When the transition 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 license from the Danish Financial Supervisory Authority.
Credit institutions and investment firms from the United Kingdom can therefore again apply to the Danish Financial Supervisory Authority for a license in accordance with section 33 of the Financial Business Act, if they intend to continue 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.
Licenses granted under section 33 of the Financial Business Act to credit institutions and investment firms from the United Kingdom up to the end of the transitional period will be conditional and temporary.
Such licenses will ensure that the companies can continue to provide investment services and activities to eligible counterparties and per se professional clients in Denmark for a limited period, as long as the conditions for the licenses are met.
Companies from the United Kingdom that want to apply for a license must use a special form, which will be available on the Danish Financial Supervisory Authority’s website from 14 September 2020. The form will be accompanied by a guide.
In principle, companies should apply for a permit before 15 October 2020.
The Danish Financial Supervisory Authority also refers to the Executive Order on the licencing procedure for foreign credit institutions and investment firms that have been granted a license in a country outside the European Union, and that wish to conduct investment services and investment activities in Denmark (No. 918 of 26 June 2017).