Overview (table of contents) Chapter 1 Issue
Chapter 2 the cessation of registration
Chapter 3 rights and obligations of the participants
Chapter 4 Register device and application
Chapter 5 procedures for registration
Chapter 6 Registration of complaint
Chapter 7 entry into force provisions notice of registration, etc., the full text of the Fund assets in a central securities depository
Under section 65 (1) and (2) section 75, paragraph 3, and section 76, paragraph 3, of the law on securities trading, etc., see. lovbekendtgørelse nr. 1077 of 4. September 2007 lays down:
§ 1. Issuance of negotiable book-entry securities as the Fund assets must be registered in a central securities depository, which enrolls rights over the Fund's assets.
(2). The individual central securities depository shall lay down rules about which securities can be recorded for registration as fund assets. The rules must ensure all concerned an equal treatment and must be approved by the FSA.
(3). A central securities depository may, in accordance with the Board's decision to record the issuance of non-marketable book-entry securities as stock assets and registry rights over these.
(4). At the request of already issued securities for registration as fund assets, as set out in paragraphs 1 and 3 shall take account of the rights-holders.
(5). A central securities depository may, in accordance with the Board's decision and at the request of the owners of the Fund's assets include these for registration when the relevant fund assets is issued through another Danish central securities depository or is registered in a foreign residence central, with which the central securities depository is connected, see. section 63 of the Act on securities trading, etc. (the Danish securities trading Act).
§ 2. By means of the issue of Fund assets of the issuer insert them either on an account that belongs to the issuer itself, or on an account that the first owner of the Fund's assets shall designate.
(2). By means of the issue of Fund assets, which shall accrue to the owners of the Fund assets shall be added to those already registered on the accounts, in which the Fund's assets, which gives the right to the new Fund's assets, is registered.
§ 3. Issuers of foreign fund assets are committed to in a special secured depot in favor of a central securities depository to deposit the securities, which correspond to the registered Fund assets in that central securities depository.
(2). The deposited securities shall only be released when the custodian Department, see. section 17, paragraph 3, gives permission.
(3). If the issue only occurs through a central securities depository or an international central, through which the central securities depository is connected, see. section 63 of the Danish securities trading Act, paragraphs 1 and 2 shall not apply.
§ 4. Fund assets must be issued in shares with the same nominal amount within the same series, class of shares or similar and may be indicated by number of pieces of the nominal amount. In exceptional cases, the issuer may, in consultation with the concerned central securities depository lay down exceptions, including aggregation of units or other measures in connection with the restructuring of a technical nature. The nominal amount is determined for an individual asset identification of the issuer, in consultation with the central depository.
(2). Asset identification must unequivocally specify the issuer and the additional information is necessary to identify the nature of the asset fund, URf.eks. class of shares, series designation Department Declaration, return and can be seen.
§ 5. Fund assets remain registered in a central securities depository, as long as the conditions laid down by the issuer complies with the requirements of the Danish securities trading act and this notice, and it is technically compatible with the registration system, unless the issuer desires an end, or any of the matters referred to in Chapter 2 leads to termination.
Cessation of registration
§ 6. Registration in connection with the extraction of bonds or annihilation of the bonds at maturity conducted by the recording device for the central securities depository.
(2). Extraction is carried out in units corresponding to the active identification of the respective cooperative force size.
(3). By extraction are to be broken down for each asset identification circulating amount in equal shares, see. (2). The relevant CSD identifies the extracted shares on the basis of one from the issuer for each individual asset identifier for each extraction termin received drawing specification.
§ 7. Terminates the registration at the request of the issuer of the Fund assets, or meet the Fund's assets are no longer the conditions for registration, without prejudice. § 1, obliterated the Fund assets from registration.
§ 8. By squeeze can the recording CSD upon agreement with the issuer continue the registration until the deposit has been made in accordance with the rules of the Danish public companies act.
§ 9. In bankruptcy, liquidation, merger or demerger, the recording CSD upon agreement with the issuer continue the registration until the issuing company is finally dissolved or converted.
§ 10. Lapse an issue, can the recording CSD upon agreement with the issuer continue the registration until the issue is finally extinguished.
§ 11. Are rights under the security ceased in connection with destruction from registration, broadcast customer notifications within the meaning of section 48.
(2). Continuing rights in accordance with the security in connection with destruction, see §§ 12-14 apply, unless the Fund assets shall be transferred to the registration in another central securities depository.
§ 12. The dates laid down for termination shall be notified to the registered account holders and holders of other rights in respect of those Fund assets as well as the custodian departments and published also by the registering central securities depository in the Gazette at least 4 weeks prior to termination. Handed over documents to replace the registered Fund assets, the notice and the notice in the Gazette shall contain information on the procedure.
§ 13. Within 8 working days, in accordance with article 3. § 16, after the termination of registration sends the question central to the individual institutes
1) a list of the members of the Department's account holders that at their account by the termination had registered they wiped out the Fund assets,
2) statement of account relating to the Fund assets wiped out for each of the affected account holders per sunset time,
3 a certificate for each account) led through the Foundation, with an indication of the number of Fund assets and
4) guidance to the custodian Department about the procedure for extradition of the evidence.
(2). Under paragraph 1, nr. 3, said evidence is printed by the central securities depository.
§ 14. The custodian Department shall, within 8 working days, in accordance with article 3. § 16, after material reception in writing notify the person entitled if the statements after the procedure and removal of evidence.
§ 15. The issuer of the Fund's assets in accordance with the terms of the Fund asset make annihilation or exchange of Fund assets, which the issuer is custodian of, and which either belongs to the issuer itself or is transferred to the issuer for the purposes of extinction or replacement.
The participant's rights and obligations
§ 16. Custodian departments must at least be open for the receipt of notifications in a daily turnaround time on all days except Saturdays, Sundays, new year's Eve, as well as other national holidays in the country where the custodian Department is located.
(2). Central securities depositories must, as a minimum, be open for the receipt of reporting from the custodian departments in a daily turnaround time on all days except Saturday, Sundays, new year's Eve, as well as other national holidays.
(3). The Danish financial supervisory authority may, in exceptional cases, exempt the custodian departments and central securities depositories for the obligation to stay open in accordance with paragraphs 1 and 2.
(4). Times after this order is entered in Danish local time.
§ 17. A custodian Department that has entered into the connection agreement with a central securities depository, to the extent that, as determined in the connection agreement, the Eurosystem and obliged to make registrations in the central securities depository in respect of accounts for which the institution concerned is registered as a custodian Department, see. However, section 19.
(2). The custodian institution may in the Institute's General depot conditions restrict both the number of notification sites under the Department which the groups of Fund assets, for which it wants to be the custodian. There cannot be restrictions as to the nature of the rights which the Department must register.
(3). Issuers of Fund assets that do not have the connection agreement as custodian Department, shall conclude an agreement with the custodian Department, which has the connection agreement with a central securities depository, that this entry in place of the issuer as the custodian Department in respect of those Fund assets.
§ 18. Unless otherwise provided by law or regulations issued under the Act, the holder of a stock asset choose which of those institutions which have concluded the connection agreement with the central securities depository, who registered Foundation asset, he would as custodian. One of section 17, paragraph 3 shall be subject to the Department may not deny a request pursuant to 1. PT.
(2). The account holder may at any time require its fund assets transferred to another custodian Department that has entered into the connection agreement with the central securities depository, who registered the relevant fund assets. The rules for notification shall apply mutatis mutandis to requests for transfer.
(3). (2) 1. paragraph, shall not apply to the Fund assets, for which
1) carried out a registration with the deadline referred to in article 6. section 43, or a provisional registration, see. § 44,
2) registered a non expired time limit for mortgages or purchase price payment, see. section 32, or
3) registered a complaint pursuant to section 53.
§ 19. Any institution covered by section 62 (1) of the Danish securities trading Act, and which has entered into the connection agreement with a central securities depository, may report approach of Fund assets and associated costs possibly listing on name to accounts kept in the relevant CSD, even though the Institute is not listed as a custodian Department on the account.
(2). A custodian Department shall, upon the account holder's request to give another institution covered by section 62 (1) of the Danish securities trading Act, access to report sales and to obtain information relating to your account. Such access to report the sale except on days when the account holder custodian Department is not open for the receipt of notifications, see. section 16 (1).
(3). Reporting other than those referred to in paragraphs 1 and 2 can only be done through the custodian Department.
(4). Authorisation in accordance with paragraph 2 shall take effect from the time when the custodian Department has given notice to the central securities depository. The authorization must be in accordance with the account holder's request is withdrawn by the custodian Department. The revocation shall take effect from the time when the custodian Department gives notice of the revocation to the central securities depository.
§ 20. When creating an account, the account-holding institution have secured the account holder's name and address and, where required, social security or tax exempt number, see. However, section 21. Includes Fund assets into an account where the CPR-/SE-nummer is not registered, and to whose possession information on CPR-/SE-nummer required, the custodian Department immediately catch up with this. This can be done by, subject to the presentation of identity card issued by a financial institution or a public authority derived from a document with pre-printed CPR or tax exempt number either in the original or a copy of such confirmation, as the custodian Department deems sufficient. The custodian Department must also have secured the signature of the account holder or the for this drawing.
(2). For the notification of an entitlement to registration, the Institute shall have secured the copyright holder's name and address. This can be done as set out in paragraph 1 or by the second after the account-holding institution's estimates reassuring legitimacy.
(3). Provided that the account holder or the copyright holder is a corporation, etc., which are introduced in a public register shall be verified transcript of its registered drawing rules. The custodian Department may require additional information to the extent deemed necessary.
(4). Account holders or rightholders who are not domiciled or registered place of business in this country, and who do not have a social security or a tax exempt number, passports as proof of identity or other after the custodian institution estimates reassuring legitimacy.
§ 21. If an account is created through another institution covered by § 62 of the Danish securities trading Act, can assurance of identity pursuant to section 20 be done through this. The custodian institution may, however, request additional information.
§ 22. A custodian Department must at all times over for a central securities depository could explain
1) that adequate verification of identity is made,
2) to the required proof of entitlement is submitted,
3) at what point notification for registration is received,
4) corrections pursuant to section 74 of the Danish securities trading act and the
5) ETF's conditions on restrictions in the number of repository notification sites under the Department and groups of Fund assets, for which it wants to be custodian, see. section 17, paragraph 2.
(2). Paragraph 1 shall apply mutatis mutandis to a central securities depository, using the procedure laid down in article 75, paragraph 2, of the Danish securities trading act.
(3). Documentation covered by paragraphs 1 and 2, shall be kept for at least 5 years.
§ 23. Would the custodian Department pursuant to section 74 of the Danish securities trading act to correct an error relating to a Fund's asset, an institution must, before the correction is made, notify the eligible register and give those eligible according to the opportunity to speak out. When patch is made, broadcast notice pursuant to section 68 of the securities trading act.
§ 24. Have an account for more than 1 year are not included in the Fund assets, the custodian Department can arrange for account deleted from the register.
§ 25. The right to obtain information about its own accounts directly in a central securities depository and transfer messages on sale through the central securities depository of the custodian departments or a clearinghouse as well as make reviews about registration on own accounts directly to a central securities depository of securities traders, institutional investors and other large customers, which have concluded a connection agreement with a central securities depository, see. section 62, paragraph 4, of the Danish securities trading act.
(2). The Board of Directors of a central securities depository shall lay down the rules for connecting as a major customer for that central securities depository.
Central securities depositories
section 26. The individual central securities depository shall set a daily time on weekdays, see. § 16, where reporting for registration can be made. The registration ceases to have effect shall be counted from the final review in the central securities depository, see. section 66 (3) of the securities trading act and section 30, paragraph 3, and § 45.
(2). The concerned central securities depository shall determine with FSA approval times on weekdays, see. section 16, where the legal effects of registration of the following occurs:
1) Handler, included in a subsequent net settlement.
2) Act, which straksafvikles in a gross settlement.
3) generally uncontested interest, dividend and other of the issuer of the relevant fund assets prompted the registrations.
(3). A central securities depository may, in exceptional cases, postpone or cancel one or more of those listed in paragraph 2, no. 1, said NET disinvestment and thus postpone or cancel retsvirkningens entry for the handler. Registrations as referred to in paragraph 2, no. 3, and the legal effects of these may be delayed if this of temporal reasons for postponement of a net settlement pursuant to 1. PT.
(4). The individual central securities depository shall determine with FSA approval the smallest unit of time, the rate at which other than those referred to in paragraph 2, no. 1 and 3, said registrations be given legal effect. For registrations, there is finally tried within the unit of time, is considered the first detected to be right before the start of the later registered.
Authorisation of persons
§ 27. The registration, etc. related tasks can only be performed by authorised persons who have undergone the training referred to in section 29. Persons as employees of a custodian Department carries out registration duties, approved of this. Persons as employees in a central securities depository shall carry out registration duties, subject to approval by the relevant CSD.
(2). The acceptance must be communicated prior to registration activities and must specify which tasks the registration in question must carry out.
(3). The authorisation may be withdrawn at any time.
section 28. A CSD and a custodian Department shall, at the request of the Danish financial supervisory authority or the Danish Data provide information about who they are approved under section 27. The information must include the in section 27, paragraph 2, referred to conditions.
(2). Data Inspectorate may under section 91, paragraph 4, of the Danish securities trading Act require an approval under section 27 revoked or limited.
section 29. Training for the § 27, paragraph 1, the said persons shall be organised in such a way that it is suitable to bring the persons concerned a satisfactory knowledge of the legal facts which are important for the concerned securities Central's registration system and to the use and operation of the system. Training shall be organised in such a way that the individual gets the necessary knowledge for its functional area and functional level.
(2). It is the responsibility of the custodian Department to ensure that the persons it approves, have followed the training with such a dividend, that it is safe to let those carry out the tasks relating to the registration, etc., that are imposed on them, see. § 27.
Register device and application
section 30. A securities Central's records in such a way that any fund assets are recorded in an account. An account must at least specify
1) the custodian Department,
2) asset identification and the face value of the Fund's assets,
3) the account holder's name and address, as well as social security or tax exempt number, where this is required, and
4) or those to whom the central securities depository can pay with liberating effect.
(2). If the account holder is not the owner of the account registered Fund assets, or if the account is transferred on behalf of several owners, the account must indicate this.
(3). The time of the legal effects of registration of the information referred to in paragraph 1 shall be stated on the relevant securities Central's registers.
section 31. Registration of agreements on mortgage and registration of attachment and arrest recorded information about the time of the occurrence, the mortgage law retsvirkningens art, the secured assets, mortgage holder's name and address as well as the or those to whom the central securities depository can pay with discharge, as well as for shares and unit case information on shares, the listing on the name, if the critic desires it. Information about the mortgage secured creditors priority position and size may not be registered.
(2). When recording other limited rights than those referred to in paragraph 1 are registered rights's art, an indication of the Fund's assets covered by privilege, time of occurrence and retsvirkningens the copyright holder's name and address, as well as the or those to whom the concerned central securities depository can pay with discharge, as well as for shares and unit he or she shares, the listing on the name, if the critic desires it. The same applies to the registration of occupancy limitations and bankruptcy, as well as the registration of conditional rights.
(3). Paragraphs 1 and 2 shall not apply to the registration of pledge pursuant to section 55, (4) and (5) of the securities trading act and payment conditions under section 72 (1) of the Danish securities trading Act, see. section 32.
section 32. The individual central securities depository shall lay down the detailed procedures for registration of pledge pursuant to section 55, (4) and (5) of the securities trading act and subject to payment pursuant to section 72 (1) of the Danish securities trading act. The time limits within which each of these rights must be exercised shall be determined by the financial supervisory authority of each of the clearing house.
Procedure for registration
section 33. Request for registration should be directed to the custodian Department. If the notifier in connection with the notification requesting it, the custodian Department must confirm in writing, at which time the notification is received.
(2). For the notification for registration of rights of Fund assets to the custodian Department ensure that the notified right derived from the person concerned, and that the necessary information as a basis for registration is available, either by requiring presentation of the section 20 mentioned identification papers or on other reassuring way.
§ 34. Review for registration of rights over the Fund's assets shall at least specify
1) copyright holder's name and address, as well as social security or tax exempt number, where this is required,
2) the Fund assets that the notification concerned,
3) the custodian Department,
4 the nature and rights)
5) the or the, to whom the concerned central securities depository can pay with liberating effect.
section 35. A private founded right must be registered in order to be able to go out to establish, found, alter or revoke the right of a specified Fund assets and come from the following register eligible.
§ 36. Would an account holder that the shares or unit shares shall be registered in the name of the issuer, the central securities depository in which the Fund's assets is registered, at the request of the account holder for the custodian Department providing the issuer notification of the name and address of the account holder, which would put in place in the issuer's books, the date, the inventory, listing is concerned, as well as any other necessary information. Where the consequences of legislation or the articles of Association, to a share or a unit share must be registered in the name, can request for quotation also put forward the names of the issuer or the person who according to law or the articles of Association is entitled thereto. Of shares subject to the companies act may petition for listing names, however, only be made by the account holder. A granted request for quotation shall be recorded in the account names. If the applicant names listing, request it, it must be confirmed in writing that the request for quotation is registered in the account names, and the date for doing so.
(2). Disposes of shares or unit shares, which are listed on the name of the issuer, it provides the relevant CSD on account holders ' request to the custodian Department Notice to the issuer for deleting names quotation to the transferee in respect of the inventory.
(3). The detailed rules on messages to and from the issuer for listing established in the names between the issuer and the central securities depository signed connection agreement.
Special rules on notification of public legal documents, etc.
section 37. The registration of attachment, judgment or other public act shall be subject to a declaration by the authority which carried out the operation, or one of this confirmed printout of its books.
section 38. Registration of disempowerment, guardianship and samværgemål is done on the basis of the judgment.
(2). Registration of public switching and bankruptcy on the basis of a certificate from the Probate Court or executor appropriation.
§ 39. At the private switch and by a genuine common hensidden in the undivided live recorded the change in ownership on the basis of switch transcript or statement from the bankruptcy court.
The ordeal in the custodian Department
§ 40. Prior to reporting to a central securities depository shall carry out the custodian Department review of the declared rights, including that notification meets the requirements of § § 34-35.
§ 41. Request for registration was rejected by the institution to which the notification is submitted, provided that
1) the notification relates to an asset that is not registered or not can be recorded in the relevant CSD,
2) it is not a custodian Department for the account that the notification relates,
3) it declared after its content cannot be detected,
4) application does not contain the information required under section 34, or
5) the notified is already registered.
(2). The Institute shall inform the applicant of the rejection of the request, and the cause thereof, as well as information on access to justice pursuant to section 77 of the Danish securities trading act. section 22 (3) shall apply mutatis mutandis.
§ 42. Includes registration under section 31 only a portion of the Fund's assets are registered on an account, recorded this on the account. The assets of the relevant Fund may be separated on a new account.
section 43. In the absence of the custodian Department presented the necessary documentation, see. section 20, article 33, paragraph 2, or sections 37 to 39, or if the information required under section 34, no. 1 or 5, is deficient, can the custodian Department give the notifier a period of up to 14 days to provide the appropriate documentation or information required. The notification shall be registered in a central securities depository as indicating registration preliminary character and period length. The custodian Department may, in accordance with the request of the notifier's deadline by up to 14 days.
(2). Be corrected at no correction before the deadline, the registration is deleted.
§ 44. If the custodian Department is in doubt with regard to the actual or legal circumstances of significance for a registration, in accordance with article 3. section 67 of the Danish securities trading Act, an institution must undertake to report a preliminary registration of the declared.
(2). The custodian Department shall inform the central securities depository for the preliminary registration.
(3). A central securities depository may for use by decision of registration referred to in paragraph 1 from the custodian Department obtain the necessary information. Central securities depository shall promote the decision as much as possible.
Validation and registration in the central securities depository
§ 45. Registration on an account with a central securities depository is executed when reporting and final review in the concerned central securities depository is completed.
§ 46. section 41, paragraph 2, shall apply mutatis mutandis, provided that a review be rejected after reporting to a central securities depository.
§ 47. There are earlier registered rights over the Fund asset, as the notified right concerns, implemented the registration with annotation to this effect.
section 48. For any registration of a right over a Fund's asset, by any change thereof, by extraction and extinction of rights as well as by the change of custodian Department must be given notice under section 68 of the securities trading act. The notification shall specify the recording device for the central securities depository, the custodian Department, the contents of the registration, the time of the legal effects as well as on prior registered other rights over the Fund asset.
(2). Have a central securities depository rules thereof, be sent notification pursuant to section 68 of the securities trading Act does not, however, when
1) which are then automatically recorded on the mortgage, see. section 32 and section 55, paragraphs 4 and 5 of the securities trading Act,
2) wholly or partly the rights-holder has opted out of customer communications regarding modification or extraction and fravalget are registered at an individual account,
3) wholly or partly the rights-holder has opted out of the customer notice of annihilation, and fravalget are registered at an individual account,
4) the concerned central securities depository at the request of the custodian Department has decided not to broadcast messages about changes in the registered, when information about this otherwise previously accessed by the rightholder or
5) the content of the message in another connection has already accessed the rightholder, or for other reasons deemed that the content of the message is evidently meaningless.
(3). Communication in accordance with paragraph 1 shall be sent as soon as possible and no later than two opening days, see. § 16, after that registration took place. Officer may, however, if a central securities depository has laid down rules to this effect, choosing instead to receive messages periodically.
(4). Communication on extinction in accordance with paragraph 2, nr. 3, which is a result of the bankruptcy, liquidation, merger, demerger or similar unforeseen events at the time of the investment cannot be deselected.
(5). A securities Central's rules on how customer notices under section 68 of the securities Trade Act approved by the Danish financial supervisory authority.
§ 49. Terminates a registration in accordance with article 11, paragraph 1, should the message, see. § 48, include information on the rationale for the termination as well as on a possible payment of the amount in the form of dividend or repayment of the amount deposited and similar remuneration in whole or in part in stock or assets issued by the continuing issue or equivalent.
§ 50. The account holder must, at least once annually have the print-out of the account. Unless otherwise agreed with the account holder, bank statement broadcast in January and set it on the account as at 31 December 2003. December the previous year recorded.
(2). Paragraph 1 shall apply mutatis mutandis to registered holders of limited rights over the Fund's assets.
§ 51. A bank statement shall indicate the date of printing, as well as what is on this date is registered in the account on the
1) Fund asset type and nominal value,
2) occupancy limitations and restricted rights,
3) the recording device for the central securities depository and the account-holding institution's name and address,
4) permits under section 19, paragraph 2,
5) the payment of interest, dividends and capital and
6) names listing.
§ 52. The connection agreement must be determined whether the printing of customer messages under section 48 and account transcripts after §§ 50 and 51 shall be carried out by the custodian Department or by the central securities depository.
(2). When the custodian Department print a customer message, it should add the from that central securities depository in this occasion received information for reason. The custodian institution may, however, add additional information to use for the recipient.
Registration of complaints
§ 53. Where to appeal for central securities depositories shall be submitted a complaint, the Board of appeal may, on application or of its own motion, let the complaint register on the or the to which the complaint relates, if such a registration are particularly required.
(2). The registration must indicate the complainant's name and address, the date of receipt of the complaint and the facts which are the subject of the complaint.
Date of entry into force provisions
§ 54. The notice shall enter into force on 9 November. January 2008.
(2). At the same time repealed Executive Order No. 1168 of 1. December 2004 on registration, etc. of the Fund assets in a central securities depository.
The Danish financial supervisory authority, the 4. January 2008 Henrik Bjerre-Nielsen/Stig Nielsen
Search Translated Laws of Denmark