Application for a Danish third-country cross-border license

Investment firms and credit institutions from a country outside the European Union with which the Union has not entered into an agreement in the financial area (third-country) may apply the Danish Financial Supervisory Authority for a license to carry out investment services and activities with or without ancillary services on a cross-border basis without establishing a branch in Denmark, cf. Section 41 of the Danish Act on Investment Firms and Investment Services and Activities and Section 33 of the Danish Financial Business Act (Danish third-country cross-border license).

Legislative information 

An application for a Danish third-country cross-border license must be submitted in accordance with Section 41 of the Danish Act on Investment firms and Investment Services and Activities if the applicant is a third-country investment firm and Section 33 of the Danish Financial Business Act if the applicant is a third-country credit institution.

A Danish third-country cross-border license can only be granted for the provision of investment services and activities with or without ancillary services, cf. MiFID II , Annex I, Section A and B, towards eligible counterparties and “per se” professional clients, cf. MiFID II, Article 30(2) and Annex II, Section I. The services and activities may only concern financial instruments, cf. MiFID II, Annex I, Section C. 

Regardless of whether the holder of a Danish third-country cross-border license is a third-country investment firm or a credit institution the holder is subject to the Danish Capital Market Act, cf. Section 2(1), no. 4, and the Danish Act on Investment firms and Investment Services and Activities, cf. Section 8. 

In order to obtain a Danish third-country cross-border license the following conditions must be met:

  • The Applicant is licensed and supervised by competent supervisory authority/authorities in the third country where the Applicant is established in respect of the applied for investment services and activities and ancillary services including the applied for financial instruments.
  • The European Commission has not adopted an equivalence decision for the third country in accordance with MiFIR , Article 47(1), or such a decision is no longer valid.
  • The Danish Financial Supervisory Authority and the relevant competent authority/authorities in the third country have signed agreements concerning consultation and cooperation and the exchange of information relevant for the supervision of undertakings performing investment services and activities. 
  • The Danish Financial Supervisory Authority is not and does not come into possession of any adverse information on the Applicant of relevance to a Danish third-country cross-border license. 

A Danish third-country cross-border license will be revoked, should the Danish Financial Supervisory Authority assess that the conditions mentioned above are no longer fulfilled.

A Danish third-country cross-border license is limited in time, in generally for three years. This means that a Danish third-country cross-border license must be renewed before the expire of the three-year period in order to be able to continue performing and conducting cross-border investment services and activities without ancillary services in Denmark. 

Application 

Applicants for a Danish third-country cross-border license must use the Application Form provided by the Danish Financial Supervisory Authority. 

The Application Form must also be used in case of an application for a renewal of a Danish third-country cross-border license in which case a complete application must be submitted to the Danish Financial Supervisory Authority in due time and no later than 60 days before the expiration of the license. 

Application form

Please follow the instructions given in the Application Form and please fill out all relevant fields and boxes in order for the Danish Financial Supervisory Authority to be able to assess the application.

The application shall be sent to thirdcountrycrossborderlicense@ftnet.dk

The Danish Financial Supervisory Authority’s assessment period is 60 days from the reception of a complete application.