Chapter 1 Value Trading

Chapter 2 Value Traders

Chapter 3 Common provisions

Chapter 4 Operations of a regulated market

Chapter 5 Access to regulated markets

Chapter 6 The inclusion of securities for trade in a regulated market, official listing and public procurement of securities of EUR 2 500 000 and so on.

Chapter 7 Information Responsibilities

Chapter 8 Take-over bids

Chapter 9 Securities and publication of transactions and the publication of prices and transactions

Chapter 10 Abuse of internal knowledge, exchange manipulation and measures to counteract market abuse

Chapter 11 (Aphat)

Chapter 11 a (Aphat)

Chapter 11 b Operation of a multilateral trade facility

Chapter 12 Prospects for the public supply of securities between EUR 100 000 and EUR 2 500 000

Chapter 13 (Aphat)

Chapter 14 (Aphat)

Chapter 15 Clearance

Chapter 16 Connectivity to a clearing centre

Chapter 17 Risk Coverage

Chapter 18 Payment systems, netting, etc.

Chapter 18 (a) Departure of financial security and of the final settlement, etc.

Chapter 18 (b) Tering law-law

Chapter 19 Issue and registration of dematerialized transferable securities

Chapter 20 Registration company

Chapter 21 Connectivity to a Secured Central

Chapter 22 Legal effects of registration, etc.

Chapter 23 Contoudings

Chapter 24 Complaguing and compensation

Chapter 25 Supervision, control, etc.

Chapter 26 Detailed rules for the Fund for the Fund, the duty of confidentiality, etc.

Chapter 27 Withdrawal of authorisation

Chapter 28 Penalty provisions, etc.

Chapter 29 Conversion provisions

Chapter 30 Amendment of other laws

Chapter 31 Extremination and transitional provisions, etc.

Publication of the law on securities trading, etc. 1)

This is a law on securities trading and so on, cf. Law Order no. 848 of 19. This August 2008, with the changes resulting from section 19 of the Act of Law No, 1003 of 10. October 2008, section 18 of law no. 67 of 3. Feb 2009 and section 3 of the Act of Law. 133 of 24. In February 2009.

Section I

Preliminary provisions

Chapter 1

Value Trading

§ 1. This law applies to securities trading.

Paragraph 2. For the purposes of securities trading,

Paragraph 3. The Act shall also apply to the operation of regulated markets, the operation of multilateral trading facilities, clearing business, registration, etc., and registered payment systems.

§ 1 a. (The case).

§ 2. This legal provisions relating to securities shall apply to the following instruments :

Paragraph 2. The SEC may lay down rules that specific instruments not referred to in paragraph 1 shall be laid down. 1, shall be covered by all or part of this law relating to transferable securities.

§ 2 a. Where transferable securities are capital shares, the meaning of Chapter 6 and the rules laid down in accordance with Article 23 (1) shall be as laid down. 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 ' s issuer.

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

§ 2 b. In the case of supply of securities to the public, the provision of information to natural and legal persons shall be understood in any form and by any means of full information about the contract conditions and the tendering of transferable securities that would make it possible to use the appropriate means of making a provision for : The investor may decide on the purchase or drawing of these securities.

§ 3. Any securities trading must be carried out in a manner and in accordance with good value paper commercial practices. The financial supervision may provide an injunction on the correction of conditions which are in conflict with 1. Act.

Paragraph 2. The Economic and Economic Affairs Minister lays down detailed rules on good securities trading practices.

Paragraph 3. The consumer ombudsman may initiate proceedings concerning infringements of rules on good securities trading, cf. paragraph 1, and rules issued in accordance with paragraph 1. 2, including a ban, injunction, compensation and restitution of unduly collected amounts. Section 20 of the market in section 20, section 22 (2). 2, section 23, paragraph. Paragraph 1, section 27, paragraph. Paragraph 28 shall apply mutatis muth to cases to which the Consumer Ombudsman wishes to apply for the provision in 1. Act. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 of the Court of Justice Chapter 11.

Paragraph 4. The SEC shall inform the Consumer Ombudsman if the Financial supervision is aware that a company ' s customers may have suffered losses caused by the undertaking to have infringed paragraph 1. 1 or rules issued in accordance with paragraph 1. 2.

Paragraph 5. In any case, the consumer ombudsman shall have access to all information in the Financial Protection cases referred to in paragraph 84. 1.

§ 3 a. The Economic and Industry Minister shall lay down detailed rules for the use of digital communications, including electronic signatures, by exchanging information on the basis of this law between citizens and businesses on the one hand and public administration ; the other side and the retention of information ;

Chapter 2

Value Traders

§ 4. For the purposes of this law, a securities handler is understood ;

Paragraph 2. The SEC may lay down rules that the obligations of the securities 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 into a Connection Agreement with a security of securities.

§ 4 a. (The case).

§ 5. (The case).

§ 6. (The case).

Chapter 3

Common provisions

§ 7. For the purposes of this Act,

Paragraph 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 an SE, in the SE companies, with a two-tier management system, they shall apply only to the supervisory body or members thereof with the necessary adaptations.

Paragraph 3. Provisions concerning the management board or members thereof and provisions relating to the management in section 9, section 12 (a) (1). 1 and 3, section 12 c, section 12 d (1), 1-3, section 13, section 28 (a) (1). 2, section 37, paragraph. ONE, ONE. pkt., section 60, paragraph. 4, Section 84 b, paragraph 4. 2, no. 2, and paragraph 1. Three, section 87, paragraph. Paragraph 1, section 95, paragraph. Paragraph 1, and Article 96 (1). 1, in the SE companies, with a two-string management system, in addition to the management body, cf. § 8 (3) 1, in the case of the European company, shall also apply to the supervisory body or members thereof, with the necessary adaptations.

Paragraph 4. The time limits laid down in or pursuant to this law shall begin to run from and with the day following the day on which the event that triggers the deadline is taking place. This applies in the calculation of days-and week-, month and year periods.

Paragraph 5. If the deadline is set in weeks, the deadline is out, cf. paragraph 4, on the day of the week of the day on which the event that triggered the time limit took place.

Paragraph 6. If the deadline is set in months, the deadline is due, cf. paragraph 4, on the month of the month for the day on which the event that triggered the deadline took place. If the day at which the event that triggered the deadline occurred is the last day of a month, or if the deadline expires on a month date that does not exist, the period shall always expire on the last day of the month regardless of its length.

Paragraph 7. Expires a deadline for a weekend, on a holiday, on Christmas Day or New Year's Day or New Year's Day, the deadline for the next day is extended.

§ 7 a. For the purposes of this Act, a registered payment system shall mean a payment system registered in accordance with section 57 (a) (a). ONE, ONE. Act.

Paragraph 2. For the purposes of this Act, a company operating an alternative marketplace, a company that operates a multilateral trading facility as an alternative marketplace, cf. Section 9 (1). Ten, in the law of financial activities.

§ 8. Company covered by section 7 (4). 1, may not commence until the SEC has authorised it. The securities clearing business practised by the Danish National Bank shall not be subject to 1. Act.

Paragraph 2. Permission is conditional upon,

Paragraph 3. In the case of a securities central, the authorisation is also subject to the capital response of the securities centre, cf. $82.

Paragraph 4. The clearance of clearing centres is also subject to the provision of rules for clearing and connecting agreements, as laid down in Section 57 (c).

Paragraph 5. Where the Financial supervision an application for authorisation is rejected, the applicant shall state and be notified to the applicant within six months of receipt of the application, or, if the application is incomplete, within six months of the applicant ' s submission of the information which : are necessary to make the decision. Decision to be taken shall be made within 12 months of receipt of the application, in any case. If the Financial Regulation does not have a full application for authorization by six months after the receipt of a complete request for a decision, the party may submit the case to the courts.

§ 9. A member of the Management Board or the Board of Directors in a company subject to section 7 (4). 1, must have adequate experience to exercise the profession or position.

Paragraph 2. A member of the Board of Directors or the Management Board shall not be able to dispute the profession or the position of a member of the Board and Director of a company subject to section 7 (4). 1 if the person concerned,

Paragraph 3. The members of the Management Board or the Governing Board shall have a duty to provide the Financial supervision of the information provided for in paragraph 1. 2 specified conditions.

Paragraph 4. The person (s) who, in fact, lead an already approved operator of a regulated market's operations in accordance with the rules laid down in the Financial Instruments Directive (MiFID Directive) are considered to meet the requirements of paragraph 1. 1 in relation to the application for authorisation to operate a regulated market.

§ 10. Any natural or legal person or natural or legal persons acting in understanding with each other who are directly or indirectly acquiring a qualified share, cf. Section 5 (5). 3, in the Act of Financial Company, in a company subject to section 7 (4) ; In advance, the Financial supervision of the proposed acquisition shall be submitted in advance. The same is true in the case of increasing the amount of the qualified share resulting from the acquisition or exceeding a limit of 20 pct., 33%, respectively, in addition to the amount of the acquisition. or 50%. of the company chapter or to the voting rights, or shall result in the undertaking covered by section 7 (4). 1, will be a subsidiary.

Paragraph 2. The SEC shall confirm in writing and, within two working days, the receipt of the application, cf. paragraph The same applies to the receipt of material under paragraph 1. 4.

Paragraph 3. The SEC shall have from the time of the written confirmation of the receipt of the application, cf. paragraph 2, and the receipt of all the documents required by the application, an assessment period of 60 working days to make it in section 10 a said assessment. Confirmation of the receipt of the application, cf. paragraph 2, the Financial Authority shall inform the proposed acquiring on the date on which the evaluation period expires.

Paragraph 4. The SEC can until the 50. at the time of the evaluation period, request additional information necessary for the assessment. The request shall be made in writing. The first time such a request is made, the period of assessment shall be suspended between the time of the request and the receipt of an answer to it. However, the refraction may not exceed 20 working days, cf. however, paragraph 1 5.

Paragraph 5. The financial supervision may extend the suspension of the evaluation period as referred to in paragraph 1. 4 by up to 10 working days, if :

Paragraph 6. If the Financial supervision is submitted for the approval of an informed acquisition, this shall be justified in writing and shall be communicated to the proposed acquisitions forthwith in accordance with the decision. The communication must take place within the period of the evaluation period. The proposed acquisitor may ask the Financial supervision to publish the reasons for the refusal.

Paragraph 7. If the Financial supervision does not, during the evaluation period in writing, refuse the application for the proposed acquisition, the acquisition shall be deemed to have been approved.

Paragraph 8. The financial supervision may be approved by the approval of an acquisition or an increase in accordance with paragraph 1. 1 setting a time limit for the implementation of this. The financial supervision may extend a period of such time.

Niner. 9. The SEC shall lay down rules concerning the date on which an acquisition is to be included in the calculation under paragraph 1. 1.

§ 10 a. In relation to its assessment of an application, the financial supervision shall be received in accordance with section 10 (2). 1, ensure the prudential and sound management of the company in which the acquisition is envisaged. The assessment shall also take into account the likely impact of the acquiring industry, the suitability of the proposed transferor and the financial solidity of the proposed financial solidity in relation to the following criteria :

Paragraph 2. The SEC may refuse an application for approval of a planned acquisition if, on the basis of the criteria referred to in paragraph 1, it is possible to obtain approval. 1 is reasonable grounds for assuming that the proposed acquires will counteract a reasonable and sound management of the company, cf. paragraph 1, or those of the proposed acquiring of the information given in accordance with the assessment of the Finance-synet assessment are not adequate.

Paragraph 3. In the Finance-synet assessment in accordance with paragraph 1, 1 may not enter into the economic needs of the market.

§ 10 b. Any natural or legal person or natural or legal persons acting in an understanding with each other that is directly or indirectly concerned to dispose of a qualified share or to reduce a qualified share in a company covered by section 7 (4). 1, so that the Disposal Disposal shall result in the limit of 20 pct;, 33% respectively. or 50%. by the company chapter or voting rights no longer has been achieved, or the company ceases to be a subsidiary of its subsidiary, prior written notification shall inform the Financial supervision thereof, indicating the size of the intended purpose ; future capital participation.

§ 10 c. When a company is subject to section 7 (4). 1, knowledge of acquisitions or disposals of units as referred to in section 10 (3) shall be informed. 1, and 10 b, the company shall immediately notify the Financial supervision of the Financial Authority.

Paragraph 2. A company subject to section 7 (4). 1, not later than February month, the Financial Board shall inform the Finance-owners who, at the end of the previous year, owned a qualified share in the company, and on the size of these units.

Paragraph 3. An operator of a regulated market shall publish the names of all direct and indirect owners of the company. Furthermore, the names of the direct and indirect owners of eligible units in the company and the size of the shares in question must be made public.

§ 10 d. Where the holders of capital in section 10 (4), The shares referred to in Article 7 (1) shall be subject to Article 7 (1). Paragraph 1 does not comply with the requirements of section 10 (a), 1, the Financial supervision may cancel the voting rights associated with the capital shares of the owners concerned or to the undertaking to follow specific guidelines.

Paragraph 2. 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 (4). 1, to the prior notification of the Financial supervision. The capital shares are reassigned full voting rights if the Financial supervision can approve the acquisition.

Paragraph 3. Where 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 financial supervision of the financial supervision shall be waisted for the right to vote on these holdings.

Paragraph 4. In accordance with paragraph 1, the Financial Authority has repealed the right to vote. One-three, capital cannot be included in the decision-making in the Joint Assembly to represent the right to vote.

§ 11. A company 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 laid down by an operator of a regulated market by a clearing centre, of a securities central or by a company that operates a multilateral trading facility.

§ 12. The Management Board for a company subject to section 7 (4). 1, must consist of at least 5 people.

Paragraph 2. The provisions of section 56 (6) of the limited liability company. 7, shall apply mutatis muctis to companies covered by section 7, stk.1.

Paragraph 3. A company subject to section 7 (4). 1, may not, without the approval of the Financial System, conclude agreements of far-reaching importance with other undertakings in order to operate a regulated market, securities clearing business, and registration and payment services.

Paragraph 4. A company subject to section 7 (4). 1, may not merge with another company without the approval of the Finance-type.

§ 12 a. Without the approval of the Management Board, which is to be entered into the board of the board's negotiating protocol, a company shall be subject to section 7 (4). 1, do not conclude exposures, etc., with other companies in which the directors of the company or the members of the board are members of the board or board members.

Paragraph 2. The people in paragraph 3. 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. are met.

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

Paragraph 4. The rules of paragraph 1. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. 3 also applies to engagements with companies in which people who are associated with the Directors of Marriage, genus, or parrot 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 significant risk of conflicts between their own and the company ' s interests must not be allowed to own or through undertakings they control ;

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.

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

Paragraph 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. pkton, including on the reporting of assets positions.

Paragraph 5. The external audit shall examine the guidelines of the financial undertaking in accordance with paragraph 1 of this year. 4 and, in the audit protocol, 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.

Paragraph 6. An account institution has at the request of the Management Board in the financial undertaking to provide the external audit of the financial undertaking with information on bank accounts and deposits and to extradite the transcripts from there for persons ; by paragraph. 1.

Paragraph 7. The prohibition in paragraph 1. 1, no. 2, does not include financial instruments deriving from shares in the company or company that is related to the company and that the person concerned receives as part of its remuneration.

Paragraph 8. The prohibition in paragraph 1. 1, no. 1, does not include loans for the purchase of employee shares and the items referred to in paragraph 1. 7 mentioned instruments.

Niner. 9. The prohibition in paragraph 1. 1, no. 3, does not include shares acquired in the exploitation of the provisions referred to in paragraph 1. 7 mentioned instruments.

Paragraph 10. Internal audits and vicerevic managers may, however, notwithstanding paragraph 1. 1-9 shall not have economic interests in the enterprise or group as they are employed in.

§ 12 c. Enlisted as a board member in a company covered by section 7 (4). 1, cannot be reconccted with the position of the Director or the Internal Audit Office in the company. However, the Board of Directors of a Director of Directors may temporarily not be prone to one of its members as the director. In such cases, the person concerned may not be able to exercise the right to vote in the said bodies.

§ 12 d. People who are employed by the management board in a company subject to section 7 (2). 1, without the permission of the Management Board, cannot own or operate self-employed or self-employed or otherwise participate in the management or operation of the other business company other than the company.

Paragraph 2. Other employees in a company covered by section 7 (4). 1 for which there is a significant risk of conflict between its own and the company ' s interests, may not own or operate self-employed or self-employed or otherwise participate in the management of the board without the approval of the Governing Board or by a Board of Directors or of their Board of Directors or other members. the management or operation of the other business entity other than the company. The Administrative Board shall be informed of authorisations given by the Executive Board.

Paragraph 3. The Management Board shall adopt a position on which employees there are a material risk of conflicts between their own and the company's interests and which must therefore be given the approval of the Executive Board, cf. paragraph 2.

Paragraph 4. The one in paragraph 1. 1 and 2 of the establishment concerned may be disputed only if the company or undertakings involved in companies with the company do not have or conclude exposures with the products referred to in paragraph 1. 1 and 2 companies referred to. The exposures shall be excluded from the provisions of capital and exposures to business undertakings, which are included in the group with the company, or business undertakings, where companies are covered by section 7 (4). 1, in community owner more than 4/5 of the capital shares.

Paragraph 5. All permits granted by the Administrative Board pursuant to paragraph 1. 1 shall appear on the board of the board's negotiating protocol.

Paragraph 6. The company shall publish at least once a year in the case of the duties approved by the Management Board in accordance with paragraph 1. Furthermore, the external audit of the audit protocol laughter concerning the annual report shall make a statement concerning the undertaking ' s involvement with commercial undertakings covered by paragraph 1. One and two.

Paragraph 7. The Financial supervision may, in particular cases, dispensers from paragraph 1. 4.

§ 12 e. The financial supervision may offer a company subject to section 7 (4). 1, to allocate a director to the company in section 7 (3). 1, within the time limit for one of the Financial Commission, shall be fixed if this is provided in accordance with section 9 (2). Two, can't fight the score.

Paragraph 2. The Financial supervision may offer a member of the Management Board in a company covered by section 7 (4). 1, if this is set by Section 9 (2), to lay down its duties within one of the Financial Seas. Two, can't fight the recruits.

Paragraph 3. The financial supervision may offer a company subject to section 7 (4). 1, to set up a director in the event of an indictment against this in criminal proceedings against criminal offences, law on securities trading, etc., or other financial legislation, until the criminal proceedings are decided if a conviction will mean that they are concerned ; does not comply with the requirements of section 9 (3). 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. provide a member of the Management Board in a company covered by section 7 (4). The financial supervision of the Commission shall set a time limit for the supply of the supply.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 9 (4). 2, no. 2 or 3 must appear on the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1-3 of the company may be subject to section 7 (3). 1, and by the person to whom the tender relates, the court shall be subject to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the invitation to tender for the person concerned. The request shall not affect the tender, but the court may decide by ruling that the director or member of the Board of Directors shall be able to maintain his position or his position. The SEC will be deposits within 4 weeks of the case before the courts. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation or by application, revoke an injunction notified in accordance with paragraph 1. 2 and paragraph 1. 3, 3. Act. If the Financial supervision an application for revocation is refused, the applicant may require the refusal to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, the application for a judicial review may not be made only if the tender is not limited and has elapated at least five years from the date of issue of the tender, or at least two years after the revocation of the Financial Supply of the Financial Supply is confirmed by the judgment.

Paragraph 7. Has the company covered section 7, paragraph 1. 1, not set aside by the Director, within the time limit laid down, the Financial supervision may involve the undertaking ' s authorisation, cf. § 92, paragraph. 1, no. 4. Financial supervision may also involve the undertaking ' s permit, cf. § 92, paragraph. 1, no. 4 if a member of the board does not comply with an injunction in accordance with paragraph 1. Two and three.

§ 12. (The case).

§ 12 g. (The case).

§ 12 h. (The case).

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

Paragraph 2. Paragraph 1 shall not preclude the fact that a company is subject 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 transferable information shall communicate information to them where the information is subject to appropriate confidentiality in the recipients.

Paragraph 3. I shall be right back. 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. Indication of the nature of the information or of the nature of the information provided by the information in the case of the information is classified or confidential, or in the case of foreign regulated markets.

Paragraph 4. For securities centers, the rules shall apply in section 60 (1). 2-4.

§ 14. The annual report for a company covered by section 7 (4). 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 annual reports received shall be publicly available in the Corporate and Corporate Management Board.

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

Paragraph 3. The SEC may lay down rules on accounting on a consolidated basis.

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

Paragraph 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 of interest in late payment, etc.

§ 15. The capital of the undertaking in a company covered by section 7 (4). Paragraph 1 shall be calculated as the paid share capital, with deduction of the stocks of own shares and the current deficit and the rate of return on emissions and reserves.

Paragraph 2. The SEC 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 on the depreciation of intangible assets.

Paragraph 3. The Management Board and the Governing Board of Companies covered by Section 7 (2). 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 financial supervision may lay down a higher individual capital requirement than that shown in section 8 (5). 2.

TITLE II

Commerce

Chapter 4

Operations of a regulated market

§ 16. A regulated market is understood to be a multilateral system in which the system and in accordance with the non-derogating rules are being merged or encouraged together by a majority of the interests of third parties in the purchase and sale of transferable securities ; such a way of concluding agreements on the trading of securities which are involved in trade in the rules or systems of this market.

Paragraph 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 trade.

Paragraph 3. Operators of regulated markets which have the authority of the financial system to operate regulated markets must 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. pkton, if the regulated market is clearly established which rules are associated with the securities that are admitted to trade in the regulated market.

§ 17. An operator of a regulated market can operate another company that is ancillary to the operation of the regulated market, including as clearing central, securities central and the operation of multilateral trading 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 ancillary activities, however, the multilateral trading facility may always be operated in the same company as the regulated market.

Paragraph 2. If an operator of a regulated market runs a clearing centre, a securities central, or a multilateral trading facility as ancillary activity, cf. paragraph 1, the requirements for the authorisation and operation of such types of establishments in this law are applicable. In the case of ancillary operations of a multilateral trading facility, the requirements for the authorisation and operation of these types of companies in the Act of Financial Services shall also apply.

§ 18. An operator of a regulated market is responsible for the operation of the market on a reassuring and appropriate manner.

Paragraph 2. Operator must

§ 18 a. An operator of a regulated market shall publish the current prices and market depth at these prices on shares which are available for trade in the regulated market and which are offered in the regulated market system. This information shall be made available to the general public within the regular hours of the regulated market, on reasonable business terms.

Paragraph 2. If an operator of a regulated market provides securities traders that are required to publish prices on shares under § 33 a, access to the schemes to which the operator is used to publish information subject to paragraph 1 shall be subject to the provisions of paragraph 1. This must be done on reasonable business conditions and on a non-discriminatory basis.

Paragraph 3. The financial supervision may exempt an operator of a regulated market for the obligation set out in paragraph 1. 1 in the light of the market model, worytype or order size.

Paragraph 4. 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 1. 3.

Section 18 b. An operator of a regulated market shall publish the price, quantity and date of transactions carried out with shares admitted to trade in the market. This information must be made available to the public on fair business terms and as close to real time as possible.

Paragraph 2. If an operator of a regulated market provides securities traders that are obliged to publish information about transactions with shares under Article 33 (b), access to the schemes that the operator uses to publish information covered by paragraph 1. This must be done on reasonable business conditions and on a non-discriminatory basis.

Paragraph 3. An operator of a regulated market may lay down rules for postponement of publication on the basis of the amount or type of the transaction. The rules are to be approved by the SEC. The operator shall publish the approved rules.

Paragraph 4. The SEC shall lay down detailed rules on the obligation of an operator of a regulated market to publish the price, quantity and date of transactions carried out with securities other than shares.

Paragraph 5. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1. The Financial supervision may also lay down detailed rules on the conditions for postponement of publication in accordance with paragraph 1. 3.

§ 19. An operator of a regulated market must lay down rules on the membership of the market. The rules must be transparent and non-discriminatory and based on objective criteria. The rules must specify any obligations for the members as a result of :

Paragraph 2. The rules of the regulated market on clearing and settlement must ensure that members of the regulated market have the right to use another deviation system for transactions with financial instruments than that chosen by the market, if

Chapter 5

Access to regulated markets

20. Debt traders, other than investment management companies and management companies, with the permission to carry out customer orders or to act on their own account and covered by Section 4 (2). 1, no. 1-3, Denmark's National Bank and other central banks from countries within the European Union or from countries agreed to by the Community in the financial sphere are entitled to become members of a regulated market if they comply with them ; the market, cf., established rules. § 19. Similarly, securities dealers other than investment management companies and management companies are covered by section 4 (4) ; 1, no. 3 that are authorised in the home Member State to carry out customer orders or to act on their own behalf, but which do not carry out securities trading through a branch or service in this country, cf. sections 30 and 31 of the Act of Financial Company.

Paragraph 2. The securities brokers covered by paragraph 1. 1 and central banks from countries within the European Union or from countries concluded by the Community in the financial sphere shall have the right to be a member of a regulated market, unless the presence of a physical presence after that ; regulated market trading procedures and systems are necessary in order to be able to carry out transactions on the market.

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

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. Four, requires admission permission from the Financial supervision.

Paragraph 5. An operator of a regulated market shall regularly provide the Financial supervision of the Financial Regulation of any changes to the Member State ' s membership.

Paragraph 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, to be removed from the territory of a Member State ; the regulated market shall inform the Financial supervision thereof. The Financial Supervisory Board shall forward this notice to the supervisory authorities of the country in which the remote members are established within 1 month of this notification.

Chapter 6

The inclusion of securities for trade in a regulated market, official listing and public procurement of securities of EUR 2 500 000 and so on.

§ 21. An operator of a regulated market must lay down 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.

Paragraph 2. An operator of a regulated market shall 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 (4). 1.

Paragraph 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 another country ; within the European Union or in a country to which the Community has concluded an agreement 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.

Paragraph 4. On the admission of a securities to trade in accordance with paragraph 1. 3 is the responsibility of compliance with this legislation concerning information obligations for issuers and of prospectuses to the admission of securities to trade.

Paragraph 5. An operator of a regulated market may, with the prior approval of the Financial Instruments, record instruments which are not covered by Section 2 (2). 1, to trade in the regulated market.

§ 22. The SEC may, at the request of a issuer of shares, stock certificates or bonds, decide on the official listing of the securities concerned, if this is busy or will be admitted to trading in a regulated market.

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

-23. A issuer or a person requesting admission of securities to trade in a regulated market must not be allowed to enroll in the securities to trade before an approved prospectus for the securities concerned shall be 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 (4). 1.

Paragraph 2. The SEC is making a decision on the approval of the test.

Paragraph 3. The prospectus must contain the information that is deemed necessary for investors and their investment advisers to provide a well-reasoned estimate of the issuer ' s assets and liabilities, financial position, results and prospects, as well as more than those of the future ; any guarantor and of the rights associated with the securities offered to the public or to be admitted to trade.

Paragraph 4. The rules laid down in this chapter relating to the obligation to publish a prospectus shall apply without prejudice to paragraph 1. Paragraph 1 shall not apply to :

Paragraph 5. a issuer, an operator or a person requesting admission to the trade in securities referred to in paragraph 1. 4, no. However, 4, 6, 9 and 10 may draw up a prospectus in accordance with the rules laid down in this Chapter and rules issued in accordance with paragraph 1. 7 and 8 and section 24 (4). 2.

Paragraph 6. A prospectus must be drawn up in accordance with the rules laid down by the Financial supervision in accordance with paragraph 1. 7, and must be presented in a manner that allows the content and assessment of the meaning of the given information.

Paragraph 7. The SEC shall lay down rules on the content, format, language, announcement and validity of the tests and the exclusion of information in the listing particulars. In addition, Financial supervision rules for the approval of prospecters in cases where securities are paid to trade in several regulated markets here in the country or regulated markets in another country within the European Union or in a country in which the Community has concluded an agreement in the financial sphere.

Paragraph 8. The SEC shall lay down rules on exemption from the obligation to publish a prospectus, including rules concerning the exclusion of specific securities, and rules on the approval of natural persons and small and medium-sized enterprises, qualified investors. In addition, the Financial supervision rules provide for inclusion in a register of natural persons and small and medium-sized enterprises as eligible investors.

§ 23 a. The SEC shall give the issuer, the provider or the person requesting admission to trade, in the light of its decision on the approval of the Prospectus, within 10 days of receipt of the application for the approval of the listing particulars.

Paragraph 2. The one in paragraph 1. The period from 1 and 5 shall be extended to 20 exchange days in which public tenders are issued by a issuer who has no securities admitted to trade and which have not previously offered any securities to the public.

Paragraph 3. If there is a reasonable reason to assume that the documents submitted are incomplete or that additional information is required, the time limits laid down in paragraph 1 shall be found. The first date on which the issuer, the provider or the person requesting admission to trade has provided such information, shall apply only from the date on which the issuer, the provider or the person requesting admission to trade. If the documents are incomplete and the time limit is set for that purpose, the FL shall give the relevant notification within 10 stock days of receipt of the application.

Paragraph 4. The financial supervision may refer the approval of a prospectus to the competent authority of another country within the European Union or a country concluded by the Community in the financial sphere, provided that the competent authority is responsible for : This country gives its assurances to this. Such a reference shall be notified to the issuer, the provider or the person requesting admission to trade within three stock days after the date of the Financial Decision's decision on the referral.

Paragraph 5. In the case of the Financial Monitoring, an application for approval of a prospectus by a competent authority of another country within the European Union or a country to which the Community has concluded agreements in the financial sphere shall grant the Financial supervision of the financial market, the issuer, the provider or the person requesting admission to trade, notification of its decision on the approval of the test within 10 stock days after the decision of the competent authority on the referral of the test approval.

§ 24. The public value and admission of securities to trade in a regulated market must not take place until the prospectus has been published in accordance with the rules laid down in accordance with paragraph 1. 2.

Paragraph 2. The SEC shall lay down rules on the tender dossier and on the publication of the Prospector.

§ 25. An operator of a regulated market may suspend or delete a securities from trade in the regulated market if the securities no longer comply with the rules of the regulated market. However, suspension or deletion may not be carried out where there is a likelihood that this would be a significant injury to the interests of investors or the proper functioning of the market.

Paragraph 2. An operator who, in accordance with paragraph 1, shall : The decision on the suspension or deletion of a security shall be published as soon as possible to publish this decision and communicate to the Finance Board the relevant information.

Paragraph 3. If securities are placed on trade in a regulated market, a request for deletion from trade, the operator of the regulated market shall take the request to the operator of the regulated market. However, deletion may not be made if there is a likelihood that this would be of considerable harm to investors ' interests or the proper functioning of the market.

Paragraph 4. A issuer has the right to have a securities discarded from the trade in a regulated market if the securities of the securities are to be entered into trade or are engaged in trade in another regulated market.

SECTION 26. (The case).

§ 26 A. The powers conferred on an operator of a regulated market in section 21 shall be exercised by the Financial supervision when an operator of a regulated market in this country or in another country within the European Union or in a country to 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

§ 27. Issuer of securities admitted to trading 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 of securities, or for : which a request for admission to trade in such a market must be published without delay, as soon as possible, internal 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 to the public knowledge already published shall be published immediately after these changes have been entered and through the same channel, which was used for the publication of the original information.

Paragraph 2. Internal knowledge as a issuer as referred to in paragraph 1. 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.

Paragraph 3. Issuer shall be obliged to publish internal knowledge in accordance with paragraph 1. 1 and 2 in relation to the regulated markets in which the issuer has requested or obtained the admission of securities to trade.

Paragraph 4. 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, correct and appropriate information to be carried out ; 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 a recording of securities.

Paragraph 5. The 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 these knowledge figures on their website.

Paragraph 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. which may concern in particular :

Paragraph 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 has 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.

Paragraph 8. Issuer of shares admitted to trading in a regulated market in this country, in another country within the European Union or in a country to which the Community has concluded agreements in the financial sphere, shall publish one of the rules of the Community ; during the first and second half years of the financial year, during the first and second term. The notification shall be published at the earliest ten weeks after the start of the period in question and no later than six weeks before the end of this period. A issuer who publishes quarterly reports is not required to publish them in 1. Act. mentioned period messages.

Niner. 9. The provisions relating to six-year reports in paragraph 1. 7 shall apply solely to issuers of shares or bonds or other types of transferable debt other than securities which may be equated with shares in companies or securities which, if they are converted or converted ; The rights of the attached rights shall be entitled to acquire shares or securities to be placed on the same footing as shares.

Paragraph 10. Paragraph 7 shall not apply to shareholdings in collective investment schemes subject to the law on investment associations and special associations and other collective investment schemes, etc.

Paragraph 11. Paragk. 7 and 8 shall not apply to the following issuers :

Nock. 12. Paragk. 7, 2. PC shall not apply to issuers which are 20. In January 2004 only issued and continue to issue debt instruments solely concerned with trade in a regulated market here in the country, in another country within the European Union or in a country to which the Community has concluded agreement ; the financial area covered by an unconditional and irrevocable guarantee from the issuer ' s home Member State of the European Union or in a country concluded by the Community in the financial sphere, or regional or municipal authorities, this country.

§ 27 a. A issuer of transferable securities covered by Section 2 (2). 1, no. 1, in the publication of information provided for in this Chapter, publication shall ensure that the publication is carried out in such a way as to rapidly become available throughout the European Union and countries concluded by the Community on it ; financial area.

Paragraph 2. Issuer as referred to in paragraph 1. 1 must at the same time as publishing the information to the Financial supervision.

Paragraph 3. Issuer as referred to in paragraph 1. 1 shall submit information published in accordance with paragraph 1. 1, for the Financial Control, which stores the information. The SEC may designate other authorities or legal persons in and outside the country to carry out the task.

Paragraph 4. Paragraph 1-3 shall not apply to the shares of collective investment schemes subject to the law on investment associations and special associations, as well as other collective investment schemes, etc.

Paragraph 5. Paraguation 1-3 shall not apply to the document to which a issuer is obliged to publish in accordance with section 27 b.

Paragraph 6. Paragraph 1-3 shall not apply to the holdings of shares held in companies engaged in trade in an alternative marketplace, as a issuer is obliged to publish in accordance with paragraph 29 (3). ONE, THREE. Act.

§ 27 b. Istheters whose transferable securities are 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 agreements in the financial sphere, shall at least once annually have to be : develop and publish a document containing or referring to all the information published by the issuer over the last 12 months or made available to the public in accordance with its obligations under the conditions laid down in this Article ; for this law, the law on limited liability companies, the annual accounting law and the European Parliament and the Council Regulation applicable to the application of international accounting standards.

Paragraph 2. The document shall be submitted to the Financial supervision following publication of the annual accounts. If the document refers to information, it must be indicated where this information can be obtained.

Paragraph 3. The duty of paragraph 1. Paragraph 1 shall not apply to issuers of securities which are not capital shares, cf. § 2 (a) (a) 2, and if at the light of the day, the unit shall comprise at least EUR 50 000, and on issuers of units in collective investment schemes subject to the law on investment associations and special associations, as well as other collective investment schemes, etc.

§ 28. A company which shares shares in the territory of a regulated market in this country, in another country within the European Union or in a country with which the Community has concluded its territory in the financial sphere as acquired or disposable. shares must publish as soon as possible the share of own shares, if the percentage reaches, exceeds or falls below 5%. or 10%. of the voting rights.

§ 28 a. Leading employees of companies who issue shares in a regulated market in this country, in another country within the European Union, or in a country with which the Community has concluded agreements in the financial sphere, or in the case of which a request for admission to trade in such a market is submitted, shall give the issuing company notification of transactions which they carry out on their own account and which relate to the company ' s shares or other securities linked to it ; such stock. Notification shall be given to the issuing company by the next day of the day following the transaction. If the chief employee is not the first day of the day after the transaction, they have received the information referred to in paragraph 1. 7 mentioned information shall be given as soon as possible, but not later than 2 stock days after the transaction.

Paragraph 2. For the purposes of leading employees

Paragraph 3. The person concerned to a leading employee in a issuing company must notify the operator concerned of transactions which they carry out on their own account and which concern shares issued by the company or other party concerned ; securities linked to such shares. The notice shall be given to the executive officer no later than the next day of the day after the transaction. If the person who is not the first day of exchange after the transaction has been received, the person shall not receive the first day of the following day. 7 mentioned information shall be given as soon as possible, but not later than 2 stock days after the transaction. The senior representative shall communicate messages received to the issuing company no later than the next day of the day following its receipt.

Paragraph 4. The following shall mean the following natural and legal persons with a relation to the person referred to in paragraph 1. 2 mentioned persons :

Paragraph 5. A issuer shall, no later than the first day of the day, receive 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.

Paragraph 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 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 has been exceeded.

Paragraph 7. Attention, compound. Paragraph 1 and 3 and a report pursuant to paragraph 1. 5 shall contain information on :

Paragraph 8. The Financial supervision may lay down detailed rules for notification, reporting and publication of information covered by paragraph 1. 1-7.

§ 28 b. Any natural or legal person who, in the course of his profession or as part of its business to the public or in the distribution ducts, shall draw up or disseminating recommendations relating to transferable securities as referred to in section 27 (5). 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.

Paragraph 2. The SEC shall lay down detailed rules on representation and information on interests and conflicts of interest in the preparation and dissemination of the securities and issuers of securities.

§ 28 c. (The case).

§ 29. Anyone holding shares in companies in which these shares are available for trade in a regulated market here in the country or in another country within the European Union or in a country with which the Community has concluded the financial area, or is engaged in trade in an alternative marketplace, in the fields 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 the notification, the company shall publish as soon as possible the contents of the communication

Paragraph 2. Notice of stock possession pursuant to paragraph 1. 1 shall be granted when :

Paragraph 3. The financial supervision may decide that the obligation to grant notification in accordance with paragraph 1 shall be that of the Commission. Paragraph 1 shall include other securities giving the right to acquire shares.

Paragraph 4. The SEC shall draw up a detailed rules on possession, notification of shares pursuant to 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 supervision may also lay down rules which derogate from the obligation laid down in paragraph 1. 1.

§ 29 a. (The case).

-$30. The SEC shall lay down rules concerning the issuer ' s information obligations, including in the language, content, method of publication, registration and storage of the information and on the content of periodecode messages. The rules may derogate from the requirements of the law to the obligations of the issuers in section 27 (3) 7 and 8, and section 27 a, paragraph, 1-3. The Financial supervision also provides for rules concerning the equal treatment of and communication with shareholders and holders of debt securities or other forms of transferable debt instruments.

Chapter 8

Take-over bids

§ 31. Inherit a share mail directly or indirectly in a company that has one or more shareholdings engaged in trade in a regulated market or an alternative marketplace to an acquiring or to persons acting in an understanding with this, the transferee gives all the shareholders of the company the opportunity to dispose of their shares on identical conditions, where the transfer entails the transferee ;

Paragraph 2. The obligation to be referred to in paragraph 1 Paragraph 1 shall not apply where the paragraph is referred to in paragraph 1. The transfer is the result of a voluntary offer to all shareholders to hand over all their shares and that voluntary tender meets the conditions set out in section 32 (3). 1.

Paragraph 3. The provisions of section 20 b (b) of the stock company law. 4, and section 20 e shall apply by analogy to the transfer of shares in a company that has one or more shareholdings engaged in trade in an alternative marketplace.

Paragraph 4. The financial supervision may be exempt from the obligation set out in paragraph 1. 1 if special conditions apply.

§ 32. In the case of acceptance of shares after paragraph 31, the transferee shall prepare and publish a tender document containing information about the financial and other conditions of the financial and other conditions, including the date of acceptance of the offer and other information which may be considered in the interests of the shareholders, in order to provide a well-founded estimate of the offer.

Paragraph 2. Where, without the obligation to be offered after Article 31, in public with a view to acquiring a controlling interest, an offer to take over shares in a company that has one or more shareholdings has been admitted to trade in one ; regulated market or alternative marketplace, a tenderer must also be drawn up in accordance with paragraph 1. 1.

Paragraph 3. Decisions on the submission of tenders shall be published forthwith.

Paragraph 4. The SEC shall lay down provisions for the obligation to be offered in accordance with paragraph 31 (1). 1, voluntary takeover bids, notification of a decision on the submission of tenders, the content of the tenderer, including concerning the tenderer ' s obligation to inform them of the intended payment of the measurements of the target company after the implementation of a take-over bids, prohibitions on the signing of bonuses or similar benefits, the tender rate and the approval and publication of the Financial Regulations, and so on, shall also lay down the Financial supervision provisions for an obligation on the company ' s management board to account ; for the content of the tender.

§ 32 a. The SEC may refer the processing of a takeover bids relating to shares in a company that has one or more shareholdings admitted to the listing or trade in a stock exchange, an approved market place or a corresponding regulated market, to : the competent authority of another country within the European Union or countries concluded by the Community in the area of the financial sphere.

Paragraph 2. The SEC shall lay down provisions relating to the legislation applicable and of the authority responsible for it.

Chapter 9

Securities and publication of transactions and the publication of prices and transactions

§ 33. This chapter applies to the securities traders other than those of

Paragraph 2. A securities dealer carrying out transactions relating to securities trading in a regulated market in this country, a regulated market in a country within the European Union or in a country to which the Community has concluded agreement ; the financial area or in an alternative market place shall as soon as possible and, most recently, the closing day of the market in question shall be notified of the transaction ' s implementation by the market. The information may be reported by the securities dealer himself, a third party, on behalf of the securities handlers or a matching or reporting system approved by the SEC or the regulated market or multilateral trade facility ; through if the transaction is completed.

Paragraph 3. The SEC may provide that the obligation to notify the obligation to the person concerned is also the responsibility of others. In particular, the SEC may provide that the obligation to notify the reporting obligation must include other securities that are not available for trade in a regulated market or an alternative marketplace.

Paragraph 4. A securities trader shall keep all relevant information relating to all transactions with financial instruments which the securities trader has carried out on its own or on behalf of customers for at least five years after the transaction has been completed.

Paragraph 5. The SEC may lay down detailed rules on the obligation to notify, including the extent and content of the notification, and to which a report is to be reported.

§ 33 a. Securities traders systematically internalising, meaning that the securities dealer at an organised, frequent and systematic basis acts for their own account by performing customer orders outside of a regulated market or a multilateral basis ; trading facility, in shares admitted to trading in a regulated market in this country or in a regulated market within the territory of a country within the European Union or in a country concluded by the Community in the area of the financial sphere, publish binding prices on the shares which are systematically internalized.

Paragraph 2. Paragraph 1 shall apply only if there is a liqui-market for the stock concerned. If there is no liquidified market for that stock, then securities traders who are systematically internalising, cf. paragraph 1, at the request of the request, make binding prices to their customers.

Paragraph 3. Paraguator 1 and 2 shall apply only to up to the normal market size.

Paragraph 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, to carry out the award ; orders from professional customers, access to value traders ' prices, and about the ability of securities traffickers to limit the number of transactions.

§ 33 b. A securities trader which, for its own or a customer's expense, carries out a transaction of shares admitted to trading in a regulated market in this country or in a country within the European Union or in a country which the Community has concluded ; Agreement on financial matters, and this transaction is carried out outside of a regulated market or a multilateral trading facility in this country or in another country within the European Union or in a country with which the Community has concluded ; Agreement on the financial sphere shall publish information on the price, quantity and time of the price ; the 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.

Paragraph 2. A securities dealer may defer publication in accordance with paragraph 1. 1 in the light of the amount and type of the transaction.

Paragraph 3. The SEC shall lay down detailed rules on the obligation of securities handlers to publish information on the price, quantity and date of transactions carried out with securities other than shares.

Paragraph 4. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1 and postponement of publication in accordance with paragraph 1. 2.

Chapter 10

Abuse of internal knowledge, exchange manipulation and measures to counteract market abuse

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

Paragraph 2. In the case of internal knowledge, specific information which is not published on issuers of securities, securities or market conditions relating to those, which may be considered significant for the training on one or more of the securities, should be considered to be significant, if applicable ; the information was published. An information shall be deemed to have been published when a general and appropriate communication of this kind has been made available to the market.

Paragraph 3. in paragraph 1. 2 means the following definitions :

Paragraph 4. In the case of securities traders and the employees 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. Two and three.

Paragraph 5. In the case of 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 be traded ; to receive in accordance with accepted market practice for these markets. The users of commodity instruments markets expect to receive information that

$35. Buy, sell, and encourage the purchase or sale of a security of a security shall not be made by anyone who has internal knowledge that may be of significance to trade.

Paragraph 2. The provision in paragraph 1 shall be 1 shall not apply to :

Paragraph 3. By way of derogation from paragraph 1 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 out as a normal link in the functioning of the securities handlers as a market-maker in the security of securities.

Paragraph 4. The provision in paragraph 1 shall be 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 ; monetary policy or debt management policy.

Paragraph 5. The provision in paragraph 1 shall be 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 stabilising financial instruments.

§ 36. The person who is in possession of internal knowledge shall not disclose this knowledge to others unless the transfer is a normal part of the performance of their employment, occupation or function.

§ 37. Issuer of transferable securities admitted to trading in a regulated market and its parent company must establish internal rules governing the admission of directors, directors and other employees to the market for their own or by third parties to act in a way that they are responsible for the sale of the market ; the issuer issued securities, cf. the first indent, and associated financial instruments. Similar rules shall be drawn up by public authorities and undertakings, including securities retailers, lawyers and accountants, which, by virtue of their enterprise, are regularly held in the possession of internal knowledge. Are they in 1? and 2. Act. As companies mentioned, organised as a stakeholder, in command or similar, the internal rules must also include the owners.

Paragraph 2. A issuer of securities as referred to in Article 34 (1). 1, no. 1, in order to prevent internal knowledge from being accessible to anyone other than those who need it, establish internal rules. Similar rules shall be drawn up by public authorities and undertakings, including securities retailers, lawyers and accountants, which, by virtue of their enterprise, are regularly held in the possession of internal knowledge.

Paragraph 3. Internal rules drawn up by a issuer in accordance with paragraph 1. TWO, ONE. pkt;, as a minimum, must include provisions through which it is effectively ensured that :

Paragraph 4. A issuer of securities as referred to in Article 34 (1). 1, no. 1, shall draw up and continuously update a list of persons working for them and who have access to internal knowledge. Similar inventories shall be drawn up by natural and legal persons acting on behalf of a issuer, as mentioned in 1. Act. or at the expense of such issuers. The lists of persons involved shall be informed immediately. 1.-3. Act. shall not apply to a sovereign state, such a State central bank, the European System of Central Banks, or the one acting on behalf of them, when issuing securities as a part of his monetary policy, monetary policy or debt management policies.

Paragraph 5. Internal rules issued in accordance with paragraph 1. Paraguations 1 and 2 and the inventories shall be drawn up. 4 shall be delivered on demand for the regulated market and the Financial supervision.

Paragraph 6. The securities traffickers and the employees of these companies who carry out transactions with securities as referred to in Article 34 (2). 1, without undue delay, shall inform the Financial supervision, where it can reasonably be assumed that a completed transaction constitutes a breach of Article 35 (3). Paragraph 1, or Section 39 (2). However, this only applies if the transaction is carried out as part of a loyal execution of a customer's order, cf. § 35, paragraph. Three, and paragraph 39, paragraph. 2. Notify as mentioned in 1. PC as a securities dealer or his or his or his or her employees are reasonably justified as a breach of confidentiality rules, whether these rules are subject to law, order or contract.

Paragraph 7. The securities traffickers and the employees of these companies who have made a notification to the Financial Supervising Authority in accordance with paragraph 1. 6, is obliged to keep secret of such notification. The fulfilment of the duty to secrecy, as mentioned in 1. Act. does not impose any kind of responsibility on the relevant securities trades or its employees.

Paragraph 8. If a securities trading in securities trading, whoever buys or sell the securities must be identified by the transferable securities dealer. The identification shall include the name, address and cpr, or cvr number or other similar identification if the person concerned does not have a cpr or cvr number. Where trade is made on behalf of third parties, this must also be reported.

Niner. 9. The securities dealer shall record the items referred to in paragraph 1. 8 mentioned information and retain the information for 5 years.

Paragraph 10. The SEC shall lay down detailed rules for the establishment and updating of the list of inventories in accordance with paragraph 1. 4, as well as on the content and scope of the maintenance obligation provided for in paragraph 1. SIX, ONE. Act.

§ 38. For the purposes of training, no. 1-4, which is appropriate to influence the exchange rate on securities covered by Section 34 (1). 1, in a direction that differs from the value of the market in the market,

Paragraph 2. Cursmanipulation by paragraph 1 can, for example, pass

Paragraph 3. For the purposes of 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. shall not apply if the person concerned directly or indirectly benefits or indirectly benefits or benefits from the spread of the information.

Paragraph 4. The provisions of paragraph 1. 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.

Paragraph 5. The SEC shall lay down detailed rules on transactions, commercial orders and the dissemination of information which may be considered to be treated as a cure for training in accordance with the provisions of paragraph 1. 1, no. 1-4. The SEC shall also lay down detailed rules for, under which circumstances, a transaction or trade order can be considered as complying with accepted market practice in accordance with the provision of paragraph 1. 4.

§ 39. The manipulation or attempt to do so shall not take place.

Paragraph 2. By way of derogation from paragraph 1 1 can carry out securities traffickers and the employees of these companies loyally carry out a customer's order.

Paragraph 3. The provision in paragraph 1 shall be 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 ; monetary policy or debt management policy.

Paragraph 4. The provision in paragraph 1 shall be 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 stabilising financial instruments.

§ 39 a. § 34, paragraph. 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, similar application to trade in securities admitted to trade in an alternative marketplace.

§ 39 b. The SEC may lay down rules on the prohibition of short selling of shares.

Chapter 11

(Aphat)

Chapter 11 a

(Aphat)

Chapter 11 b

Operation of a multilateral trade facility

§ 40. A company that operates a multilateral trading facility must :

§ 41. A company that operates a multilateral trading facility must 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, as appropriate.

Paragraph 2. The 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, worytype or order size.

Paragraph 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 1. 2.

§ 42. A company that operates a multilateral trading facility shall publish the price, quantity and date of transactions carried out in the trading facility ' s systems, with shares whose shares are at the same time engaged in trade in a regulated market. This information must be made available to the public on fair business terms and as close to real time as possible, unless the information about the transactions is made public via a regulated market system.

Paragraph 2. A company operating a multilateral trading facility may provide for the postponement of publication on the basis of the size or type of the transaction. The rules are to be approved by the SEC. The company that operates the multilateral trading facility must publish the approved rules.

Paragraph 3. The SEC shall lay down detailed rules on the obligation to publish the price, quantity and date of transactions carried out through the system of a multilateral trading facility with securities other than shares.

Paragraph 4. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1 and the possibility of postponement of publication in accordance with paragraph 1. 2, including the conditions for this.

§ 42 a. A company operating a multilateral trading facility may only allow access to the trade facility to the following natural or legal persons :

§ 42 b. A company that operates a multilateral trading facility must not, without the approval of the Financial Aid, enter into agreement with clearing centres or other companies that are operating or dislike transactions with money or securities.

Paragraph 2. If the agreement, as referred to in paragraph 1 1 is intended to be concluded with a party belonging to another country within the European Union or in a country concluded by the Community in the area of the financial sphere, the Financial Authority may not approve such an agreement if it can : be shown that the agreement will prevent the appropriate operation of the multilateral trading facility or if the Financial supervision considers that clearing and settlement in accordance with the Agreement cannot be carried out in a technically sound manner.

Special rules for the operation of alternative marketplace

§ 42 c. Companies operating an alternative marketplace may only record securities for trade in the alternative marketplace, if

Paragraph 2. For securities retraders from outside the European Union, which the Community has not contracted in the financial field covered by § 42 a, no. 2, as well as other natural or legal persons from such countries, other than central banks, access to an alternative marketplace subject to the prior approval of the Financial Supply shall be subject to the prior approval of the Financial System.

Paragraph 3. A company operating an alternative marketplace shall lay down rules concerning the obligations of the issuer.

§ 42 d. Companies which operate an alternative marketplace have the sole rights to use the term alternative marketplace in their name. Other natural or legal persons shall not be allowed to use names or designations of their activities suitable to induce the impression that they are operating an alternative marketplace.

Paragraph 2. Companies which have the authority of the financial system to operate an alternative marketplace shall use a label for the alternative market place which shows that there is an alternative market place. Companies which operate alternative marketplace places are not covered by the obligation in 1. pkton, if the alternative marketplace is clearly established which rules are linked to securities admitted to trade in the alternative market place.

§ 42 e. A company operating an alternative marketplace may suspend or delete a securities from trade in the alternative marketplace. However, suspension and deletion may not be made if there is a likelihood that this would be of considerable harm to investors ' interests or the proper functioning of the market.

Paragraph 2. If transferable securities are admitted to trading in an alternative marketplace, request for deletion from trade, the company operating the alternative marketplace shall take the request to follow. However, deletion may not be made if there is a likelihood that this would be of considerable harm to investors ' interests or the proper functioning of the market.

Paragraph 3. A issuer has the right to have a securities discarded from the trade in an alternative marketplace where the value paper is hereby entered into trade or is engaged in trade in another alternative marketplace.

Paragraph 4. The trade in a security of securities must end no later than at the same time as the securities are entered into trading on a regulated market.

§ 42. The powers conferred on Article 42 (c) a company operating an alternative marketplace shall be exercised by the Financial supervision when an operator of a regulated market in this country or in another country within the European Union or in a country to which the Community is established ; have concluded an agreement in the financial sphere or a company operating an alternative marketplace, requesting the admission of securities to trade in the alternative marketplace. The SEC shall also exercise the powers conferred on Section 42 to a company operating an alternative marketplace where the securities are covered by 1. Act. is engaged in trade in alternative marketplace.

Chapter 12

Prospects for the public supply of securities between EUR 100 000 and EUR 2 500 000

§ 43. This chapter shall apply to the supply to the public by securities which are not available for trade in a regulated market when the tender is between EUR 100 000 and EUR 2 500 000.

Paragraph 2. This chapter shall apply to transferable securities as referred to in Article 2 (2). 1, no. 1, with the exception of debt securities, with a duration less than 1 year.

Paragraph 3. The SEC may lay down rules that the provision of specific securities may be exemptared from that law.

§ 44. A provider may not make supply of securities to the public until a certified prospectus is published for these securities, cf. paragraph 2 and section 46 (4). 1.

Paragraph 2. The SEC is making a decision on the approval of the test.

Paragraph 3. The prospectus must contain the information that is deemed necessary for investors and their investment advisers to provide a well-reasoned estimate of the issuer ' s assets and liabilities, financial position, results and prospects, as well as more than those of the future ; any guarantor and of the rights associated with the transferable securities offered to the public.

Paragraph 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). In paragraph 2, replace a prospectus as referred to in paragraph 1. 1.

Paragraph 5. A prospectus satisfying the requirements for prospectuses according to the provisions of Directive 2003 / 71 /EC and approved by the competent authority of a country within the European Union or a country to 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. are met.

Paragraph 6. The SEC shall lay down rules concerning the content, language, submission, validity and announcement of the Prospectus.

§ 45. Prospects as referred to in section 44 must be submitted to the SEC.

Paragraph 2. The SEC shall ensure that the prospectuses referred to in Section 44 meet the requirements laid down in this Chapter and in accordance with the provisions laid down in this Chapter.

Paragraph 3. The inclusion of prospectuses referred to in section 44 shall be recorded and published by the Corporate and Corporate Management Board.

Paragraph 4. The SEC shall lay down rules for payment of charges for the treatment of prospectuses.

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

§ 46. Prohibition to the public must not take place until the prospectus has been published in accordance with the rules laid down in Article 45 (3). 5.

Paragraph 2. The SEC may lay down rules on the detailed content of the tender dossier.

Chapter 13

(Aphat)

Chapter 14

(Aphat)

TITLE III

Clearing, dismantling and financial security etc.

Chapter 15

Clearance

$50. Clearing means the specification of obligations and rights in an agreed exchange of services.

Paragraph 2. Development shall mean the exchange of benefits for the fulfilment of the obligations of the Parties.

Paragraph 3. For netting as specified 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 other participants, shall be taken as a net liability ; with the result that a net claim or a net commitment can be made only.

Paragraph 4. In the case of securities clearing activities, a regular company which consists of the clearing, settlement or clearing and settlement of transactions with securities, including taking part in the transactions, shall mean that the clearing, settlement or clearing and settlement of transactions with securities is carried out. or in any other way ensure the implementation of the transactions. In case of securities clearing business, the Financial supervision determines whether there is a security clearance.

Paragraph 5. A clearing participant shall mean a party that has entered into an agreement with a clearing centre to participate periodically in clearing, settlement or clearing and settlement.

Paragraph 6. An 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 a similar undertaking exercised by Denmark ; National Bank, which means that the credit institution will be able to send over-transfer orders through the system.

§ 51. Securities clearing operations must be operated solely by clearing centres and the Danish National Bank.

§ 52. The Management Board for a clearing centre is responsible for the proper and reassuring manner in which the business is conducted in a meaningful 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 clearing-party in Denmark's National Bank shall not be subject to 2. Act.

Paragraph 2. A clearing centre may lay down detailed rules on the securities which can be cleared, run, or be cleared and run in the Centre.

§ 53. A clearing centre can conduct cash accounts for clearingparticipants and arrange 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.

Paragraph 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 the clearing centre operates a regulated market as an ancillary company, a multilateral trading facility may, however, always be operated in the same company as the regulated market.

Paragraph 3. If a clearing centre operates a securities market, a regulated market or a multilateral trading facility as a ancillary undertaking, the requirements for the authorisation and operation of these types of establishments in this law shall apply. In the case of ancillary operations of a multilateral trading facility, the requirements for the authorisation and operation of this type of undertaking in the Act of financial activities shall also apply. `

Chapter 16

Connectivity to a clearing centre

§ 54. A clearingparty must enter a connection with the clearing house. The latter may be carried out with a view to clearing and liquidating their own, third party or third party transactions with securities.

Paragraph 2. securities retraders, credit institutions and investment firms authorised in another country within the European Union or in a country with which the Community has concluded the financial area and which does not exercise securities trading through a branch or providing services in this country, clearing centres, the Danish National Agency, Denmark and National Bank and central banks of another country within the European Union or in a country with which the Community has concluded agreements ; in the financial sphere, clears and liquidate operations on behalf of third parties may be carried out.

Paragraph 3. The securities traders, credit institutions and investment firms authorized in another country within the European Union or in a country concluded by the Community in the area of the financial sphere shall have access to the conclusion of the contract ; the clearance agreement with the clearing centre, provided that they fulfil the conditions laid down in paragraph 1. 4. the Clearance Centre may provide that other people may have access to the conclusion of a connection agreement.

Paragraph 4. The clearing centre lays down the rules for the connection as a clearing participant, including the conditions for clearing participants to participate in clearing and dismantling of their own, third-party or third-party transactions.

Paragraph 5. If a clearingline or repeatedly override the terms and conditions of connection, the clearance control may terminate the connection agreement.

Chapter 17

Risk Coverage

§ 55. If a clearing-party or clearingparty loan is granted to a clearing participant in connection with the execution of securities transactions or payments in the clearing house, it may be agreed to the borrower from the borrower's fonts, which : be kept in one or more of the borrower designated depots in a securities centre, to serve to the furant of the loan for the loan.

Paragraph 2. A registered payment system or a participant in such a system of loans to a participant or an indirect participant in the system in the context of the settlement of payments in the system may be agreed upon by borrowing, by the borrower, fonts held in one or more designated depositors in a securities centre can serve to furant for the collection of the loan.

Paragraph 3. Where the securities clearing activity is or a payment system is operated by the Danish National Bank and the securities clearing business, the payment system or a participant in the security clearing business or the payment system, loans to a participant or an indirect participant in connection with the execution of the system, it may be possible before being agreed with the borrower that the fonts of the borrower who are stored in one or more of the borrower identified depots in a securities centre can serve as pant for the release of the loan.

Paragraph 4. Paragraph 3 shall apply mutatis muctis, where a clearing centre or payment system notified to the Commission pursuant to Article 10 (1). in the European Parliament and of the Council Directive 98 /26/EC (finalis directive), disbursements of accounts in Denmark's National Bank. It is a condition that the agreement on pant is regulated by Danish law.

Paragraph 5. In cases where loans are granted in connection with the settlement of securities and payments in systems where the loan is not covered by paragraph 1. One-four, the Financial Control Board may accept that it may be agreed by borrowers that the loan assets of the borrower who are stored in one or more of the borrower identified depots in a securities centre can serve to the furant of the loan for the loan. It is a condition of approval that the agreement on pant is regulated by Danish law.

Paragraph 6. Is an agreement as referred to in paragraph 1. 1-5 registered in a securities centre, and loans for the use of decommissioning, may be reported on the pawn in the stock assets in question, cf. paragraph 1-5, over to the securities centre for registration. In the same way, the protection against prosecution and contract profesders shall be protected by the rules laid down in Chapter 22.

Paragraph 7. Has a clearing centre or a clearing party paid for the person's acquisition of fixed assets running through a clearing centre may, in a security of securities, to the security of the purchaser ' s claim against the transferee, the pant of the part of them, transferable fixed assets, which are simultaneously recorded in the transferee ' s account in the securities centre, and which is not after agreement with the paying person, at the same time the sale has been conducted at the same time as the acquisition. In the registration of the panel, protection against prosecution and contract profesces shall be obtained in accordance with the rules laid down in Chapter 22.

Paragraph 8. The SEC shall lay down detailed rules to determine the time limit for which a lender shall maintain its notification in accordance with paragraph 1. 6 and 7 reported pandered. Registration of the panel shall be deleted without notification after Article 68, where the right has not been retained before the expiry of the period. A securities centre may, in exceptional cases, defer it in 2. Act. the time limit referred to above, including in the case of operating disturbances or, where the Danish National Bank has been notified, that the Danish National Bank's payment systems are not functioning as a result of technical problems.

§ 56. Fund assets in which the pant is registered in section 55 (5). 6 or 7 may, if a prior agreement has been concluded on this subject or the trade between a securities trader and a securities dealer or an equivalent professional investor, may be implemented immediately after the end of the contract ; of the Financial supervision referred to in Article 55 (1). The time limit shall be fixed if the borrower has not fulfilled its obligations. The one in 1. Act. the time limit referred to shall be subject to agreement between the parties if the panel is registered in accordance with Article 55 (1). Six or seven.

Paragraph 2. Securities made to security in respect of a clearing centre or a clearing party to meet the clearance of the clearing-house rules of security may be implemented without delay, provided that a prior agreement has been concluded ; and there is before a non-compliance of the clearance of the clearing centre for collateral.

Chapter 18

Payment systems, netting, etc.

§ 57. An agreement between two or more parties that all notified claims associated with a clearing centre exercise of the securities clearing business, cf. § 50, paragraph. 4, or the clearance of payments made by the Danish National Bank or a registered payment system, must be discredited in respect of the estate and creditors, as well as a provision for the claims to be made to : Nettes, cleared and executed or taken back into their entirety if either party is declared bankrupt or the declaration of payment or the open declaration of payment or the open declaration of payments.

Paragraph 2. Agreements on 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 the same legal effect as referred to in paragraph 1 1.

Paragraph 3. The Financial supervision may approve an agreement on netting with foreign clearance centres and payment systems or similar foreign undertakings engaged in securities clearing business or clearing payments outside the European Union ; or countries with which the Union has concluded agreements have the effect of having a legal effect under paragraph 1. 1.

Paragraph 4. A contract as referred to in paragraph 1. 1 shall in order 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 must, in order to have legal action against the estate and creditors prior to the bankruptcy, the notification of the payee or the opening of obsessive-compulsive words have been submitted to the National Bank of Denmark.

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

§ 57 a. The SEC may register a payment system if the system is governed by Danish law and a participant has its headquarters in Denmark with the effect that the net arrangements and arrangements for the settlement of payments shall have a legal effect in : pursuant to the provisions of section 57 (3). 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 shall be credit institutions as defined in Article 1, first indent of Directive 77 /780/EEC.

Paragraph 2. The SEC must ensure that the rules and conventions in force in force and in connection agreements contain provisions concerning,

Paragraph 3. The financial supervision may provide a registered payment system to amend the following paragraph (s). 2 issued rules and endorsements.

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

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

Paragraph 6. The 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, to which it is intended.

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

§ 57 b. Dispositions, making it clear to Denmark's National Bank, a clearing centre, a registered payment system or participants in such systems, cannot be reversed after bankruptcy of the Clause Section 70 (3). Paragraph 1, or Section 72 (2). 2. Reshock may, however, be :

Paragraph 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.

Paragraph 3. Paraguations 1 and 2 shall apply by analoging to safety 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. The same applies to security in the face of central banks in their capacity as central banks of the European Union or countries with which the Union has concluded agreement.

Paragraph 4. The SEC may approve contracts for securities concluded with foreign clearance centres or payment systems or equivalent foreign undertakings engaged in securities clearing business or clearing payments outside it ; European Union or countries concluded by the Union with the effect of a guarantee of security in accordance with the provisions of this Agreement. One and two.

§ 57 c. Applicable rules and endorsements for a clearing centre, a registered payment system or to a similar undertaking exercised by the Danish National Bank shall include provisions concerning,

§ 57 d. The SEC shall draw up a list of the clearing centres and payment systems with which contracts can be concluded with a legal effect in accordance with the provisions of section 57 (3). 1, and section 57 (b) (b), 1 and 2. The list shall be published in the notice.

Paragraph 2. The SEC is notified of the provisions of paragraph 1. 1 included clearing centres and payment systems as well as payment and securities clearing systems operated by the Danish National Bank, to the Commission, cf. Directive 98 /26/EC of the European Parliament and of the Council, Article 10.

Paragraph 3. If a participant is in a clearing centre or a payment system covered by paragraph 1 2 notifies the payee, or the replacement of the bankruptcy court or the obsessive-compulsive proceedings for such a participant, shall immediately notify the Board of the Financial Authority to the Financial supervision. The SEC shall immediately communicate this notification to the other countries of the European Union and to countries with which the Community has concluded agreement, cf. Directive 98 /26/EC of the European Parliament and of the Council, Article 6 (2), 3.

§ 57 e. If a participant in a clearing centre, a registered payment system or similar undertaking exercised by the Danish National Bank goes bankrupt, notifies the payment condition, which is opened up, or other form of insolvency proceedings which are opened up to them ; Whereas, as defined in Directive 98 /26/EC of the European Parliament and of the Council, Article 2 (j), the rights and obligations arising out of the participation of the person in the system shall be determined in accordance with the legislation to which the system is to be applied ; subject to. Similarly, for Danish participants in foreign clearings and payment systems notified to the Commission pursuant to Article 10, 1. the provisions of Directive 98 /26/EC of the European Parliament and of the Council.

Chapter 18 (a)

Departure of financial security and of the final settlement, etc.

§ 58. The provisions of this Chapter shall apply to contracts for financial securities and on security when they are made. A security shall be deemed to have been made when the relevant security act has been made.

Paragraph 2. however, sections 58 h and 58 i shall apply, regardless of whether an agreement on end-taking or running netting has been concluded as part of an agreement on financial securities.

§ 58 a. An agreement on financial security shall be understood to mean a contract between parties covered by Section 58 b of securities for financial commitments, cf. § 58 e, in the form of certainties covered by § 58 f. The transfer of property rights to security as well as pan-European securities means the transfer of property rights to safety.

Paragraph 2. An agreement on the financial security shall be in writing or may be documented in a different way, in order to be covered by this chapter, in any other way that may be placed under the law of law.

§ 58 b. A party to an agreement on the financial security may be as follows :

§ 58 c. The provisions of this Chapter shall apply to contracts for the provision of financial securities containing provision for :

§ 58 d. Realization in accordance with section 58 j, paragraph 1, or the valuation of securities or claims which are set against or are set aside in section 58 g, section 58 h, section 58 j (s). 2-4, and § 58 k, must be done on commercially reasonable terms.

§ 58 e. It shall be stated in an agreement on financial securities, which of the existing or future, actual, conditional or potential financial commitments of the parties or third parties shall be included in the Agreement.

Paragraph 2. In financial commitments, obligations for the safety of the holder shall be entitled to a cash settlement or supply of securities.

Paragraph 3. In a contract for financial security, both parties shall be covered by Section 58 b (b), 6, shall be regarded as claims arising from the trade in currency and transferable securities, trade in commodities exchanges, and lending and lending for financial commitments.

Paragraph 4. If only one or none of the parties in an agreement on final settlement after paragraph 58 b is covered by § 58 b, only claims are made from the trade in currency and securities for financial 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, no. 1-3.

Paragraph 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 funds which are of vital importance to the establishment of securities, may not be used as collateral under an agreement on the provision of financial securities. The same applies to shares in companies which are designed to own property for the use of shareholders.

Paragraph 3. Cash deposits 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.

Paragraph 4. The same security shall mean an amount of the same size and in the same currency as the original security provided that it is made in the form of cash or securities which are identical to the original security provided, if so, posed in the form of securities.

Paragraph 5. In an Agreement on the financial security, it 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 of the date ; the corresponding security shall be lodged or delivered.

§ 58 g. A financial security agreement in the form of pantstatement may include the entitlement to the right of use. In accordance with the conditions laid down in an Agreement for financial securities, the safety holder may assign the securities received or some of these to a third party to own or to safety.

Paragraph 2. Have security gardens exploited a right of use in accordance with 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.

Paragraph 3. Return in accordance with paragraph 1. 2 may be circumvented if the conditions in the Clause Section 74 are fulfilled.

Paragraph 4. Roll-back by paragraph 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 may 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, Paragraph 1 (j) and (k) of Directive 2002 /47/EC.

Paragraph 2. It may, with a legal effect on the estate and creditors, shall be agreed that in the event of a breach, in accordance with the provisions of the Agreement, the Agreement may be subject to a breach. 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 non-compliance party knew or should be aware that the failing party was subject to insolvency proceedings.

Paragraph 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 payeing was reported as the claim occurred.

Paragraph 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, however, may not be included in a slumber.

Paragraph 5. A claim covered by the provisions of section 42 (3) 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-compliance party was insolvent, as the claim on this was acquired respectively.

Paragraph 6. The final settlement of 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.

Paragraph 7. The provisions of section 58 a, paragraph 1. 2, section 58 d, § 58 e, and § 58 f, paragraph 3, shall apply mutatis mutilation to an agreement on the final settlement, which is not part of an agreement on financial security.

§ 58 i. An agreement may, with a legal effect on a third party, make provision for all of the claims to be covered by the contract to be taken 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 by analogy to agreements on continuous netting.

§ 58 j. A financial security agreement may include the provision to ensure that safety-holder in the event of non-compliance can immediately apply security. Improcreation may, subject to the terms of the Agreement,

Paragraph 2. In the form of a financial guarantee, the value of ownership is achieved by ensuring that the security of the security is resided in the security commitments entered into.

Paragraph 3. In the form of cash, the amount of cash shall be carried out by ensuring that the value of the security is resized in or used to insecure the guaranteed commitments.

Paragraph 4. In the form of a pan-statement, financial security shall be carried out by means of 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.

§ 58 k. An agreement on the provision of financial security in the form of the transfer of property rights in relation to security and reality shall be effective in accordance with the agreed terms.

Paragraph 2. If there is a breach before the security gardens have fulfilled any obligation to delegate equivalent security, the obligation may be subject to netting on final settlement, cf. § 58 h, if this is stated in the agreement.

§ 58 l. A financial security agreement may include provision for the parties to provide security or additional security for changes to the value of securities or financial commitments covered by the Agreement, if applicable ; the amendments have been entered into the conclusion of the agreement and are due to market conditions.

Paragraph 2. Where the security has been lodged in accordance with paragraph 1. 1 has been lodged without undue delay in order to ensure that the requirement for security could be applied in accordance with the agreement, the safety of which shall not be recast after bankruptcy of the Clause Section 70 or Section 72. However, where the security has not been prescribed in the light of the circumstances, the extent of the conditions laid down in Article 72 of the insolvency proceedings may be carried out.

§ 58 m. Security-holder may, by agreement with security gardens, replace safety with another security, which essentially has the same value.

Paragraph 2. Where a substituting security is covered by paragraph 1, At the latest, at the same time, at the same time, the substitution of safety, the substitution security may only be reversed if the substituted security was safe.

Chapter 18 (b)

Tering law-law

§ 58 n. If a security is registered in an account, they are determined in paragraph 1. 2 mentioned the issue of the securities in accordance with the law of the country in which the account is taken. In the legislation of the country where the account is taken, the law of this country is understood, except for the law applicable to law.

Paragraph 2. The questions that will be decided in accordance with paragraph 1. Paragraph 1 of this Regulation is :

TITLE IV

Registration

Chapter 19

Issue and registration of dematerialized transferable securities

$59. Securities and securities may be issued and transferred in paper-free form (dematerialized).

Paragraph 2. For the purposes of this legislation, the transferable dematerialized securities recorded in a securities centre is understood in this legislation.

Paragraph 3. Registration means the issuance of the fund assets through a securities central and inscribe of the rights of these in a register in the securities centre. A single fondcode can only be issued through one security central.

Paragraph 4. The Board of Securities Board may decide that other securities other than those of paragraph 1 may be taken. 2 included securities may also be recorded as fondors in the relevant securities central.

Paragraph 5. Registration activities mean regular business that consists of registering fondors. The financial supervision of the financial supervision shall be in doubt whether there is a registration.

Paragraph 6. Rules for a securities centre establishment shall be laid down in the company ' s statutes approved by the Financial supervision.

Chapter 20

Registration company

§ 60. The Management Board of the Securities Centers shall be responsible for ensuring that the business is conducted in a reassuring and appropriate manner. It is incumbersome of the individual securities central to lay down rules on the registration of securities as fund assets and on which securities can be registered in the Centre as a stock-assets. These rules must ensure equal treatment for all concerned and must be approved by the Financial supervision.

Paragraph 2. A securities central shall not provide information relating to the data subject to anyone other than the Financial supervision or the undertakings provided for in Chapter 21.

Paragraph 3. The Minister for Economic and Business Affairs may decide that a securities central to a specific extent shall provide information on registered to a public authority, including the Danish National Bank.

Paragraph 4. The Management Board of securities, auditors and directors and other servants shall not unduly divulge what they may be in the exercise of their position or office.

§ 61. A securities central can operate another company that is ancillary to the company as securities central, including the operation of a regulated market or as clearing central.

Paragraph 2. If a securities market operates a regulated market as an ancillary company, the securities 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 the securities operator operates a regulated market as an ancillary company, a multilateral trading facility may, however, always be operated in the same company as the regulated market.

Paragraph 3. If a security system operates a clearing centre, a regulated market, or a multilateral trading facility as a ancillary undertaking, the requirements for the authorisation and operation of these types of establishments in this law shall apply. In the case of the ancillary operations of a multilateral trading facility, the requirements for the authorisation and operation of this type of undertaking in the Act of financial activities shall also apply.

Chapter 21

Connectivity to a Secured Central

§ 62. The right to register for registration in a securities centre on its behalf and with a legal effect pursuant to section 66 to 75 (account-leading institutes) shall be added to the security of the securities concerned ;

Paragraph 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 activities § 30 respectively, section 31 respectively.

Paragraph 3. Credit institutions and investment firms authorized in a country outside the European Union, which have not concluded agreement with the Community in the financial sphere, 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 respectively.

Paragraph 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.

Paragraph 5. The right to obtain information about your own accounts directly in a security of securities and transfer communications sales through the securities centre to the principal institutes or a clearing centre, and to carry out notifications of registration on their own accounts ; directly to a security-of-value-based customers.

§ 63. Foreign securities centers and deposits which are under public supervision (land-centric), and Danish securities centres may, in accordance with the Financial Authority's approval, carry out recording for registration in a securities centre on its behalf and with legal action pursuant to section 66-75.

Paragraph 2. A securities centre may, after the approval of the Financial Authority, make registrations in land-office centres and in Danish securities centers.

§ 64. Account-leading institutions, cf. § 62 (2) 1-4, a connection agreement with a security key as a condition for obtaining access to registration in the central centre must be included in a relationship with a security agreement.

Paragraph 2. Those of Section 62 (2). 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 concerned.

Paragraph 3. A securities centre may, having obtained the approval of the financial system, a association agreement with a credit institution or investment firm, as referred to in Article 62 (2), may conclude a relationship with a credit institution or investment firm. 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 respectively.

Paragraph 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 connection with the transfer of an account ' s records to the issuer ' s account as mentioned in 2. Act.

§ 65. The SEC shall lay down rules on the basis and procedures for registration and for the approval of persons who, as employees of a securities centre or an account institute, can carry out the tasks related to the registration.

Paragraph 2. The SEC may lay down detailed rules on the registration of limited rights over funds and rules on the access by the securities central or accounting institutions to charge for the management of stock assets and for the management of the fund, registrations concerning these.

Chapter 22

Legal effects of registration, etc.

§ 66. Privaging rights are to be recorded in a security of securities in order to obtain protection from prosecution and contract acquires.

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

Paragraph 3. The effects of the registration shall be taken into account at the time of the final test in the securities centre.

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

§ 67. If the account institution is in doubt with regard to the actual or legal aspects of registration or to any of this claim that the proposed registration will infringe on the rights of the person concerned, the Foundation shall : carry out reporting for provisional registration. The security of the securities concerned shall then decide on the possible outcome of the final entry.

§ 68. The registration shall be communicated to the notifier or the notifier as appropriate to the notifier. The registration shall be notified of any obstacles to the registration. In the case of withdrawal, amendment or termination, it shall be communicated as far as possible to the person entitled to the register.

Paragraph 2. Communication is given by the transferable securities Centre or on behalf of the accounting institution following an agreement with the securities central base.

Paragraph 3. The following registers may and notifiers, in accordance with the rules of the securities centre, which are to be approved by the Financial Authority, may choose whether to grant or modify the withdrawal or modification of any such notification, and may also opt for notifications to be made ; in whole or in part. The same applies to communications on extinction unless the execution is a consequence of bankruptcy, winding-up proceedings, merger, division or similar events at the time of the investment. Selections and deselection shall be recorded on the individual account.

Paragraph 4. A securities central can, at the request of the principal institute, decide that there should be no notification of changes in the data subject when the information has been forging rights-holder.

Paragraph 5. Submission of notification in accordance with paragraph 1. 1-4 shall be carried out in accordance with the rules of the securities centre on this subject. These rules must be approved by the Financial supervision.

§ 69. When the registration of an agreement on rights over fund assets has been definitively completed in a securities centre, a gullible of goods may not meet with any objection to the validity of the Agreement. However, the objection is retained that the Agreement is invalid as a result of false or violent compulsion.

§ 70. Section 15-18 of the Lion Letters Act shall apply mutatis muthisis to the debtor according to the debtor assets, which are equivalent to turnover letters, so that, at last, registration in a securities centre takes the place of the indebation of the debt.

§ 71. A securities centre should lay down rules for payment.

Paragraph 2. Determines a securities centre on behalf of the issuer in good faith to the person who, according to the register, is entitled to receive payment, shall be released, even though the person in question was entitled to receive payment or was inunushly. This does not apply, however, where the person concerned is entitled to agree with the right of an agreement which is invalid as a result of false or violent compulsion.

§ 72. The advent of a fund asset may be made by the seller when it is an account institution, made subject to the payment of the carp payment before a time limit for the Financial supervision has been set. The payment reserve will be removed without the dispatch of a notice after Article 68, provided that the handover does not make its reservations valid before the end of the 1. Act. the time limit.

Paragraph 2. If the account holder leads the account on behalf of one or more owners, this must be recorded on the account.

§ 73. Requirements for payment under stock assets shall be subject to the general rules of law.

§ 74. If the account institution is aware of errors in the data subject, it calls for the relevant securities concerned to change the registration process. Before the change is made, it shall, or shall, have the opportunity to express an opinion on the subject of the register.

§ 75. A securities central can obliterate rights which have apparently been discharged.

Paragraph 2. If an account is registered in a security central bank account rights to be considered to have lost their meaning or rights which are more than 20 years old and which are likely to be discharged or where there is no likelihood of any such event : any justification may be made by the person concerned by the notice in the State of State, at the time of notice of three months, to invoke possible holders of the rights in question. In addition, it shall be notified, or shall be notified in the register, by registered letter, and no one prior to the expiry of the deadline, shall destroy the rights of values.

Paragraph 3. The financial supervision may lay down rules for the implementation of paragraph 1. 2.

Chapter 23

Contoudings

SECTION 76. Periodic bank statements are made available to owners of stock assets. The statement of the statement indicates the assets assets for which the persons are registered as owners on the date of the printout. Similarly, the printouts of the indecipes of restricted rights of registered stock assets are drawn up.

Paragraph 2. In any account, the account institute shall be registered. The account institution shall have access to the relevant securities centre in question, to print out the account in question. Principals must be made out to an entitlement to the register, if so requested.

Paragraph 3. The SEC shall lay down detailed rules for the drawing up of bank statements in accordance with paragraph 1. 1 and the contents of the statement of accounts.

Chapter 24

Complaguing and compensation

§ 77. Complaint of a decision on registration, amendment or termination of rights in a securities central can be brought to the Board of Appeal for Securities and Deals. However, this does not apply to compensation claims.

Paragraph 2. The Board of Appeal shall be carried out by one or more persons appointed by the Minister for Economic Affairs and the Economic Affairs Minister and who are to meet the conditions to be appointed to the judge. The Economic and Economic Affairs Minister also names deputies.

Paragraph 3. Complaguing in accordance with paragraph 1. 1 shall be submitted to the Board of Appeal within six weeks of the fact that the registration in that ad valet has been completed. The Board of Appeal shall be subject to access to all information performs to the case in the securities centre and in the account institute. The Board of Appeal shall take a reasoned decision to the parties.

Paragraph 4. The Board of Appeal may, in exceptional cases, treat complaints lodged after the expiry of the time limit laid down in paragraph 1. 3.

Paragraph 5. The Board of Appeal may refuse to deal with complaints that are apparently unfounded.

Paragraph 6. The Board of Appeal shall be independent of instructions on the processing and decision of each case.

Paragraph 7. The procedure for the establishment of the Board of Appeal shall be fixed by the Financial supervision. Rules may be laid down for payment of the fee for the review and on the publication of the Appeal Board ' s decisions.

§ 78. Clause of section 77 may be submitted by :

§ 79. The decisions of the Board of Appeal shall be subject to the Court of Appeal within two weeks of the decision to be taken in the case of the ear of the Lands; The application shall be made by the copy of the printout to the Board of Appeal. The rules on lovers in civil matters consider the necessary restraints to apply to the application and treatment of the country of the country.

Paragraph 2. Cases which may be brought before the Board of Appeal in accordance with section 77 and 78 may be brought before the courts of paragraph 1. 1.

Paragraph 3. The decisions of the Committee on Agriculture are not to be linked. However, the process of authorization may be granted to the Supreme Court, if the caress relates to questions of principle. Law of the Law of Law 392 (2). 2 shall apply mutatis mutis.

$80. A securities centre is liable for loss as a result of errors in the registration, modification or termination of rights of accounts in the relevant securities or advance 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.

Paragraph 2. The rightholder, as a result of the provision in § 69, 2. PC, does not acquire or lose its right of stock assets, may require the loss of losses to be replaced by the relevant securities central.

Paragraph 3. If injured deliberate or negligent are involved in the failure, the compensation may be reduced or lost.

Paragraph 4. The total replacement in accordance with paragraph 1. 1 for losses resulting from the same failure may not exceed 500 million. DKK

§ 81. An account institution is liable for loss as a result of its own errors in reporting, modification or termination of rights to accounts in a securities central or payments from here, even if the error is Hmnal.

Paragraph 2. If injured deliberate or negligent are involved in the failure, the compensation may be reduced or lost.

Paragraph 3. The total replacement in accordance with paragraph 1. 1 for losses resulting from the same failure may not exceed 500 million. DKK

Paragraph 4. Is a Danish account 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 failure.

Paragraph 5. The Danish account institutions must conclude an agreement on the distribution and payment of amounts in accordance with paragraph 1. 4. The Agreement must be approved by the Financial supervision.

Paragraph 6. Foreign accounts may be able to agree to the arrangements set out in paragraph 1. 4 and 5.

$82. The overall capital response of a securities centre must be at least EUR 1 billion at all times. DKK in the form of liabilities.

Paragraph 2. Account-leading institutions must commit to a commitment to the combined capital preparedness of the securities centre by means of the agreement on the association agreement.

Paragraph 3. The detailed rules on the liability against a securities centre are laid down in its Statute.

§ 82 a. The Minister of Finance may, when the state acts as an account-leading insition, guarantees compensation claims in the occasion 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

Council of advice and supervision, etc.

Chapter 25

Supervision, control, etc.

§ 83. The SEC shall ensure compliance with this law and regulations issued under the law, except for paragraph 12 (b) (b). One and two.

Paragraph 2. The Fund for issuers of transferable securities admitted to trade in a regulated market shall check that the rules of financial information in yearly reports and sub-annual reports in section 183-193 of the Act of Finance, in section 55-56 of the Clause in section, section 55-56 of the Act investment associations and special associations, as well as other collective investment schemes, etc. and the annual accounts code have been complied with. 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 Authority shall act as secretariat of the Fund for the Fund and shall act on behalf of the Fund in this connection.

Paragraph 3. Checks in accordance with 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 performance of the checks, the Fund may be :

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

Paragraph 5. The Council of the Fund shall check compliance with rules for financial information in annual reports and part-annual reports pursuant to paragraph 1. 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.

Paragraph 6. In exceptional cases, financial supervision may use foreign aid. The Fund may, in exceptional cases, use foreign aid under the control of the Council in accordance with paragraph 1. 2-4.

Paragraph 7. § 346, paragraph. 4, and Section 356 of the financial undertaking applicable to the supervision of the Financial Authority shall apply to the supervision of the financial system following that law.

Paragraph 8. The Financial Commission shall draw up a yearly list of regulated markets to meet Article 47 of Directive 2004 /39/EC on the markets for financial instruments (MiFID Directive).

Niner. 9. In cooperation with the Danish Agency for Finance, the Financial Affairs Minister shall submit a report on the status of rules on good value paper commercial practices and on the experience of the use of the rules for the use of the rules in accordance with the Economic and Business Affairs Minister. Section 3, paragraph 3. 2.

Paragraph 10. Rules issued in accordance with section 18 (2). 2, no. 4, section 19 (4). Paragraph 1, section 21 (1). Paragraph 1, section 33 (2). 5, section 40, paragraph. 1, no. 1, 2 and 4, section 52 (3). 1 and 2, Section 54 (1). 4, and section 71, paragraph 1. 1, as well as amendments thereto, must be notified to the Financial supervision.

§ 83 a. The SEC may decide that the powers conferred on the system may be granted,

Paragraph 2. An operator of a regulated market or a company that operates an alternative market place that has been granted powers in accordance with paragraph 1. 1 may request payment for the taking of tasks resulting from these powers.

Paragraph 3. An operator of a regulated market or a company that operates an alternative market place that has been granted powers in accordance with paragraph 1. 1, must comply with caps 3-7 in the administrative act and the law on the administration of the administration when it takes a decision within the delegated areas, cf. paragraph 1.

Paragraph 4. The provisions of section 84 (a), The corresponding use shall apply to operators of regulated markets, respectively, respectively, operating alternative market places that have been granted powers under paragraph 1. 1.

Paragraph 5. The provisions of section 84 b (b), One and two, number one. The provisions of 5, 7 and 8 shall apply by analogy to the extent to which operators of regulated markets, respectively, respectively, operating alternative market places, have been granted powers under paragraph 1. 1.

Paragraph 6. The SEC shall take the decision to make a decision on delegation pursuant to paragraph 1. 1.

Section 83 b. In the checks provided for in Article 83 (3), 2 and 3 shall be investigated whether the financial information rules have been complied with in selected financial information from the annual reports and annual reports. These checks shall cover each year up to 20%. of the sections 83 (3). 2 and 3, included issuers. The issuers concerned shall be selected on the basis of a risk-based risk, as in case of random selection.

Paragraph 2. An examination by paragraph 1. 1 shall be implemented by formal checks on flagrant infringements of the rules of financial information in the selected issuers ' annual reports and partial annual reports.

Paragraph 3. If the formal checks are carried out in accordance with paragraph 1, 2 is reasonable justification for the fact that the financial information contains errors and deficiencies in importance to the investor ' s decision-making, the Fund Council shall obtain a statement from the company, its management or its external auditors. Provided that, after the Fund has obtained this statement, reasoned suspicion is that the financial information contains errors and deficiencies in importance to the investors ' decision-making, the Fund Council shall collect further information ; from the company or its management, including audit protocols. The Fund may require a statement or additional information from the company or its management to be certified by the auditor and may fix a time limit for when the statement or information shall be the Fund for the Fund.

Paragraph 4. Provided that after the Fund Council has carried out a formal check pursuant to paragraph 1. 2 and obtained a statement or further information as referred to in paragraph 1. The third point is justified in the fact that the financial information contains errors and is lacking in importance to the investors ' decision-making, the Fund Council can launch a more in-depth review of the financial information.

Paragraph 5. Notwithstanding paragraph 1 2-4 the Fund Council may, in cases where specific facts provide a reasoned justification for the fact that the financial information contains errors and deficiencies in importance to the investors ' decision-making, immediately launch a more in-depth check on financial information from any issuer subject to Article 83 (3). Two and three.

Paragraph 6. For the issuers in section 83, paragraph 1. The Fund Council shall set up a check which does not comply with the provisions of paragraph 2 and 3 of the financial undertaking or the law on investment associations and special associations and other collective investment schemes etc. 2-5. The provisions of paragraph 1. Paragraph 1-5 shall also be without prejudice to the ability of the financial system to detect and conduct more in-depth studies, which also include accounting conditions in the 1. Act. the issuers mentioned. The Fund shall take decisions in matters relating to financial information included in the framework of this supervision and related to the issuers concerned.

Chapter 26

Detailed rules for the Fund for the Fund, the duty of confidentiality, etc.

§ 84. The Minister for Economic and Industry cuts the Fund Council, which consists of 14 Members. The Council shall :

Paragraph 2. The Fund Council

Paragraph 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. Two and three, and section 83 b.

Paragraph 4. The Minister for Economic and Business Affairs will appoint members of the Council for up to four years at a time. Members may be reappointed.

Paragraph 5. A suppleant shall be appointed for each member. 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-in-Office of the Fund shall decide which of these additional alternates, where appropriate, must participate in the individual meeting.

Paragraph 6. In the case of the Council's handling of matters of good value paper commercial practice, 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 securities trading.

Paragraph 7. In cases where part shat is to be made after the administrative act, access to the part shbe 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.

Paragraph 8. Article 84 a shall apply to the members and the alternates of the Council. 1. Act. however, shall not apply in the case of the issue of rules on the issue of good securities trading practices.

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

Paragraph 10. The Fund Council shall lay down its own rules of procedure, including rules on the possibility of taking place on the Council. The Rules of Procedure are approved by the Minister for Economic Affairs and Trade.

§ 84 a. The employee of the financial system shall be under the responsibility of Article 152-152 of the penal code, to keep 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, and 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, paragraph. 2.

Paragraph 2. The consent of the person responsible for the confidentiality of the confidentiality does not justify the provisions of paragraph 1. 1 mentioned persons to disclose confidential information.

Paragraph 3. Paragraph 1 shall not, however, apply to information in matters of good value paper commercial practice, cf. section 3 and notices issued in accordance with section 3.

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the fact that the Financial supervision or the Fund of its own operations shall communicate confidential information in summary or summarised form, where neither the individual limited liability company is covered by section 7 (2). 1 or any other subject covered by this law or their customers may be identified.

Paragraph 5. Confidential information may be disclosed during a civil trial when a limited liability company is subject to section 7 (4). 1 or other covered by this law are declared bankrupt and, where the information does not concern customer relations or third parties, who are or have been involved in attempts to save the company or others covered by this law.

Paragraph 6. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to :

Paragraph 7. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to an operator of a regulated market which has been given permission after Article 8, or a company operating an alternative marketplace, cf. Section 7 (a) (a) 2 when

Paragraph 8. All those in accordance with paragraph 1. The information provided for in paragraph 5 shall be subject to the information provided for in paragraph 1, 5 to 7 of the Financial Authority or the Fund. This shall be subject to professional secrecy.

Niner. 9. Confidential information received by the Financial Supervisors or the Fund shall be used only for the surveillance authorities, to the imposition of sanctions, or if the decision of the synet or council is to be subject to higher administrative authority or to be brought to the table, for the courts.

Paragraph 10. Access to the provision of confidential information to the Standing Committee of the People's Committee pursuant to paragraph 1. 6, no. 8, is limited to documents in cases created in the Financial supervision after the 16th. September 1995.

Paragraph 11. Dissemination in accordance with paragraph 1. 6, no. 19, may be done

Nock. 12. Dissemination in accordance with paragraph 1. 6, no. 19, of confidential information originating from countries within the European Union or countries concluded by the Community in the area of the financial sphere, the authorities responsible for providing the information have been granted ; express consent and shall be used exclusively for the purposes of which the authorisation is to be granted.

Section 84 b. As a party to the Financial supervision alone, companies are considered to be included in section 7, stk.1, a registered payment system, the securities dealer, the accounting department or the issuer of transferable securities, as a decision or will be taken by : Financial supervision, correcto, cf. however, paragraph 1 Two and three.

Paragraph 2. In the case of the below, a company shall be deemed to be subject to paragraph 1. 1 as a Party to the Financial Decision of the Financial Decision, in respect of the part of the proceedings relating to the person concerned :

Paragraph 3. By the way, as a party is considered a member of the Board, an accountant, a director or other executive staff of a company subject to section 7 or in other undertakings subject to the law if the Finance or Finance Act is made or inexclaimed under the law or his or her ; regulations are directly directed at the person concerned.

Paragraph 4. Paragrasions 1 and 3 shall apply by analoging to decisions taken by the Fund of the Funds as part of the Council's control after 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). Article 3 (2) and section 83 (b) shall be considered to be any party to the Fund for the Fund.

Paragraph 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 shall include the company name.

Paragraph 2. Publication under paragraph 1. 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.

Paragraph 3. If publication is not in accordance with 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 shall apply only to two years after the decision has been taken.

§ 84 d. The financial supervision may 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 to 8 and 10 when the decisions have been taken against natural persons.

Paragraph 2. Publication can be done in cases of infringement proceedings

Paragraph 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.

Paragraph 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 the physical person.

Paragraph 5. The Financial supervision may, if deemed appropriate, make public an injunction in respect of a change in relation to the law or provisions laid down in accordance with Article 93 (3). THREE, ONE. and 2. pkt., shall be communicated to a natural or legal person or a group of legal persons.

Paragraph 6. Where a issuer of securities fails to comply with an injunction on the publication of information received pursuant to section 93 (2), 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 issued under section 30.

§ 84 e. The SEC must inform the public about cases of good value paper tradesmen, cf. section 3, and notices issued pursuant to Article 3, which is dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of importance for the understanding of the said provisions.

§ 84 F. When a limited liability company is subject to section 7 (4). 1, or other covered by this law have been declared bankrupt and the State has provided a guarantee or made available, the Financial Board shall prepare a statement of the course of the business up to the bankruptcy. The decision must, inter alia, describe the role of the financial system during this course of action.

Paragraph 2. The financial supervision shall publish the information referred to in paragraph 1. 1 said statement. For the publication, Section 84 is not applicable unless the information relates to customer relations or third parties who are or have been involved in attempts to save the company in question, or others covered by this Act.

§ 85. Undertakings under the supervision of this bill pay the financial supervision of the Financial Authority. The levy shall be fixed in accordance with Chapter 22 of the Act on financial activities.

§ 86. The SEC shall ensure that securities traffickers, operators of regulated markets, registered payment systems, clearing centres, securities centers and principal institutions ' activities, including their rules, organizational plans, business procedures and control and security measures, including in the IT area, are reassuring and in accordance with this law and regulations as laid down in this respect. Similarly, the supervision of the Financial supervision of undertakings operating multilateral trading facilities complies with their duties under this Act, however not subject to registered payment systems covered by Denmark's National Bank ; monitoring the following paragraph : 2.

Paragraph 2. Denmark's National Bank shall monitor payment systems which the National Bank of Denmark considers that it is essential for the payment execution or the implementation of the monetary policy transactions of Denmark's National Bank, in order to facilitate the smooth nature of the systems ; function by contributing to their efficiency and stability. The Danish National Bank shall communicate to the Financial Authority the payment systems covered by the surveillance of the Danmark National Bank.

Paragraph 3. The SEC shall draw up a list of the payment systems covered by paragraph 1. 2. List shall be published by publication

§ 87. Financial supervision may require management of board, management and audit of securities traders, regulated markets, clearing centres, securities centres, bank accounts, principal undertakings, operating multilateral trading facilities, registered, payment systems and issuers shall provide the information necessary for the business of the financial system.

Paragraph 2. The Financial supervision may require all information, including accounts, accounting materials, printout of books, other business papers, tape recorders, and the like in connection with the conclusion of contracts for transactions and electronic stored data, which are estimated to be considered ; the activities of the Financial Authority or to a decision whether a natural or legal person is subject to the provisions of the law.

Paragraph 3. The financial supervision may impose the measures referred to in paragraph 1. 1 of the companies referred to in electronic form shall be notified in electronic form.

Paragraph 4. The SEC may obtain information, including in electronic form, from public authorities.

Paragraph 5. The SEC may, at any time, against appropriate identification and without a court order to make on-the-spot visits to the business site of a securities dealer, an operator of a regulated market, a company that operates a multilateral trading facility ; clearing centre, a securities centre, an account institute and a registered payment system.

Paragraph 6. The financial supervision may obtain information in accordance with paragraph 1. 1-5 for use in the section 84 (a) (1). 6, no. The authorities referred to 15 and 19.

Paragraph 7. Exasions in accordance with paragraph 1. 1-6 is carried out by Denmark's National Bank, where a registered payment system is subject to section 57 (a) (a). 7.

§ 87 a. (The case).

§ 88. Decisions taken by the Financial Regulation pursuant to this law or in accordance with the rules laid down in accordance with the law may be submitted to the Board of Acquisities at the latest four weeks after the decision has been notified to the person concerned. The provision in 1. Act. shall not include decisions pursuant to paragraph 1. Three or seven. The provisions of this paragraph shall also apply to decisions taken by the Fund of the Funds as part of the Council's control after Article 83 (3). 2 and 3, and section 83 b (b). Two-four, as well as decisions taken by Denmark's National Bank, in accordance with section 57 (a) (a). 7.

Paragraph 2. Paragraph 1 shall also apply to decisions taken by undertakings exercising powers on behalf of the Finance Supply.

Paragraph 3. Decisions made by operators of regulated markets, companies operating multilateral trade facilities, clearing centres or securities centres under this law or rules issued under the law, as well as the undertakings referred to in the said undertakings ; decisions in matters of far-reaching or fundamental importance given in accordance with its own rules of law may be brought before the Financial supervision within four weeks of the notification of the decision. The application can be conferred on a seating effect.

Paragraph 4. Decisions and decisions taken by the Agency shall take the decisions and decisions of the Board of Auditors. 3, may at a case be made available to the courts at a time of eight weeks after the decision has been notified to the person concerned.

Paragraph 5. Decisions concerning the registration, amendment or termination of rights in a securities centre by a securities central and decisions taken by the Securities and Securities Board shall not be covered by paragraph 1. 1-4.

$89. The SEC may lay down rules that securities traffickers, regulated markets, clearing centres, value paper centres, account-leading institutions, companies operating multilateral trading facilities and registered payment systems prepare information for the use of the public for statistical purposes.

Paragraph 2. The Statistics Denmark may also lay down rules as referred to in paragraph 1. 1.

Paragraph 3. Public authorities and institutions that emit statistics which can have a tangible impact on the financial markets must send out the statistics in a way that is transparent and which ensures equal access to the information.

§ 90. (The case).

§ 91. The surveillance of data shall ensure that there is no infringement of the law on the processing of personal data, of provisions laid down pursuant thereto, or of section 60 (2). 2-4. The surveillance shall be detected, including its own operation, or, in the case of complaints from a record, that a securities centre is used in accordance with the said laws and regulations.

Paragraph 2. The supervision may, of a securities centre or by an institution ' s principal institute, require any information that is of relevance to its operations, including in determining whether a relationship falls under this law or the processing of personal data.

Paragraph 3. In the case of transferable securities centres or account-leading institutions, the members and staff of the synet have at any time against appropriate credentials without a court order of access to all premises from which the registers of securities central are administered or may be used, as well as for rooms where the register or technical assistance is stored or used.

Paragraph 4. If the Data Board finds that a securities central or an account institute does not comply with section 60 (s). Two-four, shall notify the central or institution concerned of the measures to be carried out. The data on the data-based net may not be brought to the second administrative authority.

Chapter 27

Withdrawal of authorisation

§ 92. The SEC may withdraw the authorization after paragraph 8 for an operator of a regulated market, a clearing centre and a security central, if

Paragraph 2. Finds the Financial supervision that an account institution which is subject to section 62 (s). 1, no. 2-8, or paragraph. Two-four, grossly overriding his obligations or injuns granted in accordance with this law, the Financial supervision may be deduce from the institution concerned to act in accordance with section 62 and section 76 (4). 2.

Paragraph 3. Populate 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. shall apply by analogous in cases where the total capital response of a securities centre does not comply with the requirement in section 82 (3). 1.

TITLE VI

Penalty provisions, etc.

Chapter 28

Penalty provisions, etc.

§ 93. Inherit of Article 8 (3). Paragraph 1, section 10, paragraph 10. 1, sections 10 b and 10 c, § 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). ONE, ONE. Act.

Paragraph 2. The penalty shall be penalised a financial undertaking or a financial holding company which 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, 3. Act.

Paragraph 3. Where a natural or legal person does not comply with its obligations under this law or for provisions laid down in its application, 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. have been washed in accordance with other legislation.

Paragraph 4. The provisions of the Economic and Economic Affairs Minister, the Finance-SEC or the Corporate and Corporate Management Board pursuant to this Act may be subject to penalties for the infringement of provisions laid down in the legislation.

Paragraph 5. The SEC may lay down rules for penalties to be punished in violation of provisions contained in the European Community regulations for the areas of the law which the Financial supervision is supervising.

Paragraph 6. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Paragraph 7. The period of limitation of liability shall be five years.

$94. The withdrawal of section 35 (3). 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. The sentence shall be reduced to four years in the fourth year of the sentence, or if there has been a greater number of intentional offences committed, or if there has been a major number of offences committed.

Paragraph 2. The provision in section 93 (3). 6 shall apply mutatis mutis.

§ 95. Avoiding a management board, board or auditor of a securities trader, an operator of a regulated market, a clearing centre, a security of securities, an account institute, a company that operates a multilateral trading facility, a registered office ; the payment system or issuer shall comply with the obligations laid down in accordance with the law or in accordance with the provisions of the Financial Authority, the Danish Agency for the Agency or the Danish Agency for Finance, the Agency for the Agency or the Agency for the Agency, or, where a registered office is registered, the payment system covered by Section 57 (a) (a), 7, Denmark's National Bank, the Finance-SEC, Errecruvs and Corporate National Bank, or Denmark's National Bank, may impose penalties on the daily or weekly fines of the relevant daily or weekly.

Paragraph 2. If a natural or legal person leaves a natural or legal person to fulfil the duties of them under this law, the SEC, the Corporate and Corporate Authority or the Danish National Bank may, as a force, impose the natural or legal person or of the Danish National Bank as an enforcing instrument, or of the person responsible for it ; legal person responsible for daily or weekly fines.

§ 96. Governing members, directors, auditors and their alternates and employees of an operator of a regulated market, a clearing centre, a security system, a registered payment system, an account-leading institute or a company that drives one ; a multilateral trade facility, which is unjustified, or exploiting confidential information, which, in the performance of their duties, shall be punished by fine, in so far as the penalties are not inflited on any other legislation.

Paragraph 2. Enables people who are associated with an operator of a regulated market, a company that operates a multilateral trading facility, a clearing centre, a security central, a registered payment system or an account institute inaccurate, or misleading information on the operator of the regulated market, the company operating a multilateral trading facility, the clearing centre, the securities centre, the registered payment system or the account principal for : Financial supervision, Denmark's National Bank, the Fund or other public authorities shall be penalised by penalty of fine or penitentiance for up to four months, in so far as the penalty is not inflited on any other legislation. ` ;

TITLE VII

Conversion provisions, etc.

Chapter 29

Conversion provisions

§ 97. The Securities Stock Exchange, Securities and Guarantee Fund, and the Guarantee Fund for Danske Options and Futures can be transformed into limited liability companies in accordance with the rules in section 98-104.

-98. The Management Board of each of the Funds referred to in Article 97 may decide that the fund is dissolved without winding-up proceedings by the transfer of assets and debt as a whole to one or more of the Fund owned or established private companies authorised to operate, in accordance with the provisions of Article 7 (7 1, no. One, five or six. At the same time, shares in each stock shall be transferred to the value of the assets deposited after deduction of the deposit ' s debt to a newly-archaeat-stock. The decisions of the newly-stifted funds may decide, with the consent of the Fund Authority, that the funds are being groupled.

Paragraph 2. A solution without winding-up proceedings may also be carried out by handing over the assets and debts 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. At the same time shares in each of these holdings shall be transferred to the value of the assets deposited after deduction of the deposit ' s debt to a newly-archaeat-stock. Where the transfer takes place to one or more limited liability companies established pursuant to paragraph 1. 1, the board of directors of the newly-stifted funds, with the consent of the Fund Authority, may decide that the funds are being groupled.

Paragraph 3. Conversion in accordance with paragraph 1. 1 and 2 may also be done by the fact that the shares in the Member (s) or those referred to in paragraph 1 are 1 and 2 of the stock companies referred to shall be transferred to the existing fund, provided that this is in conformity with the existing Fund ' s statutes.

Paragraph 4. Decision pursuant to paragraph 1. 1-3 shall be taken by the majority, which is also required for essential decisions. The shareholder or the shareholders referred to in paragraph 1. 2 such limited liability companies shall compile a shareholder agreement to be approved by the Minister for Economic Affairs and Industry.

Paragraph 5. The sequending fund as provided for in paragraph 1. ONE, TWO. and 3. pkt., paragraph TWO, TWO. and 3. pkt., and paragraph. 3 shall be regarded as traders according to the law of economic operators.

§ 99. By conversion after Article 98 (2), One-three, find the equity company section § 6 a-6 c and section 33 (2). 1, commutandis section 134-134 i or § 136-136 of equivalent use with the necessary adaptations.

Paragraph 2. The section 134 (b) of the Section 134 (b) of the common accounting position and opening balance shall be drawn up in accordance with the accounting rules applicable to limited liability companies which operate the type of establishment in which the newly-stifted private companies are concerned to operate.

Paragraph 3. Documents which, according to the company law, must be sent to the Corporate and Corporate Office, shall also be submitted to the Financial supervision.

Paragraph 4. The financial supervision must approve the conversion of Article 98 (3). 1-3.

§ 100. The sequending fund, cf. ~ 98, paragraph. One-three, led by a board of at least five members.

Paragraph 2. A majority of members shall be appointed by the company board of the Management Board of the Management Board of the Management Board.

Paragraph 3. In the case of conversion of shares in more than one limited liability company in accordance with Article 98, the encapacal funds shall be established in accordance with Article 98 (1). 2 shall not apply.

§ 101. The controls in each of the Funds referred to in Article 97 may also decide that without winding-up of assets and liabilities as a whole to one or more of the Fund or the Funds owned or created, the Fund or the Funds may be dissolved without winding-up proceedings or the Fund or the Fund (s). who are authorized to operate in accordance with the provisions of Article 7 (7) of the law. 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 company, a bottle-up reserve corresponding to the value of the assets deposited after deduction of the debt ' s deposit debt, cf. sections 102 and 103.

Paragraph 2. A 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 company, a bottled fund reserve corresponding to the value of the assets deposited after deduction of the debt ' s deposit debt, or, if already such a bottled stock reserve in the stock company, is increased by the value of the deposits ; assets deposited after deduction of the debt ' s deposited debt, cf. sections 102 and 103.

Paragraph 3. ~ 98, paragraph. 4, and section 99 shall apply mutatis muth to the conversion referred to in paragraph 1. One and two.

§ 102. The bottom-up fund can be used to cover deficits that are not covered by sums that can be used for profit in the stock company.

Paragraph 2. In the event of termination of the stock company, the encoding to the shareholders shall only take place where the obligations laid down in paragraph 1 shall be carried out. Four has been fulfilled.

Paragraph 3. In the transfer of assets and liabilities to one or more limited liability companies operating in accordance with the provisions of Article 7 (7) (1) of the asset ' s assets and liabilities. 1, no. 1, 5 or 6, will inherit the consecutive company of the fund on the same terms and conditions in force until the transfer.

Paragraph 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, are used for purposes relating to stock exchanges, clearing business or registration.

§ 103. Ten% must be executed. 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 rate fixed by the tax minister, with deduction of a proportionate share of the company tax of the year.

§ 104. The Management Board of each of the Funds referred to in Article 97 may also decide that conversion must be made by combining the conversion of sections 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 commercial operators.

Paragraph 2. section 98-103 shall apply to the adjustments necessary to the conversion of the first paragraph. 1.

TITLE VIII

Amendment of other laws

Chapter 30

Amendment of other laws

§ 105. (Excluded)

§ 106. (Excluded)

§ 107. (Excluded)

§ 108. (Excluded)

-109. (Excluded)

§ 110. (Excluded)

§ 111. (Excluded)

§ 112. (Excluded)

§ 113. (Excluded)

§ 114. (Excluded)

§ 115. (Excluded)

§ 116. (Excluded)

§ 117. (Excluded)

§ 118. (Excluded)

§ 119. (Excluded)

§ 120. (Excluded)

§ 121. (Excluded)

§ 122. (Excluded)

§ 123. (Excluded)

§ 124. (Excluded)

§ 125. (Excluded)

TITLE IX

Entry into force and transitional provisions, etc.

Chapter 31

Extremination and transitional provisions, etc.

§ 126. The timing of the law or parts 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.

Paragraph 2. The Minister for Economic and Business Affairs can, in whole or in part, lift the right of the Copenhagen FondsExchange, 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 certain securities.

Paragraph 3. § 105, no. 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 Six and seven.

Paragraph 4. § 105, no. Ten, having an effect on companies and associations, etc., which are subject to the entry into force of the company tax havens, and with the entry into force of this Regulation.

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

Paragraph 6. In the conversion of the Copenhagen FondsExchange and Securities Central, to a limited liability 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, similar application.

Paragraph 7. In the case of a transformation of the Guarantee Fund for Danske Options and Futures, to a limited liability company before 1. In January 1997, the section 14 of the Merger Tax Code shall be referred to in paragraph 14 of this Act. 2, similar application.

§ 127. Notwithstanding 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. In the performance of this company, the Copenhagen Fund shall be regarded as a stock exchange following this law.

Paragraph 2. Notwithstanding the provisions of section 7, no. 5 and 6, and section 8 (4). 2, no. 1 and 2, the Securities and Guarantee Fund for Danske Options and Futures can continue to exercise value-clearing business. In the performance of this company, the Guarantee Fund for Danske Options and Futures and the Securities and Securities Centre shall be regarded as clearing centres by this law.

Paragraph 3. Notwithstanding the provisions of section 7, no. 6, and section 8 (3). 2, no. 1 and 2, the Securities Centre may continue to carry out registration activities. In the performance of this undertaking, the securities centre is considered to be a securities central by this law.

Paragraph 4. In the transformation of the Copenhagen stock exchange to a company, employees in the company have the right to appoint a member of the Board. In the case of conversion of the Securities Centre to a limited company, employees in the company have the right to appoint two board members.

Paragraph 5. Paragraph 4 shall apply for a period of three years from the conversion, after which the company's employee's right to be represented on the management board is regulated by the provisions of the company law.

§ 127 A. The Securities Centre is a private self-adder institution. The detailed rules on the securities central and its operations shall be determined by the central board of the Central Bank of a Staff Regulations approved by the Financial Supervision.

Paragraph 2. The Securities Centre is led by a Board of Directors until 14 members and a management board.

Paragraph 3. The decisions taken by the governing board shall be determined in so far as they are not required by a simple majority voting by a simple majority. The Staff Regulations can stipulate that the voice of the President is crucial in the case of ballot equality.

Paragraph 4. The Finance and Economic Minister shall appoint the Chairman of the Management Board and the other board members, cf. for three years. however, paragraph 1 5-9. Of members, four are appointed by organisations representing the issuers of the fund assets, four by setting from organisations representing the parties in paragraph 62, paragraph 1. 1, no. The accounts shall be two (2) and (3) of the aforementioned account institutes, and one following the recommendation of the Danish National Bank Two of the members are appointed in particular to protect the interests of the owners of the fund assets. For members to be appointed delegates.

Paragraph 5. The workers of the Securities Zone shall be entitled in accordance with paragraph 1. 6-9 to select two members of the Management Board and Delegates for these among the central workers of the central person.

Paragraph 6. At least half of the workers must vote in favour of a decision to take advantage of the right of paragraph 1. The decision shall be given in writing to the Administrative Board.

Paragraph 7. The workers ' choice of board members and delegates will be done in writing and in secret ballot. The members shall enter the Administrative Board within one month of its written notice of the name and address of the person concerned.

Paragraph 8. The members of the board members elected by the workers shall be designated for three years at a time among the workers who have been employed over the last year before the choice of the Securities Centre.

Niner. 9. The Economic and Industry Minister shall lay down rules on :

Paragraph 10. The Management Board shall hire the Executive Board and ensure that the Agency ' s activities are properly carried out in accordance with the rules of the law and of the Securities and Securities Central.

Paragraph 11. The Executive Board shall be responsible for the day-to-day management of the Securities Centre in accordance with the Management Board's Guidelines and instructions.

§ 128. In the case of limited liability companies established under Clause 101 or § 104, the Financial Regulation may, notwithstanding the provisions of section 8 (1), be granted. 2, no. 2, grant authorization for the exercise of stock exchanges, securities clearing activities and registration activities, if the responsible capital of the company at the time of authorisation is at least 40 million. DKK The sum total of at least 16 million shall be such that : DKK be equity capital.

§ 129. The provision in section 6 (4). THREE, ONE. PC, on the subject of customer consent, the application of new customer relations was concluded after the entry into force of this Agreement. For existing customer relations within 18 months of the date of section 6 (6), THREE, ONE. pkt., has entered into force, obtained consent from the individual customer if a securities trades store the Customer's securities in coconcion.

$130. The law does not apply to the Faroe Islands and Greenland, but may, with the exception of § § 105-115, § 123 and § 125 at a king of royalty, be brought into force for those parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 2. Section 125 may be applied to the Faroe Islands by means of a royal device, with the deviations which the particular ferotable relationship states.

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§ 9

Paragraph 1. The law shall enter into force on 1. January 1998. (2nd and 3. dot omitted)

Paragraph 2. Not later than 1. In March 1998 the Management Board shall have prepared internal guidelines pursuant to (excluded) § 12 b (3) (b). 1, in the Act on securities trading, and so on, as drawn up by the section 4 of this law. 1.

Paragraph 3. The provisions of (excluded) section 14 (4). 2, in the Act on securities trading, and so on, as drawn up by the section 4 of this law. 3 and 4, section 11 (a), THREE, TWO. pkt., (excluded) shall apply to the financial year commenting on 1. January 1998 or later.

Stc. 4-6. (Excluded)

Paragraph 7. Notwithstanding the rules of this law, CEOs, VVs, VVs, and thus assimilate and branch managers in financial institutions shall be subject to the Governing Board of Denmark in Denmark ' s Shipcredit Fund, Danish Export Financial Services, Danish Development Fund A/S, Danish Development Fund A/S, Finance Institute for Hotels, Finance Institute for Industry and Craft A/S, United Kingdom, Landsbanks Reallloans, Totalcredit RealCredit Fund and Bornholms Commercial foundation.

Paragraph 8. People covered by § 12 c (3) (c) 3, in the Act on securities trading, and so on, as drawn up by the section 4 of this law. 3, which is 1. In January 1998, the office of internal audits or temporary producer groups within companies outside the group may continue to do so until the end of the period of operation commenced on 9. April 1997. If, after this date, the said persons shall begin a functional period as an internal audit or visa-agency manager in a company which is not covered by section 12 c (s). 3, shall be dedupped by the person concerned by 1. February 1998.

Niner. 9. The engagements and securities which are on the 1. January 1998 was legally concluded between the selected audit or an internal audit or temporary (excluding) companies (excluded) and (excluding) companies may continue to the original agreed expiration date.

Check. 10-12. (Excluded)

§ 10

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, (excluded) but (excluded) may, by means of a royal device, be brought into force for those parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

Strike two-three. (Excluded)

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§ 9

Paragraph 1. The law shall enter into force on 1. April 2001, cf. however, paragraph 1 2-5.

Paragraph 2. (Excluded)

Paragraph 3. § 1, no. 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. The calculation of contributions shall be the first time on the basis of information from the financial year concluded in 2000.

Paragraph 4. § 1, no. 20 and 21, enter into force on 1. July 2001.

Paragraph 5. Value traders and companies covered by the securities trading slots section 62 (3). 1, and Section 63, which, at the time of the entry into force of the law, was a member of a stock exchange or connected to a securities market, shall be able to continue to do so without the consent of the financial system for the financial system.

§ 10

Paragraph 1. sections 1, 2, 4, 5, 7 and 8 shall not apply to the Faeroe Islands and Greenland but may, by means of a royal device, be brought into force for those parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 2. (Excluded)

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§ 3

The law shall enter into force on 1. July 2002, cf. however, paragraph 1 2.

Paragraph 2. § 1, no. 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, 12, 19, 26, 30, 31, 33, 34, 37 and 38, and section 2.

§ 4

Paragraph 1. The 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.

Paragraph 2. Notice of the Fund Council no. 429 of 28. However, May 2001 on good securities trading by trade in certain securities shall continue to be valid until the economic and commercial minister has issued rules in this area.

§ 5

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.

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$375. The law shall enter into force on 1. January 2004, cf. however, paragraph 1 Two and three.

Strike two-three. (subtly).

§ § 376-437. (subtly).

§ 438. The law shall not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations that the special ferry and Greenland conditions are attributed to, cf. however, paragraph 1 2-4.

Strike two-four. (subtly).

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§ 6

Paragraph 1. The law shall enter into force on 1. January 2004, cf. however, paragraph 1 Two and three.

Paragraph 2. The Economic and Economic Affairs Minister shall determine the time of entry into force of the Act of Title 2. 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.

Paragraph 3. (subtly).

§ 7

Internal auditing and vicerevision schefer, regardless of the ban on securities trading, can be allowed, and so on. § 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 law.

§ 8

Paragraph 1. Chapter 18 (a) on securities trading, etc., as drawn up by the section 1 of this Act. In the case of the entry into force of the law, the application of the 12 shall apply to agreements on financial securities, final payments and so on.

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

§ 9

(subtly).

§ 10

Paragraph 1. The law shall not apply to the Faroe Islands and Greenland but may, by means of a royal appliance, be brought into force in whole or in part to these parts of the village, with the deviations that the particular ferocities and Greenland conditions say, cf. however, paragraph 1 2.

Paragraph 2. (subtly).

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§ 6

Paragraph 1. The law shall enter into force on 1. January 2005, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 14, enter into force the day following the announcement in the law.

Paragraph 3. § 1, no. 4, 7 10, 13, 30, 34, 37 and 41, section 2, nr. 1-3, 12 and 13, section 3, no. 1 and 2, section 4, nr. 5, and section 5 shall enter into force on 1. July 2004.

Paragraph 4. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.

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§ 17

Paragraph 1. The law shall enter into force on 1. January 2005, cf. however, paragraph 1 2-4.

Strike two-four. (excluded)

§ 18

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Strike two-three. (Excluded)

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§ 3

Paragraph 1. The law shall enter into force on 1. April 2005, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 2 and 3, 8-12, 14, 18-20, 22 to 24, and 30, and section 2 shall enter into force on 1. July 2005.

Paragraph 3. § 1, no. 7 and 21, enter into force on 1. January 2005.

Paragraph 4. Notwithstanding the provisions of section 1 of this Act, credit institutions covered by the derogation provided for in Article 5 (a) of Directive 89 /298/EEC and which are not covered by Section 23 (3). 5, no. 8, to the public in Denmark offer bonds or other transferable securities equivalent to debt securities issued continuously or through several times, until 31. December 2008.

§ 4

The law does not apply to the Faroe Islands and Greenland but can, by means of a royal contraption, be brought into force in whole or in part of these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.

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§ 6

Paragraph 1. The law shall enter into force on 1. July 2005

Strike two-four. (Excluded)

§ 7

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry or Greenlandic conditions.

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§ 5

Paragraph 1. The Act shall enter into force on the day following the announcement in the law in Juditsiding, cf. however, paragraph 1 2.

Paragraph 2. (Excluded)

Paragraph 3. Section 1 of the law. 11, shall apply to decisions concerning the submission of takeover bids taken after the entry into force of the law. Section 1 of the law. 14-16 shall apply to handover, cf. Section 31 (1). 1, in the Act of securities trading, etc., which shall be carried out after the entry into force of the law.

§ 6

Paragraph 1. Section 1-3 does not apply to the Faeroe Islands and Greenland but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributed to the special ferry and Greenlandic conditions.

Paragraph 2. (Excluded)

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§ 6

The law shall enter into force on 1. January 2006.

§ 10

The law does not apply to the Faroe Islands and Greenland, but § § 1, 3 and 4 may be brought into force by means of a non-conundant device to these parts of the abnormations that the special ferry or Greenland conditions are attributable.

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§ 5

The law shall enter into force on 1. March 2006.

§ 6

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. sections 1 and 2 may, by means of a king, power in the Faeroe Islands and Greenland with the deviations which are attributed to the special ferry or Greenland conditions.

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§ 4

Paragraph 1. The law shall enter into force on 1. January, 2007, cf. Oh, the size of the .2.

Paragraph 2. (Excluded)

§ 5

(Excluded)

§ 6

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.

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§ 21

Paragraph 1. (Excluded)

Paragraph 2. (Excluded)

Paragraph 3. § 1, no. 88, section 3, no. 1, 3, 11, 24, 27, 30, 40-43, 58, 61, 62, 68, 69, 76, 81, 83, 85 and 86, section 6, nr. One-nine, seven, eight, number. 3, 8 and 9, section 9, nr. 6 and 7, section 10, no. 6, section 11 to 15, enter into force on the 15th. February 2007.

Paragraph 4. § 1, no. 2, 3, 54-60, 62, 63, 90, 93, 94, 105-109, 116, 118 and 119, section 3, nr. 74, and section 4 enters into force on 1. June 2007.

Paragraph 5. (Excluded)

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

Paragraph 7. (Excluded)

§ 22

Paragraph 1. Section 16 shall enter into force on the day following the announcement in the law.

Paragraph 2. Irrespective of the rules laid down in this law's section 1, companies with a permit in accordance with Article 8 (3). 1, in the Act of securities trading, etc., to operate as a stock exchange or authorized marketplace without a new permit, continue to operate in compliance with the rules governing the operators of regulated markets.

Paragraph 3. Irrespective of the rules laid down in this law's section 1, companies with a permit in accordance with Article 8 (3). 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 ; marketplace.

Paragraph 4. Irrespective of the rules of Section 1 of this Act, shares, stock certificates and bonds occupied at the listing of a stock exchange in accordance with section 22 of the Act on securities trading, etc. shall continue to be noted.

Paragraph 5. Financial enterprises, 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 Act of Financial Company, may continue these activities as before.

Paragraph 6. Companies on the 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 carry out the notified activities, including the dissemination of the money and lending between participants on the money market.

Paragraph 7. A company or person who, on 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 the information on all the matters referred to in section 343 c is submitted for the Finance-sighted.

§ 23

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 6, 13 and 14 may, in the case of the Faeroe Islands and Greenland, be in force in full or in part, in the case of the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenland conditions are saying.

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

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§ 8

Paragraph 1. The law shall enter into force on 1. January 2008.

Paragraph 2. Chapter 23 of the Court of Justice shall be drawn up by this Act. 10 shall apply in cases which are laid down upon the entry into force of the law.

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

§ 9

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. Section 3, by means of a royal device, shall be in force for the Faeroe Islands and Greenland ;

Paragraph 3. 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 movement or Greenland conditions are attributed.

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§ 12

Paragraph 1. The law shall enter into force on 1. July 2007, cf. however, paragraph 1 Two and three.

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

§ 13

(Excluded)

§ 14

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. Section 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 movement and Greenland conditions are attributed.

Paragraph 3. (Excluded)

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§ 10

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2.

Paragraph 2. (Excluded)

§ 11

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

Paragraph 2. (subtly).

Paragraph 3. sections 1, 2 and 4 may, in whole or in part, be put into effect for the Faeroe Islands, with the deviations that the particular feroted relationships are saying.

Paragraph 4. sections 1-5 and 9 may be put into force in whole or in part to Greenland, with the deviations from which the special Greenland conditions are attributed.

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§ 13

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2-5.

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

Paragraph 5. (Excluded)

§ 14

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1, 2, 6, 10 and 12 may, by means of a royal contraption or in part, be given in full or in part to the Faeroe Islands and Greenland, with the deviations from which the special ferry and Greenland conditions are attributed.

Paragraph 3. (Excluded)

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§ 17. The law shall enter into force on the 11th. October 2008 at the beginning of the day of death.

Paragraph 2. The bill can be confirmed immediately after the adoption.

Paragraph 3. The law has effect from the 5th. October 2008.

Paragraph 4. (subtly).

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§ 14. The law shall enter into force on the fourth. In February 2009.

Paragraph 2. The bill can be confirmed immediately after the adoption.

Paragraph 3. (subtly).

§ 15. The Act's section 16-18 does not apply to Faeroe Islands and Greenland, but § 16, nr. In the case of the Faroe Islands and Greenland, in full or in part, 1 to 14 and 17-19, the total or partial may be set in force for the Faeroe Islands and Greenland, with the deviations from which the special ferry and Greenland conditions are attributed.

Paragraph 2. The laws of the law of mortgage credit institutions are not applicable to the Faroe Islands.

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§ 7

Paragraph 1. The law shall enter into force on 1. In March 2009, cf. however, paragraph 1 Two and three.

Paragraph 2. Section 1 of the law. 1-5, 8, 9, 13 and 14, and section 3, no. 1, 2, 4 and 7 shall enter into force on 21. In March 2009, with effect, for applications received in the Financial supervision after this date.

Paragraph 3. (subtly).

§ 8

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. The laws of the Law, sections 1, 3 and 4 may be implemented in whole or in part to the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 3. (subtly).

1) The law 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 of the eviction Directive).