• DEN GVT published Order 958 of 26 June 2023 on procedures for applications for permission for foreign direct investments and special economic agreements.
• Also notification of foreign direct investments and special economic agreements, etc.
• Order 959 of 26 June 2023 covers the disclosure of confidential information about certain foreign direct investments etc. in Denmark to other authorities.
• Follows DEN CRG May 2023 consult on procedural and disclosure orders.

Key Aspects

• Ord 958 applies to foreign direct investments and special financial agreements made or entered into by foreign nationals per §2, ss1 of the Investment Screening Act.
• Companies according to §2, ss2 of Investment Screening Act, entities covered by §2, ss3, in executive order on delimitation of scope of application of act on screening of certain foreign direct investments etc. in Denmark (application order).
• Order applies to foreign direct investments in and special economic agreements with companies domiciled in Denmark, §3, §§1 of Investment Screening Act, Danish entities covered by §3, ss3, in the application order.
• Order also applies to establishment of new companies in Denmark covered by §3, ss2 of Investment Screening Act, with exceptions appearing in §5, ss1, in application order
• It further details the rules on digital application and notification; requirements for applications and reviews; auditors' declarations on information provided, etc.
• Ord 959 regulates access of Ministry of Business and DEN CRG to pass on confidential information re certain foreign direct investments etc. in Denmark for screening foreign investments etc. in accordance with Investment Screening Act ss2.
• Does not apply to information classified in accordance with circular 10338 of 2014 on security protection of information of common interest to countries of NATO or the EU, other classified data, information of security interest in general (security circular).
• Dissemination according to the order takes place in accordance with Reg 2019/452 on screening of foreign direct investments in EU, as subsequently amended.
• Right to pass on information according to §2, ss3, includes all confidential information that DEN CRG becomes aware via official tasks under the Investment Screening Act.
• Also states everyone who, per s3, nos 1-28, receives confidential information from DEN CRG or Ministry of Business, is subject to confidentiality duty on the said information.

Effectiveness

• Ord 958, 959 enter into force on 1 July2023 when Orders 1454, 1455 of 2021 are repealed.
• Re Ord 958, for applications and notifications under Investment Screening Act which DEN CRG received before order in force, order 1454/2021 will continue to apply.