Depositary
Nordic Compliance Services A/S holds an authorisation as a depositary and performs this function for a vast number of major alternative investment funds (AIFs) in Denmark.
Under the Danish Act on alternative investment fund managers etc. (the AIFM Act), AIFs comprised by the AIFM Act must appoint a depositary. The depositary’s main task is investor protection, including monitoring of the AIF’s cash flows, verification of ownership of assets and general supervision that the AIF is operated in accordance with its instruments of incorporation, investment strategy and applicable legislation at all times.
Nordic Compliance Services A/S has vast experience of the depositary function and, with our dedicated team of compliance officers, we can ensure that your fund complies with its depositary obligations under the AIFM Act.
We constantly strive to digitalise wherever possible, thereby facilitating and improving the efficiency of the processes for the benefit of us as well as managers and investors.
Our depositary services include:
Cash flow monitoring
- Monitoring of the AIF’s cash flows
- Identification and alignment of significant cash flows
Safe-keeping of assets
- Verification of the AIF’s ownership of assets
- Record of assets
Supervisory duties
- Review of asset-valuation procedures
- Control of timely settlement of transactions
Supervision by the Danish Financial Supervisory Authority
Nordic Compliance Services A/S is subject to supervision by the Danish Financial Supervisory Authority. This supervision includes inspections, where a report will subsequently be drawn up, which we are required to publish on our website. In addition to reports, we are to publish decisions and responses etc. of the Financial Supervisory Authority.
Below, please find links to all reports, decisions, supervisory responses, etc. of the Financial Supervisory Authority and our comments, if any.
Report on inspection of Nordic Compliance Services on 23 February 2021
Response: The order was noted.
On 2 December 2022, the Financial Supervisory Authority confirmed that the order in the report on the inspection of Nordic Compliance Services on 23 February 2021 was considered to have been complied with. We have adjusted our business procedures in accordance with the Financial Supervisory Authority’s interpretation of the legislation within the depositary area.
