Source: https://www.global-regulation.com/translation/denmark/613824/ordinance-on-prospectuses-for-securities-admitted-to-trading-on-a-regulated-market%252c-and-by-public-offer-of-securities-of-5-million-euro.html
Timestamp: 2020-01-21 09:22:55
Document Index: 475283978

Matched Legal Cases: ['§ 1', '§ 3', '§ 4', '§ 5', '§ 6', '§ 7', '§ 8', '§ 9', '§ 10', '§ 11', '§ 12', '§ 5', '§ 19', '§ 34', '§ 27', '§ 36']

Under section 23, paragraph 7 and 8, section 24, paragraph 2, and section 93, paragraphs 4 and 5, of the law on securities trading, etc., see. lovbekendtgørelse nr. 831 of 12. June 2014, fixed: Chapter 1 scope § 1. The rules of this order shall apply to the securities referred to in article 2, paragraph 1, of the law on securities trading, etc., with the exception of those referred to in article 23, paragraph 4, said securities when securities sought admitted to trading on a regulated market and by public offer of securities of 5 million euro.
§ 3. By small and medium-sized enterprises for the purposes of this Ordinance: companies, which, according to the latest annual accounts or consolidated accounts, meet at least two of the following three criteria: 1) an average number of full-time staff employed during the financial year of less than 250.
§ 4. By the issuer for the purposes of this Ordinance: A legal entity which issues or offers to issue securities.
§ 5. By-providing personal or provider for the purposes of this Ordinance: A natural or legal person that offers securities to the public.
§ 6. By offering programme means in this order: a program that allows for the issuance of securities of non-equity securities referred to in article 6. section 2 (a), paragraph 2, of the law on securities trading, etc., of a similar type and/or class, in a continuous or repeated manner during a specified issuing period, including warrants in any form.
§ 7. By securities issued in a continuous or repeated manner, for the purposes of this Ordinance: Several consecutive issues or at least two separate issues of securities of a similar type and/or class within a period of 12 months.
§ 8. By country of origin for the purposes of this order: 1) For all issuers of securities in a country within the European Union or a country with which the Union has entered into an agreement on the financial sphere: the country within the European Union or the country in which the Union has entered into an agreement in the financial field, where the issuer has its registered office, if the issuer not covered by the No. 2 or 3.
2) For all issuers of securities non-equity securities referred to in article 6. section 2 (a), paragraph 2, of the law on securities trading, etc., whose denomination per securities amounts to at least 1,000 euro: the country within the European Union or the country in which the Union has entered into an agreement in the financial field, where the issuer has its registered office, or where the securities were to or to be admitted to trading on a regulated market of securities, or where the securities are offered to the public.
3) For all issuers of securities non-equity securities referred to in article 6. section 2 (a), paragraph 2, of the law on securities trading, etc., which give the right to acquire any transferable securities or to receive a cash amount, as a result of that they are converted or of the rights they confer, is exercised, provided that the issuer of the securities is not the issuer of the underlying securities or an entity belonging to the same group as the latter issue: the country within the European Union or the country that the Union has entered into an agreement in the financial field, where the issuer has its registered office, or where the securities were to or to be admitted to trading on a regulated market of securities, or where the securities are offered to the public.
4) For all issuers of securities, which have their registered office in a country outside the European Union or a country with which the Union has entered into an agreement on the financial area not covered by nr. 2 or 3: the country within the European Union or the country in which the Union has entered into an agreement in the financial field, where the securities are to be offered to the public as intended for the first time after 31 December 2006. December 2003, or where the first application for admission to trading on a regulated market of securities are submitted.
(2). Choice of home Member State, without prejudice. (1). 2-4, taken by the issuer, offeror or person asking for admission to trading.
(3). If the choice of home Member State, without prejudice. (1). 4, was not intended by the issuer, the offeror or the person asking for the admission of securities to trading for the first time in which the securities were offered to the public or admitted to trading, they can make this election subsequently.
§ 9. By the host country for the purposes of this Ordinance: the country within the European Union, or the country in which the Union has entered into an agreement on the financial area, which made an offer to the public or admission to trading, when this is different from the home Member State.
§ 10. At the base prospectus for the purposes of this Ordinance: a document that contains all the relevant information concerning the issuer and the securities offered to the public or admitted to trading on a regulated market of securities, and in accordance with the issuer's election the final terms of the offering.
§ 11. At the key information for the purposes of this Ordinance: Essential and appropriate structured information, which must be made available to investors in order to enable them to understand the nature and risks associated with issuers, guarantors, as well as the securities offered or admitted to trading on a regulated market, as well as to, without prejudice to the provisions of section 16 (3), no. 2), to decide which offered securities which are taken up for further consideration. On the basis of the offer and the securities in question contains key information on the following elements: 1) A brief description of the risks and the most important relationship in the context of the issuer and any guarantors, including assets, liabilities and financial position.
§ 12. By the company of limited market value for the purposes of this Ordinance: a company is admitted to trading on a regulated market and had an average market value of less than EUR 100 million based on market capitalisation at the end of the year in the previous three calendar years.
2) offer of securities addressed to fewer than 150 natural or legal persons by country within the European Union or by country, as the Union has entered into an agreement on financial matters, which are not qualified investors.
4) Dividend paid to existing shareholders in the form of shares of the same class as the off-exchange of profitable shares, if given access to a document containing information on the number and class of shares as well as the causes and the circumstances of the transaction.
6) No. 5 also applies to a company established outside the European Union or outside of a country with which the Union has entered into an agreement on financial matters, either whose shares are admitted to trading on a regulated market or a market in a third country. In the latter case, there exist sufficient information, including it in the No. 5 document referred to in a language that is commonly found in international financial circles, and that the Commission should have taken an equivalence decision concerning the market of the third country concerned.
2) shares issued for the purpose of exchange of shares of the same class are already up-taken to trading on the same regulated market, if the issuing of the new shares does not involve any increase in the issued share capital.
6) securities offered, allotted or to be allotted to existing or former members, respectively, of the Board of Directors, supervisory board or employees of the issuer or a consolidated company, see. § 5 (1) (8). 9 of the law on financial business. This assumes that the securities offered, allotted or to be allotted by the issuing company that the securities in question are of the same class as the securities already admitted to trading on the same regulated market, as well as to the provision of the above-mentioned people access to a document that contains information about the number and class of the Securities and the reasons for and details of the offer.
(3). The summary of the prospectus must be concise, in a non-technical language and contain key information on the language in which the prospectus was originally drawn up. The summary shall be in a form and a content which, together with the prospectus provides appropriate information about the main elements of the relevant securities, so that investors can more easily decide whether they want to invest in such securities. The summary shall also contain a warning concerning the following: 1) the summary should be read as an introduction to the prospectus.
(3). Final terms of the offer is neither included in the base prospectus or in an appendix, be made available to investors and the final terms are submitted to the Danish financial supervisory authority and the competent authority of the relevant host countries, each time made an offer to the public, as soon as is practicable and, if possible, before the start of the offer to the public or the admission to trading of the relevant securities.
§ 19. Information can be incorporated in the prospectus by reference to one or more previously or simultaneously published documents that have been approved by or submitted to the financial supervision in accordance with Directive 2003/71/EC and its subsequent amendments or Directive 2004/109/EC, as amended. Such information shall be the latest available to the issuer. The summary must not contain information, which is incorporated by reference.
section 26. The prospectus shall be deemed published, when it is made available to the public on one of the following ways: 1) by insertion in one or more daily newspapers, there are nationwide or have wide circulation in Denmark, when the offer to the public is made or admission to trading are submitted to a regulated market in Denmark.
2) in printed form, free of charge, is made available to the public at the offices of the market on which securities are admitted to trading, as well as on the issuer's registered office and with financial companies, placing or arranging for the sale of the securities.
3) in electronic form on the issuer's website or, where appropriate, on websites belonging to the financial companies, placing or selling the securities, including intermediary funding bodies.
4) in electronic form via the information system of the regulated market where admission to trading are submitted.
Chapter 8 section 30 Languages. When that alone made the offer to the public in Denmark or admission to trading on a regulated market in Denmark, and Denmark is the home Member State, the prospectus shall be drawn up in Danish or English. The summary should always be available in Danish.
(4). When making the offer to the public or admission to trading on a regulated market in more than one country within the European Union, or more than one country, as the Union has entered into an agreement on the financial area, including Denmark, and Denmark is the home Member State, the prospectus shall be drawn up in Danish or English. The summary should always be available in Danish. The prospectus should also be available either in a language accepted by the competent authorities in the host countries or in English.
(5). When making the offer to the public or admission to trading on a regulated market in Denmark, and the home country is a country within the European Union or a country with which the Union has entered into an agreement on financial matters, with the exception of Denmark, the prospectus shall be drawn up in Danish or English. The summary should always be available in Danish.
(7). The Danish financial supervisory authority may derogate wholly or partly from the requirement referred to in paragraph 1, 4 and 5 of that prospectus must be drawn up in Danish or English when it concerned supply, admission to trading or the securities in question are such as to the ground of the protection of investors does not necessitate that the prospectus is available in Danish or English.
§ 34. If the FSA believes that an issuer or a provider that does not have its registered office in Denmark, has acted in contravention of the provisions of Chapter 6 of the law on securities trading, etc. and in this Ordinance in connection with a public offering of securities in Denmark, the Danish financial supervisory authority must refer the matter to the competent authority of the issuer's home country and ESMA.
(2). The Danish financial supervisory authority shall decide on the appropriate measures to protect investors after informing the competent authority of the issuer's or provider's home country and the ESMA, where the issuer or the financial companies with responsibility for supply to the general public continues to violate the provisions of Chapter 6 of the law on securities trading, etc. and in this Ordinance.
Chapter 10 penal provisions of section 35. Intentional or grossly negligent violation of section 16, paragraph 1, paragraph 2 2. clause, and paragraph 3, article 17, paragraph 2, article 18, paragraphs 2 and 3, section 19 (1), (2). and (3). paragraph and paragraph 2, article 20, paragraph 1, article 25, article 26, paragraph 3, 2. section, § 27, paragraph 1 1. paragraphs, sections 28 and 29, be punished by a fine.
(2). Intentional or grossly negligent violation of article 4-20, article 22, paragraph 1 1. and 2. paragraph, paragraphs 4 and 5, article 24, article 25, paragraphs 1 and 2, article 26, paragraph 1, article 26 (a) and article 26 (b) of Commission Regulation No 2454/93. 809/2004 of 29 April 2004. April 2004 on the implementation of European Parliament and Council Directive 2003/71/EC as regards information contained in prospectuses as well as their format, integration of information by reference and publication of such prospectuses and advertising, as last amended by Commission Regulation (EU) no delegates. 759 of 30. April 2013, be punished by a fine.
Entry into force Chapter 11 § 36. The notice shall enter into force on the 1. November 2014.
(2). Executive Order No. 643 of 19. June 2012 on prospectuses for securities admitted to trading on a regulated market, and by public offer of securities of 5 million euro shall be repealed.
The Danish financial supervisory authority, the 9. October 2014 Ulrik Nødgaard/Hanne Råe Larsen Official notes 1) Ordinance contains provisions implementing parts of the European Parliament and of the Council Directive 2003/71/EC of 4. November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, Official Journal of the European Union 2003, nr. L 345, page 64, as amended by European Parliament and Council directive 2010/73/EU of 24. November amending directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading, and by Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, the official journal of the European Union 2010, nr. L 327, page 1, and European Parliament and Council Directive 2004/109/EC of 15. December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC, Official Journal of the European Union 2004, nr. L 390, p. 38, as amended by European Parliament and Council directive 2010/78/EU of 24. November 2010 amending Directive 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC as regards the powers conferred upon The European supervisory authority (European banking authority), The European supervisory authority (The European supervisory authority for the insurance and occupational pensions supervisors) and The European supervisory authority (European Securities and markets authority) , The official journal of the European Union 2010, nr. L 331, page 120.
2012 Ordinance On Prospectuses For Securities Admitted To Trading On A Regulated Market, And By Public Offer Of Securities Of 5 Million Euro
2011 Ordinance On Reporting Of Transactions With Securities
2010 Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation o