Payment of fees to the Danish FSA

Fees 2017

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If you have questions about your fee please write to:

afgift@ftnet.dk

Nice to know

In early December the Danish FSA issues invoices to undertakings liable to pay the fee

The deadline for payment
of this year’s fee is 21th of
December 2017

Undertakings under the supervision of the Danish FSA pay fees to cover the cost of the supervision work and general operation of the Danish FSA . The fees are collected at the end of each year. In December undertakings will receive invoices covering the cost of supervision during the year.

The total budget of the Danish FSA is given annually as an appropriation in the Danish Finance Act, the Danish FSA being under section 08.23.01.

The allocation of fees between different types of undertakings is regulated by Part 22 of the Financial Business Act.

Who pays what?

Several types of undertakings pay a fixed fee, while others pay a proportional fee based on company size, balance sheet, gross premiums, etc.

Fixed fee
Undertakings that pay a fixed fee include reinsurance brokers, investment advisers, securities dealers, financial holding companies and some foreign investment undertakings.

When a company asks for a prospectus to be approved by the FSA, it generates a fixed fee. A notification or application on cross-border marketing of units in investment undertakings also generates a fee.

Section 361(1) of the Financial Business Act lists all the fixed fees collectable by the Danish FSA. The fixed fees are stated at the 2004 level. These amounts are adjusted annually, equivalent to the change in the appropriation to the Danish FSA in each year's Finance Act.

The changes in the appropriation since 2004 can be seen here

Year

Appropriation (mio. kr.)

Index

2004

135,2

100

2005

148,2

109,6

2006

153,9

113,8

2007

163,4

120,9

2008

171,4

126,8

2009

184,1

136,2

2010

207,4

153,4

2011

231,5

171,2

2012

233,4

172,6

2013

254,8

188,5

2014

278,85

206,25

2015

294,4

217,8

2016 302,0 223,4
2017  336,7   249,0 

 

Proportional fee
Undertakings that pay a proportional fee include banks and mortgage institutions, insurance companies, pension funds, investment associations and insurance broker companies. All types of undertakings that pay a proportional fee are listed in sections 362-367 of the Financial Business Act. 

 

Frequently asked questions about fees

 

Should I still pay the fee when the undertaking closed in the spring?
Yes, according to section 368(2), the undertaking has to pay the full fee, even though it has only been under supervision for part of the year.
Should I still pay the full fee when my undertaking first started in mid-year?
Yes, according to section 368(2), the undertaking has to pay the full fee, even though it has only been under supervision for part of the year.
Should I pay a fee for a prospectus which was withdrawn or not approved?
Yes, it is the request for approval of a prospectus (and the processing) that triggers the fee.
Why have we received several invoices?
If the undertaking has activities that are covered by several sections of the Financial Business Act, we issue a separate invoice for each section.
What happens if we do not pay the fee?
If the fee is still not paid after the end of the dunning procedure, the demand will be transferred to the Danish Tax and Customs Administration.
How do I calculate the market value of the traded securities listed in section 361(1) no. 11 of the Financial Business Act? Is the basis 31 December 2016 and does it include both stocks and bonds?
The market value includes both stocks and bonds and is fixed at end of the previous year. The basis for the fee demand issued in early December 2017 is the market value of the last trading day of 2016.
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