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Applications pursuant to section 33 of the Financial Business Act by companies from the United Kingdom – update

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The United Kingdom left the EU on 31 January 2020. In this connection, the EU and United Kingdom entered into a transitional agreement, which includes credit institutions and investment firms from the United Kingdom being able to continue to provide investment services and activities to customers in Denmark up to 31 December 2020.

When the transition period expires, credit institutions and investment firms from the United Kingdom will no longer have access to provide investment services and activities in Denmark, unless they have a separate licence from the Danish Financial Supervisory Authority.       

   

Credit institutions and investment firms from the United Kingdom can therefore again apply to the Danish Financial Supervisory Authority for a licence in accordance with section 33 of the Financial Business Act, if they intend to continue to provide cross-border investment services and activities in Denmark to Danish eligible counterparties and per se professional clients after the end of the transitional period.

 

Licences granted under section 33 of the Financial Business Act to credit institutions and investment firms from the United Kingdom up to the end of the transitional period will be conditional and temporary.

  

Such licenses will ensure that the companies can continue to provide investment services and activities to eligible counterparties and per se professional clients in Denmark for a limited period, as long as the conditions for the licences are met.

 

Companies from the United Kingdom that want to apply for a licence must use a special form, which will be available on the Danish Financial Supervisory Authority’s website from 14 September 2020. The form will be accompanied by a guide.

 

In principle, companies should apply for a permit before 15 October 2020.

 

The Danish Financial Supervisory Authority also refers to the Executive Order on the licencing procedure for foreign credit institutions and investment firms that have been granted a licence in a country outside the European Union, and that wish to conduct investment services and investment activities in Denmark (No. 918 of 26 June 2017).

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Regulator Information

Abbreviation: DFSA
Jurisdiction: Denmark

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