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Deadline looms for British firms' applications for licences in Denmark

Chris Hamblin, Editor, London, 14 October 2020

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The Danish Financial Supervisory Authority is encouraging credit institutions and investment firms from the United Kingdom to apply for licences pursuant to section 33 Financial Business Act before tomorrow.

Applicants have until 15 October to be sure that the DFSA is able to assess their application before the end of the transitional period arranged by the EU and the UK.

The UK left the EU on 31 January. The EU and the UK had already struck up a transitional agreement, which includes credit institutions and investment firms from the UK being able to continue to provide investment services and activities to customers in Denmark up to 31 December. When that period expires, credit institutions and investment firms from the United Kingdom will no longer have access to provide investment services and activities in Denmark, unless they have a separate licence from the Danish Financial Supervisory Authority.       

Credit institutions and investment firms from the United Kingdom that intend to provide cross-border investment services and activities in Denmark to Danish eligible counterparties and per se professional clients after the end of the transitional period can apply to the Danish Financial Supervisory Authority for a licence in accordance with section 33.

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