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8 October 2021

Issuer’s Disclosure and Reporting Obligations

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Two venues are available for publicly traded shares in Denmark. The main market is NASDAQ Copenhagen A/S, a regulated market pursuant to the Markets in Financial Instruments Directive 2014/65/EU (MiFID II). In addition, the multilateral trading facility Nasdaq First North exists, which is a SME growth market under MiFID II, exists.

Depending on the venue, different reporting obligations exist under the Danish Capital Markets Act (the “Act”) and under the Market Abuse Regulation (“MAR”). In its recently published guidance, the Danish Financial Supervisory Authority has provided an overview of these obligations, both with respect to public disclosures and electronic reporting to the Danish FSA under Danish capital markets law.

Dan Moalem

Partner

+45 30 37 96 10

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Henning Hedegaard Thomsen

Partner

+45 30 37 96 18

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