20 August 2013

New EU regime for Alternative Investment Fund Managers – how will this affect your business activities?

On 22 July 2013, the directive-based Act on Alternative Investment Funds Managers came into force in Denmark. The Act paves the way for cross-border management and marketing of alternative investment funds - the so-called non-UCITS - and thus intensifies competition on the European market.

The Act contains a number of conditions and requirements for management activities, including that Danish managers of e.g. hedge funds, special funds, professional funds and other collective investment funds - now all entitled alternative investment funds - must obtain a licence from or be registered with the Danish FSA to the extent that the managed funds meet the requirements for being alternative investment funds. As a new element, also property funds, infrastructure funds, forest funds, etc., which have not been subject to supervision previously, will be covered by the Act, unless after an assessment on a case-by-case basis they may be exempted with reference to their status as ordinary, commercial enterprises. Managers wishing to market alternative investment funds from third countries to professional investors in Denmark must also obtain a licence from the Danish FSA. The Act furthermore amends terms for marketing aimed at retail investors. According to the Act, alternative investment funds are considered products intended for professional investors, which means that marketing aimed at retail investors requires a special licence from the Danish FSA.

In addition, the Act lays down a number of obligations for managers of alternative investment funds, e.g. in relation to the set-up and operation of the alternative investment funds, including organisational requirements, requirements for risk management, portfolio management and cash management, reporting requirements, requirements for remuneration and pay policy as well as requirements for appointment of a custodian for each alternative investment fund.

The new regime introduces comprehensive and complicated regulation, which is still pending delegated legislative acts on both a national and international level. Consequently, there are currently many uncertainties with regard to the construction of the Act and its scope. Since the presentation of the bill, Horten has been in dialogue with the Danish FSA regarding the new regime and closely follows the development of the complex legislation on a national and international level. Horten advises several foreign fund managers on the directive implementation in Denmark, including the options and restrictions which the Act imposes on marketing activities in Denmark.


New rankings from Chambers

13 March 2018

Chambers, the leading international guide to the best law firms, ranks Horten as one of the best in the country yet again.

Chambers nominates Horten as Greenland expert

21 February 2018

The recognised international ranking agency Chambers has ranked Horten as one of the country’s leading law firms specialised in the conditions prevailing in Greenland.

Unique cooperation between Horten and Symbion

5 February 2018

Horten has entered into unique cooperation with Symbion and Accelerace where we will make a team of lawyers available for start-up businesses at the shared office facilities Horten CoLab.

New rules on processing of payment data from 2018

9 January 2018

New and more lenient rules on processing of payment data came into force at the turn of the year. We provide you with an overview of the new rules.

New Managing Partner at Horten

2 January 2018

Finn Schwarz, Attorney and Partner, has been appointed Managing Partner of Horten Law Firm as of 1 January 2018.

Loans to property companies are not considered leverage in property funds

23 November 2017

Recently, the Company Appeals Board decided to reject the FSA's narrow case law concerning exemptions when calculating leverage in alternative investment funds.

IFLR1000 recognises 12 Horten partners

18 October 2017

The international directory IFLR1000 recently published its Financial and Corporate Rankings for 2018 - and Horten has improved its ranking in several areas.

The International Comparative Legal Guide to Alternative Investment Funds 2017

28 June 2017

The International Comparative Legal Guide to Alternative Investment Funds is published each year. Partner Claus Bennetsen has contributed to this year's edition.

Change in the regulation of investment advisors

12 June 2017

With a new act, the regulation of investment advisors will be transferred from the Financial Business Act to the Act on financial advisors and mortgage credit intermediaries. As the change introduces restrictions as to which financial instruments investment advisors must advise on, investment advisors may now also receive and transmit orders from investors.

Final sale of LM Wind Power to General Electric

1 May 2017

The actual takeover of LM Wind Power took place on 20 April 2017 following the competition authorities' approval in the EU, USA, China and Brazil.

Horten advances in new Chambers and Legal 500 rankings

19 April 2017

In 2017, the leading international ranking agencies, Legal 500 and Chambers, are once again ranking Horten among the best law firms in Denmark.

Horten is part of Copenhagen Fintech Lab's Law Connect

20 March 2017

Horten participates in Copenhagen Fintech Lab’s Law Connect programme where we, together with a number of other law firms, are to assist the Lab's residents with relevant legal sparring.

Global Leaders in Law appoints Horten as exclusive partner for Denmark

10 January 2017

Global Leaders in Law, the leading global general counsel forum based in London, and Horten has announced partnership. Appointed as a global bronze partner, Horten will sponsor the activities of Global Leaders in Law in 2017.

New billion loan supports the development of Carlsberg Byen's largest phase so far

5 January 2017

Horten has advised Carlsberg Byen in connection with the conclusion of a DKK 4.2 billion financing agreement with the pension company PFA.

New partners

4 January 2017

With effect from 1 January 2017, Horten appointed Lars Lüneborg and Julie Arnth Jørgensen as partners.

Legalisation of loans to shareholders and members of management adopted

1 December 2016

Until now, Denmark has been one of the few EU countries that has not allowed companies to issue loans to shareholders and members of management, except for loans to Danish and some international parents. Obviously, this is a competitive disadvantage. On 1 January 2017, such loans will be legal.

Mezzanine Capital Partners grants EUR 15 million to MBL Gruppen

31 October 2016

Mezzanine Capital Partners has concluded an agreement with MBL concerning a grant to the company and its shareholders of EUR 15 million to ensure MBL's future geographical growth and development of its product range. Horten has assisted MBL Gruppen.

Horten acts as GE’s Danish lawyer in GE’s acquisition of LM Wind Power

28 October 2016

Horten has acted as GE’s Danish lawyer in GE’s intent to purchase LM Wind Power, a Denmark-based manufacturer and supplier of rotor blades to the wind industry.

IFLR1000 ranks eight Horten partners as Leading Lawyers and two as Rising Stars

18 October 2016

The international directory IFLR1000 recently published its Financial and Corporate Rankings for 2017. These rankings were good news for Horten, as we have increased the number of partners ranked as Leading Lawyers within their legal areas of expertise.

Legalisation of loans to shareholders and members of management

7 October 2016

Danish businesses will finally be able to grant loans to shareholders and members of the management in connection with the adoption of a new bill.

When is a floating company charge accepted?

20 September 2016

In the Cimber case, the Supreme Court must decide when a chargee accepts a floating company charge.

New rankings from IFLR1000: Horten is still the leading law firm within energy and infrastructure

22 June 2016

Every year, the international directory IFLR1000 publishes a guide of the world's best law firms within energy and infrastructure. In the recently published guide, Horten is, like last year, rated as one of the country's best advisers within this area.

Horten Corporate Day 2016 - Danish companies at the forefront

18 March 2016

At Horten's Corporate Day 2016 on 16 March, Danish and foreign executives and experts gave their views on the trends and opportunities of the Danish business sector. Horten will repeat the success next year with Horten Corporate Day 2017.

Public-private investments in Greenland

9 March 2016

On 26 February 2016, Horten and Nuna Law Firm hosted a conference with focus on public-private investments in Greenland.