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PRACTICE AREAS
FINANCIAL REGULATION
Increasing globalisation of financial services and the continually evolving regulatory framework create greater complexity for financial services companies in the cross-border sector. Financial institutions are constantly under challenge to anticipate, adapt and implement a wide range of financial regulation and compliance to ensure that their cross-border business is thriving and in compliance with local laws and regulations.
It is vital for banks and other financial institutions to stay informed of new regulatory initiatives while at the same time implementing any procedures and modifications required by regulators in local and global markets. With our deep industry knowledge of local regulations in Denmark we are well-positioned to assist our clients in dealing effectively with regulatory and compliance issues arising from their operations in Denmark.
We aim to cut through the complexities to provide clear, precise and straightforward worded answers to move transactions forward. We endeavour to balance precise legal and factual analysis with the big picture and the commercial realities of our clients right here and now. We think ahead and anticipate all relevant aspects before they become legal problems and aim to build enduring relationships with our clients and partner law firms. We fundamentally believe in the power of collaboration, collegiality and teamwork across jurisdictions and we have an open, approachable style combined with unrivalled international expertise in cross-border transactions and financial regulation.
Our extensive experience in banking and financial services enables us to advise on all aspects of regulatory compliance and regulation issues involving the banking, capital markets and investment fund industry. We aim to protect our clients' interests to enable them to concentrate on pursuing their business objectives with confidence.
For more information on our expertise in relation to financial services regulation in Denmark please contact Michael Carsted Rosenberg or Dr. Andreas Tamasuskas to discuss any matters.
MARKET INSIGHTS
Comparative Guide on Banking Regulation
Read our 2020 comparative guide on banking regulation with an easy overview of key points in law and practice in Denmark (Carsted Rosenberg), Germany (Squire Patton Boggs), Switzerland (Mercury Compliance), Luxembourg (Loyens & Loeff), United Kingdom (1 Crown Office Row), Ireland (Dillon Eustace) and the United States of America (Linklaters).
Up-Stream Inter-Company Loans White List after Brexit
As of 1 February 2020, Denmark has amended the parent company order (BEK no. 85 of 30 January 2020) concerning up-stream loans to foreign parent companies (the Order) to adjust for the departure of the United Kingdom from the European Union in connection with Danish subsidiaries’ upstream loans and guarantees. The amendment to the Order has been necessary to ensure that Danish subsidiaries would continue to be able to provide upstream loans and guarantees following Brexit.
Denmark Increases Reporting Obligations
As of 10 January 2020 Denmark has increased the reporting obligations for the beneficial owners of Danish companies and funds. Danish companies are obliged to annually review and to continously update the information on their owners, including ultimate beneficial owners. The results of the review must be presented to the management at the ordinary general meeting of the shareholders. In addition, the owners are obliged to submit the relevant information to the Company. The failure to maintain adequate and up-to-date KYC information on the ultimate beneficial owners of the company may ultimately lead to the company being struck-off.
Danish FSA Restricts Distribution and Sale of CFDs to Retail Customers
The Danish Financial Supervisory Authority has on 1 August 2019 adopted a decision pursuant to which the marketing, distribution and sale of CFDs to retail customers is being restricted.
Nasdaq First North becomes an SME Growth Market
On 1 September 2019 the equity segment of Nasdaq Firth North becomes an EU SME Growth Market and changes its name to Nasdaq First North Growth Market. Nasdaq Firth North covering Sweden, Denmark and Finland has received approval for the European Union SME Growth Market status, a sub-category of the multi-lateral trading facilities (MTF). SME Growth Markets are intended to facilitate access to capital for small and medium-sized enterprises (SME) and to avail them of certain regulatory reliefs.
Guidance on Licensing Requirements for UK Credit Institutions and Investment Firms in Denmark
With the expiry of the transition agreement between the European Union and the United Kingdom on 31 December 2020 several implications arise for credit institutions and investment firms active in the Danish market. This client briefing sets out the various licensing options for UK-based credit institutions and investment firms after the expiry of the transition period.
References
"Carsted Rosenberg is best known for its strong banking and capital markets work in Denmark."
2020, IFLR1000, Financial and Corporate
"Carsted Rosenberg fields 'a small practice that provides a very personal service' thanks to 'very good expertise and industry knowledge'."
2019, Legal 500, Banking & Finance
"works quickly and efficiently' and provides 'clear and concise' advice."
2019, Legal 500, Banking & Finance
"acts as local Danish counsel on large-scale transactions"
2014, Legal 500, Banking & Finance
"extremely responsive and gives in-depth advice”
2013, Legal 500, Banking & Finance