Denmark Increases Reporting Obligations
As of 10 January 2020 Denmark has increased the reporting obligations for the beneficial owners of Danish companies and funds. Danish companies are obliged to annually review and to continously update the information on their owners, including ultimate beneficial owners. The results of the review must be presented to the management at the ordinary general meeting of the shareholders. In addition, the owners are obliged to submit the relevant information to the Company. The failure to maintain adequate and up-to-date KYC information on the ultimate beneficial owners of the company may ultimately lead to the company being struck-off.
Client Briefing on Bills of Exchange
Carsted Rosenberg has prepared a brief introduction to the main aspects of the treatment of bills of exchange under Danish law to provide our clients with an overview of some of the the main issues when structuring the financing of international trade transactions involving Denmark. For all queries please contact Michael Carsted Rosenberg or Dr. Andreas Tamasauskas at Carsted Rosenberg.
The client briefing can be found for download here.
Legal Update on Up-Stream Inter-Company Loans White List after Brexit
As of 1 February 2020, Denmark has amended the parent company order (BEK no. 85 of 30 January 2020) concerning up-stream loans to foreign parent companies (the Order) to adjust for the departure of the United Kingdom from the European Union in connection with Danish subsidiaries’ upstream loans and guarantees. The amendment to the Order has been necessary to ensure that Danish subsidiaries would continue to be able to provide upstream loans and guarantees following Brexit. Read our legal update on the application of the white list and the Danish financial assistance regulations here.
Legal Update on COVID-19 Measures in Denmark
In order to assist our clients with the evaluation of the impact of the COVID-19 measures of the Danish Government on their legal transactions and their business, Carsted Rosenberg has prepared a brief overview of the current status of the recent COVID-19 measures implemented by the Danish Government in order to handle the situation at hand. It should be noted that the update is on an ever-evolving sitation and it therefore speaks as of 15 March 2020.
Securitisation Country Comparative Guide 2020
In cooperation with The Legal 500 and Slaughter and May as lead contributing editor, Dr. Andreas Tamasauskas of Carsted Rosenberg has contributed with the Danish chapter on securitisation and the Danish securitisation market. The country-specific Q&A provides an overview to Securitisation laws and regulations that may occur in Denmark. For other jurisdictions, please refer to the contributions prepared by CMS for Austria, Norton Rose Fulbright for Canada, Dentons for Germany, Mayer Brown for Hong Kong, Nagashima Ohno & Tsunematsu for Japan, GSK Stockmann for Luxembourg, Morgan & Morgan for Panama, LECAP for Russia, Yulchon for South Korea, Lenz & Staehelin for Switzerland and Paksoy for Turkey. To learn more about securitisation law in Denmark or to access the entire Securitisation Contry Comparative Guide 2020, please click on the picture below:
Carsted Rosenberg Advokatfirma Advised Cromwell European REIT on Sale of 12 Assets across Western Europe
Together with lead counsel Clifford Chance, Paris, Carsted Rosenberg Advokatfirma advised Cromwell European REIT (CEREIT) on the sale of 12 assets in France, Denmark and the Netherlands for EUR 65.7 million to funds advised by affiliates of The Blackstone Group Inc. The properties had been managed on behalf of CEREIT by its sponsor, Cromwell Property Group (Cromwell), through Cromwell’s integrated European investment management platform. The assets are all light industrial/logistics properties: five in the Netherlands, five in France and two in Denmark. The properties total approximately 124,000 sqm of space. In Denmark, the largest of the two assets is the Hjulmagervej 3-19 property in Vejle, located in the Jutland Peninsula in Southern Denmark. The asset comprises nine warehouse/light industrial buildings. Each building consists of warehouse areas with associated offices. The total NLA of the property is 12.807 sqm. CERET was advised by lead counsel Clifford Chance, Paris together with Clifford Chance Amsterdam, Clifford Chance Luxembourg and Carsted Rosenberg Advokatfirma. The purchaser was advised by Simpson Thacher Bartlett, London, DLA Piper, Paris, Loyens & Loeff, Amsterdam and Bech-Bruun Advokatfirma.
Cromwell European REIT is a real estate investment trust (REIT) with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of income-producing real estate assets in Europe that are used primarily for office, light industrial / logistics, and retail purposes. With a portfolio of 103 properties as at the date of this announcement, in or close to major gateway cities in Denmark, Finland, France, Germany, Italy, the Netherlands as well as Poland, and a balanced focus on the office and light industrial / logistics sectors, it is also the first REIT with a diversified Pan-European portfolio to be listed on the Singapore Stock Exchange (SGX-ST). It was listed on the SGX-ST with Goldman Sachs (Singapore) Pte. and UBS AG, Singapore Branch acting as the joint issue managers for the IPO.
Carsted Rosenberg Recommended as a Leading Law Firm in Denmark
Carsted Rosenberg Advokatfirma has been recommended as a leading law firm in Denmark for banking & finance law by The Legal 500, EMEA, 2020 Edition. We appreciate the recognition by our peers and greatly appreciate the support of our clients, colleagues and partners for entrusting us with their legal business. In addition, both Dr. Andreas Tamasauskas and Michael Rosenberg have individually been recognised as recommended lawyers by The Legal 500.