
Book contents
- Frontmatter
- Contents
- Contributors
- Preface
- Part I
- Part II Application in each Member State National reports for EU Member States
- 2 Belgium
- 3 Czech Republic
- 4 Denmark
- 5 Estonia
- 6 Greece
- 7 Hungary
- 8 Latvia
- 9 Lithuania
- 10 Luxembourg
- 11 The Netherlands
- 12 Poland
- 13 Portugal
- 14 Slovakia
- 15 United Kingdom
- Part III National reports for EEA Member States
- Part IV Annexes
- Index
4 - Denmark
from Part II - Application in each Member State National reports for EU Member States
Published online by Cambridge University Press: 18 December 2009
- Frontmatter
- Contents
- Contributors
- Preface
- Part I
- Part II Application in each Member State National reports for EU Member States
- 2 Belgium
- 3 Czech Republic
- 4 Denmark
- 5 Estonia
- 6 Greece
- 7 Hungary
- 8 Latvia
- 9 Lithuania
- 10 Luxembourg
- 11 The Netherlands
- 12 Poland
- 13 Portugal
- 14 Slovakia
- 15 United Kingdom
- Part III National reports for EEA Member States
- Part IV Annexes
- Index
Summary
Introduction
1. Taking as its point of departure the implementation of the Prospectus Directive, the Danish prospectus regime was substantially revised with effect from 1 July 2005.
Today, the Danish prospectus regime consists of three tiers, of which only Tier 1 is a direct consequence of the implementation of the Prospectus Directive. Figure 1 below illustrates the three current tiers of the Danish prospectus regime.
The Tier 2 legislation encompasses the ‘smaller unlisted offerings’ and is based on the Danish legislator's desire to ensure investors in these offerings a minimum standard of protection. The legislation is to a large extent similar to that of Tier 1. However, since it is not based on the Prospectus Directive there are certain differences, i.e. the passporting regime is inapplicable to Tier 2-offerings and the Danish Financial Services Authority (Finanstilsynet, the ‘Danish FSA’) is not bound by the EU interpretation of the Prospectus Directive.
Tier 3 deals with offerings which the Prospectus Directive specifically prohibits from being comprised by the obligation to publish a prospectus. Such offerings with an aggregate value below €100,000 are only comprised by the general regulation in the Danish Marketing Practices Act and other general pieces of legislation.
- Type
- Chapter
- Information
- Prospectus for the Public Offering of Securities in EuropeEuropean and National Legislation in the Member States of the European Economic Area, pp. 99 - 114Publisher: Cambridge University PressPrint publication year: 2008