Financial regulation

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Financial regulation

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Financial regulation

Challenges and requirements

Only regulated companies can offer investment services in Denmark, e.g. stockbroker companies. The marketing of securities offerings is subject to regulation. Likewise, the direct and indirect marketing of certain parts of collective investment schemes, e.g. investment trusts (UCITS), requires registration with the Danish Financial Supervisory Authority. Regulatory matters play, therefore, an important role when financial institutions are to be established or services/products are to be offered in Denmark. Infringements of the applicable legislation can lead to the imposition of a "naming and shaming" penalty, the revoking of a stockbroker company's licence, or the retraction of an investments trust's approval.

How we can help

We have significant experience in establishing and advising stockbroker companies, investment advisers and collective investment schemes, including investment trusts (UCITS), and have a thorough understanding of the applicable legislation and practice.

Moreover, we have established a close working relationship with the Danish Financial Supervisory Authority and other authorities and have, in this connection, attained an insight into their internal procedures.

Our client portfolio includes both Danish and foreign financial institutions.

Our advice encompasses, among others:
Establishment of new financial institutions and investment advisers, e.g. applications for licence and registration of foreign stockbrokers Investment service activities Cross-border service companies and the establishment of branch offices for foreign stockbrokers		Direct and indirect marketing of collective investment schemes (both UCITS and Non-UCITS), including their registration in Denmark Regulation of securities trading activities

Our ratings

Chambers Europe Rating 2012

Capital Markets

Organised into closely integrated industry focus groups, this firm houses a compact team of capital markets experts. It has played an important role in the equity market, recently advising on Christian Hansen's EUR742 million listing. It also represents banks on a variety of rights issues and debt capital loan guarantees. Key clients in this area include international financiers such as RBS and Deutsche Bank, and as Danish banks such as Amagerbanken and Nordea. Sources say: "A very high quality team with excellent lawyers at the helm."

Steen Jensen handles a mix of debt and equity capital work, recently negotiating a DKK13.5 billion guarantee for Amagerbanken and the bank's corresponding issuance of three-year notes. "An increasingly prominent member of the team," Regina Andersen has emerged as an important equity capital player, leading the firm's advice to the issuer on the Christian Hansen IPO.

Chambers and Partners Europe, Capital Markets

Chambers Global Rating 2012

Capital markets

Steen Jensen handles a mixture of debt and equity capital work, negotiating a DKK13.5 billion guarantee for Amagerbanken and the bank's corresponding issuance of three-year notes. "An increasingly prominent member of the team," Regina Andersen has emerged as an important equity capital player, leading the firm's advice to the issuer on the Christian Hansen IPO.

Chambers and Partners Global, Capital markets

Legal 500 Rating 2012

Capital Markets

Bech-Bruun still attracts big-ticket deals, but it lost two key players: Peter Lyck to Hannes Snellman Attorneys at Law Ltd and Jørgen Reimer Jensen to Nordia Advokatfirma. On the equity side, Regina Andersen and Steen Jensen advised Australian Ontario Teachers Pension Plan Board on its proposed acquisition of a non-controlling interest in Copenhagen Airports. On the debt side, Jensen negotiated a DKK13.5bn guarantee for Amagerbanken under Bank Package II and the subsequent issuance of DKK13.5bn three-year notes.

Legal 500, Capital markets