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    DFSA Issues Multiple Updates for Financial Entities in March 2022

    March 24, 2022

    The Danish Financial Supervisory Authority (DFSA) published an application form for third-country cross-border license, appointed members to a new working group for blockchain and cryptocurrency, and issued a statement on inspection of the local savings bank Sparekassen Djursland.

    Below are the key details of the recent updates:

    • DFSA has made available an Application Form for the Danish third-country cross-border investment services and activities license. The form must be used when applying for either a license or a renewal of a license including applying for a renewal of a conditional and temporary license granted to a credit institution or an investment firm from the United Kingdom in light of Brexit. The application for renewal of such a license must be submitted to DFSA in due time before the expiration of the license. DFSA encourages submission of the renewal application for a Brexit conditional and temporary license before April 15, 2022, to ensure that DFSA will be able to assess the application before June 30, 2022.
    • DFSA has appointed 15 members to the new working group for blockchain and cryptocurrency. DFSA received 85 applications for participation in the new working group, which is intended to support the ongoing work of DFSA and future supervisory function vis-à-vis financial service providers whose activities are based on the use of cryptocurrencies and blockchain.
    • DFSA, in November 2021, inspected Sparekassen Djursland, which operated as a local guarantor savings bank with a focus on small and medium-size business customers as well as private customers in the local area of ​​Djursland and the municipalities of Aarhus and Randers. DFSA found that Sparekassen's credit policy required adjustments to clearly reflect the Board's desired risk profile and that at times its credit management was insufficient. DFSA determined that an action plan must be prepared for weak loans. Moreover, the inspection led to an increase in the solvency requirement by 0.2 percentage points to 11% and to increased write-downs of DKK 1.115 million.

     

    Related Links (in Danish)

     

    Keywords: Europe, Denmark, Banking, Brexit, Licensing Applications, Cross-Border Activities, Blockchain, Cryptocurrency, Regtech, Fintech, DFSA

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