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Regulatory aspects play a significant role when financial enterprises want to get established or offer services and products in Denmark. Only regulated enterprises such as banks, investment services companies, insurance companies and insurance brokers may offer financial services, including investment services, in Denmark.

Regulatory aspects play a significant role when financial enterprises want to get established or offer services and products in Denmark. Only regulated enterprises such as banks, investment services companies, insurance companies and insurance brokers may offer financial services, including investment services, in Denmark.

Moreover, the marketing and distribution of securities is subject to regulation, and direct as well as indirect marketing of certain shares in collective investment schemes, for instance UCITS and alternative investment funds (AIF), require registration with the Danish FSA. Violation of legislative requirements may result in "naming and shaming", fines and revoking of the enterprise's license or authorisation.

We are experts in the regulatory issues that apply to financial enterprises. We advise Danish as well as non-Danish financial enterprises, including Danish and international banks, investment services companies, investment advisers, collective investment schemes and their managers, market places, insurance companies, insurance brokers and securities depositories.

Our advisory services include:

  • Formation of new financial enterprises, insurance brokers and investment advisers, including application for authorisations and licenses
  • Establishing and registering branches of non-Danish investment brokers, insurance companies and insurance brokers
  • Investment services activities
  • Direct and indirect marketing of collective investment schemes (UCITS/AIFM), including registration in Denmark
  • Regulation of securities trading activities, including good business practice and MiFID regulation 
  • Insurance products and distribution channels, including good business practice and insurance contract law
  • Prevention of money laundering and financing of terrorism
  • Payment services
  • FinTech
  • Cash-settled derivatives (CSDs).

We have in-depth knowledge of legislation as well as case law and many years' experience and good working relationships with the Danish FSA and other authorities.

When required to ensure clients optimal advisory services, we cooperate with lawyers from our other areas of expertise such as Insurance, Financing, Capital Markets, M&A and Corporate Matters, Tax, Compliance, Data protection.

 


Regulatory Issues

Banking & Finance

Chambers-and-Partners-Logo_200w1

What the team is known for
Highly regarded finance team acting on behalf of domestic and international banks, private equity houses and large corporations on all aspects of acquisition finance, including leveraged finance transactions. Recognised for its financing expertise in the energy and real estate sector. Other areas of specialism include asset finance, high-yield bond work and regulatory matters. Also frequently instructed on restructuring and refinance mandates. Has experience of debt capital market transactions.

Strengths
One client says: "They are always accessible and flexible, they have a high level of knowledge from a technical perspective and they have a good ability to understand what we want commercially."

Other sources appreciate the lawyers' "timeliness and accuracy of advice."

Work highlights
Advised HSBC and other arrangers on Danish law matters connected with financing Ineos's acquisition of DONG E&P.

Notable practitioners
Head of department Morten Krogsgaard  is praised for "his high level of knowledge and experience and his good understanding of the market." He handles a whole host of loan agreements and finance transactions. He advised Nordea on the financing of CataCaps' acquisition of TP Aerospace.

Thomas Thordal Sevelsted enters the rankings for the first time on the back of strong market endorsements, with one source saying he is "very focused and has a good commercial approach." He has a broad practice, handling real estate, project and aviation finance, as well as restructuring mandates.

Chambers and Partners Europe, Banking and Finance

 

Capital Markets

Chambers-and-Partners-Logo_200w1

What the team is known for
Highly regarded finance team acting on behalf of domestic and international banks, private equity houses and large corporations on all aspects of acquisition finance, including leveraged finance transactions. Recognised for its financing expertise in the energy and real estate sector. Other areas of specialism include asset finance, high-yield bond work and regulatory matters. Also frequently instructed on restructuring and refinance mandates. Has experience of debt capital market transactions.

Strengths
One client says: "They are always accessible and flexible, they have a high level of knowledge from a technical perspective and they have a good ability to understand what we want commercially."

Other sources appreciate the lawyers' "timeliness and accuracy of advice."

Work highlights
Advised HSBC and other arrangers on Danish law matters connected with financing Ineos's acquisition of DONG E&P.

Notable practitioners
Head of department Morten Krogsgaard  is praised for "his high level of knowledge and experience and his good understanding of the market." He handles a whole host of loan agreements and finance transactions. He advised Nordea on the financing of CataCaps' acquisition of TP Aerospace.

Thomas Thordal Sevelsted enters the rankings for the first time on the back of strong market endorsements, with one source saying he is "very focused and has a good commercial approach." He has a broad practice, handling real estate, project and aviation finance, as well as restructuring mandates.

Chambers and Partners Europe, Banking and Finance

 

Banking & Finance

Chambers-and-Partners-Logo_200w1

Head of department Morten Krogsgaard is praised for "his high level of knowledge and experience and his good understanding of the market." He handles a whole host of loan agreements and finance transactions. He advised Nordea on the financing of CataCaps' acquisition of TP Aerospace.

Thomas Thordal Sevelsted enters the rankings for the first time on the back of strong market endorsements, with one source saying he is "very focused and has a good commercial approach." He has a broad practice, handling real estate, project and aviation finance, as well as restructuring mandates.

Chambers and Partners Global, Banking & Finance

Capital Markets

Chambers-and-Partners-Logo_200w1

Steen Jensen advises clients on ECM transactions, including passporting and takeovers. He recently assisted Exiqon with its DKK1 billion public-to-private takeover by Oncotec.

David Moalem provides regulatory advice on capital markets-related matters. He assisted Lundbeck with the implementation of a new capital markets compliance set-up in light of the new EU Market Abuse Regulation. Clients say: "He gives very practical advice which we can easily implement and he provides very good service."

Chambers and Partners Global, Capital Markets

Banking & Finance

In the Danish market Bech-Bruun is recognised for its strong M&A and projects teams. It also boasts of a very credible banking and restructuring and insolvency offering. 

The firm’s previously acquisition finance-focused banking practice has broadened in focus and now regularly acts on large asset financings, project financing and regulatory mandates. It often represents the borrowers and lenders on deals involving the aviation, manufacturing and real estate sectors.  

Recent Deal Data highlights

  • Axcel acquisition of majority stake in Phase One
  • Energinet DKr1.8 billion acquisition of GasNet
  • Maersk Drilling Nasdaq Copenhagen IPO
  • Nord Stream 2
  • Teradyne €121 million acquisition of Mobile Industrial Roots
  • Total $7.45 billion acquisition of Maersk Oil & Gas
  • Total acquisition of Chevron’s 12% interest in Danish Underground Consortium
  • Vineyard 800MW wind farm

Client feedback

"Highly professional. Great commercial understanding." – Banking

"Very good, strong competencies and experience enabling to get the deal through." – Banking

IFLR 1000, Banking and finance

Capital Markets

In the Danish market Bech-Bruun is recognised for its strong M&A and projects teams. It also boasts of a very credible banking and restructuring and insolvency offering. 

Despite the slowdown in the Danish capital markets area, the firm has strong expertise on the equity side and recently represented the underwriters in a large Nasdaq Copenhagen IPO. 

Recent Deal Data highlights 

  • Axcel acquisition of majority stake in Phase One
  • Energinet DKr1.8 billion acquisition of GasNet
  • Maersk Drilling Nasdaq Copenhagen IPO
  • Nord Stream 2
  • Teradyne €121 million acquisition of Mobile Industrial Roots
  • Total $7.45 billion acquisition of Maersk Oil & Gas
  • Total acquisition of Chevron’s 12% interest in Danish Underground Consortium
  • Vineyard 800MW wind farm

Client feedback

"The team is always prompt and on point with an answer when we need it." – Capital markets: Debt

"Were well disciplined when it comes to keeping deadlines." – Capital markets: Debt 

Banking & Finance

Ranked: tier 1

Bech-Bruun runs the gamut of banking and finance work for a client roster including Danske Bank and Nordea Bank. Practice head Morten Krogsgaard specialises in international finance law; he recently assisted Advent International with the financing of its acquisition of Færch Plast and advised HSBC as local counsel on its financing of Ineos’ acquisition of Dong E&P. Thomas Thordal Sevelsted is also a key name to note; he recently acted for Strawberry Fields on a facilities agreement with lender Skandinaviska Enskilda Banken (SEB) for the purpose of refinancing properties in Denmark and Sweden.

Legal 500, Banking and Finance

Capital Markets

Ranked: tier 2

Bech-Bruun 'knows the local market well' and provides advice that is 'risk based rather than purely technical in nature' thanks to a 'very responsive and client-focused' practice. Morten Krogsgaard leads the team and is an expert in DCM work; Steen Jensen and David Moalem are also key names to note. In a recent highlight, Krogsgaard advised Nordea Bank on a bond issuance; Jensen also acted for the Ontario Teacher's Pension Plan on the sale of its stake in Copenhagen Airports to ATP and simultaneous purchase of Macquarie's stake, and Moalem assisted NTG with its $108m public tender offer for NeuroSearch.

Legal 500, Capital markets

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