• Professional News
  • 11 October 2013

Danish FSA allows certain AIFM pre-marketing activities

The Danish FSA states that initial investor meetings in Denmark prior to establishing an AIF do not constitute “marketing” under the Danish AIFM Act.

The Danish Financial Supervisory Authority (FSA) has recently stated that initial meetings with potential investors in Denmark prior to establishing an alternative investment fund (AIF) do not constitute “marketing” under the Danish AIFM Act implementing the AIFM Directive if no PPM, prospectus or similar offering documentation is in place and the investors are unable to commit to an investment in the AIF based on the information provided.

The FSA announcement confirms the view taken by other EU regulators on pre-marketing distributions and is in keeping with Bech-Bruun’s view that certain pre-marketing activities intended for assessing potential investor interest do not constitute marketing as no offering or placement is made and, consequently, do not trigger a registration or licensing requirement under the Danish AIFM Act.

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