Denmark

1. EEA UCITS Schemes

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.

Notification

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, KIID, and any annual reports or biannual accounts where applicable. 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.

Marketing to retail investors

If the units of the EEA UCITS Scheme are marketed to retail investors in Denmark, the EEA UCITS Scheme shall have a representative with an office in Denmark in order to provide Danish retail investors access to information and redemption of units. The representative must have a license as a securities dealer, cf. section 9 of the Danish Financial Business Act (the “Danish FBA”), or as an investment management company, cf. section 10 of the Danish FBA. The representative may also be a branch, cf. section 5(1), no. 21 of the Danish FBA.

2. Fees

The Danish FSA charges a fee for each message, notification or application regarding marketing of an EEA UCITS Scheme. This is currently DKK 6,352 and includes messages regarding change of name and address. In addition, an annual fee will be payable to the Danish FSA for each EEA UCITS Scheme being marketed in Denmark. The annual fee is currently DKK 20,212. The fees are subject to annual adjustments.