OBS_VALUE: As of July 1, 2021, Denmark requires a mandatory investment screening for non-EU investments with at least 10% shares in sensitive sectors related to national security or public order, such as IT, critical technology, and infrastructure. According to Law No. 736 of June 13, 2023, the screening now has two phases. If authorization is not granted in phase 1, the application moves to phase 2, which requires more information and a completed EU notification form. After phase 2, the Danish Business Authority can approve the investment, negotiate terms with the foreign investor, or refer the case to the Minister of Industry, Business, and Financial Affairs, the only authority which can reject the request.