UCITS passporting in Denmark

An EEA UCITS Scheme covered by the UCITS Directive that wishes to market its units in Denmark must notify the Danish Financial Supervisory Authority (the “Danish FSA”). 

The notification procedure of the Danish FSA for marketing of EEA UCITS Schemes in Denmark is based on Commission Regulation no. 584 / 2010 of 1 July 2010. The Regulation implements the UCITS Directive regarding the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between HMSAs for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between HMSAs. 

In order to market units in Denmark, the EEA UCITS Scheme must contact the HMSA of the UCITS which will manage the notification procedure to the Danish FSA. The HMSA will provide their consent notice to the Danish FSA. 

The notification shall include the types of investors which the EEA UCITS Scheme will approach, for example retail investors or professional investors etc. 

The notification provided to the Danish FSA must be accompanied by; the EEA UCITS Scheme’s rules or instrument of incorporation, the prospectus, the PRIIPs KID, and any annual reports or biannual accounts where applicable. Please note that the PRIIPs KID must be available in Danish. Following the transmission of this notification from the HMSA to the Danish FSA, the Danish FSA will issue its confirmation of recognition to the HMSA, from which point the EEA UCITS Scheme will be able to market its units in Denmark. 

All documents enclosed with the notification may be provided and published in Danish, English, Swedish or Norwegian, except for the KIID which must be translated into Danish. Translations of information or documents shall be produced under the responsibility of the EEA UCITS Scheme and shall accurately reflect the content of the original information. 

An EEA UCITS Scheme that intends to market its units directly or indirectly in Denmark, must be able to perform the following tasks (in accordance with the UCITS Directive Article 92 implemented into the Danish executive order no. 1570/2022): 

1. process subscription, repurchase and redemption orders and make other payments to unit-holders relating to the units of the EEA UCITS Scheme, in accordance with the conditions set out in the documents required pursuant to the UCITS Directive Chapter IX; 
2. provide investors with information on how orders referred to in point (a) can be made and how repurchase and redemption proceeds are paid; 
3. facilitate the handling of information and access to procedures and arrangements referred to in the UCITS Directive Article 15 relating to the investors' exercise of their rights arising from their investment in the EEA UCITS Scheme in Denmark; 
4. make the information and documents required pursuant to the UCITS Directive Chapter IX available to investors for the purposes of inspection and obtaining copies thereof; 
5. provide investors with information relevant to the tasks that the EEA UCITS Scheme perform in a durable medium; and 
6. act as a contact point for communicating with the Danish FSA and other HMSAs. 
7. An EEA UCITS Scheme is not required to have a physical presence in the host Member State or to appoint a third party for the purposes of sections (a)-(g).  

The fee structure has recently been changed to ensure compliance with Commission Regulation no. 1156/2019 of 20 June 2019. An EEA UCITS Scheme is required to pay an annual fee to the Danish FSA.  The annual fee will depend on the number of compartments an EEA UCITS Scheme is marketing. If the number of compartments is lower than 10 the annual fee will currently be DKK 5,500. If the number of compartments is 10 or above the annual fee will currently be DKK 11,000. The fee is subject to annual adjustments.