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Regulatory aspects play a significant role when financial enterprises want to get established or offer services and products in Denmark. Only regulated enterprises such as banks, investment services companies, insurance companies and insurance brokers may offer financial services, including investment services, in Denmark.

Regulatory aspects play a significant role when financial enterprises want to get established or offer services and products in Denmark. Only regulated enterprises such as banks, investment services companies, insurance companies and insurance brokers may offer financial services, including investment services, in Denmark.

Moreover, the marketing and distribution of securities is subject to regulation, and direct as well as indirect marketing of certain shares in collective investment schemes, for instance UCITS and alternative investment funds (AIF), require registration with the Danish FSA. Violation of legislative requirements may result in "naming and shaming", fines and revoking of the enterprise's license or authorisation.

We are experts in the regulatory issues that apply to financial enterprises. We advise Danish as well as non-Danish financial enterprises, including Danish and international banks, investment services companies, investment advisers, collective investment schemes and their managers, market places, insurance companies, insurance brokers and securities depositories.

Our advisory services include:

  • Formation of new financial enterprises, insurance brokers and investment advisers, including application for authorisations and licenses
  • Establishing and registering branches of non-Danish investment brokers, insurance companies and insurance brokers
  • Investment services activities
  • Direct and indirect marketing of collective investment schemes (UCITS/AIFM), including registration in Denmark
  • Regulation of securities trading activities, including good business practice and MiFID regulation 
  • Insurance products and distribution channels, including good business practice and insurance contract law
  • Prevention of money laundering and financing of terrorism
  • Payment services
  • FinTech
  • Cash-settled derivatives (CSDs).

We have in-depth knowledge of legislation as well as case law and many years' experience and good working relationships with the Danish FSA and other authorities.

When required to ensure clients optimal advisory services, we cooperate with lawyers from our other areas of expertise such as Insurance, Financing, Capital Markets, M&A and Corporate Matters, Tax, Compliance, Data protection.

 


Regulatory Issues

Banking & Finance

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What the team is known for Highly regarded finance team acting on behalf of banks, private equity houses and large corporations, including international companies on all aspects of acquisition finance. Recognised for its expertise on financing in the energy sector, including projects and restructurings involving renewables and oil and gas. Other areas of specialism include asset finance, high-yield bond work and regulatory issues. Recent client wins include Danfoss.

StrengthsSources report that the firm's "main strength was their ability to respond quickly to queries raised by our clients, and their ability to explain specific aspects of Danish law in a succinct and understandable way. We felt that they fully understood the transaction, so responses were always appropriate and on point."

A client says: "I like their flexibility, as it is second to none. I also like their grasp of the whole sector, as it means that the knowledge is at a high level."

Work highlights Advised ING on lending issues in relation to financing a transaction regarding double-deck rail coaches owned by Beacon Rail Leasing.

Assisted Danske Bank with financing Axcel's acquisition of Lessor, a specialist in IT-based payroll and HR systems.

Significant Clients Handelsbanken, HSH Nordbank, PenSam, Danica Pension, Scandinavian Airlines.

Notable practitioners
According to sources, Morten Krogsgaard is “very knowledgeable, especially of local law and the leveraged finance market. He is someone who can translate concepts into practice. He is very hands-on and personally involved. I routinely recommend Krogsgaard for transactions in Denmark.” He advises financial institutions and private equity houses on debt financing, restructuring issues and asset finance. He advised Nordea on the financing of Sampo's mandatory offer of up to EUR1.5 billion in respect of TopDanmark.

Chambers and Partners Europe, Banking and Finance

Capital Markets

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What the team is known for
Noted for its work on IPOs, securitisation and regulatory matters. Acts on behalf of corporates and financial institutions on compliance work, share buy-backs and public tender offers. VP Securities is among the latest client wins for this department.

 

Strengths
Clients praise the "high quality of work," adding that the team "knows the market and our business approach. The lawyers offer very good client service and are always available."

A further source recommends the group's "excellent service, timeliness and round-the-clock availability."

 

Work highlights
Guided Expedit on the DKK125 million public tender offer made by Wanzl for Expedit.

Advised 3i and Layout Bidco on their DKK1.5 billion public to private takeover of BoConcept.

 

Significant Clients
Danske Bank, UBS, Jyske Bank, BEC, Blackstone.

 

Notable practitioners
Steen Jensen advises clients on ECM transactions, including passporting and takeovers. He recently assisted Exiqon with its DKK1 billion public-to-private takeover by Oncotec.

David Moalem provides regulatory advice on capital markets-related matters. He assisted Lundbeck with the implementation of a new capital markets compliance set-up in light of the new EU Market Abuse Regulation. Clients say: "He gives very practical advice which we can easily implement and he provides very good service."

Chambers and Partners Europe, Capital Markets

Banking & Finance

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According to sources, Morten Krogsgaard is “very knowledgeable, especially of local law and the leveraged finance market. He is someone who can translate concepts into practice. He is very hands-on and personally involved. I routinely recommend Krogsgaard for transactions in Denmark.” He advises financial institutions and private equity houses on debt financing, restructuring issues and asset finance. He advised Nordea on the financing of Sampo's mandatory offer of up to EUR1.5 billion in respect of TopDanmark.  

Chambers and Partners Global, Banking & Finance

Capital Markets

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Steen Jensen advises clients on ECM transactions, including passporting and takeovers. He recently assisted Exiqon with its DKK1 billion public-to-private takeover by Oncotec.

David Moalem provides regulatory advice on capital markets-related matters. He assisted Lundbeck with the implementation of a new capital markets compliance set-up in light of the new EU Market Abuse Regulation. Clients say: "He gives very practical advice which we can easily implement and he provides very good service."

Chambers and Partners Global, Capital Markets

Banking & Finance

"Bech-Bruun are very professional,” says one client. “They are always doing a solid, thorough job, reverting quickly back to us.” Another adds: “Excellent. They are solution-oriented and pragmatic."

 

The banking and finance team bolstered its ranks this year with addition of partner Steen Puch Holm-Larsen to the line-up. This helped boost the practice, which is especially known for its work in acquisition finance and bond financing.

 

One example of this saw the firm advising the Solix Group on the financing for its acquisition of the Cembrit Group. Led by partner Morten Krogsgaard, this work was especially notable as the deal was structured to be paid in three tranches. Krogsgaard was again the key partner involved when the team assisted Credit Suisse on the Danish aspects of the $50 million royalty bond issuance by Zealand. This was the first ever royalty bond issued by a Danish company and involved a non-dilutive and non-recourse bond financing backed by 86.5% of the future annual royalties - and other payments which the company is entitled to - on lixisenatide – a drug used to treat diabetes – as a stand-alone product under its license agreement with Sanofi.

IFLR 1000, Banking and finance

Capital Markets

That deal was demonstrative of a general improvement in the capital markets in Denmark this year, which the team at Bech-Bruun was able to capitalise on. Other examples saw (Morten) Krogsgaard take the lead in acting for the PWT Group on the Danish law issues relating to PWT Holding’s placement of a kr300 million (€40 million) high-yield bond on the Nasdaq OMX Stockholm and in assisting SAS on the Danish aspects of its kr1.6 billion (€169 million) issuance of convertible bonds.

 

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“A very competent and always in-touch full service provider,” is the way one general counsel describes the capital markets practice.

Banking & Finance

The nine-partner banking and finance team at ‘one of the most reputable law firms in Denmark’, Bech-Bruun, ‘always meets the client’s expectations’. It is regularly involved in internationally focused acquisition finance and syndicated loans as well as asset financing and leasing, refinancing, structured products, derivatives and project financing. Thomas Thordal Sevelsted advised Danske Bank on the financing of the acquisition of the LESSOR Group through an Axcel managed fund. Under the leadership of renowned practice head Morten Krogsgaard, the group assisted a bank syndicate with the financing of Sampo’s compulsory takeover offer to Topdanmark.

Legal 500, Banking and Finance

Capital Markets

Bech-Bruun provides ‘very valuable advice’ as well as ‘excellent and professional service’. Practice head Morten Krogsgaard recently assisted DSV Miljø Group with a senior secured FRN bonds and the revolving facility agreement, while Steen Jensen advised Exiqon in a public to private takeover. David Moalem is praised for his ‘extremely quick answers’ and ‘business understanding’.

Legal 500, Capital markets

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