Aggregated News From Investment Management Regulators

Denmark

Thematic review of sustainability disclosures for funds having sustainable investments as an objective

The Danish Financial Supervisory Authority (the Danish FSA) has conducted a thematic review of sustainability disclosures in prospectuses and key investor information documents (KIIDs) for eight funds that have sustainable investments as an objective (also known as “fully sustainable” funds). The review shows that the management companies (MCs) for the eight funds have not ensured that the funds disclose information on sustainability in a clear, adequate and comprehensive manner. The sustainability disclosures are, therefore, insufficient on several material areas. The Danish FSA launched the thematic review in June 2022. The review should, among other things, uncover whether investors receive the...

Project on cyber stress test

The DFSA launches a new programme for strengthened operational resilience in the financial sector. In the programme, the consequences of an extensive ICT disruption will be analysed by means of cyber stress testing. 1. Background  It is an objective in the 2025 strategy of the Danish Financial Supervisory Authority (DFSA) that the ICT security in the financial sector should match the sector’s ICT dependency as well as the threats. Moreover, the Danish National Strategy for Cyber and Information Security 2022-2024, which comprises the financial sector, has as its goal to secure that vital societal functions and economic activity in society can...

All EU-citizens has a right to a basic payment account

A basic payment account allows you to deposit money, withdraw cash and execute and receive payment transactions. The account can also be used as your public bank account in Denmark, a so called “NemKonto”. All EU natural citizens have the right to a basic payment account. In Denmark banks must offer a basic payment account to all consumers with legal residence in a country within the EU or with residence in a country which the Union has entered into a financial agreement with. However, a bank may refuse to set up a basic payment account if a consumer: Cannot demonstrate a...

Application for a Danish third-country cross-border license

Investment firms and credit institutions from a country outside the European Union with which the Union has not entered into an agreement in the financial area (third-country) may apply the Danish Financial Supervisory Authority for a license to carry out investment services and activities with or without ancillary services on a cross-border basis without establishing a branch in Denmark, cf. Section 41 of the Danish Act on Investment Firms and Investment Services and Activities and Section 33 of the Danish Financial Business Act (Danish third-country cross-border license). Legislative information  An application for a Danish third-country cross-border license must be submitted in...

Blockchain proves its potential in test in the DFSA’s regulatory sandbox, FT Lab

Blockchain is gaining traction in the financial field and the potential of the technology is widely recognised. However, with the use of new technology, new risks often also follow, and it can be difficult to determine how to handle services based on blockchain within the existing regulation. Together with ZTLment ApS (ZTLment), the Danish Financial Supervisory Authority (DFSA) has examined the use of the technology for a specific business model in the DFSA's regulatory sandbox, FT Lab. Blockchain allows for efficient settlement of payments  ZTLment's solution facilitates payments with electronic money issued on blockchain. The solution differs from other payment services using...

Lower threshold for notification of net short positions

The European Commission has decided to permanently lower the threshold for notification of net short positions. The threshold is changed from 0.2% to 0.1% of the issued share capital and will apply as from Monday 31 January 2022. The European Securities and Markets Authority (ESMA) and the national competent authorities want a better data basis to be able to assess the scope of net short positions. Therefore, at the recommendation of ESMA, the European Commission has adopted a permanent reduction of the notification threshold. The reduction entails that companies and persons with net short positions in a share must notify the...

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. ...

Regulator Information

Abbreviation: DFSA
Jurisdiction: Denmark

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