New EU threshold for prospectuses and shares with different voting power
Official title (in Danish): Lov om ændring af lov om kapitalmarkeder, lov om finansiel virksomhed, lov om investeringsforeninger m.v. og forskellige andre love (Ophævelse af national prospektgrænse, delvis ophævelse af forbud mod aktieklasser i finansielle virksomheder, forsikringsselskaber og fondsmæglerselskaber, ændring af offentliggørelseskrav ved optagelse til handel på en multilateral handelsfacilitet, styrkelse af Finanstilsynets uafhængighed m.v.)
In short
Reading time: 1 min- What changes:
- The Danish prospectus threshold for offers of securities of EUR 8 million is repealed (that a rule stops applying), so a special Danish limit no longer applies for when a prospectus can be avoided.
- Banks, investment management companies, mortgage credit institutions and financial holding companies that are public limited companies may introduce shares with multiple votes, if they are not already admitted to trading, and this is done with a view to admission to trading on a multilateral trading facility.
- Members of the Financial Supervisory Authority's management with supervisory responsibility may serve for no more than 14 years, and certain employees of the Financial Supervisory Authority may not trade in financial instruments issued by the companies under supervision.
- Who: The rules apply to issuers of securities, financial companies and the Financial Supervisory Authority.
- When: Section 1, no. 20 entered into force on 5 March 2026. Section 1, no. 4 entered into force on 5 June 2026. The rest of the Act entered into force on 1 January 2026. Section 2, no. 16 entered into force on 11 January 2026. Section 7, no. 1 entered into force on 1 March 2026. Some parts entered into force on 16 April 2026. Some parts entered into force on 6 June 2026. Some parts entered into force on 25 June 2026. Section 7, no. 3, 5 and 6 entered into force on 2 July 2026. Some parts will enter into force on 5 December 2026. Section 7, no. 4 will enter into force on 9 January 2028. Section 7, no. 2 will enter into force on 10 January 2028. Some parts will enter into force on a date to be set later by the minister.
- Parts of the act enter into force on 9 January 2030.
Written by AI from verbatim quotes from the source and checked by code and AI. Dates, tables and the fact box are calculated by fixed rules. Unofficial translation. Always read the original.
Sources and original
Read the official text (in Danish) →
The case at the Danish Parliament (ft.dk)
Source: Retsinformation.dk
Translated from Danish · The Danish version and the original source apply.
Summary by the Danish Parliament (in Danish)
Lovforslaget har til formål at modernisere og sikre korrekt gennemførsel af en række EU-reguleringer for bl.a. kapitalmarkeder og finansielle virksomheder i Danmark. Med lovforslaget foreslås det bl.a.: – at den nuværende danske prospektsgrænse for værdipapirudbud på 8 mio. euro ophæves, så Danmark følger den nye harmoniserede grænse i EU på 12 mio. euro. – at give pengeinstitutter, investeringsforvaltningsselskaber, realkreditinstitutter, finansielle holdingvirksomheder og forsikringsselskaber mulighed for at udstede aktier med forskellige stemmeklasser, med henblik på at virksomhedens aktier kan handles på en multilateral handelsfacilitet (MHF), og at ophæve forbuddet mod stemmeklasser for fondsmælgerselskaber helt. – at offentliggørelseskrav ved optagelse til handel på multilaterale handelsfaciliteter (MHF) justeres med henblik på at øge finansieringsmuligheder for selskaber og gøre notering på multilaterale handelsfaciliteter mere attraktive. – at indføre tiltag, som skal sikre, at Finanstilsynet kan agere mere uafhængigt og effektivt i sin tilsynsrolle, herunder at Finanstilsynets direktionsmedlemmer med tilsynsansvar maksimalt kan besidde stillingen i 14 år og indførelse af karensperiode efter endt ansættelse for Finanstilsynets ansatte, der er involveret i tilsyn eller beslutningstagning om kreditinstitutter.
Source: Folketinget (ft.dk). Reproduced unchanged.
Timeline
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- Introduced · 8 October 2025Status in the Danish Parliament: Fremsat
- Passed · 4 December 2025Status in the Danish Parliament: 3.beh./Vedtaget
- Stadfæstet · 16 December 2025Status in the Danish Parliament: Stadfæstet
- Date to be set later · 17 December 2025Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 1 January 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 11 January 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 1 March 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 5 March 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 16 April 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 5 June 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 6 June 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 25 June 2026Status in the Danish Parliament: Stadfæstet
- Partly entered into force · 2 July 2026Status in the Danish Parliament: Stadfæstet
- The rest enters into force · 10 January 2028In 432 days