Aggregated News From Investment Management Regulators

Denmark

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

Summary of the supervisory steps taken by the Danish Financial Supervisory Authority towards Gefion Insurance A/S

The Danish Financial Supervisory Authority has refused to grant Gefion Insurance A/S an extension of three months of the recovery period and therefore has withdrawn the company’s license as insurance company. Gefion Insurance A/S offers insurances through agents in Europe. The company primarily offers insurances to individuals and small and medium sized companies and focuses on specialty lines in the different countries. The agents are responsible for the underwriting and the administration of policies and claims. In some cases the claims administration is handled by a claims handling company. On March 24, 2020, the Danish Financial Supervisory Authority (DFSA) decided not...

EU rules for tick sizes are well suited for the Danish stock market

In January 2018, common European rules were introduced for tick sizes for shares, ie the minimum allowed price change for a specific share. Overall, the rules for tick sizes seem to have worked as intended, but there are also indications that tick sizes may advantageously be reduced for the most liquid shares according to a new analysis from the Danish FSA. The Danish FSA has analysed the importance of the common European tick size rules for the Danish stock market. This comprised an investigation of the overall costs of buying and then selling a stock position. The analysis was prepared...

EU tender – The Danish Financial Supervisory Authority is examin-ing the transaction monitoring in the largest banks in Denmark

The Danish Financial Supervisory Authority have committed itself to carry out a cross-sector AML inspection of transaction monitoring in the two largest banks in Denmark, Nordea and Danske Bank. The inspection will be carried out in close collaboration with external consultants obtained through an EU tender. The inspection is part of a current cross-sector AML inspection of transaction monitoring in the largest banks in Denmark. Undertakings covered by the Danish Money Laundering Act must investigate the background and purpose of all complex and unusually large transactions as well as all unusual patterns of transactions and activities that have no apparent economic or...

Post-trade transparency for bonds

The Danish FSA has decided to allow deferral of publication of post trade information for bond transactions above the so-called size-specific to instrument threshold (SSTI). This is a consequence of new calculations from the European Securities and Markets Authority (ESMA) increasing the publication thresholds considerably. The SSTI deferral supports the Danish banks’ voluntary agreement regarding post trade transparency for mortgage and corporate bonds. In the agreement, the threshold for publication for mortgage bonds is increased at the same time, so that in practice there will be more post-trade transparency than today.  The EU Regulation on markets in financial instruments (MiFIR) enables...

Phase-in of minimum requirements for own funds and eligible liabilities (MREL) in light of the COVID-19 crisis

The Danish Financial Supervisory Authority (FSA) is extending the phase-in of minimum requirements for own funds and eligible liabilities (MREL) for Danish and Faroese banks, while taking into account future lower requirements for SIFIs in Denmark. The FSA has set MREL requirements for Danish and Faroese banks. The requirements are phased in gradually for small and medium-sized banks, while they have been applied to Danish SIFIs since 1 July 2019. MREL requirements were introduced after the financial crisis to ensure that banks have the loss absorption capacity required for their resolution in a crisis without excessive negative impact on confidence in...

EU rules for tick sizes are well suited for the Danish stock market

In January 2018, common European rules were introduced for tick sizes for shares, ie the minimum allowed price change for a specific share. Overall, the rules for tick sizes seem to have worked as intended, but there are also indications that tick sizes may advantageously be reduced for the most liquid shares according to a new analysis from the Danish FSA. The Danish FSA has analysed the importance of the common European tick size rules for the Danish stock market. This comprised an investigation of the overall costs of buying and then selling a stock position. The analysis was prepared...

Regulator Information

Abbreviation: DFSA
Jurisdiction: Denmark

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