Fund Distribution Alert 2021-14

On 1 July 2021, two new executive orders entered into force in Denmark concerning the distribution of foreign funds in the country. These executive orders cover the marketing of foreign UCITS in Denmark, as well as foreign AIFs to retail investors, and transpose requirements from the EU Directive 2019/1160.

For foreign UCITS marketed in Denmark to retail investors, the requirement to appoint a Danish representative is abolished.

Moreover, the executive order lists the facilities services which the fund is required to maintain to all investors, such as treatment of orders and payments, informing on investor rights and provision of fund documents. However, from now on such facilities must be provided to Danish investors in Danish.

Similar changes were made to the executive order covering AIFs distributed to retail investors in Denmark, where a local representative is no longer required either, but the fund must maintain facilities and provide these to Danish investors in Danish.

The executive orders replace the previous versions from 2014 and can be accessed in full here (for UCITS) and here (for AIFs marketed to retail investors). They are currently only available in Danish.

Please feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu