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Notice Of Authorization To The Alternative Investment Fund Managers To The Marketing Of Alternative Investment Funds From A Third Country In Denmark

Original Language Title: Bekendtgørelse om tilladelse til forvaltere af alternative investeringsfonde til markedsføring af alternative investeringsfonde fra et tredjeland i Danmark

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Publication of the authorisation of alternative investment fund managers to the placing on the market of alternative investment funds from a third country in Denmark 1)

In accordance with section 110, section 130, paragraph 1. 5, and section 190 (3). Amendment No 4. 598 of 12. June 2013 on alternative investment fund managers and so on, as amended by law no. 268 of 25. March, 2014, and Law No. No. 403 of 28. April 2014, set :

Scope of application

§ 1. This notice shall apply to the managers of alternative investment funds, registered registered home in Denmark or another country within the European Union or a country with which the Union has concluded agreement in the financial sphere, have been given permission to manage alternative investment funds in accordance with rules implementing Directive 2011 /61/EU of 8. June 2011, the management of alternative investment funds, and which wants to market shares in alternative investment funds, registered home in a third country to professional investors in Denmark.

Paragraph 2. The announcement shall apply mutatis muted to alternative investment funds registered in a third country wishing to market shares in alternative investment funds with registered registered offices in a third country ; Professional investors in Denmark.

Definitions

§ 2. For the purposes of this notice :

1) Alternative investment fund : A unit as defined in

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

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

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

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

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

5) Third country : a country as defined in section 3 (3). 1, no. 32, in the law of alternative investment funds, and so on.

Application

§ 3. An alternative investment fund manager who wants to market shares in an alternative investment fund registered registered home in a third country to professional investors in Denmark shall be subject to the authorisation of the Finance Board.

Paragraph 2. The application shall include the following :

1) Documentation to permit the manager to manage alternative investment funds according to rules implementing Directive 2011 /61/EU of 8. June 2011 on alternative investment fund managers, provided that the caretaker has registered home in a country within the European Union or a country with which the Union has concluded agreement in the financial sphere.

2) An operational plan with a unique identification of the alternative investment fund that the manager wants to market, and information on, in which country the alternative investment fund has registered home.

3) The provisions of the Fund, statutes or other constituent documents of the alternative investment fund.

4) The information available to investors on the alternative investment fund, cf. § 62, in the case of alternative investment fund managers, etc., such as a prospectus or similar document.

5) Information on the measures taken to prevent the participation of shares in the alternative investment fund for retail investors, including if the alternative investment fund is using independent entities to deliver ; investment services in the marketing of the fund.

6) A statement by the homeland supervisors by the alternative investment fund authorities that the home Member State is prepared to provide equivalent Danish alternative investment funds to market their shares in the country in question. If the Fund is not under supervision, the declaration must be issued by a lawyer in the homeland of the Fund.

7) Name and address of the depositary of the alternative investment fund, or the name and address of the unit or units designated by Section 4.

8) The latest annual report, with less the alternative investment fund, has not yet operated in an entire financial period, and a possible half-year report.

9) The financial system application scheme for the marketing of alternative investment funds registered registered home in a third country, including

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

b) information on whether and, where appropriate, the extent to which the alternative investment fund is to be addressed to the public in the homeland of the administration and the alternative investment fund,

c) information on the measures taken by the Caretaker in this country to ensure the rights of investors to pay the profits and the settlement of shares,

d) information on the information provided by the alternative investment fund to its investors under the rules of the home country, including the information available to the alternative investment fund, if the Fund ceaves to market itself ; In this country,

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

(f) information on the place where the master fund is established where one of the alternative investment funds is a feeder fund.

10) Any other documents which the alternative investment fund is obliged to publish in the home Member State shall be published.

Paragraph 3. The documents referred to in paragraph 1. 2, no. 1, 3, 8 and 10 must be original documents or copies certified by persons who are authorized to act on behalf of the alternative investment fund in this context. The document referred to in paragraph 1 2, no. 6 must always be an original document.

Paragraph 4. The documents and information referred to in paragraph 1. 2, must be written in either Danish or English.

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

Paragraph 6. In subsequent applications for the marketing of further departments in an alternative investment fund which is already authorised to be marketed in Denmark, the administration shall submit the services referred to in paragraph 1. 2, no. 3-4 and 8-9, mentioned information and documents.

Paragraph 7. In subsequent application for the marketing of additional shares in departments where authorisation has already been authorised, the steward shall submit a digital document stating the departments ; The other classes are included as well as names and possible ISIN codes for the departments and other classes to which the application is made.

§ 4. A manager of alternative investment funds with registered registered offices in a third country shall ensure that one or more entities are designated, which must be different from the Caretaker itself, to carry out the tasks covered by sections 50, section 51 (4). 1 and Article 52 of the alternative investment fund managers and so on.

Changes

§ 5. The management of alternative investment funds shall inform the Finance-monitoring of planned, substantial changes in the conditions laid down for the granting of authorization to market share to professional investors, including essential ; changes to the information received by the Financial supervision in relation to the application. The notification must be made before the changes are made. 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.

Publication of information

§ 6. The management of alternative investment funds shall be provided for publication in this country by the documents and information which the alternative investment fund shall regularly publish in the home country of the Fund. The publication must be carried out in the same way as in the home Member State.

Paragraph 2. The valet shall also ensure publication in this country if it is the home Member State ' s supervisory authority that publishes certain information in the country of origin.

Paragraph 3. It must be shown in the listing particulars or similar documents where the publication is carried out.

Termination of the placing on the market of shares

§ 7. The financial supervision may require a manager of an alternative investment fund registered in a third country to cease marketing the shares in Denmark in Denmark, in the following cases :

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

2) Similarly Danish alternative investment fund should be admitted to the placing on the market of the country in question, cf. Section 3, paragraph 3. 2, no. Six, lapses.

3) The possibility of cooperating with the supervisory authorities of the manager and the alternative investment fund (UCITS), cf. § 130, paragraph. 3, in the law of alternative investment fund managers, etc. lapses.

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

5) The authorization to manage the alternative investment fund shall be withdrawn or otherwise disposed of in another manner.

6) The author does not have paid duty in due time, cf. § 9.

§ 8. Where a manager of alternative investment funds decides to end the marketing of the alternative investment fund or its departments in Denmark no later than 14 days after the decision has been made, the steward shall notify all Danish ; investors to do so, and inform the Finance-monitoring of the time of this. The same shall apply where the Financial supervision requires that the Caretaker cease to market the alternative investment fund, cf. § 7.

Paragraph 2. At the same time, the valet shall indicate how the manager shall implement the measures to ensure the rights of Danish investors, which are mentioned in section 3 (2). 2, no. 9 (c).

Tax

§ 9. Foreign operators of alternative investment funds, which have been granted authorisation for the marketing of alternative investment funds after this notice, pay tax to the Financial supervision in accordance with section 361 (1). 1, no. Thirty-one in financial activities.

Penalty provisions

§ 10. The treeout of section 3 (3). One, section 4-6 and 8 are punished by fine.

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

Entry into force

§ 11. The announcement shall enter into force on the 15th. July, 2014.

Paragraph 2. Publication no. 821 of 26. June 2013, authorising the management of alternative investment funds for the marketing of alternative investment funds from a third country in Denmark is hereby repealed.

Financial supervision, 26. June 2014

Ulrik Nutgaard

/ Anna Frost-Jensen

Official notes

1) The announcement carries out 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 one.