63 and 64 of the law on investment associations, etc. shall be inserted : `, in rules issued under section 131 of the Law on alternative investment fund managers, etc. `

§ 201. Law no. 1287 of 19. December 2012 on the amendment of the law on financial activities, the law on securities trading, etc., the law on payment services and electronic money and various other laws (the disclosure of information to the prosecution and police, the establishment of the Systemic System ; Risk-eating, merging of the Financial Business Council and the Foundation, short selling, new approach to the enforcement of solvency requirements and the establishment of oversight of referential interest, etc.) are hereby amended as follows :

1. § 1, no. 49, revoked.

Faeroes and Greenland

202. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be fully or partly in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

---

Appendix 1

The functions, managers of alternative investment funds may be authorized to perform

1) The law carries out the European Parliament and Council Directive 2011 /61/EU of 8. June 2011 on alternative investment fund managers and amending Directive 2003 /41/EC and 2009 /65/EC, as well as Regulation (EC) No (EC) No, 1060/2009 and (EU) No 1095/2010, EU-Official Journal 2011, nr. In 174, page one.