Executive Order On A Ship's Financial

Original Language Title: Bekendtgørelse om et skibsfinansieringsinstitut

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=122504

Overview (table of contents) Chapter 1 scope and definitions, etc.

Chapter 2 Good usage, ownership and management and disclosure of confidential information, etc.

Chapter 3 securities, valuation and maturity

Chapter 4 Special covered bonds-securities, valuation and maturity

Chapter 5 Fleet mortgage

Chapter 6 Capital ratios and solvency

Chapter 7 the placing of funds, liquidity and corporate rules, etc.

Chapter 8 accounting and auditing

Chapter 9 financial statements in capital centres

Chapter 10 termination of aggregation, and crisis management

Chapter 11 sanctions

Chapter 12 the date of entry into force of The full text of the Executive order on a ship's financial

Under section 5 (1) and (2) and section 14, paragraph 2, of the law on a ship's financial regulation. lovbekendtgørelse nr. 1376 of 10. December 2007, fixed:

Chapter 1

Scope and definitions, etc.

§ 1. This Ordinance shall apply to the Institute within the scope of law on a ship's financial.

(2). Where this Ordinance refers to the rules in the financial business Act, which shall apply mutatis mutandis for the purposes alone, general rules for financial enterprises and special rules for financial institutions in the financial business Act, unless otherwise specified. Financial institutions, respectively, financial companies in the financial business Act must, therefore, in relation to this Ordinance shall be construed as the Foundation governed by law on a ship's financial.

(3). Mortgage bonds in the financial business Act and in regulations issued under the Act shall, in relation to this Ordinance shall be construed as cash bonds or ship credit bonds issued by a ship's financial, however, not in section 14 (1) (8). 6, and article 23, paragraph 2.

§ 2. Chapter 2 in the financial business Act definitions shall apply mutatis mutandis in this Ordinance.

§ 3. A ship can temporarily drive the other company for financial security or the settlement of prior underwriting exposures. Ship finansieringsinstituttet must notify the financial supervisory authority to that effect.

§ 4. A ship of banks wishing to establish a branch or a subsidiary in another country than Denmark, must have FSA authorisation. The Danish financial supervisory authority shall authorise, if surveillance determines that there is no reason to doubt that the administrative structure or the financial situation of the Institute's sound as a basis for the activities envisaged.

Chapter 2

Good usage, ownership and management and disclosure of confidential information, etc.

§ 5. § § 43-48 of the financial business Act on best practices, price information and contract conditions shall apply mutatis mutandis to ship finansieringsinstituttet.

§ 6. Chapter 7 of the financial business Act on ownership shall apply mutatis mutandis to ship finansieringsinstituttet.

§ 7. § § 64-80 in Chapter 8 of the financial business Act on management and fitting-out of the company shall apply mutatis mutandis to ship finansieringsinstituttet.

§ 8. Chapter 9 of the financial business Act for disclosure of confidential information shall apply mutatis mutandis to ship finansieringsinstituttet.

Chapter 3

Securities, valuation and maturity

§ 9. A ship can only provide financial loans against collateral.

(2). A ship shall establish a financial value of the ship or ships to use for collateral.

(3). Valuation for the use of the security must be done on the basis of one of the ship's finansieringsinstituttet made or approved assessment;.

(4). The Board of directors should establish guidelines for valuation, including for Visual inspection of the pledged ships and for the use of independent assessments. These guidelines should be published on the finansieringsinstituttets website and in the management report.

(5). Valuation for the use of the security must fall within the amount as a savvy acquirer with knowledge of the specific price and market conditions for the particular type of ship have estimated would pay for the ship. Conditions that are conditional on a particularly high price, shall not be included in the valuation. The Department must know the valuation to be used for the security should take account of the possible risk of changes in market and structural conditions.

(6). The ship's value to use for the security must be set at the earliest on the date on which the Department shall deliver the loan deals, and at the latest when the Department pays out loan.

§ 10. Ship finansieringsinstituttet can only lend against mortgages registered in the funded ship within 70 per cent of the value, as the ship to use for collateral is provided for in article 76. However, §§ 11-13.

(2). Lien in accordance with paragraph 1 may be waived against that





1) the borrower shall make other security of particularly good quality, see. § 14, or

2) made increased burden of an institution's solvency regulation. Article 20, paragraph 4.





(3). A ship can also provide loans against financial institutions registered a lien within 70% of the value laid down for the use of collateral in other ships than it or the funded.

(4). A ship's financial institutions must take adequate measures to ensure that loans in the entire period of the loan meets the Foundation's purpose clause, see. § 1 (a), paragraph 1, of the law on a ship's financial.

(5). (2). 1, and paragraph 4, shall be deemed to be fulfilled if a central bank located in a country with countries classification 2 or better, see. Annex 3, paragraph 1, of the Ordinance on capital adequacy, joins as a borrower in the whole of the loan remaining maturity.

§ 11. Lending out more than 70 percent, but within 100% of it funded the ship or the ships ' value was established for use of financed collateral may only be granted against that for this part of the loan





1) made other security of particularly good quality of the borrower, without prejudice. § 14, or

2 burden of an institution's solvency) are effected, without prejudice. Article 20, paragraph 4.





(2). Paragraph 1 shall apply mutatis mutandis to loans against mortgages registered in other ships than it or the funded in addition to 70 percent, but within 100 per cent of the pledged ship or the ships ' value was established to use pledged for collateral.

§ 12. Notwithstanding sections 10 and 11 can a ship's financial grant loans against lien in the funded ship registered in 80 per cent of it by the Danish enterprise and construction authority approved the maximum funding basis without any other security of particularly good quality, or increased burden, provided that





1) the loan has been granted in accordance with the ' agreement between the Danish State v/Minister for economic and business affairs and Danmarks skibskreditfond ' dated 13. June 2003 under the conditions laid down, and

2) the borrower's creditworthiness is assessed to be particularly good, see. section 22 (2).





§ 13. Notwithstanding sections 10-12 can a ship to provide bridging loans to financial institutions use for financing of new or conversion of ships, which is granted without pledge in ship, against that





1) lodging of particularly good quality, see. section 14,

2 burden of an institution's solvency) are effected, without prejudice. Article 20, paragraph 4, or

3) are provided in paragraphs 2 and 3, resulting in the securities referred to in article 21, paragraph 5 referred to solvency treatment.





(2). For loans covered by paragraph 1, nr. 3, must be provided transportation and indtrædelsesret in the construction contract after careful examination and careful assessment of the agreement basis, in each case as well as provided transport in the security for payments under the construction contract, see. (3). In the first point listed securities should be valid until the ship is completed, delivered and duly approved, but no later than until the construction loan is repaid.

(3). For loans covered by paragraph 1, nr. 3, must be for payments under the construction contract





1) lodging of very good quality of the borrower, without prejudice. § 14, or

2) lodging of an institution domiciled in a country with countries classification 2 or better, see. Annex 3, paragraph 11 (a)), in the Ordinance on capital adequacy.





§ 14. As security of particularly good quality can only be applied to the following:





1) Deposits of or guaranteed by central banks located in a country with countries classification 2 or better, see. Annex 3, paragraph 1, of the Ordinance on capital adequacy.

2) Guarantee from Governments located in a country with countries classification 2 or better, see. Annex 3, paragraph 1, of the Ordinance on capital adequacy.

3) Warranty from the regional authorities located in a country with countries classification 2 or better, see. Annex 3, paragraph 2, of the Ordinance on capital adequacy.

4) Bonds and debt securities issued by or guaranteed by Governments located in a country with countries classification 2 or better, see. Annex 3, paragraph 1, of the Ordinance on capital adequacy, in 90 percent of the Security's officially listed market value.

5) Bonds and debt securities issued by or guaranteed by regional authorities located in a country with countries classification 2 or better, see. Annex 3, paragraph 2, of the Ordinance on capital adequacy, in 90 percent of the Security's officially listed market value.
6) Special covered bonds, covered bonds, mortgage bonds and other bonds, which offer equivalent security, issued by a credit institution authorised in a country within the European Union or a country with which the community has entered into an agreement on the financial area within 90 percent of the Security's officially listed market value. Securities are subordinated to other debts, can not be used.

7) Cash bonds, ship credit bonds or special covered bonds issued by shipping finansieringsinstituttet or by a credit institution which is the ship's finansieringsinstituttets parent or subsidiary.

8) Warranty issued by or deposits in a credit institution in a country that is authorised in a country within the European Union or a country with which the community has entered into an agreement on financial matters, after careful review and careful assessment of each case.

9) Similar security with a corresponding very high liquidity and a corresponding special low counterparty risk. Including guarantee issued by or included deposits in credit institutions authorised in the United States, and who have achieved the best or second-best rating by internationally recognized rating agencies. Further included special liquid debt securities issued by such institutions which are admitted to trading on a regulated market, which has been approved by a competent authority within 90 percent of the Security's officially listed market value. Deposits and securities, who is trailing other receivables, can not be used.





(2). Under paragraph 1, nr. 9, listed securities may total for the Department are included for a maximum amount of same size as 25 percent of the basic capital, see. section 128 of the financial business Act, see. Article 21, paragraph 1.

§ 15. The maturity of the loans granted by the ship finansieringsinstituttet may not be 15 years from the date of payment of the loan and for bridging loans to a maximum of 4 years from the time of first payment. The determination of the maturity of loans must be carried out with due regard to the ship's average life span and the concrete ship's age and condition, etc.

Chapter 4

Especially covered bonds – securities, valuation and maturity

§ 16. This chapter shall apply when a ship financial loans made as security for the issuance of covered bonds. Chapter 3 does not apply in this situation.

(2). A ship's financial can finance lending against security in the asset types, which are listed in section 152 c, paragraph 1, no. 2-7, in the financial business Act, see. section 2 (d), paragraph 1 1. paragraph, of the law on a ship's financial officer, by the issue of covered bonds. section 152 c (3) of the financial business Act shall apply mutatis mutandis, without prejudice. section 2 (d) (1), (2). paragraph, of the law on a ship's financial.

(3). In the situation referred to in paragraph 1 shall notice on the valuation of mortgage and loans in ships made as security for the issuance of covered bonds, use.

§ 17. Lending out more than 70 percent, but within 100% of it funded the ship or the ships ' value was established for use of financed collateral may only be granted to the borrower for this part of the loan to provide security in the asset types, which are listed in section 152 c, paragraph 1, no. 2-7, in the financial business Act. For the part of the loan that is granted in addition to 70 per cent, an institution must carry out additional burden created by an institution's solvency regulation. Article 20, paragraph 4. However, apply 2. point, if the loan is not granted in accordance with the ' agreement between the Danish State v/Minister for economic and business affairs and Danmarks skibskreditfond ' dated 13. June 2003 under the conditions laid down.

Chapter 5

Fleet mortgage

§ 18. Fleet mortgage is available, if a borrower to provide security for a loan in the form of registered liens of more than one ship, or if more borrowers to provide security for one or more loans in the form of registered liens of more than one ship. For fleet mortgage be included any other asset types than registered mortgage of the ship to which the borrower can provide for security for the loan.

(2). A fleet mortgage can be distributed between multiple accounting capital centres, see. section 38 if the following has been agreed in the loan agreements:





1) Cross liability, so that all borrowers liable for all loans covered by fleet mortgage,

2) cross-defaults, so that all loans covered by fleet mortgage falls due, if one of the loans defaulted,

3) Cross mortgage, so that all ships covered by fleet mortgage is made security for all loans covered by fleet mortgage, and

4) the borrower undertakes not to provide security for other loans in the vessels covered by fleet mortgage (negative pledgeklausul).





§ 19. In determining whether the loan limits, see. section 10, paragraph 1, and section 3 of the Ordinance on the valuation of mortgage and loans in ships made as security for the issuance of covered bonds, see. section 16, paragraph 3, have been complied with at the time of creation and extension of a loan secured by a mortgage, can the Department of the Navy, in compliance with section 18, paragraph 2, no. 1-4, make inventory by comparing the total value of all ships that are part of that fleet mortgage, with the total value of all loans for which the fleet mortgage is designed for safety. By statement can only be counted liens, which are registered, see. section 152 c, paragraph 1, no. 2 of the law on financial business.

Chapter 6

Capital ratios and solvency

§ 20. The basic capital of a ship financial must be at least 8 per cent of risk-weighted items (the solvency requirement). The solvency requirement must be met both in the individual capital center and in the Department in General.

(2). The institution's Board of Directors and the Management Board shall, on the basis of the Department's risk profile and quantify an institution's individual solvency needs. The solvency requirements shall be expressed as the basic capital as a percentage of risk-weighted items. Solvency requirement can not be less than the solvency requirement referred to in paragraph 1.

(3). The Danish financial supervisory authority may set a higher individual solvency requirements than what is stated in paragraph 1.

(4). In cases where the increased burden of the institution's solvency are made, lending by the solvency calculation be deducted from core capital in capital centres or in the Department in General. Is the loan repayments with deduction of securities valued at realizable value less than merbelastningen attributed the write-down, it can in the 1. item listed deductions is reduced with the difference.

(5). The solvency of coverage, see. Article 21, paragraph 5, is the proportion of core capital, which exceeds the requirement to base the capital, see. paragraphs 1 and 3, after deduction of the basic regulation. (4).

§ 21. §§ 128-143 of the financial business Act shall apply mutatis mutandis to a ship's financial.

(2). A capital center can record hybrid core capital and equity loan.

(3). A ship shall draw up financial capital adequacy statements drawn up in accordance with paragraphs 4 to 6.

(4). Ordinance on capital coverage issued under section 143 (1) (8). 1-5, 7 and 8, article 143, paragraph 3, and § 373, paragraph 4, of the financial business Act shall apply mutatis mutandis to a ship's financial.

(5). Bridging loans subject to section 13, paragraph 1, no. 3, is included in the inventory of capital coverage, see. (1) with a weight of 2.0, in so far as the Foundation for the financing of construction loan covered by section 10, paragraphs 1 and 2, or section 12. The sum of bridging loans after 1. paragraph shall not exceed 125 per cent of the solvency of coverage, see. Article 20, paragraph 5.

(6). Capital adequacy statement, see. Ordinance on capital adequacy, for the Institute and group are reported to the FSA on CS-forms no later than 20 working days after the expiry of 1.-3. on a quarterly basis. CS-forms are available on the FSA website. Reporting of capital adequacy statement for year-end shall be made within 30 working days after the end of the year.

(7). A ship may apply financial FSA for partial or complete exemption to produce capital adequacy statement in the form specified in paragraph 6, taking into account the institution's particular circumstances.

Chapter 7

The placing of funds, liquidity and corporate rules, etc.

§ 22. The Board of Directors in a ship shall lay down rules for financial institution's spread of risks.

(2). The Management Board shall lay down the rules for the assessment of whether the borrower's creditworthiness is particularly good, see. § 12, nr. 2.

§ 23. section 146 and section 147 of the financial business Act shall apply mutatis mutandis to the institution subject to the provisions of this Ordinance.

(2). section 153 of the financial business Act shall apply mutatis mutandis to the institution subject to the provisions of this Ordinance. In addition to the assets, as referred to in section 153 (1) (8). 1-4, can a ship's financial place funds for the fulfilment of the provision in § 153 (1) of the following assets:





1) Not subordinated deposits in credit institutions authorised in a country within the European Union or a country with which the community has entered into an agreement on the financial area.

2) Not subordinated deposits in credit institutions authorised in the United States, and who have achieved the best or second-best rating by internationally recognized rating agencies.
3) Not subordinated cash bonds in particular, which are issued by credit institutions as referred to in paragraph 6; 1 and 2 and are admitted to trading on a regulated market, which has been approved by a competent authority.





(3). Under paragraph 2, nr. 2 and 3, listed assets must total a maximum of 25 per cent for shipping finansieringsinstituttet. of the funds to be placed in assets as specified in § 153 (1) of the financial business Act.

§ 24. A ship finansieringsinstituts lending should be done on the basis of the issue of debentures, loans of an institution's capital base, see. However, section 23, as well as the inclusion of loans of money and capital markets.

§ 25. Chapter 12 of the financial business Act on group rules, consolidation, etc., shall apply mutatis mutandis to ship finansieringsinstituttet.

Chapter 8

Accounting and auditing

section 26. Chapter 13 of the financial business Act on annual report, review and application of the year's profits shall apply mutatis mutandis to ship finansieringsinstituttet.

Chapter 9

Financial statements in capital centres

§ 27. Ship finansieringsinstituttet must establish separate accounts for capital centres, see. section 2 (e), of the law on a ship's financial.

(2). Capital center accounts include an income statement and balance sheet as well as notes.

(3). Notes to capital center accounts can, where not otherwise provided for, shall be drawn up for all capital center accounts overall.

section 28. In the income statement and balance sheet included entries that must be individualized and attributed directly to the individual capital centre and records where the capital Centre is allocated a proportion of the basic regulation. section 29.

section 29. Where capital Centre are allocated a proportion is used in an allocation key based on the total debt recording (bond recording, etc.), see. However, paragraph 3.

(2). By the total debt recording means the average of the opening and ultimogælden recorded in connection with lending.

(3). That can be used by other allocation keys than debt after approval by the FSA. If used other allocation keys, these must be set out in a note.

The profit and loss account

section 30. The income statement contains the following entries:





1) net interest income.

2 Net fees and Commission income).

3) Net interest and fee income.

4) Exchange adjustments and yield of shares.

5) expenditure on staff and administration, etc.

6) Losses and impairment losses on accounts receivable.

7) profit before tax.

8) tax.

9) profit for the year.





(2). Have the individual capital center subordinated capital deposits and/or senior capital directly associated with interest to these must be individualized, and assigned directly to the capital center.

section 31. Under net interest income, see. section 30 (1) (8). 1, included:





1) Interest of loans and advances to credit institutions.

2) interest rate of loans.

3) index appreciation on lending.

4) Interest of bonds.

5) Other interest income.

6) interest rate for credit institutions.

7) interest rate for the bonds issued.

8) index appreciation on issued bonds.

9) Other interest expense.

10) derivative financial instruments including interest rate and currency contracts.

11) net interest income in total.





(2). The sum of the above entries to be allocated to the individual capital centres, see. section 29.

(3). The individual entries, see. paragraph 1 shall be identified in a note.

section 32. Under the entry price adjustments and yield of securities regulation. section 30 (1) (8). 4, included:





1) exchange adjustment of bonds, shares, etc., currency and financial instruments.

2) Dividends from shares.

3) Exchange adjustments and dividends from shares in total.





section 33. Under the entry costs for personnel and administration, etc., see. section 30 (1) (8). 5, included:





1) expenditure on personnel and administration.

2) Other ordinary income.

3) amortization of tangible assets.

4) expenditure on staff and administration, etc. in all.





(2). The sum of the above entries to be allocated to the individual capital centres, see. section 29.

(3). The individual entries, see. paragraph 1 shall be identified in a note.

§ 34. Losses and impairment losses on accounts receivable, see. section 30 (1) (8). 6, includes all losses and impairment losses on loans in the capital center. Individualized losses and shifts in individual impairment losses be attributed directly to the capital center.

(2). Shifts in other write-downs, including group show impairment, are distributed to the individual capital centers.

(3). Under the entry tax, see. section 30 (1) (8). 8, transferred a total amount for the year of income tax, deferred tax and after adjustment of previous year's tax. Each element is indicated in a note.

(4). The individual capital centres tax is calculated with the current tax rate on the basis of the individual capital contribution to this year's overall result centers adjusted for non-taxable amount.

The balance sheet

section 35. The schema for the balance sheet contains:




Assets:







1) Lending.

2) impairment losses on loans.

3) Other assets.

4) Assets in total.





(2). Liabilities:





1) Issued bonds.

2) Other liabilities.

3) Equity.

4) total liabilities.





Assets

§ 36. During the record lending transferred loans against mortgages on ships, which are granted on the basis of the law on a ship's financial.

(2). The residual debt referred to in paragraph 1 shall be individualized and attributed directly to the individual capital center.

(3). Individual impairment losses on loans and arrears on loans must be individualized and attributed directly to the capital center.

(4). Group show impairment losses on loans are distributed to the individual capital centers.

(5). Loan funds admitted to use in order to meet the requirement to provide additional security must be allocated to the capital center, which funds belong to.

(6). Interest receivable on loans must be individualized and attributed directly to the individual capital center.

(7). If the sum of the capital Centre's individualized liabilities (liability item 4, section 35 (2)) exceeds the sum of the capital Centre's individualized assets (assets item 4, section 35, paragraph 1), capital Centre be allocated to non-individualized residual assets to such an extent that the Centre's capital sum of assets and liabilities is identical and forming capital Center's delbalance.

Liabilities

section 37. Issued bonds, etc. must be individualized and attributed directly to the individual capital centers.

(2). Accrued coupon interest be individualized and attributed directly to the relevant capital centers.

(3). Have capital Centre subordinated capital deposits or senior debt directly associated with, be individualized and attributable interest to these directly to the capital center.

(4). If the sum of the capital Centre's individualized assets (assets item 4, section 35, paragraph 1) exceeds the sum of the capital Centre's individualized liabilities (liability item 4, section 35 (2)), shall be allocated to non-individualized capital Centre residual liabilities to the extent that the Centre's capital sum of assets and liabilities is identical and forming capital Center's delbalance.

(5). Subordinated capital deposits and senior debt must be individualized and attributed directly to the individual capital centers.

(6). Equity must be individualized and attributed directly to the individual capital centres in connection with the statement of the basic capital.

Fleet mortgage

section 38. At fleet mortgage, see. § 18, provides for a distribution of naval pantets value between capital centres and the Department in General. There may be an accounting distribution, provided that the distribution is unique.

(2). Have a financial, a borrower or more borrowers made supplementary security referred to in article 6. § 2 of the law on a ship, there may also be financial accounting breakdown of the value of such additional securities between capital centres and the Department, moreover, provided the supplemental securities are made to security for all the loans covered by that fleet mortgage.

§ 39. Ship finansieringsinstituttet a distribution of naval pantets and the additional safety of value, see. § 38, must ship finansieringsinstituttet create an electronic listing for each fleet mortgage and the supplemental securities, which specifies how the Navy pantets and the additional secure ' value is divided between each capital center and the Department in General. The list shall be structured so that at any time in the course of 24 hours can be drawn from a summary that shows the distribution of naval pantets and the additional safety of value between each capital center and the Department in General.

(2). The ship finansieringsinstituttets the Executive Board shall establish a business, which, among other things, must establish:





1) How the list shall be provided,

2) who have the day-to-day responsibility for the contents,

3) who will lead the list,

4) who will check TOC,
5) How the daily must be updated, and how to account for any variations in Navy pantets value, so as to ensure that the fleet pantets value at any time is equal to the value of the issued covered bonds to the extent that fleet mortgage is designed for security thereof,

6) control procedures, including the continuous control of the distribution of the basic regulation. section 38 (1)

7) Reassuring measures for managing the rules for assets, which made security for ship credit bonds, respectively, and especially covered bonds have been complied with, and

8) A description and explanation of the allocation keys used, see. section 38 (1).





Reporting and public disclosure

§ 40. The approved capital center accounts must be reported to the Danish financial supervisory authority together with the approved annual report no later than 8 days after the relevant approval.

(2). Preliminary capital center accounts must be reported to the FSA by 15. February or next working day thereafter.

(3). Capital center accounts must optrykkes in summary of ship finansieringsinstituttets annual report. Complete capital center accounts for individual capital centres must be able to be requested by contacting the ship finansieringsinstituttet.

(4). In connection with the publication of ship finansieringsinstituttets annual report quotes a note with the content specified in paragraph 5.

(5). The note on capital center accounts, see. (4) shall contain information on the for-or fraførsler of funds (net) including consolidation transfers made to or from individual capital centres included in ship finansieringsinstituttet, in the fiscal period. Furthermore, it should be stated that the full capital center accounts for individual capital centres can be obtained by contacting the ship finansieringsinstituttet.

Chapter 10

Aggregation, termination and crisis management

§ 41. § 204 (1) of the financial business Act shall apply mutatis mutandis to ship finansieringsinstituttet.

§ 42. Chapter 15, other than section 223, in the financial business Act of termination shall apply mutatis mutandis to ship finansieringsinstituttet.

(2). § 223 of the financial business Act shall apply mutatis mutandis to ship finansieringsinstituttet, if it is not economically justifiable to operate such a business, see. section 11, paragraph 1, of the law on a ship's financial.

section 43. Chapter 16 of the financial business Act on crisis management shall apply mutatis mutandis to ship finansieringsinstituttet.

Chapter 11

Criminal provisions

§ 44. Violation of the provisions of section 3, 2. section, § 4, 1. paragraph, section 9, section 10, paragraphs 1 and 4, §§ 14, 15 and 17, article 18, paragraph 2, article 19, article 20, paragraphs 1, 2 and 4, article 21, paragraph 3, paragraph 5, 2. paragraph and paragraph 6, article 22, article 23, paragraph 2 2. paragraph, and (3), § 24, § 27, paragraphs 1 and 2, article 29, paragraph 3, 1. paragraph, section 30 (2) and (3), sections 32-34 and sections 36-40, is punished with a fine, unless a higher penalty is inflicted upon the rest of the legislation.

(2). There may be a financial criminal liability in accordance with the provisions of the criminal code 5. Chapter.

§ 45. Violations of the provisions of the financial business Act, which after this Ordinance shall apply mutatis mutandis on the ship, be punished according to the rules laid down in § finansieringsinstituttet 373, paragraphs 1-3 of the law on financial business. Infringement of the provisions of the regulations issued pursuant to the law on financial business, which after this Ordinance shall apply mutatis mutandis to ship finansieringsinstituttet, punished after criminal provisions laid down in these rules.

(2). § 373, paragraphs 5-8, and section 374 of the financial business Act shall apply mutatis mutandis to the provisions listed in the ship finansieringsinstituttet and persons and bodies in the ship finansieringsinstituttet.

Chapter 12

Date of entry into force of

§ 46. The notice shall enter into force on the 1. January 2009.

(2). At the same time repealed Executive Order No. 674 of 21. June 2006 on a ship's financial.
The Danish financial supervisory authority, the 11. December 2008, Peter Sylvest Larsen/Jørn Andersen