Act On Securities Trading Act

Original Language Title: Bekendtgørelse af lov om værdipapirhandel m.v.

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(FROM ' er) and any other derivative agreement related to climatic variables, cargo rates, emission permits or inflationary rates or other official economic statistics to be settled in cash or in cash, if any of the parties concerned ; (for any other reason other than default or other reason for termination) and any other derivatives agreement relating to assets, rights, obligations, indices and objectives which are not covered by No 1. 1 9 and which have characteristics as other derivative financial instruments, taking into account, inter alia, whether they are traded on a regulated market or a multilateral trading facility, to be cleared and executed through recognised clearing houses or are ; subject to regular fixing of margin, and

11) transferable pawn mail with mortgages in real estate or tangible property.

Stk.  The Financial supervision may lay down rules that specific instruments not referred to in paragraph 1 shall be laid down.  1, which shall be subject to all or part of the law relating to securities.

§ 2 a. For securities that are capital shares, are understood in Chapter 6 and in rules issued under section 23 (2).  7 and 8, and section 24 (4).  2, shares and other transferable securities equivalent to shares and any other transferable securities giving the right to acquire one of the aforementioned securities as a result of a conversion or exercise of the rights of the associated rights, provided that the latter form of securities has been issued by the issuer of the underlying shares or of a unit belonging to the same group as the issuer.

Stk.  2. For securities which are not capital shares, the meaning of Chapter 6 and the rules laid down in accordance with Article 23 (3) shall be defined in accordance with Article 23 (1).  7 and 8, and section 24 (4).  2, all securities other than those set out in paragraph 1.

§ 2 b. The tender of securities to the public is understood in this Act every contact to natural and legal persons in every form and ad ; any road with full details of the contract conditions and tendering securities which may result in an investor to decide on the purchase or drawing of these securities.

§ 3. Any securities trading must be carried out in a proper manner and in accordance with good of securities trading practices. The SEC may provide an injunction for the correction of the relationship that is in conflict with 1 point.

Stk.  The Economic and Industry Minister shall lay down detailed rules on good value paper.

Stk.  3. The Consumer Ombudsman may apply the prohibition and injunction to infringements of rules concerning good value paper commercial practices, cf. paragraph  1, and rules issued in accordance with paragraph 1.  2. Section 20 of the market in paragraph 20 of the market.  Paragraph 1 shall apply mutatis mulitis to the claims made by the Consumer Ombudsman in accordance with this provision. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 a of the legal party of the court of law

section 3 a. The Economic and Business Minister shall lay down detailed rules for the use of digital communication, including electronic signature, when exchanging information ; following this law between citizens and businesses on the one hand, and public administration on the other, and the retention of information

Chapter 2

Value Traders

§ 4. On one securities operations are understood in this law

1) financial undertakings authorised by the financial institution as far as these establishments are authorised ; financial action, section 9 (4).  1, as well as financial undertakings authorised as a fund-broiler company,

2) financial undertakings authorised as a real credit institution or investment management company, insofar as they are concerned ; these establishments are authorised, in accordance with the law of financial activities, sections 9, stk.1,

3) credit institutions, investment firms and management companies authorised in another country prior to that ; in the case of the European Union or in a country with which the Community has concluded, Agreement on the financial sphere, provided that the company legally carries out the securities trade either through a branch or by providing services in this country, cf. Act on financial activities § 30 respectively, section 31, and

4) credit institutions and investment firms authorised in a country outside the European Union, which the Community does not have : concluded agreement with in the financial sphere, provided that the company legally carries out securities trading either through a branch or by providing services in this country, cf. Act on financial activities, section 1 (1).  3, section 33.

Stk.  The Financial supervision may lay down rules that the obligations of a securities traffickers shall also apply to foreign credit institutions and investment firms which are not covered by paragraph 1.  1, no. 3 or 4 and pursuant to section 20 (4).  4, has been allocated to membership of a regulated market, or as in accordance with section 64 (4).  3, has entered a Connection with a Secured Agreement.

§ 4 a. (Ophon).

§ 5. (Ophon).

§ 6. (Ophal).

Chapter 3

Common Provisions

section 7. For the purposes of this law

1) en operator of a regulated market a stock company whose company consists of running a regulated market business,

2) a clearing-central company that runs the securities clearing business, and

3) a securities central asset company that runs the registration company.

Stk.  2. Provisions on the governing board or members of this Article in section 12 (3).  1, section 12 d (1),  5, and section 31 (1).  1, no. In the case of a two-tier management system, in the SE companies, they shall apply only to the supervisory body or members 6) options, futures, swaps and any other ; derivative agreement on raw materials which can be physically executed if they are traded on a regulated market or multilateral trading facility,

7) options, futures, swaps, termination contracts and any the other derivative agreement on raw materials not covered by No 1. 6 and which may be physically executed and have no commercial purpose and have characteristics as other derivative financial instruments, taking into account, inter alia, whether they are cleared and run through recognised clearing houses or are covered by regular fixing of margin,

8) credit derivatives,

9) Financial difference contracts (CFD ' s),

10) options, futures, swaps, future interest agreements

Stk.  3. The Board shall adopt a position on which employees there are a significant risk of conflicts between their own and the company's interests, which must therefore be covered by the ban.

Stk.  4. The Administrative Board shall apply to persons covered by paragraph 1.  1 prepare guidelines for the control of compliance with the prohibition referred to in paragraph 1.  Paragraph 1 and paragraph.  TWO, ONE. pkt., including the reporting of property records.

Stk.  5. The external audits shall review the financial guidelines provided for in paragraph 1 of this year.  4, and in the audit protocol laughter concerning the annual report, indicate whether the guidelines are assessed to be reassuring and have operated appropriately, and whether the company's control procedures have given rise to comments.

Stk.  6. An Executive Institute has at the request of the Management Board of the Financial Company's obligation to provide the external audit of the financial undertaking to information about bank accounts and deposits and to extradite the transcripts from there for persons covered by paragraph 1.

Stk.  The prohibition referred to in paragraph 7 (7).  1, no. 2, does not include financial instruments deriving from shares in the company or company that is relateshall, counteract a sound and sound management of the company, may depart the voting rights to the voting rights associated with the capital shares of the owners concerned or to the undertaking to follow ; specific guidelines.

Stk.  2. The financial supervision of the financial supervision may cancel the voting rights associated with the capital shares owned by natural or legal persons who do not comply with the obligation in section 10 (5).  1, to the prior notification of the Financial supervision. The capital shares are reassigned full suffrage if the Financial supervision can approve the acquisition.

Stk.  3. Provided that a natural or legal person has acquired capital shares as referred to in section 10 (4).  1, irrespective of the fact that the Financial Control Board has refused to approve this acquisition of capital shares, the Finance Board shall waive the right to vote on these capital shares.

Stk.  4. The Financial Control Authority has repealed the right to vote in accordance with paragraph 1.  One-three, capital participation may not be included in the presentation of the eligible voting capital of the Joint Assembly.

section 11. A company is subject to section 7 (4).  1 and a company operating a multilateral trading facility shall communicate to the Financial supervision, if the company is aware of or has contravened that any infringement of this law, notices issued under this law or gross or Repeated rules have been determined by an operator determined by an operator of a regulated market by a clearing centre, of a securities central, or by a company operating a multilateral trading facility.

§ 12. The management board for a company is covered by section 7 (4).  1, consist of at least 5 people.

Stk.  2. The provisions of section 56 (6) of the stock company law.  7 shall apply to companies covered by section 7, stk.1.

Stk.  3. A company is included in section 7 (4).  1, may not without the approval of the Finance allowance conclude agreements of far-reaching importance with other undertakings in the operation of a regulated market, securities clearing business and registration, and payment intermediation.

Stk.  4. A company is subject to section 7 (4).  1, may not merge with another company without the approval of the Financial Services.

§ 12 a. Without the approval of the board of the Management Board of the Management Board of the Management Board, a company shall be subject to the approval of the Agreement, Section 7 (2).  1, do not make exposures, etc., with other companies in which the directors of the company or members of the Board are members or members of the board.

Stk.  Paragraph 2. You are in paragraph 1.  1 mentioned exposures shall be granted in accordance with the normal business conditions of the company and on market-based conditions. The company ' s chosen audit shall be issued in the auditing protocol on the annual accounts statement on the question of whether the requirements of 1. Act. is met.

Stk.  3. The Board of Directors and the Administrative Board shall in particular monitor the defence and conduct of the proceedings referred to in paragraph 1.  1 mentioned exposures.

Stk.  4. The rules referred to in paragraph 1  Paragraph 1 (1).  TWO, ONE. pkt., and paragraph.  3 also applies to engagements with companies in which people who are associated with Directors of Marriage, genus, or parrot are in the right or descending line or as siblings, are CEOs.

§ 12 b. People who are employed by the management board in a company subject to section 7 (2).  1 and staff for which there is a material risk of conflicts between their own and the company's interests may not be allowed on their own account or through companies they control,

1) A loan or withdrawal of already granted credits for purchase of securities when purchased securities are ordered to the loan or credit,

2) acquisitions issue or act with derivative financial instruments, unless the purpose is to take risk,

3) acquiring capital shares, except for shares in investment associations, special associations, hedge funds and foreign investment undertakings subject to the law on investment associations and special associations ; and other collective investment schemes, etc., with a view to the sale of these earlier than six months after the acquisition or

4) acquiring positions in foreign currency, with the exception of euro, the positioning is done for the purposes other than the payment for the purchase of : securities, goods or services, or purchase or operation of regular property, or for travel.

Stk.  Paragraph 2. The one in paragraph 1.  The persons referred to in paragraph 1 shall not be allowed to acquire shareholdings in companies engaged in business as referred to in paragraph 1.  1, no. 1-4. However, this does not apply to the purchase of shares in financial institutions and between funds and shares in investment associations, special associations, hedge funds and foreign investment undertakings, subject to the law on investment associations and special associations ; and other collective investment schemes, etc.

hen this does not conflict with the need to ensure sound and sound management of a company covered by section 7 paragraph 1.

Stk.  3. The approval or dissection of the financial system shall be available no later than three months after the receipt of the Financial Regulation of the intended acquisition.

Stk.  4. The financial supervision of the financial supervision may be granted by approval of an acquisition or an increase in accordance with paragraph 1.  1 setting a t to section 7 (4).  1, no. 1 and 2, within the framework of cooperation with other companies covered by section 7, stk.1, a regulated market for securities in a country within the European Union or in a country to which the Community has concluded cooperation agreements in the financial sphere ; or one of the SEC recognized foreign regulated market, clearing central and securities will communicate information to those provided that the information is subject to appropriate confidentiality of the recipients.

Stk.  The third paragraph is referred to in paragraph 3.  Paragraph 1 shall also include information as a company subject to section 7 (4).  1, no. Parages 1 and 2 shall receive from other companies covered by section 7 (4).  1, no. 1 and 2 or foreign regulated markets stating that the information is secret or confidential or where this is a result of the information.

Stk.  4. For securities centers, the rules in section 60 (2) to 4.

section 14. The annual report for a company is covered by section 7 (2).  1, external auditor audit protocols relating to the annual report and the audit protocol latet relating to the annual report of the internal audit manager shall be submitted in two copies to the Financial supervision. The SEC shall send a copy of the annual report to the Corporate and Corporate Authority, who shall announce the receipt in the computerised information system. The year reports received are publicly available in the Enterprise and Corporate Services.

Stk.  2. Financial supervision may lay down rules on financial reporting and on audit, including the system audit, implementation in companies covered by section 7, stk.1.

Stk.  3. Financial supervision may lay down rules on accounting on a consolidated basis.

Stk.  4. The SEC shall lay down detailed rules for transactions concluded between companies covered by section 7 (4).  1, and

1) companies that are connected directly or indirectly to the company as subsidiaries, affiliated undertakings or parent undertakings or as the affiliated enterprises and other subsidiaries,

2) companies or people connected to the company through close connections, cf. Act on financial activities Section 5 (5),  1, no. 17, or

3) companies that are not covered by # 1 and 2 and where the persons in the corporate governance of the majority are the same or where companies are subject to a joint management pursuant to an Agreement or Statutes thereof.

Stk.  5. Corporate internal transactions carried out in breach of the provisions laid down in paragraph 1.  4 established rules must be repealed in such a way as to allow the services to be returned, including the termination of any collateral, where possible. Deposits from the company that has been made to the group internal operations in breach of the provisions of paragraph 1.  The rules laid down shall be returned, together with an annual interest rate equivalent to the interest rate fixed in accordance with section 5 (5).  1 and 2, in the interest rate of late payment, etc.

§ 15. The responsible capital of a company is covered by section 7 (2).  1, calculated as the paid-up share capital with deduction of the holdings of own shares and the current deficit and the rate of return on emission and reserves.

Stk.  2. Financial supervision may lay down capital cover rules and rules covering the coverage of the section 7 (2).  1, the hazards involved were involved. The SEC may lay down rules for the depreciation of intangible assets.

Stk.  3. The Management Board and the Governing Board shall be covered by section 7 (4).  1, ensure that the company has sufficient responsible capital, cf. paragraph  1 and that the company has internal procedures for risk management and risk management for ongoing assessment and maintenance of a responsible capital of a size suitable to cover the risks of the company. The Management Board and the Governing Board shall be assessed on the basis of the evaluation in accordance with 1. Act. reduce the capital requirements of the company ; the capital requirement cannot be lower than that specified in section 8 (3).  2, for the type of company concerned. The SEC may lay down a higher individual capital requirement than that shown in section 8 (2).

Title II

Commerce

Chapter 4

Operations of a regulated market

§ 16. For a regulated market, a multilateral system is understood to mean a multilateral system in which the system and in accordance with the non-negotiable are to be used ; the composition of the rules or the composition of a multiunit of third parties ; interests in the purchase and sale of transferable securities in such a way as to conclude contracts for trade in securities trading under the rules or systems of this market

Stk.  2. Operators of regulated markets have sole rights to use the labels regulated market and licensed marketplace in their name and on the regulated market. They're in 1. Act. mentioned operators of regulated markets on which securities have been recorded for trade have the sole right to use the name of a stock exchange in their name and on the regulated market. Other natural or legal persons shall not be allowed to use names or designations of their activities suitable to create the impression that they are operating a regulated market, including a regulated market on which securities have been recorded. for Commerce.

Stk.  3. Operators of regulated markets, which have the Finance Authority's permission to operate regulated markets, shall use a label for the regulated market, which show that this is a regulated market. Operators of regulated markets are not covered by the obligation in 1. pkt., if the regulated market is clearly established which rules are associated with the securities that are included in the trade in the regulated market.

§ 17. An operator of a regulated market may operate another company which is ancillary to the operation of the regulated market, including as clearing central, securities central and operation of multilateral trade facilities. The financial supervision may decide that the ancillary company is to be exercised in another undertaking. However, if the operator of a regulated market runs a multilateral trading facility as an ancillary company, however, the multilateral trading facility may always be operated in the same company as the regulated market.

Stk.  2. If an operator of a regulated market runs a clearing-market, a securities central or a multilateral trading facility as ancill>§ 12 F. (Ophon ).

§ 12 g. (Ophon).

§ 12 h. (Ophævet).

§ 13. The auditor and the directors and other servants of a company subject to section 7 (4).  1, no. 1 and 2 shall not unduly divulge what they may be in the exercise of their position or office to be informed of.

Stk.  Paragraph 1 shall not preclude the fact that a company is subject Section 2 (2).  1, no. 2, with a term less than 12 months.

2) Transferable pawn letters, cf. Section 2 (2).  1, point 11.

3) Parts of collective investment schemes are subject to the law on investment associations and special associations, as well as other collective investment schemes, etc.

4) The securities that are not shares issued by

a) a country within the European Union or a country that the Community has entered into. Agreement on the financial sphere, or by one of the regional regional regions concerned ; or municipal authorities,

b) international bodies governed by public law, as one or more countries within the European Union or countries concluded by the Community on that basis ; financial area, are members of,

c) European Central Bank or

Stk.  3. An operator of a regulated market may record other natural or legal persons other than those referred to in paragraph 1.  1 of the following members of the regulated market, if the people

1) are suitable and honourable,

2) has adequate traders and skills,

3) appropriate administrative procedures have appropriate administrative procedures, and

4) has enough resources to perform the functions resulting from membership of the regulated market and which are to : ensure the appropriate processing of transactions.

Stk.  Paragraph 4. Notwithstanding paragraph 1,  3 an operator of a regulated market must be allowed to record persons belonging to a country outside the European Union which the Community has not signed up to in the financial sphere, where these are credit institutions, investment firms ; or central banks. Where the credit institution or investment company in question is not covered by Article 4 (4),  1, no. 4, requires admission permission from the Finance Board.

Stk.  5. An operator of a regulated market must regularly provide the Financial supervision of the Secured market's membership changes.

Stk.  6. An operator of a regulated market which is intended to allow natural or legal persons in another country within the European Union or in a country to which the Community has concluded agreements in the financial sphere ; distant members of the regulated market shall notify the Financial supervision of the Financial Regulation to the Financial Regulation. The Financial Supervisory Board shall communicate to the supervisory authorities of the country in which remote members are resident.

Chapter 6

Recurring securities to trading in a regulated market, official listing and public procurement of securities of EUR 2 500 000 and so on

section 21. An operator of a regulated market must establish clear and transparent rules ; for the admission of securities to trade in the regulated market. The rules must ensure that securities entered into trading can be traded in an edible, orderly and efficient manner, and that when it is securities covered by Section 2 (2), they may be traded in an audible, orderly and efficient manner.  1, no. 1, are freely negotiable. In the case of derivatives, the rules must in particular ensure that the derivative contract is designed in a way that ensures proper price formation and effective deviation conditions.

Stk.  2. An operator of a regulated market must ensure that the rules laid down in accordance with paragraph 1 shall be ensured by the admission of securities to trade in the regulated market.  1 has been complied with and that an approved and published prospectus has been available, cf. Section 23, paragraph 1.  2, and section 24 (1).

Stk.  3. An operator of a regulated market may, without the consent of the issuer, record a securities trading on the regulated market if the transferable securities of the issuer are engaged in trade in another regulated market here in the country or in one ; other countries within the European Union or in a country with which the Community has concluded agreements in the financial sphere. The operator of the regulated market must inform the issuer that the issuer ' s securities have been admitted to trade in the regulated market.

Stk.  4. Recording a security of securities to trade in accordance with paragraph 1.  3 is the responsibility of compliance with the rules concerning information obligations for issuers and prospectuses to the inclusion of the securities for trade.

Stk.  5. An operator of a regulated market may, with the prior approval of the Financial Services, record instruments that are not covered by Section 2 (2).  1, in the case of trade in the regulated market.

section 22. The Financial supervision may, at the request of a issuer of shares, stock certificates or bonds, decide on official listing of it ; in question, if this is busy or will be admitted to trading in a regulated market.

Stk.  2. The SEC shall lay down rules on the conditions for the official listing of securities, cf. paragraph  1, and the suspension and deletion of securities from the listing

section 23. A issuer or a person requesting admission of securities to trade in a regulated market shall not be allowed to lead ; the admission of securities to trade before an approved prospectus for the securities concerned has been published, cf. paragraph  2 and section 24 (4).  1. Similarly, a provider must not make public supply of securities to the public until an approved prospectus for the securities in question has been published, cf. paragraph  2 and section 24 (1).

Stk.  2. The SEC will take decisions on the approval of the test.

Stk.  3. The prospectus must include the information considered necessary for investors and their investment advisers to provide a well-founded estimate of the issuer ' s assets and liabilities, financial position, results and prospects of the future ; and, above any guarantor and of the rights associated with the securities offered to the public or to be admitted to commerce.

Stk.  4. The rules of this chapter relating to the obligation to publish a prospectus shall find, no matter where paragraph is,.  1 do not apply to :

1) Pengar market instruments, cf. operation of transactions on the regulated market through a different deviation system than the one selected by the operator of the operation regulated market is suitable to ensure the effective and proper functioning of the financial markets.

Chapter 5

Access regulated markets

§ 20. Value Traders, except for investment management companies and management companies, authorised to carry out customer orders or to act on their own its registered office. The SEC shall lay down rules on the basis of which rules annual reports and half-year reports from issuers from other countries must be drawn up. The annual report and the half-year report shall be available to the public for at least five years.

Stk.  8. A issuer of shares admitted to trading in a regulated market here in the country, in another country within the European Union or in a country with which the Community has concluded in the financial sphere, shall publish a during the first anass="Paragraf">section 26 a. The powers attributed to an operator of a regulated market in section 21 are exercised by the Financial supervision when an operator of a regulated market here is exercised ; the country or in another country within the European Union, or in a country with which the Community has concluded ; Agreement on the financial area or a company operating an alternative marketplace, asking for the admission of securities to trade in the regulated market. The supervision of the financial supervision shall also exercise the powers granted to an operator of a regulated market in section 25, when securities covered by 1. Act. is included in trade in the regulated market.

Chapter 7

Information Responsibilities

section 27. A issuer of securities, Whereas there is a market in a regulated market in this country, in another country within the European Union, or in a country with which the Community has concluded the financial area of transferable securities or for which a request has been requested ; on the admission to trade in such a market, internal internal market must be published as soon as possible ; knowledge, cf. § 34, paragraph.  2, if this knowledge directly concerns the issuer ' s activities. The Isle shall be obliged to publish such knowledge immediately after the event or event has been entered into, even though the relationship or event has not yet been formalised. Clear changes in the public knowledge already published shall be published immediately after these changes have occurred, and through the same channel used when the original information was published.

Stk.  2. Internal knowledge that a issuer referred to in paragraph 1 is issued.  1 or a person acting on behalf of his or her behalf, shall pass on to third parties as a normal link in the performance of their employment, occupation or function, cf. Section 36 of the issuer shall be published in its entirety in its entirety, at the same time as the transfer to third parties. If the issuer does not, at the time of the disclosure, be aware that the disclosure has been passed, it must be published immediately after the issuer is informed or should have been informed that the transfer of internal knowledge has been carried out. 1. and 2. Act. does not apply if the third person who receives the internal knowledge is bound by the obligation of professional secrecy under the law, administrative provisions or contracts, or where it is ensured that the receiving third party is ensured ; know that the information is internal knowledge and that, as a result, they are subject to the prohibition on the disclosure of internal knowledge, cf. § 36.

Stk.  3. A Issuer Issuer is only obligated to publish internal knowledge under paragraph 1.  1 and 2 in relation to the regulated markets in which the issuer has requested or received an admission of securities to trade.

Stk.  4. A issuer shall ensure that the publication of internal knowledge is carried out in such a way that the public can quickly gain access to this knowledge and that the information published is sufficient to enable a complete, accurate and timely assessment of internal knowledge. The operator shall not deceptive, in a misleading manner, the publication of in-house knowledge with marketing activities. Issuer shall ensure that publication is made at the same time to all categories of investors in all countries within the European Union or countries concluded by the Community in the financial area in which the issuer is issued ; has requested or have been granted an admission of securities.

Stk.  5. A issuer of securities as referred to in paragraph 1.  1 shall without undue delay and for an appropriate period of time after the publication of internal knowledge has been carried out in accordance with paragraph 1.  1 or 2, let all such knowledge appear on their home page.

Stk.  6. A issuer may, on its own responsibility, defer the publication of internal knowledge under paragraph 1.  1 in order not to harm its legitimate interests, provided that this will not be able to mislead the public and the issuer to ensure that this knowledge is treated as confidential. Entitled interests after 1. Act. in particular, may concern :

1) negotiations in progress or similar conditions in which publication may affect the outcome of these negotiations or the normal course of events. However, if the issuer ' s financial viability is in serious and imminent danger, without having been filed for bankruptcy or for the opening of foreclosure, the publication of internal knowledge may be subject to a limited period of time, and only if one Such publication would seriously damage the interests of the existing and potential shareholders by undermining the end of certain negotiations aimed at ensuring the profitability of the issuer in the long term.

2) Decisions or contracts that have been made or by an issuer ' s management, where necessary, with approval from another company body of the issuer, in order that the decision or contract may be effective. 1. Act. use only if the publication of the decision or conclusion of the contract before the approval is before the approval is likely to cause investors not to carry out a correct assessment of the information published.

Stk.  7. A issuer of transferable securities covered by Section 2 (2).  1, no. 1 and which are engaged in trade in a regulated market in this country, in another country within the European Union or in a country concluded by the Community in the area of the financial sphere, no later than eight days before the meeting of the General Assembly, however ; 4 months after completion of the financial year, it shall publish the annual report approved by the Management Board. The Committee shall also publish the annual financial year ' s annual report for the first six months of the accounting year. The publication of the semi-annual report shall be carried out as soon as possible after the end of the half-year period, but not later than two months later. The published annual reports and half-yearly reports for issuers originating in this country and from other countries of the European Union or from countries with which the Community has concluded agreements in the financial sphere must be drawn up in accordance with the said Community ; the accounting law of the country in which the originator hasperformed if there is a likelihood that this will be of significant damage to the interests of the investors or the proper functioning of the market.

Stk.  2. An operator who, in accordance with paragraph 1,  The decision on the suspension or deletion of a security shall be published as soon as possible, and notify the Finance-vision of the relevant information.

Stk.  3. Prosets a issuer whose securities are included in trade in a regulated market, a request for deletion rdance with paragraph 1 shall be that of the Financial Authority.  1 includes other transferable securities that allow the right to acquire shares.

Stk.  4. Financial supervision provides for the possession, notification of ownership of shares in accordance with paragraph 1.  1 and 2 and the obligation to grant the granting of rights to the exercise of voting rights in other cases. The Financial Regulation may also lay down rules which derogate from the obligation set out in paragraph 1.

Stk.  4. For a senior person to a senior employee, the following natural and legal persons are understood as to the person in question in paragraph 1.  2 mentioned person :

1) Spouse or coconer.

2) Minimum children where it is in paragraph 1.  2 the person mentioned is the sole holder of the custody.

3) Other relatives who, for a period of at least a year from the date of application of the transaction, have been able to add to the one in paragraph 1.  2's household

4) Legal persons, if

a) a physical person subject to paragraph 1.  2 or of no. 1-3 has the management responsibilities of the legal person,

b) physical persons subject to paragraph 1.  2 or of no. 1-3 alone or combined shall exercise an influence as referred to in section 31 (1).  1, no. 1-5, over the legal person,

c) the legal person is established in order to meet the economic interests of a physical person covered by paragraph 1.  2 or of no. The legal person, by the way, has economic interests, which is significantly coincide with the economic interests of a physical person covered by paragraph 1.  2 or by paragraphs 1 to 3.

Stk.  5. A issuer shall no later than the first day of the day following receipt of a notice from a senior employee in accordance with paragraph 1.  ONE, ONE. pktor, or paragraph,  THREE, FOUR. pkt., report the received information to the Financial supervision. The SEC shall immediately publish this information.

Stk.  6. The duty of a senior staff to grant notification of paragraph 1.  ONE, ONE. pkt., and to disclose information received in accordance with paragraph 1.  THREE, FOUR. rectangle, enter first if the liquids of the transactions carried out during a calendar year have been carried out by the managing operator and by a sensitive person to the person concerned, together as a total amount of EUR 5 000 or Over there. If the amount of the threshold of EUR 5 000 is exceeded, the duty of the Chief Executive Officer shall be subject to communication and to disclose information received on their own, in the case of transactions carried out after the limit is the limit ; exceeded.

Stk.  7. Message after paragraph  Paragraph 1 and 3 and a report pursuant to paragraph 1.  5 must contain information on

1) the name of the natural or legal person who, pursuant to paragraph 1, is :  1 or 3 is required to notify message,

2) the reason the person is required to notify,

3) the name of the issuer of the securities in question,

4) fondcode and name for the relevant securities,

5) the transaction ' s character (purchase, sale, or other) transaction),

6) the date of trade and the transaction has been completed, and

7) the number of securities and value of securities and the cure value of this.

Stk.  8. The Financial supervision may lay down detailed rules for notification, reporting and publication of information covered by paragraphs 1 to 7.

§ 28 b. Any natural or legal person who, as part, in the performance of his professions or in the course of its operations to the public or to the distribution ducts, or to develop or disseminating recommendations relating to transferable securities as referred to in section 27 (2) ;  1, or concerning a issuer of such securities, shall ensure that the presentation and dissemination of recommendations is provided in an edible manner, and that any interests or conflicts of interest in relation to the securities or the interests of interest are reported, Issuer to which the recommendation relates.

Stk.  2. Financial supervision provides for detailed rules on representation and information on interests and conflicts of interest in the preparation and dissemination of securities and issuers of securities.

§ 28 c. (Ophrivet).

§ 29 Anyone who holds shares in companies where these shares are available for trading in a regulated market here in the country or in another country before in the case of the European Union, or in a country with which the Community has concluded agreement ; in financial terms or in the case of trading in an alternative marketplace, shall in the areas referred to in paragraph 1. 2 mentioned cases as soon as possible notify the company of holdings of shares in this respect. At the same time, the communication to the company must submit the details of the holdings to the Financial supervision. Upon receipt of this message, the company must publish as soon as possible the contents of the message.

Stk.  2. Notice of stock possession pursuant to paragraph 1.  1 must be given when

1) shares of the shares are at least 5%. of the voting rights of the shareholders or their detecting value shall constitute a minimum of 5%. of the share capital, or

2) change in an already authorized possession ratio, the limits of 5, 10, 15, 20, 25, 50 or 90% are announced. and the limits of 1/3 or 2/3 of the shareholders ' s voting rights or any acclaimed value shall be achieved or have no longer been achieved or the amendment shall make the limits set out in paragraph 1. 1 no longer reached.

Stk.  3. The Financial Control Board may decide that the obligation to grant notification in acco transaction.

Stk.  2. Preliminary employees are understood

1) members of the executive board of the issuing company or board or a supervisory body associated with the company or

2) other senior executives of the issuing company that have regular access to internal knowledge directly or indirectly related to the issuer if the person concerned has a head office ; competence to make mane securities carried out in order to fulfil an obligation, provided that : the obligation is due at the time of the completion of the trade and that the commitment is based on an agreement entered into before the person in question came into possession of internal knowledge.

Stk.  Notwithstanding paragraph 3, the third paragraph.  1 can carry out securities traffickers and the employees of these companies loyally carry out a customer's order. In addition, such persons may make trade, where trade is carried outet size.

Stk.  4. The SEC may lay down detailed rules on the obligation of securities handlers to publish binding prices, including the content, publication, the possibility of withdrawal of prices, duty to carry out orders at the prices laid down ; the execution of orders from professional customers, access to value trades set prices, and the ability of the securities handlers to limit the number of transactions.

§ 33 b. A securities trader which, for their own or a customer's expense, carry out a transaction with shares admitted to trading in a regulated market in this country or in a country within the European Union or in a country with which the Community has concluded an agreement in the financial sphere, and this transaction is carried out outside it ; the regulated market or a multilateral trade facility in this country or in another country within the European Union or in a country concluded by the Community in the area of the financial sphere shall publish information on the price, quantity and quantity of the price ; the date of implementation of the transaction. This information must be made available to the public on reasonable business terms, as close to real time as possible, and in a way that is easily accessible to other market participants.

Stk.  2. A transferable securities dealer may defer publication in accordance with paragraph 1.  1 on the basis of the size and type of the transaction.

Stk.  3. Financial supervision provides detailed rules on the obligation to publish information about the price, quantity and time of transactions that have been carried out with securities other than shares.

Stk.  4. The Financial Control Board may lay down detailed rules on the obligation to publish in accordance with paragraph 1.  1 and the postponement of publication in accordance with paragraph 2.

Chapter 10

Misuse internal knowledge, manipulation manipulation and measures for counterproductive of market abuse

§ 34. The rules in this chapter include misuse of internal knowledge and exchange manipulation, as well as measures to counteract market abuse for

1) transferable securities that are busy for trading a regulated market in this country, in another country within the European Union, or in a country with which the Community has concluded an agreement in the financial sphere, or similar foreign markets for securities as well as securities for which the Community has been awarded ; have been submitted a request for admission to listing or trade in such markets, and

2) securities that are not covered by no. 1, but linked to one or more securities as referred to in paragraph 1, 1, as well as shares covered by Section 2 (2).  1, point 3.

Stk.  2. For internal knowledge, specific information which is not published on issuers of securities, securities or market conditions relating to those, which must be considered noticeable for the training of one or more transferable securities if the information was published. An entry shall be deemed to have been published when a general and appropriate dissemination of this is made available to the market

Stk.  Paragraph 3. (3).  2 is understood by :

1) Specific information : information that

a) relates to conditions which are available or reasonably expected to be available or an event which has occurred or is reasonably expected to enter, and

b) is sufficient ; precise to draw a conclusion as to the events or events concerned ; the expected impact of a relationship on the training of the securities in question.

2) Information, which must be considered significant for the training of one or more of the securities : Information as a reasonable investor must be assumed to be used as part of the basis for its investment decisions.

Stk.  4. For the securities traders and the staff of these companies, internal knowledge also includes information supplied by a customer and concerns its work yet to be carried out, provided that the information meets the requirements of paragraph 1.  2 and 3.

Stk.  5. For trade in raw materials, internal knowledge information that has not been published but directly or indirectly relates to one or more of such instruments, and as users of markets, where such instruments are traded ; expect to receive in accordance with accepted market practice for these markets. Users of commodity instruments markets expect to receive information that

1) usually be made available to users of that market or

2) shall be published in accordance with the law, notice, a set of rules for the trade in raw material market, a contract or a common practice on the market in trade in ; raw material instruments or the underlying market for the trade in raw materials.

§ 35. Purchase, sale, and incentive for buying or selling of a vouchpaper must not be made by anyone who has internal knowledge that can be significant for commerce.

Stk.  2. The determination of paragraph 1 shall be that :  1 shall not apply to

1) purchase of transferable securities that take place as a necessary part of the implementation of a proposed public procurement offer to control the checks, in addition to a company that has one or more shareholdings engaged in trade in a regulated market in this country, in another country within the European Union or in a country to which the Community has concluded an agreement in the financial sphere, or equivalent foreign markets for transferable securities, provided that the internal knowledge is acquired in the context of a examination of the company that has been carried out to the postponement of the buying-in, and

2) the purchase and sale of transferablent of the reporting obligation, and to which a report is to be reported.

§ 33 a. Value traders that are systematically internalising, meaning that the securities dealer at an organised, frequent and systematic basis acts for their own account by performing customer orders outside a regulated market or a multilateral trading facility, in shares that are available for trade in a regulated market here in the country or a regulated market within a country within ; The European Union or a country in which the Copany that operates a multilateral trading facility must publish the price, quantity and date of transactions carried out in the trading facility ' s systems, with shares, if the shares are at the same time engaged in trade in a regulated market. This information must be made available to the public on reasonable business terms and as close to real time as possible, unless the information about the transactions is made public by a regulated market systems.

Stk.  2. A company that operates a multilateral trading te1">3) behavior whereby a person or more persons together obtain a dominant position over the supply of or demand for a security of securities with the effect of the purchase and sale price of the transferable securities directly or indirectly on an abnormally normal, or artificial level, or to apply other unfair terms and conditions for : the transaction.

Stk.  3. For the purpose of applying the provision in paragraph 1.  1, no. 1 in relation to editors and editorial staff who, as part of their professional activity, disseminate information, shall take into account the rules applicable to the professions of such persons. 1. Act. does not apply if the editor or editorial staff in question directly or indirectly benefits or benefits from the spread of the information.

Stk.  The provisions of paragraph 4.  1, no. 2 and 4 shall not apply where the transaction or a trade order has been granted by the transaction, proof that the transaction or commercial order was in accordance with accepted market practice and the justification for such a manner ; transaction or place such an order was legitimate. The SEC is taking decisions on the acceptance of market practice.

Stk.  The Financial Regulation lays down detailed rules on transactions, commercial orders and the dissemination of information which may be considered as a cure for tampering in accordance with the provisions of paragraph 1.  1, no. 1-4. The SEC also lays down detailed rules for the circumstances under which a transaction or trade order can be considered to be in conformity with accepted market practice in accordance with the provision in paragraph 4.

section 39. Curator manipulation or attempt to do so.

Stk.  Paragraph 2. Notwithstanding the provision in paragraph 1.  1 may be of value traders and loyally carried out a customer's orders.

Stk.  3. The provision in paragraph 1 shall be that :  Paragraph 1 shall not apply to operations carried out by a sovereign state, such a State of Central Bank, the European System of Central Banks, or the one acting on behalf of them, when the transactions are carried out in the context of their monetary policy ; currency policy or debt management policy.

Stk.  4. The provision in paragraph 1 shall be that :  Paragraph 1 shall not apply to trade in repurse programmes or securities to be used for the purpose of stabilising the stock exchange rate, provided that such transactions are carried out in accordance with Commission Regulation (EC) No 14720/20. 2273/2003 of 22. In December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council with regard to withdrawal programmes and stabilization of financial instruments.

§ 39 a. § 34 (4).  2-5, section 35, paragraph.  1-4, section 36, section 37, paragraph.  6-10, section 38, section 39, paragraph.  1 3, applicable to trade in transferable securities trading in an alternative marketplace. In addition to this, the Commission Regulation (EC) No, 2273/2003 of 22. December 2003 implementing Directive 2003 /6/EC of the European Parliament and of the Council with regard to the withdrawal programmes and the stabilization of financial instruments, cf. § 35, paragraph.  5, and section 39 (3).  4, equivalent use of transferable securities trading on an alternative marketplace.

Chapter 11 (Ophon).
Chapter 11 a (Ophit).

Chapter 11 b

Operation of a Multilateral Trade Feature

§ 40. A company that runs a multilateral trading feature

1) must have rules that ensure a correct and correct system trade and provide objective criteria for the effective execution of orders,

2) have rules laying down criteria for determining which securities can be traded through the systems of trade,

3) make sure that users have access to it public information available to be able to make an investment assessment

4) have rules laying down objective criteria that meet the requirements of section 42 a, for access to the trading facility,

5) to inform users by the trading facility for their respective responsibility for the execution of transactions carried out in the trading facility systems, and ensure the effective operation of these transactions,

6) monitoring that : the users of the trading facility comply with the rules of the trade facility, and

7) register the transactions carried out by the trade facility users during the use of the trade facility ; systems in order to detect infringements of : the rules of trade, in contravention of the rules of the trade facility or behaviour likely to result in violation of Chapter 10.

Section 41. A driver of a company multilateral trading facility shall publish the current prices and market depth at these prices on shares traded in the trading facility systems if the shares are at the same time engaged in trade in a regulated market. This information must be made available to the general public on reasonable business terms within the normal hours of the trade facility.

Stk.  2. Financial supervision may exempt a company that operates a multilateral trade facility for the obligation set out in paragraph 1.  1 in the light of the market model, word type, or order size.

Stk.  3. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1.  1 and the exemption provided for in paragraph 2.

§ 42. A comr discovery, or

4) transactions or commercial orders which means a person or more person collectively ensures that the rate of one or more of the securities is at an abnormally or artificial level.

Stk.  2. Cursmanipulation by paragraph  For example, 1 can consist of

1) broadcasting a form of expression through the media about a securities paper or a system of securities after have case of ancillary operations of a multilateral trading facility, the requirements for the authorisation and operation of this type of enterprise in the Act of Financial Action are also applicable. '

Chapter 16

Connecting to a clearing central

section 54. A clearing participant must enter into a clearing house agreement. The addition can be made to clear and run their own, third party or own and third parties transactions.

an class="StkNr">Stk.  4. A prospectus satisfying the requirements laid down in section 23 to 24 and in rules issued in accordance with section 23 (4).  7 and 8, and section 24 (4).  2, may replace a prospectus as referred to in paragraph 1.

Stk.  5. A prospectus satisfying the requirements for prospectuses following the provisions of Directive 2003 / 71 /EC and approved by the competent authority of a country within the European Union or a country of which the Community has concluded agreement ; the financial area shall be treated as a prospectus as referred to in paragraph 1.  1. The prospectus must before publication be submitted to the Financial supervision, which shall ensure that the conditions of 1. Act. is met.

Stk.  6. The SEC provides for rules regarding the content, language, submission, validity, and announcement of the Prospectus.

§ 45. Prospect as mentioned in section 44 must be submitted to the Finance Inspection.

Stk.  2. The SEC will ensure that the prospectuses referred to in Section 44 comply with the requirements of this Chapter and the provisions laid down in this Chapter.

Stk.  3. Receiving prospectuses as mentioned in section 44 is recorded and is published by the Errecruvs and Corporate Management Board.

Stk.  4. The SEC provides for rules for charging fees for processing of prospectuses.

Stk.  5. The Corporate and Corporate Management Board shall lay down rules on the publication of issues of prospectuses covered by this chapter and on the payment of fees for publication.

Section 46. Prohibition. the public must not take place until the prospectus is published in accordance with the rules laid down in accordance with section 45 (5)

Stk.  2. Financial supervision may lay down rules for the detailed content of the tender materials.

Chapter 13 (Ophon).
Chapter 14 (Ophyvet).

Title III

Clearing, dismantling, and financial security and other options

Chapter 15

ClearingCompany

§ 50. Cleaning means the fulfilment of obligations and rights in an agreed exchange of benefits.

Stk.  2. Execution is understood to mean the exchange of benefits for meeting the obligations of the parties.

Stk.  3. On netting as stated in section 57, conversion to a net claim or a net obligation of claims and obligations arising from transfer orders, which one or more participants originates or receives from one or more others ; participants, with the result that only a net claim or a net commitment can be made.

Stk.  4. For securities clearing activities, a regular company which consists of the clearing, settlement or clearing and settlement of transactions with securities, including taking up as a party in the clearing party, shall mean regular business in a clearing party. transactions or otherwise ensure the implementation of the transactions. The Financial supervision determines whether there is a security clearing business.

Stk.  5. The clearing participant means a party that has reached an agreement with a clearing centre to periodically participate in clearing, settlement, or clearing and settlement.

Stk.  6. Indirect participant shall mean a credit institution as defined in the first indent of Article 1 of Directive 77 /780/EEC, which has concluded an agreement with an institution participating in a registered payment system or by analoging the immortality of the undertaking ; Denmark's National Bank, which means that the credit institution will be able to send over-transfer orders through the system.

§ 51. Value paper clearing business must be operated solely by clearing centres and Danmarks National Bank.

§ 52. The management board of a clearing centre is responsible for ensuring that the central activity is carried out in an appropriate and reassuring manner. It is the responsibility of each clearing centre to lay down rules for clearing and settlement and to ensure equal treatment for all concerned. Conditions for the payment settlement of the Danish National Bank of the Danish National Bank are not covered by 2.

Stk.  2. A clearing store may lay down detailed rules on the securities that can be cleared, run, or cleared and run in Dispatch.

Section 53. A clearing centre can take account of cash accounts. clearing-holders and the borrowing and borrowing of money and securities in connection with clearing, settlement or clearing and settlement of securities transactions. Detailed rules for this subject shall be laid down in a connection agreement, cf. § 54.

Stk.  2. A clearing centre can run another company that is ancillary to the company as clearing central, including operation of a regulated market or as security central. If a clearing centre operates a regulated market as an ancillary company, the clearing centre may also operate a multilateral trade facility. The financial supervision may decide that the ancillary company is to be exercised in another undertaking. However, if clearing dispatch operates a regulated market as an ancillary company, a multilateral trading facility may always be operated in the same company as the regulated market.

Stk.  3. If a clearing centre operates a securities central, regulated market, or a multilateral trading facility as ancillary activity, the requirements for the authorisation and operation of these types of establishments in this law shall apply. In thlass="Stk2 ">Stk.  This chapter shall apply to transferable securities as referred to in section 2 (2).  1, no. 1, except for a period of less than 1 year.

Stk.  3. The Financial Control Board may provide for rules on the provision of specific securities exemptable from this law.

section 44. A provider must not make public supply of securities to the public before an approved prospectus has been published for these securities, cf. paragraphlass="ParagrafNr">§ 57 d. Financial supervision is drawing up a list of the clearing centres and payment systems with which contracts can be concluded the legal effect in accordance with the provisions of section 57 (3).  1, and section 57 (b) (b),  1 and 2. The list will be published on notice.

Stk.  The financial supervision of the financial supervision shall be notified of the provisions of paragraph 1.  1 included clearing centres and payment systems as well as payment and securities clearing systems operated border to have a legal effect on the estate and creditors prior to the bankruptcy, the notification of the payee or the opening of foreclosure shall be submitted to the Finance-SEC. If the Agreement relates to a registered payment system covered by section 86 (2),  2, the Agreement shall have the effect of having a legal effect on the estate and creditors prior to the bankruptcy, the notification of the payee or the opening of the foreclosure word, to the National Bank of Denmark.

Stk.  Paragraph 5. Agreements pursuant to paragraph 1.  1 and 3 shall include objective conditions for the cases in which the notified, but not yet fulfilled claims either

1) are met in accordance with the net agreement or

2) returns in their entirety.

section 57 a. The Financial supervision can register a payment system if the system is under Danish law and a participant, having its headquarters in Denmark with the effect of net agreements and in accordance with the provisions of section 57 (2), securities relating to the settlement of payments shall have a legal effect.  1, cf. however, section 57 (3).  4, as well as the provisions of section 57 b (b) ;  1 and 2 Participants in the payment system shall be credit institutions as defined in Article 1, first indent of Directive 77 /780/EEC, investment firms as defined in Article 1 (1). 2, in Directive 2004 /39/EC, public authorities or others which, following the assessment of the Financial Services Assessment, are essential for the payment execution. Indirect participants in the payment system must be credit institutions as defined in the first indent of Article 1 of Directive 77 /780/EEC.

Stk.  2. The Financial supervision of the system must ensure that the rules and conventions in force in force and connection agreements contain provisions for,

1) that the system is subject to Danish law,

2) who can be direct participants in the system,

3) who can be indirect participants in the system,

4) on which conditions participants can represent indirectly participants,

5) what requirements for the security and security system are designed to ensure the execution of the system,

6) the conditions laid down in section 57 (c) and

7) terms in any contracts concluded by the system with a department of control or a clearing house as defined in the European Parliament and Council Directive ; 98 /26/EC, Article 2 (d) and e.

Stk.  3. The financial supervision of the financial supervision may provide a registered payment system to amend the following paragraph (s).  2 issued rules and connection agreements.

Stk.  4. The SEC may lay down requirements for a registered payment system capital base, requirements for management, cf. section 9, requirements for revision and drawing up of operational plans, business procedures, and adequate control and security measures, including on the computer area.

Stk.  5. The System must grant the Financial supervision who particips directly or indirectly in the system, as well as any changes thereto.

Stk.  6. Financial supervision may require registration in accordance with paragraph 1.  1 of payment systems, where essential consideration is given to payment decisions or to social considerations.

Stk.  7. Befeys in accordance with paragraph 1.  1-6 is carried out by Denmark's National Bank, when it is a payment system covered by Section 86 (2).

§ 57 b. Dispositions, thereby providing security to the National Bank of Denmark, one clearing centre, a registered payment system or participants in such systems, cannot be reversed after the bankruptcy slots section 70 (4).  Paragraph 1, or Section 72 (2).  2. Reshock may occur if

1) security is not unnecessarily left after the absence of security has occurred or

2) security has been provided in such circumstances that it does not appear as ordinary.

Stk.  2. Is a security referred to in paragraph 1.  In the form of securities or accounts, security shall be implemented without delay if a prior agreement on this and the participant has not fulfilled its obligations to the National Bank of Denmark, a clearing centre ; or a registered payment system or to the participants in such systems.

Stk.  Paraguations 1 and 2 shall apply by analoging to security in the case of clearing centres and payment systems notified to the Commission pursuant to Article 10 (1). the provisions of Title, of the European Parliament and of the Council Directive 98 /26/EC, where the security has been lodged in accordance with the rules of the clearing central or payment system. Similarly, security shall be applied to central banks in their capacity as central banks of the European Union or countries with which the Union has concluded agreement.

Stk.  4. The SEC is able to approve contracts for securities concluded with foreign clearance centres or payment systems or equivalent foreign undertakings engaged in securities clearing business or clearing payments without in the case of the European Union or countries concluded by the Union with the effect of a guarantee of security in accordance with the provisions of this Agreement, the provisions of this Agreement shall be subject to paragraph 1.  Applicable Rules and Connection arrangements for a clearing centre, a registered payment system or for equivalent undertaking exercised by the Danish National Bank, shall include : provisions for,

1) when a transfer order is considered to be entered into the system, as well as

2) time or the time of when a transfer order entered into the system no longer may be revoked by a participant or a third party.

Stk.  2. Agreements netting with foreign clearance centres and payment systems notified to the Commission pursuant to Article 10 (1). Whereas Directive 98 /26/EC of the European Parliament and of the Council of Directive 98 /26/EC has thel commitments.

§ 58 f. Security under a financial security agreement can only consist of cash, which means money that has been credited to an account, or securities covered by Section 2 (2).  1, paragraphs 1 to 3.

Stk.  2. A securities ' own shares, shares in affiliated undertakings referred to in Directive 83 /349/EEC, and shares in undertakings whose sole purpose is to own production resources which are of vital importance to the securities of safety devices ; enterprise cannot be used as a guarantee under an agreement on the provision of financial securities. The same applies to shares in companies that have the purpose of owning property to use for shareholders.

Stk.  3. Cash-out accounts which cannot be subject to legal proceedings may not be used as collateral under an agreement on the provision of financial security or to be subject to final settlement.

Stk.  4. For corresponding security, an amount of the same size and in the same currency as the original security provided for in the form of cash or securities which are identical to the original security provided, if applicable, this is presented in the form of securities.

Stk.  5. The financial security agreement may be determined that a corresponding security may consist of another currency or other securities that have a value corresponding to the value of the original security information at the time. the corresponding security shall be lodged or delivered.

§ 58 g. An agreement on the financial security in the form of pantstatement may include the right of usage. In accordance with the terms of a contract of financial security, the Safety Holder may assign the securities received or some of these to a third party to own or security.

Stk.  2. Has the security gardens have used a right of entitlement under paragraph 1.  1, safety-holder shall return a corresponding security at the latest at the time of the decree or the insured receipts. The returned security shall be deemed to have been lodged in accordance with the financial security agreement at the same time as the original security.

Stk.  3. Recovery in accordance with paragraph 1.  2 may be reversed if the conditions in the Clause Section 74 are met.

Stk.  4. returns to return for paragraph (s)  TWO, ONE. accreditation may be omitted, to the extent to which the value of the security in accordance with the terms of the financial guarantee shall be offset by the insured financial commitments or the target of the final settlement, as the claim is not : return is deemed to have occurred at the time when the original security was lodged.

§ 58 h. A contract can have a legal effect on third parties, cf. however, paragraph 1  3 to 6 shall contain the provision for the financial commitments to be covered by the Agreement, cf. Section 58 e shall be netted at final settlement if either of the parties displeasing the agreement, including that there should be an extinguished event, if any party is to be taken into proceedings or a claim is made in a claim covered by the final settlement clause. In the case of insolvency proceedings, bankruptcy, chord negotiation, payment condition, insolvent death boating, debt relief, as well as other Danish and foreign forms of winding-up proceedings and sanction measures are justified in the debtor ' s insolvency, as defined in : the number of Articles 2, 1 (j) and (j) of Directive 2002//47/EC.

Stk.  2. The legal effect for the estate and the creditors may be agreed to in the event of a breach in accordance with the provisions of the Agreement. paragraph  1, the end of the floodgates shall not occur until such time as it does not notify the non-default party to the non-default party. However, in cases where the failing party is taken in the insolvency proceedings, the party may require that the final check be carried out in such a way as to ensure that the parties are ordered, as if the floating-off had occurred without undue delay after the date on which it was not undue ; a default party knew or should know that the failing party was subject to insolvency proceedings.

Stk.  3. A claim which is covered by Section 16 (4) of the bankruptcy law.  ONE, THREE. pkt., may be included in a final settlement in accordance with paragraph 1.  1, unless the non-defaulting party knew or should have known that the payee was reported as the claim occurred.

Stk.  4. One of the pieces  1 covered ravaging carried out after the failing party is declared insolvency, may include claims which have occurred before the date of the non-default known or ought to know the circumstances established ; the day off, cf. Bankrup Clause 1. Improvements occurred after the end of the days in which the bankruptcy was announced in the State of State, may not be included in a final settlement.

Stk.  5. A claim covered by the provisions of section 42 (4) of the bankruptcy law.  3 and 4 may be included in a final settlement in accordance with paragraph 1.  1, unless the non-defaulting party knew or should know that the non-default was insolvent, as the claim on this was acquired respectively.

Stk.  6. End-of-the-end after paragraph 1.  1 may be reversed after bankruptcy of the Clause Section 69 if the final cover involved claims that could not have been entered into an agreed slumber in the event of bankruptcy, cf. paragraph  4 and 5.

Stk.  The provisions of Article 58 (a) (c) shall be :  2, section 58 d, § 58 e, and § 58 f, paragraph  3, shall apply mutatis mutilation to an agreement on final non-financial guarantees.

§ 58 i. A legal action can include a legal effect on a third party, a determination to ensure that all of the claims made by the agreement derive from the trade in currency and securities to be regularly updated in the form of a settlement. The provisions of section 58 h (s),  3-6 shall apply mutatis mutilation to agreements on ongoing netting.

§ 58 j. A financial security agreement may include the provision for the safety holder in the event of a breach of non-compliance ; the safety must be implemented without delay Immediation may, subject to the terms of the Agreement

1) without prior approval from public authorities or other,

2) without the prior notification of security, and

3) without using a special procedure.

Stk.  2. In the form of the transfer of property rights, the value of the security is resized in the security of the secure commitments.

Stk.  3. Are both parties to an agreement on the financial security covered by Section 58 b, nr. 6, shall be regarded as claims arising from the trade in currency and securities, trade in commodities exchanges, and loans and loans for financial commitments.

Stk.  4. is only the one or none of the parties in an agreement on final settlement after § 58 b, covered by § 58 b, is considered only amounts receivable from trade in currency and securities for financiaass="StkNr">Stk.  3. In the form of cash, the amount of cash takes place by ensuring that the security value is resized in or used to insecure the secure commitments.

Stk.  4. The financial security in the form of pan-statement is achieved through the sale of security. If this is stated in the financial security agreement, the security gardens may be granted the security units, provided that the principles of valuation of securities are laid down in the Agreement, cf. however, section 58 d.

Stk.  2. The message is given by the Secured Centre or on behalf of the account institution after agreement with the securities center.

Stk.  3. You, following the Register of the Authorising Officer and notifiers, may in accordance with the rules of securities which are to be approved by the SEC, choose whether to make an extract or a change to the periodic table, and may also be oppressed messages in full or in part. The same applies to communications on extinction unless the exrk's National Bank and central banks in another country within the European Union or in a country to which the Community has concluded the financial contract ; area,

5) Economic and Financial Services,

6) clearing centres,

7) debt-issuing institutions, in the case of fondors issued by the institution concerned, and

8) investment firms and credit institutions that are authorised in another country within the European Union or in a country to which the Community has concluded the financial contract ; area.

Stk.  2. Administrative undertakings authorised in another country within the European Union or in a country to which the Community has concluded agreements in the financial sphere shall have the right to carry out reporting for registration, cf. paragraph  1 if the company legally carries out securities trading either through a branch or by providing services here in the country, cf. Act on financial-company section 30 respectively.

Stop.  3. Credit institutions and investment firms authorized in a country outside the European Union, which the Community has not signed up to in the financial sphere, shall have the right to carry out reporting for registration, cf. paragraph  1 if the company legally carries out securities trading either through a branch or by providing services here in the country, cf. Act on financial activities, section 1 (1).  3, section 33.

Stk.  4. Foreign clearing centres or similar institutions that are under public supervision shall have the right of the Financial Authority to carry out reporting for registration, cf. paragraph 1.

Stk.  5. The right to obtain information about your own accounts directly in a security of securities and transfer messages about sales through the securities centre to the principal institutes or a clearing centre, and to make claims on their own registration ; accounts directly to a securities central customers.

§ 63. Foreign value paper centers and deposits that are under public supervision (land-centric), and Danish value paper centres may, after the approval of the Financial Authority, carry out reporting to registration in a securities centre on its behalf and with a legal effect pursuant to section 66-75.

Stk.  2. A securities central can, after the Finance-synet approval, make registrations in land-cenaries and in Danish securities centers.

section 64. Account-leading institutions, cf. § 62 (2)  1-4, a connection agreement with a security key as a condition for accessing the registration in that central.

Stk.  2. You of § 62, paragraph  5 included large customers must enter into a relationship with a security key as a condition for obtaining access to information about their own accounts, transferring messages about sales and making notifications on their own accounts. directly in the central.

Stk.  3. A security of securities may, after having obtained the Finance allowance, enter a relationship with a credit institution or investment firm as referred to in paragraph 62, paragraph 1.  3 that do not exercise securities trade either through a branch or by providing services in this country, cf. Act on financial activities, section 1 (1).  3, section 33.

Stk.  4. In the event of bankruptcy, payeing or similar activities in a company covered by paragraph 1,  1 and 3 shall terminate the agreement in the same paragraphs with immediate effect and, therefore, the right to register for registration in a security of securities. Except as otherwise agreed, the securities centre subsequently takes the registration for registration to the affected accounts for a period of not more than four months after which the account registrations will be transferred to the account of the individual issuer. The SEC may lay down detailed rules for the procedure for the termination of a connection agreement, as mentioned in 1. Act. and in the case of transfers of accounts records to the account of the issuer as referred to in paragraph 2.

section 65. The SEC lays down rules on the basis for and the procedure for the registration and approval of persons employed by a securities centre or an account institute to perform the tasks related to the recording of the records.

Stk.  2. Financial supervision may lay down detailed rules for the registration of limited rights over fund assets and rules on the admission of securities central or accounting institutions to levy charges for the management of stock assets and for : registrations for these.

Chapter 22

Legal effects of registration etc.

§ 66. Entitlements for fund assets be recorded in a security central to ensure protection against : prosecutions and contract profesders.

Stk.  2. The agreement or prosecution to suppress a non-registered right must itself be registered, and a contract shall be in good faith in the notification to the account principal.

Stk.  3. The effects of the registration shall be taken into account from the time of the final test in the securities central base.

Stk.  4. A principal institution has a duty to report received notifications received without delay for registration in a securities central.

section 67. If the account institute is in doubt, in respect of the actual or legal aspects of the registration or any person concerned, that the proposed registration will infringe the rights of the person concerned, the institution shall carry out reporting for provisional registration. The security of securities concerned shall then decide on how the final registration can occur.

§ 68. The registration will be given on the registration to it or to the records, entitled and to the notifier. The registration shall be notified of any obstacles to the registration. For the extraction, modification or termination, it shall be communicated as far as possible to the following register.

Chapter 21

Connection to a Secured

§ 62. The right to register for registration in a securities central on its behalf and with legal effect in accordance with section 66-75 (account-leading institutes) will be added to the relevant securities central

1) financial org"StkNr">Stop. Section 346 (3). 4, and section 356 of the financial undertaking applicable to the supervision of the Financial Services under this law.

Stk. 8. Financial supervision provides a yearly list of regulated markets to meet Article 47 of Directive 2004 /339/EC on financial instruments (MiFID Directive).

Stk. 9. The Finance Board shall deliver a report on the status of good value paper commercial practices and the experience of the use of the rules for the use ofelated to registration, modification, or termination of rights in accounts in it the security of securities concerned, or payments, even if the error is unhinable. However, if the error is attributable to an account institution, the replacement obligation shall be liable to the liability of the liable subject, cf. § 81.

Stk.  2. The rightholder, as a result of the clause in § 69, 2. PC, does not acquire or lose its right of fund assets, may require the loss of losses to be replaced by that security central.

Stk.  3. Has harmed intentionally or negligently contributed to the error, the substitution may be reduced or lapsed.

Stk.  4. The total replacement by paragraph  1 for losses resulting from the same error may not exceed 500 million DKK

section 81. An account principal is liable for loss as a result of own errors related to reporting to the registration, modification or termination of rights of accounts in a securities central or payout, even if the error is unhinged.

Stk.  2. Has harmed intentionally or negligently contributed to the error, the substitution may be reduced or lapsed.

Stk.  3. The total replacement by paragraph  1 for losses that result from the same error cannot exceed 500 million DKK

Stk.  4. Is a Danish Account-Principal Institute unable to post a replacement in accordance with paragraph 1.  1, shall be liable to the other Danish accounts-leading institutions, which have concluded the agreement with the securities concerned, for the missing amount of up to EUR 500 million, DKK per Error.

Stk.  5. The Danish account institutions shall conclude an agreement between the distribution and the payment of the amounts referred to in paragraph 1.  4. The Agreement must be approved by the Finance Board.

Stk.  6. Foreign accounts institutions may join the scheme in paragraph 1.  

section 82. A general capital response of a securities centre must be at least EUR 1 billion at all times. DKK in the form of liabilities.

Stk.  2. Account-leading institutions must be committed to the commitment of the Central Bank by the association agreement to a specific extent to the extent to which it is intended to contribute to the Global Alert of the Securities Central.

Stk.  3. The detailed rules on the liability against a securities centre are laid down in its Staff Regulations.

§ 82 a. The Finance Minister may, when the state acts as an executive inside, provide a guarantee of : claims arising out of error registrations referred to in Section 81 (2) ;  1, and of the contribution of the State to a global capital response by the securities centre, cf. § 82.

Section V

Fund Councils and Supervision, etc.

Chapter 25

Supervision, Control, etc.

§ 83. The SEC is observance of this law and rules that have been issued under the law, except for paragraph 12 (b). 1 and 2.

Stk. 2. The Fund must for issuers of transferable securities admitted to trade in a regulated market, check that the rules of financial information in annual reports and sub-annual reports in section 183-193 of the Act of Finance, in section 55-56 of the Act of Law, on investment associations and special associations, as well as other collective investment schemes, etc. and the annual accounts bill are respected. The Fund must also check that the rules issued under Section 196 of the Act of Finance, Section 68 of the Law on Investment Associations and Special Associations and other collective investment schemes, etc. and the annual accounts bill have been complied with, as well as : The Fund Council shall check compliance with the provisions of the Regulation of the European Parliament and of the Council on the application of international accounting standards. The Fund shall exercise the powers granted to the Financial Enterprise under Article 197 of the Law on Investment Associations and Section 197 of the Law on Investment Associations and special associations as well as other collective investment schemes, etc., and powers attributing to the Fund of the Fund in accordance with section 159 of the annual accounting law. The SEC and the Corporate and Corporate Management Board shall act as secretariat of the Fund Council and shall act on behalf of the Fund in this connection.

Stk. 3. Check the checks provided for in paragraph 1. 2 also includes the control of the rules of financial information in yearly years from issuers from countries outside the European Union which the Community has not signed up to in the financial field laid down by these rules in the financial field ; accounting law, the issuers concerned shall be subject to, cf. § 27, paragraph. 7. In the execution of the checks, the Fund Council can

1) provide guidance,

2) contravening violations,

3) Offer to defect errors and end infringements, and

4) to make changes to a relationship, including disclosure of publication of changed or supplemental information.

Stk. 4. If it is deemed appropriate, the Fund Council itself may publish the information in question, publish on the supply or suspend or delete the affected securities from trade on a regulated market.

Stk. 5. The Council of the Fund ' s control of compliance with rules for financial information in annual reports and partial annual reports pursuant to paragraph 1 shall be made. 2-4 the Fund Council has the powers granted to the Financial supervision in section 87 (2). 1-3 and 6, cf. however, section 83 b (b). 3 and 4.

Stk. 6. The financial supervision of the financial supervision may use foreign aid in exceptional cases. The Fund may, in exceptional cases, use foreign assistance in the Council's control in accordance with paragraphs 2 to 4.

section 79. The Appeals Board Decisions may be within two weeks of the event that : the decision has been notified to the ear of the Member Landsret. The application shall be made by the copy of the printout to the Board of Appeal. The rules on lovers in civil matters shall apply with the necessary restraints on the application and processing of the country of law.

Stk.  2. Cases in accordance with the law of investigation commissions.

8) The Standing Committee of the People's Committee on a company ' s general economic conditions as part of the parliamentary control over the management of companies covered by section 7 (4).  1, or any other subject of this law and these are in the case of payment or bankruptcy, when the State provides a guarantee or provides funds for the execution of the company.

9) State auditors shall be provideadjusted by the RealCredits.

9) A representative of the securities handlers, which are set by the Financial Council and the UCITS Association Council.

10) A representative of the securities traders, which are set by the Realtor Society.

11) A representative of the institutional investors, which is set of Insurance & Pension, United Company Retirement Boxes, The occupational retirement pension and the Payday Fund of the Labor Market in conjunction.

12) A representative of the auditors who are nominated by the Unionized Revisors.

Stk.  2. Fondscouncil

1) are taking exception of section 3 (s).  Paragraph 1, and section 86 (2).  2, rulings in matters of principle and in matters that have significant implications for the stock market players,

2) advises the Financial supervision of its issuance of rules and in matters of principle of good value paper commercial practices and cases of good securities trading practices that have significant implications for the securities market in accordance with section 3, as well as

3) birepresents the Financial supervision of its information company.

Stk.  3. The Fund Council shall also check whether financial information in annual reports and partial annual reports for issuers of transferable securities admitted to trade in a regulated market has been complied with, cf. § 83, paragraph.  2 and 3, section 83 b.

Stk.  The Committee on Economic and Monetary Affairs will appoint members of the Council for up to four years at a time. Members may be reappointed.

Stk.  5. For each member, a suppleant is appointed. In the case of a member's decline, the alternate shall participate in the Member's behalf. For the Member who shall be adjusted in accordance with paragraph 1.  1, no. The number of additional 3 supplementates shall be designated for 12. The President of the Fund shall decide which of these additional alternates, where appropriate, must participate in each meeting.

Stk.  6. In the Council's handling of cases of good value paper commercial practices, cf. paragraph  2, no. 2, referred to as the consumer ombudsman to participate in the item on the agenda. The consumer ombudsman has the same powers as members of the Council in matters of good value paper commercial practices.

Stk. 7. In cases where part shat is to be made by the administrative act, access to the party hearing shall include the entire draft decision. The release of the opinion shall be a minimum of three weeks unless the case has already been submitted to the Fund or the decision is of a particularly urgent nature.

Stk.  8. § 84 a applies to members and alternates of the Council. 1. Act. however, do not apply when processing matters of good value paper commercial practices.

Stk.  9. The Council shall act by a simple majority. In voting, the President's voice is crucial.

Stk.  10. The Fund Council shall establish its own rules of procedure, including rules on the possibility of taking place on the Council. The business order shall be approved by the Finance and Industry Minister.

§ 84 a. The Finance Ministry employees are under responsibility for the Penal Code section 152-152 e obligated to keep confidential confidential ; information that they are aware of through the supervisory establishment. The same applies to persons performing service tasks in the context of the Financial Services operations, as well as experts acting on behalf of the synet or the Foundation for the Fund. This also applies to the termination or termination of the contract of employment. The provisions of this paragraph shall also apply to employees of the Corporate and Corporate Management Board as part of the secretarial function of the Fund for the Fund, cf. § 83 (2).

Stk.  2. The consent of the confidentiality of the confidentiality is not justified by the employees or experts acting or acting on behalf of the GL or the Foundation for the Security Council, to disclose confidential information.

Stk. Paragraph 3 does not, however, apply to information in matters of good value paper commercial practice, cf. section 3 and notices issued pursuant to section 3.

Stk.  4. The provision in paragraph 1 shall be that :  1 shall not preclude the fact that the Financial supervision or the Fund of its own operation shall communicate confidential information in summary or summarised form, where neither the individual limited liability company is covered by section 7 or other covered by this law or their ; Customers can be identified.

Stk.  5. Confidential information may be disclosed during a civil trial when a limited liability company subject to section 7 or other covered by this law is declared bankrupt, and if the information does not relate to customer relations or third parties that are or have been involved in the attempt to save the company or others covered by this law.

Stk.  Paragraph 6 of the provisions of paragraph 6.  1 shall not preclude the disclosure of confidential information to :

1) The Financial Affairs and Financial Business Councils respectively.

2) Other public authorities, including the prosecution and police, in the investigation and prosecution of criminal offences covered by criminal law or supervisory law.

3) The next Minister as part of its overall supervision.

4) Administrative authorities and courts, which process decisions taken by the Finance Board or the Fund Council.

5) People's Ombudsman.

6) A Subcommittee set up by Parliament's parliament.

7) Survey Commissions Decreated by law ormmerup as follows :

1) A Speaker of Economic Business.

2) A Vice-President with legal professional expertise.

3) A member with a theoretical accounting expertise.

4) A member with a theoretical expertise in the field of capital market conditions.

5) A Member with financial financiFinancial supervision. § 88, paragraph.  3, and in the case of the Financial supervision as a party to the case, as well as others, as a party to the case.

7) A transferor referred to in section 31 (1).  Paragraph 1, and section 32 (2).  1 and 2, as well as others, in particular cases of the Financial supervision in the case.

8) The Financial supervision in accordance with section 33 (3).  Article 3 (2) has determined that the obligation to notify the obligation.

9) The person who is responsible for drawing up internal rules in accordance with section 37 (2) is required.

 1 and 2, or make changes to it.

Stk.  3. As a party, by the way, a member of the board, an accountant, a CEO or other executive staff of a company subject to section 7 or in other undertakings covered by the law if the Finance Bill or injunction of the Financial Services is subject to the law, or its requirements are directly directed towards the person concerned.

Stk.  Paragrai 1 and 3 shall apply mutatis muctis to decisions taken by the Fund Council under the control of Article 83 (3).  Two and three, and section 83 b. As a party to the decisions of the Fund Council, as part of the Council's control after Article 83 (3).  By the same time, section 83 (b) is considered to be anyone who is a member of the Fund for the Party.

Stop.  5. Partsstatus and share-powers in accordance with paragraph 1. 2 and 3 shall be limited to conditions in which the decisions taken by the seven or the Council are taken after the 17. December 1998.

§ 84 c. Decisions taken pursuant to Article 84 (3). 2, no. Paragraph 1 and paragraph 1. 3 shall be made public. 1. Act. also applies to decisions to surrender cases to police investigation, cf. however, paragraph 1 2. The publication must include the company's name.

Stk. 2. Publication by paragraph However, 1 cannot be done if it would result in a disproportionate amount of damage to the company or the investigation of its publication. The publication shall not contain confidential information on customer relations or information covered by section 12 (3). One, in the law of public opinion in the administration. The publication shall not contain confidential information arising from the financial supervisory authorities of other countries within or outside the European Union, unless the authorities which have supplied the information have given express express ; permission.

Stk. 3. If publication is omitted pursuant to paragraph 1, TWO, ONE. .. shall be published in accordance with paragraph 1. 1, when the reasons required for the rescue are no longer applicable. However, this only applies for up to two years after the decision has been taken.

Section 84 d. The financial supervision of the financial supervision may be in the measures referred to in paragraph 1. 2 such cases shall publish the name of a company or a natural person, as referred to in Article 83 (3). Paragraph 1 shall be notified of an alleged breach of the law or provisions laid down in this respect. The financial supervision may also publish the name of a company or a natural person if it is in the conditions referred to in paragraph 1. 2 cases have been established that the undertaking or physical person has not broken the law or provisions laid down in this respect. Publication after 1. and 2. Act. may occur when it is estimated to be of interest to investors to know the name of the company or the physical person. 1.-3. Act. shall apply mutatis muth to the decisions of the Fund Council in the case types referred to in paragraph 1. 2, no. 6-8 and 10 when the decisions have been taken to physical individuals.

Stk. 2. Publication can take place in cases of violation of

1) the rules to publish internal knowledge, cf. § 27, paragraph. 1, 2, 4 and 5,

2) The rules for publication of the year and half reports, cf. Section 27, paragraph 7,

3) rules for the publication of periodecode messages, cf. Section 27 (8)

4) rules on publication, registration and retention of information, cf. § 27 a, paragraph. 1-3, and of provisions on this subject, pursuant to section 30,

5) the rules on the notification of possession of own shares, cf. § 28,

6) the rules on the notification, reporting and publication of the operations of the senior staff, cf. § 28 A, paragraph 1 In accordance with section 28 a (8)

7) rules on the preparation and dissemination of recommendations for securities, cf. 1, 3, 5 and 7. § 28 (b) (b) 1, and by provisions on this subject, pursuant to section 28 b (2)

8) the rules on the communication of more possession of shares, cf. § 29, paragraph. 1, and by provisions on this subject, pursuant to section 29 (4)

9) rules concerning the information obligations and the equal treatment of and the holders of debt securities and the holders of debt securities and the holders of debt securities ; other types of transferable debt instruments issued in accordance with section 30,

10) prohibitions against insider trading, disclosure of internal knowledge and exchange manipulation, cf. § 35, paragraph. 1, sections 36 and section 39 (1),

11) the provisions for the issue of internal rules, cf. § 37, paragraphs 1 to 3,

12) the rules for insider lists, cf. § 37, paragraph. Amendment No 4, and of provisions adopted pursuant to Article 37 (2). 10, and

13) are the rules for notification of suspicious transactions, cf. § 37, paragraph. SIX, ONE. pkt., and of provisions on this subject in accordance with section 37 (10)

Stk. 3. The financial supervision may in the measures referred to in paragraph 1. 2 cases shall also publish the name of the undertaking or the physical person liable to have a daily or weekly fine in accordance with Article 95, if it is deemed to be of interest to the investors to know the name of the establishment, or the physical person.

Stk. 4. Publication in accordance with paragraph 1. 1 cannot be done if it will result in a disproportionate amount of damage to the company or physical person.

Stk. 5. The Financial supervision may, if deemed appropriate, publish an injunction in respect of a change in relation to the law or provisions laid down in accordaNr">4) The violating the law against the use of denominate the subject of section 16 (3).  2 and § 42 d (1).

5) The person against whom the Financial Survey is initiating an investigation for violation of section 29 on the reporting of holdings or in violation of Chapter 10.

6) The manufacturer of an operator of a regulated market, a company that runs an alternative marketplace, a clearing centre, or a security central decision, shall be provided for the nce with Article 93 (3). THREE, ONE. and 2. pkt., shall be communicated to a natural or legal person or a group of legal persons.

Stk. 6. If an issuer of securities fails to comply with an injunction on the publication of information granted pursuant to section 93 (3),  3, the Financial supervision may publish the information. Publication after 1. Act. may take place in matters covered by section 27 (1). 1, 7 and 8, section 27 (a) (a), 1-3, section 28, and section 29, paragraph. 1, and cases covered by rules iParagrafNr">section 94. Intireation of section 35 (5).  Rule number one, section 36, section 39, paragraph.  Paragraph 1 shall be subject to penalty of fine or imprisonment for up to 1 year and 6 months. Is a violation of section 35, paragraph 1.  One, and paragraph 39, paragraph.  1, intentionally and in a particularly serious nature, or a greater number of intentional violations have been committed, the sentence may go to prison for four years.

Stk.  2. The provision in section 93 (3).  6, applicable.

"Paragraf"> § 92. The SEC can suspend the permission after paragraph 8 for an operator of a regulated market, a clearing centre, and a security central if

1) The establishment is not commencing within 12 months of the permission of the permission,

2) is not exercised for a period of over 6 months,

3) expressly renouns the use of permission,

4) company grossly or repeatedly overrides his duties under this law or injunction in accordance with section 93 (3).  3, or rules issued under the law,

5) a member of the company ' s board of directors or management does not comply with the provisions of section 9 (3).  The company, in fact, no longer fulfils the conditions on which the authorisation was announced.

Stk.  2. Finds the Financial supervision that an account institution which is covered by Section 62 (2).  1, no. 2-8, or paragraph.  2-4, grossly disregards its obligations or injuns granted under this law, the Financial supervision may be deduce from the institution concerned to act in accordance with section 62 and section 76 (2).

Stk.  3. Refills an operator of a regulated market, a clearing centre or a securities centre responsible capital not capital requirement in accordance with Article 8 (3).  2, no. 2, the Financial supervision may either set a time limit to bring the responsible capital up to this minimum or to withdraw the authorisation immediately. 1. Act. apply mutatis mutable in cases where the total capital response of a securities centre does not meet the requirement in section 82 (1).

Title VI

Penalty provisions and so on

Chapter 28

Penalty, etc.

section 93. Intireate section 8 (5).  Paragraph 1, section 10, paragraph 10.  1 and 5-8, section 11, § 12 a, § 12 b, paragraph 12 (b).  Paragraph 1 (1).  TWO, ONE. pkt., paragraph  3-6 and 10, § 12 c, § 12 d, paragraph 1  Paragraph 14, paragraph 14.  ONE, ONE. pkt., section 15, paragraph 1.  3, section 16 (4).  TWO, THREE. pkt., and paragraph.  3, section 18, section 18 (a) (i).  One and two, section 18 (b).  Paragraph 1 and 2 and paragraph 1.  THREE, TWO. and 3. pkt., section 19, section 20, section 20.  FOUR, TWO. pkt., paragraph  -Five and a half.  SIX, ONE. pkt., section 21, paragraph.  Paragraph 1 and 2 and paragraph 1.  THREE, TWO. pkt., section 23, paragraph.  One and three, section 24.  Paragraph 25, paragraph 25.  ONE, TWO. pkt., and paragraph.  2, section 27, paragraph.  Paragraph 1 (1).  TWO, ONE. pkt., and paragraph.  7 and 8, section 27 a, paragraph.  1-3, section 27 b, paragraph.  Paragraph 1 and paragraph.  TWO, ONE. pkt., section 28, section 28 (a) (1).  Paragraph 1 (1).  THREE, FOUR. pkt., paragraph  FIVE, ONE. pkt., and paragraph.  7, section 28 b, paragraph 1.  Paragraph 1, section 29, paragraph.  One and two, section 31, paragraph.  Paragraph 1, section 32, paragraph.  1-3, section 33, paragraph.  2 and 4, section 33 a (a),  Paragraph 1 and paragraph.  TWO, TWO. PC, section 33 (b) (b) ;  One and two, section 37, paragraph.  1-5, paragraph 1.  SIX, ONE. pkt., paragraph  7, 1. pkt., and paragraph.  8 and 9, section 40, section 41, section  ONE, TWO. pkt., section 42, paragraph.  Paragraph 1 and paragraph.  TWO, TWO. and 3. pkt., § 42 a, section 42 b (b).  1, § 42 c, section 42 d, paragraph  ONE, TWO. pkt., and paragraph.  2, section 42 e (3).  ONE, TWO. pkt., and paragraph.  TWO, TWO. pkt., section 44 (4).  1 and 3, section 45 (3).  Paragraph 1, section 46, paragraph.  One, section 51, section 52, paragraph.  ONE, TWO. pkt., section 60, paragraph.  ONE, TWO. pkt., section 75, paragraph.  TWO, TWO. pkt., and section 76 (3).  Two, punishable by fine. In the same way, a serious or repeated violation of section 23 (3) is punished.  6, section 52, paragraph.  ONE, ONE. pkt., and section 60 (3).  1, 1.

Stk. 2. Penses penalty is a financial undertaking or a financial holding company that does not comply with an injunction in accordance with section 3 (3). With fine penalties, a member of the Board shall be punished in a business covered by section 7 (4).  1 which do not comply with an injunction, given in section 12 e (3). 2 and paragraph 1. 3. section.

Stk.  3. If a natural or legal person does not fulfil its obligations under this law or for provisions laid down pursuant thereto, the Financial supervision may give the relevant pleas to a change in the relationship. Opens may also be provided to associations of legal persons. Feelings after 1. and 2. Act. exercised by the Danish National Bank, where a registered payment system is subject to section 57 (a) (a).  7. If it is deemed appropriate, the SEC may suspend or delete the affected securities from trade in the regulated market or the multilateral trading facility. Similarly, the SEC may suspend or delete the relevant securities from trade where the securities concerned is deleted or suspended on a regulated market in a country within the European Union or in a country the Community has, concluded agreement in the financial sphere. The non-compliance of the Danish National Bank or the Danish National Bank or the Danish National Bank shall be penalised by penalty of the Danish National Bank of Denmark or the Danish National Bank, and shall be penalized for the penalties provided for in Article 5 of the Danish Financial Authority (Denmark) and the Danish National Bank. rinsed on other legislation.

Stk.  4. The rules issued by the Finance and Business Minister, the Finance-SEC or the Corporate and Corporate Management Board pursuant to this Act may be subject to penalties for the violation of provisions laid down in the regulations.

Stk.  5. Financial supervision may lay down rules for the penalty of penalties in violation of provisions contained in the European Community regulations for the areas of the law to which the Financial supervision is supervised.

Stk.  6. Companies can be imposed on them. (legal persons) punishable by the rules of the penal code 5.

Stk.  7. The limitation period for the responsibility is 5 years.

Stk.  2. The supervision may require any information that is of relevance to its activities, including the decision of whether a relationship falls under this law or the law on treatment of Personal data.

Stk.  3. For securities centres or account-leading institutions, the members and staff of the synets have access to appropriate credentials without a court order of access to all premises from which the registers of securities are to be admitted rred to in paragraph 14 of this Act. 2, equivalent usage.

§ 127. Regardless of the provisions of section 7, no. Paragraph 1 and Article 8 (1).  2, no. 1 and 2, the City Stock Exchange of the City Stock Exchange may be carried out until 1. July 1997. For the purpose of this company, the Copenhagen Fondschildren should be considered a stock exchange using this law.

Stk.  (2) Notwithstanding the provisions of section 7, no. 5 and 6, and section 8 (4).  2, no.om fund reserve can be used to cover deficits that are not covered by amounts that can be used for the profit in the stock company.

Stk.  2. In the event of termination of the stock company, the entraction for shareholders may take place only when the obligations laid down in paragraph 1 shall be taken.  4 is met.

Stk.  3. Upon transfer of the assets and liabilities of the stock company to one or more limited liability companies operating in accordance with the provisions of Article 7 (7) of the Act of the Law,  1, no. 1, 5, or 6, the consecutive company fondsreserve will take over the same terms and conditions applicable to the transfer.

Stk.  4. The conversion decision shall be fixed in accordance with section 101 (3).  1 or 2, detailed rules for the use of the fund reserve in the event of the termination of the company. The fund reserve must, depending on whether the stock company is allowed to operate in accordance with section 7 (2).  1, no. 1, 5, or 6, is used for purposes relating to stock exchanges, clearing business or registration.

section 103. To be 10%. of the year's surplus which does not include the deficit of losses from previous years, to the fund reserve. However, the execution may not exceed the amount of the phoneal reserve corresponding to the minimum value of the tax minister, with deduction of a proportionate share of the year's corporation tax.

§ 104. The management board in each of the Funds referred to in Article 97 may also decide that transformation must be carried out by combining the transformations in section 98 and 101. The Fund or Funds will give the funds and debts as a whole to one or more limited liability companies, cf. ~ 98, paragraph.  One and two, and section 101, paragraph 1.  One and two. In each stock company, a bottle-up reserve is created, cf. sections 102 and 103. At the same time, shares are transferred in each of the stock companies corresponding to the value of the assets deposited after deduction of the debt ' s deposited debt and after deduction of the bound fund reserve for a fund, cf. ~ 98, paragraph.  1-3, which is regarded as traders according to the law of entrepreneur funds.

Stk.  2. ~ § 98-103 will consider the necessary adaptations to apply to the transformation in accordance with paragraph 1.

Section VIII

Change to other laws

Chapter 30

Change to other laws

§ 105. (Excluded)

§ 106. (Excluded)

§ 107. (Undeladt)

section 108. (Excluded)

section 109. (Excluded)

§ 110. (Excluded)

§ 111. (Excluded)

§ 112. (Excluded)

§ 113. (subSubted)

§ 114. (Excluded)

§ 115. (Udeladt)

§ 116. (Excluded)

§ 117. (Excluded)

§ 118. (Excluded)

§ 119. (Excluded)

§ 120. (Excluded)

§ 121. (Excluded)

§ 122. (Undeladt)

§ 123. (Excluded)

§ 124. (Excluded)

§ 125. (Excluded)

Section IX

Entry into force and transitional provisions, etc.

Chapter 31

Intrition and Transitional Providing and Transitional Providing, etc.

§ 126. The time of the law, or parts of the entry into force of the law shall be determined by the economic and economic minister, as regards section 105, no. 1, 3-9, 12 and 13, and section 106-115 after discussion with the tax minister, and, as far as section 123-125 is concerned, after discussion with the Minister for Justice. § 105, no. 2, 10 and 11, shall enter into force the day following the announcement in the law. However, for the securities central and clearing business, the law shall be entered into force at the latest by force on 1. June 1997. However, the law must, at the latest, have entered into force on 1. In June 1996, with the exception of section 6 (2),  3, which shall enter into force on 1. June 1997.

Stk.  2. The Economic and Industry Minister can, in whole or in part, lift the right of Copenhagen Fondsstock, cf. Law Order no. 713 of 8. September 1993, the law of securities central, cf. Law Order no. 807 of 6. October 1993, as well as law no. 213 of 10. April 1991 on prospectuses for the first public tender of securities.

Stk.  3. § 105, nr. 1, 3-9, 12 and 13, section 106, nr. 1, section 107, section 108, nr. 1, 2, and 4, § 109, § 110, § 112, nr. 2, and § 115 has effect from and with the income year 1997, cf. however, paragraph 1  6 and 7.

Stk.  4. . 105, nr. 10, having effect on companies and associations, etc., which are subject to the entry into force of the company tax office, section 35 K.

Stk.  5. § 112, nr. 1 has effect from and with income year 1988.

Stk.  6. The transformation of the Copenhagen FondsExchange and Securities Centre to a limited company before 1. In January 1997, the tax havens above, section 14 h, paragraph, shall be found.  3, as written in the section 112 of this law. 2, equivalent usage.

Stk.  7. When resforming the Guarantee Fund for Danske Options and Futures to a Company before 1. In January 1997, the section 14 of the Merger Tax Code shall be refessets deposited after deduction of the debt ' s deposit debt, cf. ~ § 102 and 103.

Stk.  2. The solution without winding-up proceedings may also be carried out by handing over the assets and liabilities of the fund as a whole to one or more limited liability companies authorised to operate in accordance with the provisions of Article 7 (7).  1, no. One, five or six. The value of the assets transferred shall in each stock company correspond to or exceed the value of the transferable debt. In each stock companylass="Stk2 ">Stk.  The Law does not apply to the Faroe Islands and Greenland but can, by means of a royal device, be brought into force in whole or in part to these parts of these parts, with the deviations that the special ferry and Greenland conditions are attributed to, cf. however, paragraph 2.

Stk.  2. (Udeladt).


Law No 491 of 9. June 2004 includes the following entry into force and transitional provisions :

Stk.  9. Engagements and security stills that are 1. January 1998 was legally concluded between the selected audit or an internal audit or temporary (excluding) business manager (excluded) and (excluding) companies may continue to the original agreed expiration date.

Stk.  10-12. (Udeladt)

§ 10

Stk.  1. The code does not apply to the Faroe Islands and Greenland, (excluded) but (excluded) may be implemented by means of a non-conundant device for these parts of the country with the deviations which the special ferries and Greenland conditions are attributed.

Stk.  2-3. (Undelamated)


Law No 1327 of 20. In December 2000, the following entry into force and transitional provisions include :

§ 9

Stk.  1. The Loven enters into force on 1. April 2001, cf. however, paragraphs 2 to 5.

Stk.  2. (Excluded)

Stk.  Number three. § 1, nr. 14, section 2, no. 2, section 3, no. 2 and 3, section 4, no. 2, section 5, section 6, no. 4, and sections 7 and 8 shall enter into force on 1. January 2001. Contributions will be made for the first time on the basis of information from the financial year ending in 2000.

Stk.  4. § 1, nr. 20 and 21, enter into force on 1. July 2001.

Stk.  5. Valuable traders and companies covered by the section 62 (2) of the securities trading room.  1, and § 63, which, at the time of entry into force of the law, was a member of a stock exchange or connected to a securities market, it may be accepted without the consent of the Finance-synet permission.

§ 10

Stk.  1. § § 1, 2, 4, 5, 7 and 8 do not apply to the Faeroe Islands and Greenland but may, by royal contrasting, be brought into force for these parts with the deviations that the special ferry and Greenland conditions are attributed.

Stk.  2. (Udeladt)


Law No 427 of 6. June 2002 includes the following entry into force and transitional provisions :

§ 3

The Act enters into force on 1. July 2002, cf. however, paragraph 2.

Stk.  2. § 1, nr. 13, 14, 16-18, 35, and 39, enter into force on 1. October 2002. The Economic and Economic Affairs Minister shall determine the time of entry into force of § 1. 5, 8 to 12, 19, 26, 30, 31, 33, 34, 37 and 38, and section 2.

section 4

Stk.  1. Status of the total holdings of companies covered by Article 34 (1).  4, and section 37 (3).  3, cf. this law's § 1, no. The latter shall be notified to the issuer at 16 and 17, and shall be notified by the latter to the appropriate market place of the authorised market, where the company shares are admitted to the listing or trade, by 1. January 2003.

Stk.  2. The Council of the Fund shall no. 429 of 28. However, May 2001 on good securities trading by trade in certain securities shall continue to be valid until the Finance and Business Minister has issued rules in the area.

§ 5

The Law does not apply to Faeroe Islands and Greenland, but can be used as a king power for these parts with the deviations that the special ferry and Greenland conditions are attributed.


Law No 453 of 10. June 2003 includes the following entry into force and transitional provisions :

§ 375. The Loven enters into force on 1. January 2004, cf. however, paragraph 1  2 and 3.

Stk.  2-3. (Excluded)

§ § 376-437. (Excluded)

§ 438. The Loven does not apply to Faeroe Islands and Greenland but can be set in a royal appliance the power of these parts of the abnormations referred to in particular ferries and vegetables in accordance with the conditions laid down in the case of Greenland. however, paragraphs 2-4.

Stk.  2-4. (Undelamted)


Law No 1171 of 19. December 2003 includes the following entry into force and transitional provisions :

§ 6

Stk.  1. The Loven enters into force on 1. January 2004, cf. however, paragraph 1  2 and 3.

Stk.  The Economic and Industry Minister shall determine the time of entry into force of the section 2 of the law. Article 2 may not, however, be effective at the time when the Hague Convention on the Law applicable to certain rights of securities held by a middleman shall enter into force in relation to the European Union.

Stk.  3. (Excluded)

section 7

Internal auditing and vicerevisionschefer can, regardless of the ban on securities trading, etc. § 12 (b) (b)  9, cf. this law's § 1, no. 3, maintain and exploit economic interests as they own in the entry into force of the Act.

§ 8

Stk.  Paragraph 1. Chapter 18 (a) on securities trading, etc. as drawn up by the section 1 of this Act. 12, applicable to contracts for financial security, final settlement etc. entered into after the Act enters into force.

Stk.  2. § 58 of the securities trading Act, etc., cf. Law Order no. 587 of 9. July 2002, as amended by section 426 of Law No 1. 453 of 10. June 2003, continued to apply to netting agreements entered into the entry into force of the law.

§ 9

(Excluded)

§ 10

Stk.  4-6. (Excluded)

Stk.  7. Regardless of the rules of this law, CEOs, VVs, VVs, and thus sizeable and branch managers of financial institutions shall be subject to the Governing Board of Denmark in Denmark's Shipboard Fund, Danish, or Export Finance, Danish Agricultural Fund RealCredit Fund, Danish Development Fund A/S, Finance Foundation for Hotels, Trade Instllowing the announcement in StateStateers.

Stk.  (2) Notwithstanding the rules of this law's section 1, companies with a permit in accordance with Article 8 (3) may be authorised.  1, in the Act on securities trading, etc., to operate as a stock exchange or authorized marketplace without a new permit, continue to operate while complying with the rules for regulated markets.

Stk.  3. Notwithstanding the rules of this law's section 1, companies with a permit in accordance with Article 8 (3) may be authorised.  1, in the Act of securities trading, etc. to operate as an alternative market place without a new licence, this company continues to operate in compliance with the rules for companies operating multilateral trade facilities, including alternative ones ; marketplaces.

Stk.  4. Notwithstanding the rules of this applicable section, shares, stock certificates and bonds that are concerned with listing a stock exchange in accordance with section 22 of the securities trading Act and so on continue to be noted.

Stk.  5. Financial Companies, as on 1. November 2007 is allowed to carry out activities pursuant to section 9 (4).  1, cf. Section 7 (2).  2, section 8 (4).  2, section 9 (4).  2, section 10 (4).  2, or section 403 of the financial company law, continue these activities as up to now.

Stk.  6. Selator, which is 1. In November 2007, a permit is given in section 8 (5).  1, in the Act of securities trading, etc., to the cash brokership ' s office, may continue these activities if they are to be carried out by 1. In February 2008 the activities of the Financial Authority are notified. Financial supervision shall notify in accordance with section 9 (3).  1, in the Act of Finance, authorizing the notified activities and authorizing the intermediary of the intermediary and lending between participants in the money market. The Companies may, during the period after notification and up to the approval of the Financial Authority pursuant to section 9 (2), may be granted.  1, continue to execute the notified activities, including the dissemination of the money and lending between participants in the money market.

Stk.  7. A company or person who is 1. In November 2007, business as an investment manager, cf. § 343 a in the financial undertaking, cf. this law's section 3, no. 59, and at the latest on 1. February 2008, applications for authorisation pursuant to section 343 c are in the law of financial activities, cf. this law's section 3, no. 59, may continue to provide investment advice until the SEC has processed the application for authorisation. An application shall be deemed to have been received in the Financial supervision, when details of all the matters referred to in section 343 c have been submitted to the Financial supervision.

section 23

Stk.  1. The code does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1  2 and 3.

Stk.  2. § § 1-6, 13 and 14 may, by means of a royal contraption, be set in full or in part to the Faeroe Islands and Greenland, with the deviations from which the special ferry and Greenland conditions are worded.

Stk.  3. (Excluded)

Stk.  4. (Udeladt)


Law No 181 of 28. February 2007 has the following entry into force and transitional provisions :

§ 8

Stk.  1. The Loven enters into force on 1. January 2008.

Stk.  Paragraph 2 of Chapter 23 of the Court of Justice shall be drawn up by the section of this Act. 10 shall apply in cases to which the Act enters into force.

Stk.  3. The Minister of Justice makes proposals for the revision of the Act of People's year 2010-11.

§ 9

Stk.  1. The code does not apply to the Faroe Islands and Greenland.

Stk.  2. 3 in a king's power can be set in power for the Faeroe Islands and Greenland

Stk.  Section 5-7 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations from which the special ferry or Greenland conditions are attributed.


Law No 576 of 6. June 2007 has the following entry into force and transitional provisions :

§ 12

Stk.  1. The Loven enters into force on 1. July 2007, cf. however, paragraph 1  2 and 3.

Stk.  2. (Excluded)

Stk.  3. (Excluded)

§ 13

(Udeladt)

§ 14

Stk.  1. The code does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1  2 and 3.

Stk.  2. § § 1-5 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations from which the special ferry and Greenlandic conditions are attributed.

Stk.  3. (Udeladt)


Law No 515 of 17. June 2008 has the following entry into force and transitional provisions :

§ 10

Stk. 1. The Loven enters into force on 1. July 2008, cf. however, paragraph 2.

Stk. 2. (Excluded)

§ 11

Stk. 1. The Loven's § § 1-5 and 7-9 does not apply to Faeroe Islands and Greenland, cf. however, paragraphs 2-4.

Stk. 2. (Excluded)

Stk. Section 1, 2 and 4 may be put into force in whole or in part for the Faeroe Islands, with the deviations that the special ferocium conditions are used.

Stk. 4. § § 1-5 and 9 can be set in full or in power for Greenland with the deviations from which the special Greenland conditions are attributed.


Law No 517 of 17. June 2008 has the following entry into force and transitional provisions :

§ 13

Stk. 1. The Loven enters into force on 1. July 2008, cf. however, paragraphs 2 to 5.

Stk. 2. (Excluded)

Stk. 3. (Excluded)

Stk. 4. (Excluded)

Stk.  5. (Excluded)

Stk.  Number 6. . 88, section 3, no. 62, section 11, no. 1, section 12, nr. Twelve, and $13, number. 2 shall have effect from 1. January 2006.

Stk.  7. (Excluded)

§ 22

Stk.  1. § 16 enters into force the day fo"StkNr">Stk. 5. (Excluded)

§ 14

Stk. 1. The code does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 2 and 3.

Stk. 2. § 1, 2, 6, 10 and 12 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenland conditions are attributable.

Stk. 3. (Excluded)

Finance and ErCorporate Ministry, 19. August 2008Bendt Bendtsen / Henrik Bjerre-Nielsen
Official notes

1) The Loven contains provisions that implement Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally on account in payment systems and securities settlement systems, (EC Official Journal 1998 no. In 166, s. Directive 45 (45) (finalis directive), parts of Directive 2000 /64/EC of the European Parliament and of the Council of 7. of November 2000, (EC Official Journal 2000 # L 290, s. Whereas 27), amending Council Directive 85 / 6 1 1 / EEC, 92 /96/EEC and 93 /22/EEC (exchange of information with third countries), parts of Directives 79 / 2 7 9 / EEC, 80 /390/EEC, 82 /121/EEC and 88 /627/EEC, which are now in the composition of the European Parliament and of the Council ; Directive 2001 /34/EC of 28. In May 2001 concerning the admission of securities to official listing on a stock exchange and information to be published on these securities, (EC Official Journal of 2001) : In 184, s. 1) (the conditions of the Constraint and Information Directive), Directive 2002 /47/EC of the European Parliament and of the Council of 14. June 2002 on financial security agreements, (EC Official Journal 2002 no. L 168, s. Directive 43) (collateral Directive), Directive 2003 /6/EC of the European Parliament and of the Council of 28. January 2003 on insider trading and market manipulation (market abuse), (EU-Official Journal of 2003. L 96, s. 16 (market abuse directive), parts of the Directive 2003 /71/EC of the European Parliament and of the Council. November 2003 on the prospectus to be published when securities are offered to the public or to be admitted to trade and amending Directive 2001 /34/EC (EU Official Journal of 2003). L345, p. 64) (Prospectus Directive), Commission Directive 2003 /124/EC of 22. December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council with regard to the definition and publication of the knowledge and the definition of the manipulation of the Kurds (EU Official Journal of 2003). L 339, s. 70), Commission Directive 2004 /72/EC of 29. April 2004 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council in respect of accepted market practice, the definition of internal knowledge relating to goods derivatives, compilation of lists of insiders, the review of the leading charge ; workers transactions and suspicious transactions, (EU Official Journal 2004) In 162, s. ECU 70), parts of Directive 2004 /25/EC of the European Parliament and of the Council of 21. April 2004 on takeover bids, (EU Official Journal 2004) In 142, page 12) (the takeover directive), parts of the European Parliament and Council Directive 2004/109 EC of 15. In December 2004 on the harmonisation of transparency requirements for issuers whose securities are included in trade in a regulated market and amending Directive 2001 /34/EC (EU Official Journal 2004). In 390, s.38) (Transparency Directive), parts of the European Parliament and Council Directive 2004 /339/EC of 21. April 2004 on the markets for financial instruments, amending Council Directive 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (EU Official Journal 2004). L 145, s. 1) (MiFID directive), and parts of Directive 2006 /31/EC of the European Parliament and of the Council April 2006 amending Directive 2004 /39/EC on the markets for financial instruments, in respect of certain deadlines, (EU Official Journal of the European Official Journal (EU Official Journal) No L 114, s. 60) (eviction directive).