Proposal on Danish implementation of AIFMD II
Published 20 October 2025
Category: AIFs
The Danish Ministry of Industry, Business and Financial Affairs has presented a proposal for amendments to the Danish financial regulation, including the Danish Alternative Investment Fund Managers (“AIFM”) Act. The proposal is available here (in Danish).
The purpose of the amendments to the AIFM Act is to implement certain parts of the AIFM Directive II which entered into force on 15 April 2024. The specific proposal introduces stricter requirements on (i) the management structure of AIFMs, and (ii) the rules governing third-country AIFMs and AIFs.
i) Requirements for the management of an AIFM
Under the proposal, the existing requirement of having at least two individuals from the management to determine the AIFM’s business conduct is amended so that these individuals must now be established and resident within the EU. These individuals must further meet the general fit-and-proper and integrity requirements, and, in addition, it will now be a requirement that both individuals are employed full-time.
In practice, the amendment will mean that an AIFM will be required to have two full-time members of the management who are physically located and effectively established within the EU.
ii) Requirements for third-country AIFMs and AIFs
For Danish AIFMs marketing third-country AIFs, it will be a requirement that:
- Such AIFs must not be established in high-risk countries for AML/CFT and tax purposes.
- The third country in which the AIF is established must have entered into tax information exchange agreements with Denmark and with all EU Member States in the financial area, complying with the standards of Article 26 of the OECD Model Tax Convention to ensure efficient exchange of information on tax matters.
For third-country AIFMs, it is a requirement to obtain an authorisation to manage AIFs in Denmark that the following conditions are met:
- There must be effective cooperation agreements between the Danish FSA and the competent authorities of the relevant third country.
- The third country in which the AIFM is established must have entered into tax information exchange agreements with Denmark and with all EU Member States in the financial area, complying with the standards of Article 26 of the OECD Model Tax Convention to ensure efficient exchange of information on tax matters.
- The AIFM must not be established in high-risk countries for AML/CFT and tax purposes.
- In terms of the AIFMs’ marketing of AIFs in Denmark, a notification must be submitted for each AIF, including a business plan, AIF documentation, and information on the depositary and place of establishment.
The proposal is currently undergoing its first reading in the Danish Parliament, with the second and third readings expected in the coming months.
Next steps
If adopted, the amendments are expected to enter into force on 16 April 2026 with respect to the revised requirements for the management of an AIFM.
The amendments regarding the requirements for third-country AIFMs and AIFs will enter into force at a later date to be determined by the Danish Minister for Industry, Business and Financial Affairs.
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