On Sep. 5, DEN GVT amended order re activities without permit.
DEN GVT published Executive Order BEK No 1081 of Aug. 25, 2025 amending the Executive Order BEK No 2021 of Nov. 8, 2021 on which natural and legal persons may perform investment services and investment activities without a permit under the Investment Brokerage Companies and Investment Services and Activities Act or the Financial Business Act.
Main Points
Updates to the Order's legal references to EU and national legislation; natural and legal persons who are members of or participants in a regulated market or a multilateral trading facility (MTF) may not make use of the exemption in subsection 1 of section 7.
However, this does not apply to non-financial entities that carry out transactions on a trading venue when the transactions in question are part of liquidity management or can be objectively measured to reduce the risks directly linked to the business activities or liquidity financing activities of these non-financial entities or their group.
Effectiveness
The executive order enters into force on Sep. 29, 2025.
