New Requirements to Marketing of Non-EU AIFS in Denmark
Published 4 November 2020
EU and non-EU AIFMs submitting an application for marketing of non-EU AIFs to professional investors in Denmark will be subject to new requirements. The Danish FSA has issued a new Executive Order, which enters into force on 1 January 2021.
The new requirements for EU-AIFMs cover:
- Documentation that the EU AIFM is authorized to manage AIFs under the rules implementing the AIFMD and
- Documentation from the supervisory authority in the home country of the AIF evidencing that the AIF is covered by the cooperation agreement entered into between the Danish FSA and the authorities in the home country of the AIF.
The new requirements for non-EU AIFMs cover:
- Documentation from the supervisory authority in the AIFMs home country evidencing that the AIFM and the AIF are covered by the cooperation agreement entered into between the Danish FSA and the authorities in the AIFM’s home country and
- Documentation from the supervisory authority in each of the AIFM’s and in the AIF’s home country evidencing that the AIFM and the AIF are covered by the cooperation agreement between the Danish FSA and the authorities in each of the AIFM’s and the AIF’s home country, if the AIFM and the AIF have registered their domicile in two different third countries.
Further, the Danish FSA may extend its processing time with an additional three months if deemed necessary. AIFMs that have already been granted authorization to market non-EU AIFs prior to 1 January 2021 is not required to submit a new application but may continue to market its AIFs towards professional investors in Denmark under their existing authorization.
What’s next: The Executive Order will enter into force on 1 January 2021 and apply to all applications submitted from that time. Find the Executive Order here.
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