Danish cross-border license Applications reopening
10 March 2022
The Danish Financial Supervisory Authority (the "FSA") announced in 2020 a temporary cross-border license enabling third country firms to provide investment services in Denmark. This measure was set to expire on 30 June 2022.
Good news: the Danish FSA has recently announced on 3 March that applications are now open for third country investment firms and credit institutions to (a) obtain a new license or (b) renew their existing license to carry out investment services and activities on a cross-border basis for per se professional clients and eligible counterparties without the establishment of a branch.
To be eligible for a license, the following conditions apply:
If granted, the license will last for 3 years, after which firms wishing to continue providing cross-border investment services and activities into the jurisdiction will need to renew their licenses.
To apply, firms must complete the FSA's standard application form and submit it to thirdcountrycrossborderlicense@ftnet.dk.Following receipt of a completed application, the FSA will take up to 60 days to respond.
Action: Firms with licenses due to expire on 30 June 2022 must apply by no later than 27 April 2022 (but the FSA encourages firms to apply by 15 April 2022). So firms need to move now.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.