Ordinance On The Rules Of Procedure Of The Financial Business Council

Original Language Title: Bekendtgørelse om forretningsorden for Det Finansielle Virksomhedsråd

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=120403

Ordinance on the rules of procedure of The Financial Business Council

Pursuant to § 345, paragraph 11, of the financial business Act, see. lovbekendtgørelse nr. 376 of 22. May 2008, as amended by section 2 of Act No. 515 of 17. June 2008, fixed:

The Financial Business Council members, alternate members and special experts

§ 1. The Financial Business Council consists of a Chairman with legal or financial insights, a Vice-President with legal insight and 6 other members appointed by the Minister for economic and business affairs, upon the recommendation of the article 345, paragraph 1, no. 3-8, in the financial business Act mentioned organizations.

(2). The members are appointed for up to 4 years at a time and can be extended.

§ 2. An alternate shall be appointed for each Member. By a member from attending participating alternate as far as possible on the Member's behalf. By the President's absence the Vice-President acts as President.

(2). Alternates shall be suspended and shall be appointed in the same manner as the members concerned.

§ 3. Economic and business affairs shall designate after setting 13 special experts. The special experts are set as follows:





1) 2 special experts set by the Consumer Council.

2) 2 special experts set by bankers.

3) 2 special experts set by Insurance & Pension.

4) 2 special expert set of Mortgage Council.

5) 2 special experts set by Danish Industry, the Danish Shipowners ' Association, HTS-Interest organization, Danish Trade Council and Agricultural, craft Service & Council of Association.

6) 1 special expert nominated by The Danish Stock broker Association.

7) 1 special expert set of insurance brokers ' trade association and insurance broker Association in Denmark in association.

8) 1 special expert set by arbejdsmarkedets tillægspension Lønmodtagernes dyrtidsfond and Association.





(2). The Faroe Islands, and Greenland's Home Rule Government shall appoint each a particular expert.

Competence

§ 4. According to the rules, after which The Financial Business Council the competence conferred by law, can the Council the following:





1) adjudicate in





(a) cases of the prudential principle character), except for cases under section 43 of the financial business Act, and with the exception of cases relating to compliance with §§ 183-193 in the financial business Act and rules issued under section 196 of the law on financial business for financial services companies, which has issued transferable securities admitted to trading on a regulated market, and

b) supervisory issues which have significant implications for higher education financial services companies and financial holding companies, with the exception of cases pursuant to section 43 of the financial business Act, and with the exception of cases relating to compliance with §§ 183-193 in the financial business Act and rules issued under section 196 of the law on financial business for financial services companies, which has issued transferable securities admitted to trading on a regulated market.





2) Advise the FSA in connection with





(a) issuance of rules, supervision)

b) fundamental matters pursuant to section 43 of the Act on financial business and

c) supervisory matters of fair business practice and good practice, which has significant implications for higher education financial services companies and financial holding companies, pursuant to section 43 of the law on financial business.





3) Assist with the FSA information activities.





§ 5. The Financial Business Council shall decide whether or not to contact the prosecution of charges for violation of the financial business act or other laws, according to which the Council by law conferred on the jurisdiction, as well as rules issued pursuant to these laws.

(2). The Financial Business Council may delegate those powers to the FSA in the categories of cases covered by paragraph 1.

§ 6. The Financial Business Council and the Danish financial supervisory authority works as a single authority.

(2). The Council may at any time require all necessary information from the Danish financial supervisory authority.

(3). The FSA carries out the decisions of the Council.

(4). The Danish financial supervisory authority shall submit to the Council. The Council may require a matter within the scope of § 4 subject to treatment in the Council at the next meeting.

§ 7. The Danish financial supervisory authority may without presenting the concrete cases of the Council deciding cases that are of urgent nature, because objective it would otherwise be wasted. The Danish financial supervisory authority are discussing the matter with the President of the Council, as far as possible in advance of the DFSA's decision. FSA Chairman respectively gives report on such decisions at the latest at the next meeting of the Council.

§ 8. The Danish financial supervisory authority leads the supervisory activities connected with negotiations with public authorities, organisations, businesses under the supervision and private individuals. The same applies to cooperation with international organisations or other countries ' authorities.

Consultation of interested parties

§ 9. The Danish financial supervisory authority shall draw up in the § 4, no. 1 (a) and (b), as well as no. 2 (b) and (c) referred to in the cases a reasoned draft decision, which is sent in-party consultation before the case is submitted to the Council. Deadline for submission of opinion must be at least 3 weeks, unless proceedings have already been submitted to the Council.

(2). Draft Council decision shall include a recommendation regarding publication, including whether there is to be information that must be exempted from disclosure. If it is set, that decision must be made public shall be annexed to a draft decision, which it is intended to be published. The company has the option in its consultation response to specify the information after the company's opinion, where appropriate, should be removed from the draft decision, as it is intended to be made public before it is published.

(3). If the response brings new information to light, which causes changes in the FSA draft decision, changes will be incorporated in the final version of the draft decision, submitted to the Council, and which shall be sent to the party without prejudice. section 355 of the financial business Act. However, this does not apply if the hearing leads to substantial changes detrimental to the party. In this case, sent the draft decision in consult Parliament.

(4). The right to consultation of interested parties can be reduced or completely eliminated, if the matter is of particular urgency. The right to consultation of interested parties can also be reduced or disallowed, if the party calls for a quick decision and gives totally or partially waive consultation of interested parties.

Council meetings

§ 10. The President of the Council is head of the Council meetings.

(2). The Council holds meeting on the adopted by the Council meeting days, and, in fact, so often the President will find the occasion to do so, or when 3 members or FSA puts forward the desire of the holding of the meeting for the treatment of specified issues. Council members may apply for a case subject to treatment in the Council.

(3). Members invited to Council meetings with at least 7 days ' notice, unless the Chairman or the FSA decides otherwise.

(4). With the meeting request should follow an agenda that includes an indication of the cases that come to the treatment. The material that is necessary for the treatment of cases, must as far as possible, be accompanied by the agenda. At the same time, with the broadcast of material made this available on The Financial Business Council Extranet.

(5). A member who is unable to attend, must give notice to the Secretary of the Council as soon as possible. The Member shall ensure even to convene and pass the material for the meeting to his Deputy.

§ 11. The special examiner may, in accordance with the President's decision to participate in the meetings of the Council. Request to that effect is made to the President of the Council from the Member, as the special examiner is appointed for.

(2). There can be no more than attend 2 special experts for each Member in the treatment of individual cases at Council meetings.

(3). The Danish financial supervisory authority sends the necessary material for the special experts. The special examiner may only receive material to use for the examination of the case, to which they must attend.

§ 12. By the Council's treatment of cases of fair business practice and good practice, see. section 345 (2) nr. 2, in the financial business Act, convened the Consumer Ombudsman to take part in the relevant agenda item. The Consumer Ombudsman shall designate a permanent alternate who knows Consumer Ombudsman decay, as far as possible, participating on its behalf and has the same powers as the Consumer Ombudsman.

(2). The Consumer Ombudsman has in matters of fair business practice and good practice the same powers as the Council members.

(3). The Danish financial supervisory authority sends the necessary material for the Consumer Ombudsman. The Consumer Ombudsman may only receive material to use for the examination of the case, as the Consumer Ombudsman must participate in.

(4). By the Council's treatment of matters relating to the issuance of regulations on fair business rules and best practices, see. section 43 (2) of the financial business Act, the members of the Council and the Consumer Ombudsman as a whole, their comments on the paper. Possibly different positions on the paper are reflected in these comments.


§ 13. Director, FSA or FSA employees who among this empowers thereof, and Council Secretary participates in the meetings of the Council. Other FSA staff may participate in the meetings with the President's consent.

(2). At the meetings of the Council shall give the Director a report on the Danish FSA FSA continued surveillance activities, including those relating to specific issues of interest to the Council.

(3). The financial supervisory authority of its own motion, shall ensure that employees who participate in Council meetings, watched their Declaration of interest requirements.

A meeting of the Council

§ 14. In § 4, no. 1 (a) and (b), and nr. 2 (b) and (c), the said matters have majority right to appear before the Council and to make a short oral presentation before the Council takes a decision. The duration of the oral presentations are limited to 10 minutes unless the Chairman may exceptionally allow posts of longer duration. The Chairman may decide that the right to an audience lapses in cases of particular urgency.

(2). The oral presentations are a supplement to the written material in the case. Anyone who wants to submit a post, shall, not later than 7 days prior to the meeting, in writing, provide to the Secretariat, which the factual and legal circumstances of the post will be presented to the Council.

(3). The President can cut off posts relating to matters which are irrelevant to the merits of the decision. The President may give consent to the fact that after the brief speech made detailed questions to the audience.

(4). The President shall determine the time of the oral presentations. If the person who has requested a meeting, will be prevented from meeting or do not comply with the time of a meeting, forfeited the right to an audience. In these cases, the Council shall decide the case on this basis.

(5). The who has wanted an audience, has only the right to be present at foretrædet and by answering any questions you may have.

Voting rules

§ 15. The Council is quorate when at least half of the members are present during the examination of a case. At least half of the members present shall be independent members, see. § 345, paragraph 1, no. 1-5 of the law on financial business.

(2). The Council shall decide by a simple majority of votes among the members present. Event of a tie, the casting vote.

(3). The special experts, FSA Director, Secretary and other Council of supervisory employees, who participate with the President's consent, does not have the right to vote in Council.

§ 16. The Chairman shall ensure that a protocol that contains a record of the decisions of the Council, as well as significant new points of view, which may be obtained during the deliberations of the Council. The Consumer Ombudsman or a member who does not agree with a decision, have the right to have its opinion recorded in the minutes.

(2). Council Secretary shall prepare as soon as possible after the meeting a summary of it, and sends it after the President's approval to members. Members can come up with objections to the minutes at the following meeting. Members must submit their representations in writing to the Secretary as soon as possible after receipt of first instance.

(3). At each meeting, all members present shall sign the minutes of the last meeting.

(4). The special experts and Consumer Ombudsman will receive the minutes of the agenda items in which they have participated in the treatment of.

Disqualification

§ 17. A member may not be present during the examination of a case, if there are circumstances which are suitable to weaken confidence in the Member's impartiality in the matter.

(2). A member has a duty to, before the commencement of any proceedings against the President to announce that Member will not be able to participate in these proceedings, or explain the circumstances which can cause doubt as to the Member's capacity. In this context, the Member must answer the questions which the Chairman or other members.

(3). Council to decide and without the participation of the Member concerned, whether he can participate in the proceedings. The Council may delegate that power to the President.

(4). If the Council considers that disclosure of material relating to a case to an incapacitated Member should not take place, the Council may decide that the material is not or only at a specified point in time must be provided to the Member concerned. The Council may delegate that power to the President.

(5). The question of disqualification shall be included as a regular item on The Financial Business Council agenda.

(6). Paragraphs 1 to 5 shall apply mutatis mutandis to alternates, the particular experts and Consumer Ombudsman.

Public

§ 18. The Financial Business Council meetings are not open to the public.

(2). There should be disclosure with naming names of the Council's decisions, which are aimed at companies, see. § 354 a of the financial business Act. By Council decisions means decisions of the Council or of the Danish financial supervisory authority pursuant to § 7 (urgent cases or should have been submitted to the Council). Decisions taken by the Danish financial supervisory authority under section 5, paragraph 2, (delegation from Council) shall not be regarded as Council decisions.

(3). Publication in accordance with paragraph 1 may, however, not be done if it would cause disproportionate harm to the company, or if investigative considerations militate against disclosure. The publication shall not contain confidential information about customer relations or information subject to section 12, paragraph 1, of the Act on the public nature of the Administration, or confidential information derived from other countries ' authorities, unless the authorities concerned have given their explicit permission to do so.

(4). Publication of decisions that relate to the arbejdsmarkedets tillægspension, employees ' capital Pension Fund and the labour market occupational disease insurance can also do not happen if societal considerations militate against.

(5). At the same time as the Council takes the decision itself to determine whether disclosure should be omitted, or whether there should be anonymisation of the decision.

(6). In cases where disclosure is omitted pursuant to paragraphs 3 or 4, and where the account, which has necessitated the omitted Act is no longer applicable, must immediately be done publication. This duty to the ex post publication shall apply for a period of up to two years.

(7). Publication in accordance with paragraph 2 occurs when the party is informed and as a starting point on the same day that the decision is taken. If the party has been given a deadline to comply with a decision, the publication will first happen after expiry of that period. If a company after the stock exchange rules shall publish a communication to the market, the publication of The Financial Business Council decision to await the company's message. Decisions are published on the FSA website.

(8). Paragraphs 2 to 7 shall apply, mutatis mutandis, to The Financial Business Council decisions to hand over cases to the police investigation.

Professional secrecy

§ 19. The Financial Business Council members, alternates, experts and in particular the Consumer Ombudsman is subject to professional secrecy under section 354 of the financial business Act. 1. paragraph shall not, however, fully in dealing with matters relating to the issuance of regulations on fair business rules and best practices, see. (2).

(2). In connection with the Council's treatment of matters relating to the issuance of regulations on fair business practices and good practices can the persons referred to in paragraph 1, although they are subject to professional secrecy, in particular prior to the meetings of the confidentiality discuss the matter in a wider circle. After The Financial Business Council has delivered its opinion on the matter, the persons referred to in paragraph 1 shall publicly comment on the own positions. In connection with the previous discussions and the subsequent opinions must not be given information about a company's business conditions, customers ' circumstances or information which, by their nature are confidential.

(3). The rule in paragraph 2 does not change the rules relating to the processing of the supplied material, see. paragraphs 4 to 7.

(4). A member can discuss matters covered by section 4 with its alternate and disclose material related to his/her alternate. In so far as the particular experts have received material, see. section 11, paragraph 3, a member may discuss this with the special experts. The President and ceo of the Association of the Danish FSA can in special cases make the decision that the Council material alone can be discussed by Council members. This shall be indicated on the released material.

(5). The President and ceo of the Association of the Danish FSA may decide that the material covered by § 4, no. 2 and 3, are publicly available. This shall be indicated on the released material.

(6). A company that delivers information about business or operational secrets to the FSA, in the face of the President of the Council put forward a request for that information do not access the total Council. The President then decides, having regard to the nature, the extent and conditions under what form the information should be provided.

(7). The Chairman may decide that written material first distributed at the meeting and shall be returned by the end of the meeting.

(8). Publication of a decision does not mean that the documents in the case, be exempted from the obligation of professional secrecy, without prejudice to the Danish FSA. § 354 in the financial business Act.


§ 20. The Council's decisions shall be published on the FSA website, if they have principled character. To the extent necessary, anonymized decisions.

Date of entry into force of

§ 21. The notice shall enter into force on the 1. July 2008.

(2). At the same time repealed Executive Order No. 1530 by 14. December 2006 on the rules of procedure of The Financial Business Council.
Economic and business affairs, the 24. June 2008 Bendt Bendtsen/Henrik Bjerre-Nielsen