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EU regulation

A large proportion of the Danish legislation governing the financial sector has its source in EU regulation. Most of the legislation governing investment funds and their Investment fund management companies also stems from EU regulation in the form of directives, regulations and guidelines.

Directives do not apply directly within the individual EU member countries, but the member countries shall implement the directive in their national legislation within a certain time limit indicated in the directive.

Regulations apply directly in the individual EU member countries. Therefore, regulations shall not and are not permitted to implementation in national legislation.

On a regular basis, the European Securities and Markets Authority (ESMA) is publishing guidelines for common European legislation.

On the EU Information Centre's home page you can read more about the EU law-making procedures.

The investment funds and their managers are governed by two main directives:

  • The Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the UCITS Directive)
  • Directive 2011/61/EU of the European Parliament and of the Council of 08 June 2011 on Alternative Investment Fund Managers (AIFM Directive)

In addition, there are a number of EU rules that also apply to investment funds and Investment fund management companies.

 

UCITS

In Denmark, the UCITS Directive is implemented in the Danish Act on Investment Associations, etc. Moreover, the EU Commission has issued a number of implementing directives in respect of the UCITS Directive.

The EU Commission has also issued several regulations in which more detailed rules on e.g. Key investor information are described.

In addition, ESMA has published a number of guidelines that serve as interpretations in relation to the EU rules. By means of the guidelines, ESMA indicates what the authority finds to be good supervisory practice.

The UCITS Directive with related implementing directives, the EU Commission's regulations and ESMA's guidelines are available on the Danish Financial Supervisory Authority's home page. (Only in Danish)

 

Managers

In Denmark, the AIFM Directive is implemented in the Alternative Investment Fund Managers etc. Act (AIFM Act).

The EU Commission has also issued several regulations in which more detailed rules on the provisions of the AIFM Directive are fixed.

In addition, ESMA has published a number of guidelines that serve as interpretations in relation to the EU rules. By means of the guidelines, the ESMA indicates what the authority finds to be good supervisory practice.

The AIFM Directive, the EU Commission's regulations and ESMA's guidelines are available on the Danish Financial Supervisory Authority's home page. (Only in Danish)

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