• DEN GVT published an updated version of the Capital Markets Act, building on previous legislation that applies to all of the actors and their behavior on the capital markets.
• Changes are in LBK 198/2024 of 26 February 2024, building on LBK 42 of 13 January 2023.
• Follows DEN PRL March 2023 amended the companies act and other laws.

Coverage Overview

• The Act applies to actors and behavior on the capital markets, with specific reference to representatives connected with bond issues, where the representative is registered in the DEN FSA's register, and is based in Denmark, marketing to Danish investors.
• Also to issuers whose home country is Denmark and whose transferable securities are admitted to trading on a regulated market in a country within the EU or in a country with which the Union has entered into an agreement on suitability of financial territory.
• Possession of shares issued by company which has Denmark as its home country, and possession of financial instruments where the shares are issued by a Danish company.
• It also provides rules for persons acquiring control of a company with share classes admitted to trading on a regulated market or those making voluntary takeover offer.
• In addition, investment companies authorized in another country within the EU or in a country with which the Union has entered into an agreement within the financial area.
• Investment companies granted permission in a country outside the EU, with which the Union has not entered into an agreement in the financial area, and which legally trade in financial instruments either through a branch or by providing services in Denmark.
• Also, collective investment institutions and pension funds, whether coordinated at EU level or not, and depositories and managers of such institutions, if these natural and legal persons are members of regulated market or multilateral trading facility (MTF).

Effectiveness

• The different sections of the Act take effect at different times, but recent changes take effect from 1 January 2024, to link in with other company based legislation, as passed