Denmark Legal Update Q2 2020
Kromann Reumert provides you with insight into the latest legal news in Denmark across practice areas and industries. In this edition we keep you updated on some of the most relevant news in Q2 2020, many of which are related to the COVID-19 pandemic.
GET A FULL GLOBAL OVERVIEW OF COVID-19 RELIEF SCHEMES
Together with the other 160 members of the world's leading network of independent law firms, Lex Mundi, Kromann Reumert has assisted in compiling an overview of the COVID-19 relief schemes in more than 100 jurisdictions.
Published 8 April 2020
COVID-19: THE DANISH PARLIAMENT AUTHORISES QUADRUPLE FINES AND UP TO 20 YEARS OF IMPRISONMENT FOR "STIMULUS-PACKAGE FRAUD"
Thursday, 2 April 2020, the Danish Parliament (the Folketing) adopted various amendments to the Danish Penal Code warranting much stricter punishment for criminal offences arising out of or connected with COVID-19. The amendments contain important rules against fraud in connection with the Danish government's stimulus-packages that are aimed at reducing the adverse financial effects of COVID-19 ("Stimulus-Package Fraud"). Any offence in violation of the relief rules may have very dramatic consequences for both employer and employees. It is therefore necessary for all enterprises to be careful when filing applications for relief, etc.
Published 8 April 2020
EXTENSION OF FILING DEADLINES FOR ANNUAL REPORTS ‒ UPDATE
The Bill to extend the deadline for filing of annual reports that was dealt with in our news article of 1 April has now been passed, and below is an update on the new rules. The Minister of Industry, Business and Financial Affairs has issued two Executive Orders allowing businesses to temporarily depart from their filing obligations. The Executive Orders should be seen in light of the situation that many businesses are currently facing due to COVID-19. This news article summaries the new deadlines, etc.
Published 16 April 2020
COVID-19: ADDITIONAL AID TO ENTREPRENEURS AND GROWTH BUSINESSES
The details are finally in place regarding the adjustments to previously agreed relief packages, along with a number of new initiatives aimed at helping Danish businesses through the COVID-19 crisis presented by the Danish government and the parties represented in parliament On 18 April 2020. The state aid schemes have been approved by the European Commission, and the schemes are open for applications. Many of the new initiatives are primarily targeting entrepreneurs and growth businesses, many of whom have not qualified for the existing relief packages.
Published 12 May 2020
OVERVIEW: STATE AID SCHEMES FOR ENTREPRENEURS AND GROWTH BUSINESSES
A number of new initiatives aimed at helping Danish businesses through the COVID-19 crisis are primarily targeting entrepreneurs and growth businesses. This news article provides you and your company or investment fund with an overview of aid schemes generally available to entrepreneurs and growth businesses.
Published 14 May 2020
THE DANISH FSA PUBLISHES STATEMENT ON TEMPORARY INVESTMENT SERVICES LICENCES TO UK FIRMS
On 3 June 2020, the Danish Financial Supervisory Authority (the "Danish FSA") published a statement regarding the conditional and temporary investment services licences it had granted during 2019 to UK credit institutions and investment firms. The licences enabled licensees to temporarily continue providing cross-border investment services in case an agreement between the EU and the UK had not been concluded before 31 January 2020.
Published 8 June 2020
BILL PROPOSING WHISTLEBLOWER SCHEME ADOPTED ‒ REPORT ON SUSPICION OF COVID-19-RELATED FRAUD
On 4 June 2020, the Danish Parliament passed a Bill proposing a whistleblower scheme to prevent and uncover fraud in relation to aid received under the Danish Business Authority’s COVID-19-related compensation scheme.
Published 25 June 2020
POLITICAL AGREEMENT TO PHASE OUT RELIEF PACKAGES AND LAUNCH NEW STIMULUS AND EXPORT INITIATIVES
On 15 June 2020, a majority of the Danish parliament (Folketinget) announced a political agreement to phase out the existing relief packages and launch a number of new stimulus and export initiatives. We will below give you an overview of the new agreement.
Published 1 July 2020