Aggregated News From Investment Management Regulators

Denmark

Results for the Danish participants in the EU-wide stress test 2021

Danske Bank, Nykredit, Jyske Bank, and Sydbank have participated in the EU-wide stress test 2021. This is a very severe stress test, which leads to significant decreases in the capital ratios of the institutions. For Danske Bank the decrease is of a magnitude that the institution has to make use of the capital conservation buffer over the three-year projection. Jyske Bank fulfils its capital requirements, but with modest excess capital. All...

Gefion Finans A/S under frivillig likvidation (formerly Gefion Insurance A/S) declared bankrupt

The Danish insurance company Gefion Finans A/S under frivillig likvidation (Gefion) formerly known as Gefion Insurance A/S has been declared bankrupt. Policyholders can cancel their policy, if they wish to do so. The policy will be cancelled 3 months after the declaration of the bankruptcy in the Danish journal, Statstidende. The Danish Guarantee Fund for non-life insurance undertakings will only cover risks (within the scope of coverage) in Denmark for insurance...

Annual Seminar on Money Laundering and Terrorist Financing

Save the Date: We would like to invite you to the Danish Financial Supervisory Authority’s annual seminar on money laundering and terrorist financing. ...

An analysis on developing the digital infrastructure and strengthening the “Know Your Customer”-procedures

On 27 march 2019, Danish parliament reached a political agreement on strengthening the Danish efforts against financial crime. As a part of this agreement, the Danish Financial Supervisory Authority (DFSA) was assigned to analyse and identify initiatives that can support companies, who are subject to AML/CFT regulations in their efforts against financial crime with a specific focus on strengthening their Know Your Customer (KYC) procedures. ...

High trade transparency on the Danish mortgage bond market works well

The Danish market for mortgage credit bonds is the covered bond market in Europe with the highest trade transparency. ...

Warning about false letters with the DFSA´s name, logo, stamp and signature

Several citizens have contacted the DFSA on the basis of having received false letters with the name and logo of the organization and in some cases even its stamp and signature. ...

The temporarily lowered notification threshold for net short positions in European shares will expire

Effective from 20 March 2021, the normal 0.2 percent notification threshold for net short positions in shares will come back into force. The European Securities and Markets Authority (ESMA) has on 15 March 2021 decided not to renew its decision to temporarily lower the notification threshold to 0.1 percent for net short positions in shares traded on regulated markets within the European Union. The temporarily lowered notification threshold introduced by ESMA on 16 March 2020 requires short sellers to submit notifications of their net short positions when they reach, exceed or fall below 0.1 percent of issuers’ issued share capital....

Correction of impact assessment of the implementation of the revised Basel Standards for Danish credit institutions

On December 15th 2020 the European Banking Authority (EBA) released an update of its Basel III impact study. After publication of the report, a significant error has been identified in the reported data, which has resulted in a large underestimation of the expected impact of the implementation of the Basel III-revision on Danish banks. In particular, the impact of the output floor was underestimated. The error has also affected the EBA’s regular Basel III monitoring report released on December 10th 2020.   Based on corrected data, the impact on the risk exposure of Danish banks has increased from 19.7% to 36.4% in...

Activities in Denmark from UK based insurance undertakings after Brexit

If the EU and the UK does not succeed in reaching an agreement on the future relationship between the UK and the EU, including cross border financial services, by the end of 2020, UK based insurance undertakings will not be allowed to continue doing business in Denmark after 1 January 2021. In that case, the Danish Financial Supervisory Authority (hereinafter the DFSA) intends to issue an executive order, which will grant a temporary permission for undertakings already notified in Denmark to let existing contracts run off. The United Kingdom (UK) and Gibraltar formally left the EU as of 31 January...

Application form to use by credit institutions and investment firms from the United Kingdom when applying for a license pursuant to section 33 of...

The Danish Financial Supervisory Authority encourages applicants to submit the application before 15 October 2020 in order to be sure that the Danish Financial Supervisory Authority is able to assess the application before the end of the transitional period entered into between the EU and the United Kingdom. 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...

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

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...

Gefion Insurance A/S entered into liquidation

On July 13 2020 Gefion Insurance A/S entered into liquidation. Attorney Troels Askerud and attorney Søren Aamann Jensen were appointed as the liquidators by the General Assembly. Read Questions and Answers here (pdf). If you have any questions regarding the liquidation, please contact the company on [email protected] Source link

Regulator Information

Abbreviation: DFSA
Jurisdiction: Denmark

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