Act On Securities Trading Act

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

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=132738

Overview (table of contents)
Chapter 1 Securities
Chapter 2 Securities Dealers
Chapter 3 Common provisions
Chapter 4 Operation of a regulated market
Chapter 5 Access to regulated markets
Chapter 6 Recording of securities to trading on a regulated market, the official listing and public offering of securities of EUR 2,500,000 etc.
Chapter 7 Disclosure requirements
Chapter 8 Takeover bids
Chapter 9 værdipapirhandleres transaction reporting and publication of prices and transactions
Chapter 10 Abuse of insider knowledge, market manipulation and measures to address market abuse
Chapter 11 (Repealed)
Chapter 11 a (Repealed)
Chapter 11 b Operation of a multilateral trading facility
Chapter 12 prospectuses for public offerings of securities between EUR 100,000 and EUR 2,500,000
Chapter 13 (Repealed)
Chapter 14 (Repealed)
Chapter 15 Clearing Company
Chapter 16 Connecting to a clearinghouse
Chapter 17 Hedging
Chapter 18 Payment systems, netting etc.
Chapter 18 a Contracts for financial security and closeout etc.
Chapter 18 b Ting Judicial applicable law
Chapter 19 Issue and registration of dematerialized securities
Chapter 20 Registration Company
Chapter 21 Connecting to a CSD
Chapter 22 Consequences of registration, etc.
Chapter 23 Statements
Chapter 24 Complaints and compensation
Chapter 25 Supervision, control, etc.
Chapter 26 Specific provisions on the Fund Council, confidentiality, etc.
Chapter 27 Withdrawal of authorization or approval
Chapter 28 Penalty provisions etc.
Chapter 29 Conversion Rules
Chapter 30 Amendments to other laws
Chapter 31 Commencement and transitional provisions, etc.
The full text
Act on Securities Trading, etc.1)
This is to promulgate the Act on Securities Trading Act, cf.. Legislative Decree no. 795 of 20 August 2009 with the changes imposed by § 9 of the Act no. 516 of 12 June 2009, § 2 of the Law no. 1273 of 16 December 2009 , § 4 of the law no. 579 of 1 June 2010 and § 18 of law no. 724 of 25 June 2010
The changes arising from § 22 of Law no. 718 of 25 June 2010 amending the bankruptcy law and various other laws, are not included in this consolidated act as the effective date of these changes, the Minister of Justice, see. § 55, PCS. 1 of Law no. 718 of 25 June 2010.
Title I
Introductory provisions
Chapter 1
Securities
§ 1. This law applies to securities trading.
PCS. 2. Securities understood
1) public offering of securities
2) the purchase and sale of own or third parties of securities
3) facilitating the purchase and sale of securities
4) professional advice regarding securities
5) portfolio management and
6) the release of underwriting.
PCS. 3. The law also applies to the operation of regulated markets, operation of multilateral trading facilities, clearance company registration business, etc. and registered payment.
PCS. 4. For suppliers and subcontractors to outsourcing companies, see. § 2 c, no. 3 and 4, § 87. 1 and 8, mutatis mutandis.
§ 1 a. (Repealed).
§ 2. This law's provisions on securities shall apply to the following instruments:
1) Marketable securities (excluding payment instruments) that can be traded on the capital market, including
a) shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts,
b) bonds and other debt instruments, including certificates representing such securities, and
c) all other securities giving securities mentioned in subparagraphs a or b can be acquired or sold or settled in cash by an amount determined by reference to securities, currencies, interest rates or yields, commodities index and other indices or measures;, || | 2) money market instruments including treasury bills, certificates of deposits and commercial papers, excluding instruments of payment,
3) units in collective investment schemes subject to the law on investment funds and special funds and other collective investment schemes, etc. and units of other collective investment

4) options, futures, swaps, forward rate agreements (FRAs) and any other derivative contracts relating to securities, currencies, interest rates or yields or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash,
5) options, futures, swaps, forward rate agreements (FRAs) and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash if one of the parties (otherwise than by reason of default or other cause for termination )
6) options, futures, swaps and any other derivative contracts relating to commodities that can be physically settled provided that they are traded on a regulated market or a multilateral trading facility
7) options, futures, swaps, forwards and any other derivative contracts relating to commodities that are not covered by no. 6, and can be physically settled and not being for commercial purposes, which have the characteristics of other derivative financial instruments, taking bl .a. taken into account, they are cleared and settled through recognized clearing houses or are subject to regular margin,
8) credit derivatives
9) Financial contracts for differences (CFDs)
10) options, futures, swaps, forward rate agreements (FRAs) and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash if one of parties (other than for default or other end), and any other derivative contracts relating to assets, rights, obligations, indices or measures that are not covered by no. 1-9 and having the characteristics of other derivative financial instruments, taking particular taken into account, they are traded on a regulated market or a multilateral trading facility, are cleared and settled through recognized clearing houses or are subject to regular margin, and
11) transferable mortgages secured by real property or personal property.
PCS. 2. FSA may lay down regulations to specific instruments not referred to in paragraph. 1, subject to all or part of this Act regarding securities.
§ 2 a. For securities investments, understood in Chapter 6 and in regulations issued pursuant to § 23 paragraph. 7 and 8 and § 24 paragraph. 2, shares and other transferable securities equivalent to shares and any other marketable securities giving the right to acquire any of the aforementioned securities as a result of a conversion or exercise of the related rights, provided that the latter type of securities are issued by the issuer of the underlying shares or by an entity belonging to the group of the said issuer.
PCS. 2. For securities that are not equity, understood in Chapter 6 and in regulations issued pursuant to § 23 paragraph. 7 and 8 and § 24 paragraph. 2, any other securities than those in paragraph. 1.
§ 2 b. In the case of securities to the public purposes of this Act any approach to natural and legal persons in any form and by any means of sufficient information on the terms of the securities offered, which means that an investor can decide to purchase or subscribe to these securities.
§ 2 c. In this Act
1) Outsourcing:


A business delegation of significant areas of activity that are subject to FSA supervision to a supplier.

2) Outsourcing Company:


A company covered by § 7, paragraph. 1 that outsource activities to a supplier.

3) Supplier:


A company that handles outsourced tasks for outsourcing business.

4) Continue Outsourcing:


A supplier outsourcing of tasks which it conducts under an agreement with the outsourcing company, for a subcontractor and the subcontractor any further outsourcing of tasks to the next link in the chain of subcontractors and any further outsourcing to other links in the chain of subcontractors.

§ 3. Any securities to be carried out in a fair manner and in accordance with good securities trading practices. FSA may order that matters which are contrary to the first section.
PCS. 2. Economic and Business Affairs shall lay down rules on securities trading practices.

PCS. 3. Consumer Ombudsman may institute proceedings against infringements of rules on securities trading practices, see. Paragraph. 1, and rules issued under paragraph. 2, including a case concerning prohibitions, injunctions, damages and recovery of sums unduly levied. Marketing Act § 20, § 22, stk. 2, § 23 paragraph. 1, § 27 paragraph. 1 and § 28 shall apply mutatis mutandis to proceedings in which the Consumer Ombudsman wants to bring under the provision in the first section. The DCO may be appointed as group representative in a class action, see. Administration of Justice Chapter 23 a.
PCS. 4. Financial Supervisory Authority shall notify the DCO if the FSA is aware that a company's customers may have suffered losses as a result of the company has violated paragraph. 1 or regulations issued under paragraph. 2.
PCS. 5. The Consumer Ombudsman regardless § 84a access to all information in the FSA's cases covered by paragraph. 1.
§ 3 a. Economic and Business Affairs shall lay down rules on the use of digital communication, including electronic signature, by the exchange of information under this Act between citizens and businesses on the one hand and the government on the other side as well as storage of information | || Chapter 2
Securities dealers
§ 4. In a securities dealer purposes of this Act
1) financial institutions authorized as a bank, provided that such undertakings are licensed under the Financial Business Act § 9 paragraph. 1, as well as financial companies authorized as investment company,
2) financial institutions that are permitted as mortgage or investment management company, provided that such undertakings are licensed under the Financial Business Act § 9, paragraph 1,
3) credit institutions, investment firms and management companies authorized in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, where the company legally carries out securities trading either through a branch or by providing services in this country, see. financial business Act § 30 respectively, § 31, and
4) credit institutions and investment firms authorized in a country outside the European Union, the Community has not concluded an agreement for the financial area, where the company legally carries out securities trading either through a branch or by providing services in Denmark, cf. . financial business Act § 1. 3, respectively § 33.
PCS. 2. FSA may lay down regulations for the Law provides for a securities dealer's duties also apply to foreign credit institutions and investment firms that are not covered by paragraph. 1, no. 3 or 4, and pursuant to § 20 paragraph. 4, is assigned to membership of a regulated market or pursuant to § 64 paragraph. 3, has entered into a participation agreement with a securities depository.
§ 4 a. (Repealed).
§ 5. (Repealed).
§ 6. (Repealed).
Chapter 3
Common provisions
§ 7. For purposes of this Act
1) an operator of a regulated market, a limited company whose business is to operate a regulated market,
2) a clearing house a limited liability company that operates clearing house activities permitted under § 8
3) a CSD a public company that operates registration company.
PCS. 2. The companies referred to in paragraph. 1 shall have a board and an executive board referred. However paragraph. 3 and 4.
PCS. 3. Provisions on the Board and its members, in § 12 paragraph. 1 and § 12 d paragraph. 5, must SEs with a two-tier management system apply only to the supervisory board or its members and with the necessary adaptations.
PCS. 4. Provisions on the Board and its members, as well as provisions on the management of § 9, § 12 a paragraph. 1 and 3, § 12 c § 12 d paragraph. 1-3, § 12e paragraph. 2, § 13, § 15 paragraph. 3, § 28a paragraph. 2, § 37 paragraph. 1, point 1., § 60 paragraph. 4, § 84 b paragraph. 2, no. 2 and paragraph. 3, § 87. 1, § 95 paragraph. 1 and § 96 paragraph. 1 must SEs with a two-tier management system besides the management body also apply to the supervisory board or its members and with the necessary adaptations.
PCS. 5. The time limits laid down in or under this Act shall take effect from the day following the day on which the event triggering the time limit occurred. This applies to the calculation of days, weeks, months and årsfrister.
PCS. 6. If the time limit specified in weeks, ending the period referred to. Paragraphs. 4 of the weekday for the day when the event that triggered the deadline occurred.

PCS. 7. Is the deadline stated in months, the deadline referred. Paragraphs. 4, on a monthly anniversary of the date on which the event that triggered the deadline occurred. If the day of the event that triggered the deadline occurred, the last day of a month, or if the deadline expires on a date that does not exist, the deadline is always on the last day of the month regardless of its length.
PCS. 8. If the deadline expires on a weekend, a public holiday, Constitution Day, Christmas Eve or New Year's Eve, the deadline is extended to the next working day.
§ 7 a. In this Act a registered payment, a payment system that is registered pursuant to § 57a paragraph. 1, point 1.
PCS. 2. For the purposes of this Act a company operating an alternative market, a company operating a multilateral trading facility as an alternative market, see. § 9 paragraph. 10 of the Financial Business Act.
PCS. 3. For the purposes of this Act an approved foreign clearinghouse an undertaking approved in accordance with § 8 a.
§ 8. Activities covered by § 7, paragraph. 1 shall not commence until the FSA has granted its permission. The clearing house activities undertaken by Danmarks Nationalbank, are not included in the first section.
PCS. 2. The authorization is subject
1) the business is run in a limited company registered in the Commerce and Companies Agency,
2) the company has a share capital of operators of regulated markets representing at least 8 million. kr., and for clearing houses and central securities depositories must represent at least 40 million. kr.,
3) that the company has submitted the necessary information, including the business plan, organizational structure, business processes and controls and safeguards
4) the members of the applicant's Board of Directors and meets the requirements of § 9, and
5) to owners of qualifying holdings meet the requirements of §§ 10 and 10 a.
PCS. 3. For a CSD's license is also subject to the CSD has capital resources. See § 82.
PCS. 4. a clearing permit is subject to the clearinghouse for existing rules and connection agreements contain provisions as provided in § 57 c.
PCS. 5. If the Financial Supervisory Authority an application for authorization must be justified and communicated to the applicant within 6 months after receipt of the application, or if the application is incomplete, within six months after the applicant's sending the information necessary for taking the decision. There must always be decided within 12 months of receipt of the application. Have FSA not later than 6 months after receipt of a complete application for a permit decision, the company may refer the matter to the courts.
§ 8 a. A foreign clearinghouse can be approved as approved foreign clearinghouse after paragraph. 3 or 4 for the clearing of securities that are traded between securities dealers, where at least one of these securities dealers authorized to securities in this country, see. § 9 of the Financial Business Act, and which trading takes place on a regulated market, an alternative market or a multilateral trading facility in this country.
PCS. 2. A foreign clearinghouse shall not commence activities as described in paragraph. 1 before the FSA has granted approval to do so under subsection. 3 or 4.
PCS. 3. Financial Supervisory Authority approves a foreign clearinghouse that providing clearing business in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, exercise clearing activities in Denmark as approved foreign clearinghouse unless FSA can demonstrate that a permit involves a risk that a regulated market or an alternative market will not function properly, or that the financial markets in general will not operate safely, efficiently and technically justifiable.
PCS. 4. Financial Supervisory Authority approves a foreign clearing house, which is authorized to exercise securities clearing business in a country outside the European Union, the Community has not concluded an agreement for the financial area, exercise clearing activities in Denmark as approved foreign clearinghouse when FSA is satisfied that securities clearing can be carried out for the Danish financial markets also safe, efficient and technically sound manner.

PCS. 5. The assessment by paragraph. 3 and 4 present the FSA emphasis on the law and the supervision by the clearinghouse are covered by the home country. FSA also insisting on participants and investors are protected to a similar extent as in securities clearing in a clearing house authorized pursuant to this Act § 8. The FSA also emphasizes that the applicant has appropriate procedures and controls to counter that participant can not meet its obligations related to securities clearing. FSA puts finally focus on whether the applicant's IT systems and IT procedures are appropriate to ensure efficient and sound securities clearing and whether the applicant can be expected to meet its obligations under this Act and rules laid down under the law.
PCS. 6. Financial Supervisory Authority shall notify the decision within 3 months of receipt of an application containing the information needed to make the decision. There must always be decided within 6 months after receipt of the application. If the Financial Supervisory Authority not later than 3 months after receipt of a complete application for approval has decided that the foreign clearing house brought to court.
PCS. 7. Financial Supervisory Authority may set conditions for approval under subsection. 3 or 4. Financial Supervisory Authority may also impose additional conditions for granted approval. The approved foreign clearinghouse In such case, a deadline for when these additional conditions must have been met.
PCS. 8. FSA may lay down rules about what information companies must provide when submitting the application for approval under subsection. 3 and 4 on continuous disclosure obligations and requirements on reporting for approved foreign clearing houses, on requirements for cooperation with supervision and on other matters that are relevant to securities clearing.
§ 9. A member of the board of a company covered by § 7, paragraph. 1 have sufficient experience to perform his duties or performing his duties in that company.
PCS. 2. A member of the board of a company covered by § 7, paragraph. 1 must meet the following:
1) Do not be imposed or be subject to criminal liability for violation of the Criminal Code, the financial legislation or other appropriate legislation, if the offense involves risk that he can not perform his duties or his post in a safe manner.
2) Do not have declared bankruptcy, having submitted a request for judicial settlement, bankruptcy or debt restructuring or be in receivership, bankruptcy, debt restructuring or compulsory composition.
3) Do not have acted or act in a way where there is reason to believe that he does not want to act or position adequately. In assessing whether a member of the board show or have shown a reckless behavior, emphasis should be placed on the need to maintain confidence in the financial sector.
PCS. 3. Members of the board of a company subject to § 7 paragraph. 1, the FSA information of the kind referred to in paragraph. 2 in connection with their entry into the enterprise management, and if circumstances subsequently change.
PCS. 4. The person or persons who effectively direct an approved operator of a regulated market in accordance with the rules of the Directive on markets in financial instruments (MiFID), considered to meet the requirements of paragraphs. 1 in connection with applications for authorization to operate a regulated market.
§ 10. Any natural or legal person or natural and legal persons acting in concert with each other, directly or indirectly, a qualifying holding, as defined. § 5, paragraph. 3 of the Act on financial activities of a company subject to § 7 paragraph. One must first apply to the FSA for approval of the proposed acquisition. The same applies to the increase of the qualifying share, which means that after the acquisition, equaling or exceeding a limit of 20 per cent., 33 per cent. or 50 per cent. of the share capital or voting rights, or result in the company covered by § 7, paragraph. 1, is a subsidiary.
PCS. 2. FSA confirms in writing and within two working days of receipt of the application referred to. Paragraphs. 1. The same applies to receipt of material in accordance with paragraph. 4th

PCS. 3. FSA from the date of the written acknowledgment of receipt of the application referred to. Paragraphs. 2, and receiving all the documents required to be attached to the application, an assessment period of 60 working days to make it in § 10a that assessment. While acknowledgment of receipt of the application referred to. Paragraphs. 2 shall notify the FSA the proposed acquirer of the date of the assessment period.
PCS. 4. FSA may until the 50th working day of the assessment period, request additional information necessary for the assessment. The request must be in writing. The first time such a request, the assessment period is suspended for the period between the request and receipt of a response thereto. The interruption may not exceed 20 working days, see. However paragraph. 5.
PCS. 5. Financial Supervisory Authority may extend the interruption of the assessment period referred to in paragraph. 4 with up to ten working days if
1) the proposed acquirer is resident or subject to the laws of a country outside the European Union, the Community has not concluded an agreement for the financial area, or
2) the proposed acquirer is a natural or legal person who is not authorized to carry on in §§ 7-11 or § 308 of the Financial Business Act that company or in § 16 of this Act, the said company in Denmark another country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 6. Rejects Financial Supervisory Authority an application for approval of a proposed acquisition, it shall be written justified and notified to the proposed acquirer immediately after the decision. The notification shall be made within the assessment period. The proposed acquirer may request the FSA to publish the reasons for its refusal.
PCS. 7. If the Financial Supervisory Authority during the assessment period in writing refusing the application for the proposed acquisition shall be deemed the acquisition to be approved.
PCS. 8. Financial Supervisory Authority may upon approval of an acquisition or increase in accordance with paragraph. 1 set a deadline for implementation. FSA may extend such a period.
PCS. 9. Financial Supervisory Authority sets rules on when an acquisition to be included in the statement under paragraph. 1.
§ 10 a. FSA must in connection with its evaluation of an application received pursuant to § 10 paragraph. 1, ensure representation of a reasonable and prudent management of the company in which the acquisition is proposed. The assessment shall also take into account the proposed acquirer likely influence on the company, the proposed acquirer suitable and the planned acquisition financial soundness against the following criteria:
1) The proposed acquirer's reputation.
2) The reputation and experience of any person or persons who after the acquisition will lead the company.
3) The proposed acquirer economic conditions, particularly in relation to the nature of the business operated or intended to be operated in the company covered by § 7, paragraph. 1, in which the acquisition is proposed.
4) Whether the company can continue to comply with the prudential requirements of the legislation, in particular on the group to which it might come to that part has a structure that makes it possible to exercise effective supervision, effectively exchange information between the competent authorities and determine the allocation of responsibilities between the competent authorities.
5) Whether in connection with the proposed acquisition is reason to suspect that money laundering or terrorist financing, see. §§ 4 and 5 of the Law on prevention of money laundering and financing of terrorism will happen.
PCS. 2. Financial Supervisory Authority may refuse an application for approval of a proposed acquisition if, in the light of the criteria referred to in paragraph. 1 are reasonable grounds to believe that the proposed acquirer will discourage prudent and sound management of the company pursuant to. Paragraphs. 1, or of the proposed acquirer information for FSA's assessment is incomplete.
PCS. 3. In the FSA's assessment in accordance with paragraph. 1 the government considers social-economic needs are not included.

§ 10 b. Any natural or legal person or natural and legal persons acting in concert with each other, directly or indirectly, to dispose of a qualifying share or reduce a qualifying holding in a company covered by § 7, paragraph. 1 so that the transfer entails that the limit of 20 per cent., 33 per cent. or 50 per cent. of the share capital or voting rights are no longer reached, or causes the company ceases to be its subsidiary, shall first notify in writing the Financial Supervisory Authority thereof, indicating the size of the intended future interest.
§ 10 c. When a company governed by § 7, paragraph. 1, becomes aware of any acquisitions or disposals of holdings as referred to in § 10 paragraph. 1 and § 10 b, the company must immediately notify the FSA thereof.
PCS. 2. A company covered by § 7, paragraph. 1 at the latest in February notify the FSA of the names of the shareholders who at the end of the previous year owned a qualifying holding in the company, and about the size of those holdings.
PCS. 3. An operator of a regulated market shall disclose the names of all direct and indirect owners of the company. In addition, the names of direct and indirect owners of qualifying interests of the company and the size of the units are published.
§ 10 d. If the capital owners who are in possession of the § 10 paragraph. 1, issue shares in a company covered by § 7, paragraph. 1 do not meet the requirements of § 10a paragraph. 1, the Danish FSA may withdraw the voting rights attached to the owners' equity, or to order the company to follow certain guidelines.
PCS. 2. Financial Supervisory Authority may revoke the voting rights attached to the shares owned by natural or legal persons that do not comply with the obligation in § 10 paragraph. 1, a prior notification by the FSA. The shares awarded full voting rights restored if the FSA can approve the acquisition.
PCS. 3. Where a natural or legal person has acquired within the meaning of § 10 paragraph. 1, whether the FSA has refused to approve the acquisition of shareholdings, the FSA cancel the voting rights conferred by these shares.
PCS. 4. Have FSA withdrawn voting rights pursuant to paragraph. 1-3, equity investment is not included in the calculation of the represented voting capital.
§ 11. A company covered by § 7, paragraph. 1, and a company that operates a multilateral trading facility shall notify the FSA if it becomes aware or suspects that someone has violated this law, executive orders issued pursuant to this Act or grossly or repeatedly violated rules set by an operator of a regulated market, a clearing house, a securities depository or by a company that operates a multilateral trading facility.
§ 12. The board of a company covered by § 7, paragraph. 1 must consist of at least 5 people.
PCS. 2. A company covered by § 7, paragraph. 1 can not without FSA approval conclude agreements for outsourcing or other matters of far-reaching significance with other companies for the operation of a regulated market, clearing house activities and registration activities and payment systems.
PCS. 3. A company covered by § 7, paragraph. 1, can not merge with another company without FSA approval.
§ 12 a. Without board approval, to be introduced in the Board's minutes, firms covered by § 7, paragraph. 1, do not incur an exposure, etc. with other companies in which the company's managers or directors are directors or board members.
PCS. 2. The paragraphs. 1 shall exposures must be granted under the company's ordinary business terms and on market terms. The company's external auditor must in the audit report concerning the annual declare whether the requirements in the first section. are satisfied.
PCS. 3. The Executive Board and the Supervisory Board shall in particular monitor the appropriateness and progress of the paragraph. 1 exposures mentioned.
PCS. 4. The rules in paragraphs. 1 piece. 2, first sentence. And paragraphs. 3 also applies to exposures to companies in which persons related to directors by marriage, kinship or affinity in ascendants or descendants or siblings, are directors.
§ 12 b. Persons authorized by law or the articles of association appointed by the board of a company subject to § 7 paragraph. 1, and employees for whom there is a significant risk of conflicts between their own and the company's interests may not on their own account or through companies they control,

1) loans or draw on credit already granted for the purchase of securities if the securities purchased are used as collateral for the loan or credit
2) acquire, issue, or trade in derivative financial instruments, except to hedge risk,
3) acquire securities other than mutual fund, special funds, hedge funds and foreign investment undertakings covered by the Act on investment funds and special funds and other collective investment schemes, etc., for the sale of these earlier than 6 months after the acquisition or
4) acquire positions in foreign currencies other than the euro, when the position takes place for purposes other than payment for the purchase of securities, goods or services or the purchase or operation of real estate or for use when traveling.
PCS. 2. The paragraphs. 1 above persons may not acquire holdings in companies engaged in activities mentioned in paragraph. 1, Nos. 1-4. This does not apply to the purchase of shares in banks and investment companies, and shares in investment funds, special funds, hedge funds and foreign investment institutions covered by the Investment Associations and Special Purpose Associations and other Collective Investment Schemes etc.
PCS. 3. The Board shall decide which employees have a significant risk of conflicts between and interests of the company and therefore should be subject to the ban.
PCS. 4. The Board shall for persons covered by subsection. 1 develop guidelines for monitoring compliance with the prohibition in paragraph. 1 and paragraph. 2, first sentence., Including reporting investments.
PCS. 5. The external audit of a company subject to § 7 paragraph. 1 shall annually review the company's guidelines in accordance with paragraph. 4 and in the audit on the annual state whether the guidelines are adequate and have functioned appropriately, and whether the company's control procedures have given rise to observations.
PCS. 6. A custodian bank has at the request of the board of a company covered by § 7, paragraph. 1, the duty to provide the company's external audit access to accounts and custody accounts and to hand over transcripts from there to persons covered by paragraph. 1.
PCS. 7. The prohibition in paragraph. 1 pt. 2 shall not cover financial instruments derived from shares in the company or a company that is affiliated with them and he receives as part of its remuneration.
PCS. 8. The prohibition in paragraph. 1 pt. 1, does not include loans to buy employee shares and in paragraphs. 7 instruments mentioned.
PCS. 9. The prohibition in paragraph. 1, no. 3, does not include shares acquired through the exercise of the paragraph. 7 instruments mentioned.
PCS. 10. Internal auditors and deputy chief internal auditors may, notwithstanding paragraph. 1-9 does not have financial interests in the company or group to which they are employed.
§ 12 c. The office of a director of a company covered by § 7, paragraph. 1 can not be reconciled with the post of director or chief internal auditor of the company. However, the board of a Director is absent or temporarily appoint one of its members as a director. The question may then not vote in those bodies.
§ 12 d. Persons authorized by law or the articles of association appointed by the board of a company subject to § 7 paragraph. 1, can not be without the board's permission to own or operate an independent business or a director or employee, or in any way participate in the management or operation of another enterprise than the company.
PCS. 2. Other employees of a company under § 7 paragraph. 1, for which there is a significant risk of conflicts between and the company may not, without the permission to own or operate an independent business or a director or employee, or in any way participate in the management or operation of another enterprise than the company. The Board must be informed on authorizations granted by the Executive Board.
PCS. 3. The Board shall decide which employees have a significant risk of conflicts between and interests of the company and therefore must obtain the authorization referred. Paragraphs. 2.
PCS. 4. The said. 1 and 2, the company can only be denied if the company or companies that are part of a group with the company, not enter into exposures to in paragraph. 1 and 2 companies. Apply to exposures in the form of equity investments and exposures in enterprises that form part of a group with the company or enterprises where companies covered by § 7, paragraph. 1, jointly own more than 4/5 of the shares.

PCS. 5. All authorizations granted by the Board under paragraph. 1 shall be indicated in the Board's minutes.
PCS. 6. The Company shall at least annually publish information on the duties by the Board in accordance with paragraph. 1. Furthermore, the external audit in the audit on the annual declare whether the company has exposures with enterprises covered by paragraph. 1 and 2.
PCS. 7. Financial Supervisory Authority may in special cases grant exemptions from. 4.
§ 12 e. FSA may order a company under § 7 paragraph. 1, to devote a director of the company subject to § 7 paragraph. 1, in one of the FSA set deadline, if in accordance with § 9 paragraph. 2, can not contest the post.
PCS. 2. FSA may order a member of the board of a company subject to § 7 paragraph. 1, to resign within one of the FSA set deadline, if in accordance with § 9 paragraph. 2, can not perform his duties.
PCS. 3. FSA may order a company under § 7 paragraph. 1 to remove a chief executive when indicted this in a criminal case for violation of the Criminal Code, the Act on Securities Trading Act or other financial legislation until the criminal case is decided, if a conviction would mean that he does not meet the requirements of § 9 , PCS. 2, no. 1. FSA set a deadline for compliance with the injunction. FSA may, under the same conditions as in the first section. order a board member of a company covered by § 7, paragraph. 1, to resign. FSA set a deadline for compliance with the injunction.
PCS. 4. The duration of the order issued under paragraph. 2 on the basis of § 9 paragraph. 2, no. 2 or 3 shall be specified in the order.
PCS. 5. An order granted under paragraph. 1-3 The Company may under § 7 paragraph. 1, and the person whom the order relates, be brought before the courts. Requests shall be submitted to the FSA, within 4 weeks after the order was communicated to him. The request does not suspend the injunction, but the court may decide that the Director or the Director during the proceedings can maintain his duties or his position. FSA brings within 4 weeks before the courts. The case brought in a civil procedure.
PCS. 6. Financial Supervisory Authority may on its own initiative or upon application to revoke an order issued under subsection. 2 and paragraphs. 3, 3rd clause. FSA refuses an application for revocation, the applicant may request the refusal before the courts. Requests shall be submitted to the FSA, within 4 weeks after the refusal was communicated to him. Request for judicial review may be made only if the injunction is not time-limited and have passed at least 5 years from the date of issue of the order, or at least 2 years after the FSA's refusal to recall is confirmed by the judgment.
PCS. 7. Does the company under § 7 paragraph. 1, do not set aside the Director within the prescribed time limit, the Danish FSA may withdraw the company's license, see. § 92. 1 pt. 4. FSA may also include the company's permit provided. § 92. 1, no. 4, if a board fails to comply with an order issued under paragraph. 2 and 3.
§ 12 f. (Repealed).
§ 12 g. (Repealed).
§ 12h. (Repealed).
§ 13. Board of Directors, auditors and directors and employees of a company under § 7 paragraph. 1 pt. 1 and 2, may not unlawfully disclose what the exercise of their position or duties have come to their knowledge.
PCS. 2 pcs. Paragraph 1 shall not preclude a company under § 7 paragraph. 1 pt. 1 and 2, as part of a collaboration with other companies covered by § 7, paragraph 1, a regulated securities market in a country within the European Union or in a country with which the Community has concluded cooperation agreements on the financial area, or approved by the FSA foreign regulated market, clearing house and central securities transmitting information to these if the information is subject to similar secrecy among the recipients.
PCS. 3. Subject to the paragraph. 1 is also information that a company under § 7 paragraph. 1 pt. 1 and 2 receive from other companies covered by § 7, paragraph. 1 pt. 1 and 2, or foreign regulated markets indicating that the information is secret or confidential, or where this follows what kind of information.
PCS. 4. For CSDs, the provisions of § 60 paragraph. 2-4.

§ 14. The annual report of a company covered by § 7, paragraph. 1, external auditor about the annual report and audit report on the annual report from the chief internal auditor must be submitted in duplicate to the FSA. FSA is sending a copy of the annual report to the Danish Commerce and Companies Agency, which announces the receipt of its computer information. They received annual reports are publicly available in the DCCA.
PCS. 2. FSA may lay down rules on accounting and auditing, including the performance of systems, implementation in companies covered by § 7, paragraph 1.
PCS. 3. FSA may lay down rules on accounting on a consolidated basis.
PCS. 4. Financial Supervisory Authority shall determine the transactions entered into between companies covered by § 7, paragraph. 1 and
1) companies that directly or indirectly linked to the company as subsidiaries, affiliates or parent companies or as the parent's associates and other subsidiaries
2) companies or individuals associated with the company through close links, see. Financial Business Act § 5, paragraph. 1, no. 17, or
3) companies that are not covered by no. 1 and 2, and where people in corporate management for the most part are the same, or which companies are under common management, pursuant to an agreement or statutory provisions.
PCS. 5. Intercompany transactions made in breach of those under paragraph. 4 established rules must be repealed in order to benefit, if possible, be returned, including any collateral ceases. Payments from the company that made in connection with intra-group transactions in violation of the under paragraph. 4 established rules, to be returned together with an annual interest rate of amount at the rate provided in accordance with § 5, paragraph. 1 and 2 of the Act on interest for late payment etc.
§ 15. The capital base of a company covered by § 7, paragraph. 1, calculated as the paid-up share capital net of treasury shares and the current deficit and plus share premium and reserves.
PCS. 2. Financial Supervisory Authority may determine the capital adequacy rules and regulations on hedge those of § 7, paragraph. 1, included the companies' risks. FSA may lay down rules on amortization of intangible assets.
PCS. 3. The Board of Directors and the companies covered by § 7, paragraph. 1 shall ensure that it has sufficient capital resources, see. Paragraph. 1, and that the company has internal procedures for risk measurement and risk management to continuously assess and maintain a capital base of a size that is adequate to cover its risks. The board of directors and on the basis of the assessment under the first sentence. determine the need for capital. The capital requirement can not be lower than that stated in § 8 paragraph. 2, for the type of business. FSA may set a higher individual capital requirements than what is stated in § 8 paragraph. 2.
§ 15 a. Economic and Business Affairs shall lay down rules on outsourcing related
1) outsourcing company's responsibility and control of a provider, including his on outsourcing,
2) outsourcing company's internal guidelines on outsourcing and
3) requirements, as outsourcing company must at least ensure that the supplier meet at any time, and must be agreed in the outsourcing contract.
PCS. 2. Financial Supervisory Authority may decide that outsourcing business outsourcing must be terminated within one of the FSA specified period if outsourcing contract or its partners do not meet the rules set out under paragraph. 1.
Section II
trade
Chapter 4
Operation of a regulated market
§ 16. In a regulated market means a multilateral system, which within the system and in accordance with its mandatory rules reunited, or carried reunification of a plurality of third party interests in the purchase and sale of securities in such a way that the conclusion of agreements on trading in securities admitted to trading by the market rules or systems.

PCS. 2. Operators of regulated markets have the exclusive right to use the names regulated market and authorized market in their name and on the regulated market. In the 1st clause. said operators of regulated markets, which recorded listed securities to trading has exclusive right to use the name stock exchange in their name and on the regulated market. Other natural or legal persons may not use names or descriptions for their activities that are suitable to create the impression that they operate a regulated market, including a regulated market, which recorded listed securities to trading.
PCS. 3. Operators of regulated markets that have FSA authorization to operate a regulated market to use a term for the regulated market, which shows that there is a regulated market. Operators of regulated markets is not subject to the obligation in the first section. If on the regulated market is clear which rules are linked to the securities are admitted to trading on the regulated market.
§ 17. An operator of a regulated market may carry out other activities that are ancillary to the operation of the regulated market, including as a clearing house, securities depository and operation of multilateral trading facilities. FSA may decide that the ancillary activities shall be provided in another company. If the operator of a regulated market operating a multilateral trading facility as an ancillary activity, the multilateral trading facility always operated in the same company as the regulated market.
PCS. 2. If an operator of a regulated market operates a clearinghouse, a central securities depository or a multilateral trading facility as an ancillary activity, see. Paragraph. 1, the requirements for the authorization and operation of these types of companies in this Law shall apply. By ancillary operation of a multilateral trading facility, the requirements for the authorization and operation of these types of companies in the Financial Business Act also apply.
§ 18. An operator of a regulated market are responsible for ensuring that the market operated in a safe and appropriate manner.
PCS. 2. The operator shall
1) identify and manage potential conflicts of interest between on the one hand the operator and the operator's ownership and on the other hand the healthy functioning of the regulated market
2) to manage the risks for the operator and the regulated market is exposed, identify all significant risks to its operation and introduce measures to reduce those risks
3) ensure sound management of the technical operations of its systems, including the establishment of effective contingency,
4) having rules which ensure fair and orderly trading and establish objective criteria for the efficient execution of orders,
5) ensure the effective and timely implementation of the transactions executed in its systems,
6) have sufficient financial resources to ensure their orderly functioning, having regard to the transactions concluded on the market and the risks that the market is exposed,
7) monitor the issuers of securities and members of the market comply with the rules of the regulated market
8) monitoring transactions undertaken by members of the market by using its systems in order to detect breaches of market rules, trading conditions contrary to the rules of the regulated market or conduct that may involve violation of Chapter 10 | || 9) verify that issuers of securities admitted to trading on the regulated market comply with their disclosure obligations
10) facilitate the regulated market members' access to published information and
11) check regularly that the securities are admitted to trading continues to meet the admission requirements.
§ 18 a. An operator of a regulated market must publish the current prices and the depth of these prices of shares which are admitted to trading on the regulated market and offered in the regulated market system. This information must be within the regulated market normal business hours continuously made available to the public on reasonable commercial terms.
PCS. 2. If an operator of a regulated market gives securities dealers that are required to publish the prices of shares in accordance with § 33 a, access to the systems used by the operator to disclose information covered by paragraph. 1 shall do so on reasonable commercial terms and on a non discriminatory basis.

PCS. 3. Financial Supervisory Authority may exempt an operator of a regulated market the obligation in paragraph. 1 based on market model, order type or size of order.
PCS. 4. Financial Supervisory Authority may lay down detailed rules on the mandatory disclosure under subsection. 1 and for exemption under subsection. 3.
§ 18 b. An operator of a regulated market shall disclose the price, volume and time of the transactions carried out with shares admitted to trading on the market. This information shall be made available to the public on reasonable commercial basis and as close to real time as possible.
PCS. 2. If an operator of a regulated market gives securities dealers that are required to publish details of transactions in shares pursuant to § 33 b, access to the systems used by the operator to disclose information covered by paragraph. 1 shall do so on reasonable commercial terms and on a non discriminatory basis.
PCS. 3. An operator of a regulated market may establish rules for deferment of publication based on their size or type. The rules must be approved by the FSA. The operator must publish the approved rules.
PCS. 4. Financial Supervisory Authority shall lay down rules on the duty of an operator of a regulated market to publish the price, volume and time of the transactions carried out with securities other than shares.
PCS. 5. Financial Supervisory Authority may lay down detailed rules on the mandatory disclosure under subsection. 1. FSA may lay down detailed rules on the conditions for deferred publication pursuant to subsection. 3.
§ 19. An operator of a regulated market to establish membership rules of the market. The rules should be transparent and non-discriminatory and based on objective criteria. The rules shall specify any obligations for the members as a result of
1) the establishment and operation of the market
2) the rules for operations on the market
3) professional standards imposed on employees of securities dealers operating in the market
4) conditions set for other members of the market than securities dealers, and
5) rules and procedures for clearing and settlement of transactions concluded on the market.
PCS. 2. The rules of the regulated market on clearing and settlement will ensure that members of the regulated market has a right to use a settlement system for transactions in financial instruments than that selected by the operator of the market if
1) that such links and arrangements between the member designated settlement system and any other relevant system or any other appropriate facility to ensure the efficient and economic settlement of the transaction and
2) FSA finds that technical conditions for settlement of transactions on the regulated market through a settlement system other than that selected by the operator of the regulated market, is necessary to guarantee the financial markets efficient and orderly functioning.
Chapter 5
Access to regulated markets
§ 20. Securities dealers, apart from investment management companies and management companies authorized to execute client orders or to deal on own account and which is covered by § 4, paragraph. 1, Nos. 1-3, Danmarks Nationalbank and other central banks from countries within the European Union or from countries with which the Community has concluded an agreement for the financial area have the right to be members of a regulated market if they meet the market established rules, see. § 19. equally to securities dealers, apart from investment management companies and management companies covered by § 4, paragraph. 1, no. 3, in the home country are authorized to execute client orders or to deal on own account, but do not carry out securities trading through a branch or provide services in this country, see. §§ 30 and 31 of the Financial Business Act .
PCS. 2. Securities dealers subject to paragraph. 1 and central banks from countries within the European Union or from countries with which the Community has concluded an agreement for the financial area, has the right to become remote members of a regulated market, unless the physical presence by the regulated market trading procedures and systems necessary for to conclude transactions on the market.
PCS. 3. An operator of a regulated market may incorporate other natural or legal persons not covered by paragraph. 1 mentioned as members of the regulated market, if the persons
1) are fit and proper,
2) have sufficient trading ability and competence;

3) where applicable, appropriate administrative procedures, and
4) have sufficient resources to carry out the functions deriving from the membership of the regulated market and to ensure an adequate settlement of transactions.
PCS. 4. Notwithstanding paragraph. 3 must be an operator of a regulated market only admit persons who are resident in a country outside the European Union, the Community has not concluded an agreement for the financial area, if those credit institutions, investment firms or central banks. If the credit institution or investment firm are not covered by § 4, paragraph. 1 pt. 4 requires recording authorized by the FSA.
PCS. 5. An operator of a regulated market must regularly notify the FSA of changes in the regulated market membership.
PCS. 6. An operator of a regulated market which intends to leave the natural or legal person in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, becoming remote members of the regulated market must notify the FSA thereof. FSA passes within 1 month of this disclosure to regulators in the country where the remote members are resident.
Chapter 6
Admission of securities to trading on a regulated market, the official listing and public offering of securities of EUR 2,500,000 etc.
§ 21. An operator of a regulated market shall have clear and transparent rules regarding admission of securities to trading on the regulated market. The rules must ensure that securities admitted to trading can be traded in a fair, orderly and efficient manner and that, when securities covered by § 2. 1 pt. 1, are freely transferable. For derivatives, the rules specifically ensuring that derivative designed in a way that ensures the proper pricing and effective settlement conditions.
PCS. 2. An operator of a regulated market shall be the admission of securities to trading on the regulated market ensure that the rules laid down under paragraph. 1 is respected, and that there is an approved and published prospectus, see. § 23 paragraph. 2 and § 24 paragraph. 1.
PCS. 3. An operator of a regulated market without the issuer's consent record a securities to trading on the regulated market where the securities with the consent admitted to trading on a regulated market in this country or in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area. The operator of the regulated market to inform the issuer of the issuer's securities are admitted to trading on the regulated market.
PCS. 4. When shooting a security for trading in accordance with paragraph. 3 responsibility of enforcement of this law's disclosure rules for issuers and Prospectus the one that causes recording of the securities to trading.
PCS. 5. An operator of a regulated market may FSA prior approval recording instruments not covered by § 2. 1, to trading on the regulated market.
§ 22 FSA may request from an issuer of shares, share certificates or bonds decide on the official listing of the securities, if this is admitted or will be admitted to trading on a regulated market.
PCS. 2. FSA shall lay down rules on the conditions for official listing of securities,. Paragraphs. 1, and suspension and deletion of securities from listing.
§ 23. An issuer or a person asking for admission of securities to trading on a regulated market must not cause admission of the securities to trading prior publication of an approved prospectus for the securities,. Paragraphs. 2 and § 24 paragraph. 1. Similarly, a provider not make the offering of securities to the public, pending the publication of an approved prospectus for the securities,. Paragraphs. 2 and § 24 paragraph. 1.
PCS. 2. Financial Supervisory Authority decides on approval of the prospectus.
PCS. 3. The prospectus must contain the information deemed necessary to enable investors and their investment advisers to make an informed assessment of the assets and liabilities, financial position, results of operations and prospects and of any guarantor, and of the rights attached to the securities offered to the public or admitted to trading.
PCS. 4. The rules in this chapter on the obligation to publish a prospectus shall, notwithstanding paragraph. 1 does not apply to the following:

1) Money market instruments, see. § 2. 1 pt. 2, with a maturity of less than 12 months.
2) Marketable mortgages, see. § 2. 1 pt. 11
3) Units in collective investment schemes subject to the law on investment funds and special funds and other collective investment schemes, etc.
4) Securities equity securities issued by
a) a country within the European Union or a country with which the Community has concluded an agreement for the financial area, or one of the country's regional or local authorities,
b) international public sector bodies which one or more countries within the European Union or countries with which the Community has concluded an agreement for the financial area, are members,
c) the European Central Bank or
d) central banks domiciled in countries within the European Union or countries with which the Community has concluded an agreement for the financial area.
5) Shares of a central bank that is a resident of a country within the European Union or a country with which the Community has concluded an agreement for the financial area.
6) securities unconditionally and irrevocably guaranteed by a country within the European Union or a country with which the Community has concluded an agreement for the financial area, or one of the country's regional or local authorities.
7) Securities to raise funds for charitable goals are issued by state-approved organizations located in a country within the European Union or a country with which the Community has concluded an agreement for the financial area, and which are non-profit-making .
8) Securities equity securities issued in a continuous or repeated manner by credit institutions provided that these securities
a) are not subordinated, convertible or exchangeable,
b) does not give the right to subscribe or acquire other types of securities and are not linked to a derivative instrument
c) make it out of deposit, to be refunded, and
d) are covered by a deposit guarantee scheme.
9) Securities included in a public offering of securities where the entire procedure is 2,500,000 euros, which limit shall be calculated over a period of 12 months.
10) Securities equity securities issued in a continuous or repeated manner by credit institutions where the issue is 50,000,000 euro, which limit shall be calculated over a period of 12 months, provided that these securities
a) are not subordinated, convertible or exchangeable and
b) does not give the right to subscribe or acquire other types of securities and are not linked to a derivative instrument.
PCS. 5. An issuer, an offeror or a person asking for admission to trading of securities referred to in paragraph. 4, no. 4, 6, 9 and 10, may draw up a prospectus in accordance with the provisions of this chapter and the regulations issued under paragraph. 7 and 8 and § 24 paragraph. 2.
PCS. 6. A prospectus must be prepared in accordance with the rules, as FSA sets under paragraph. 7 and must be presented in a way that makes it possible to understand and evaluate the significance of the information provided.
PCS. 7. Financial Supervisory Authority lays down rules for prospectus content, format, language, advertising and validity and the omission of information in the prospectus. It stipulates FSA rules for prospectus approval in cases where securities are to be admitted to trading on several regulated markets in this country or regulated markets in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 8. Financial Supervisory Authority lays down rules on the exemption from the obligation to publish a prospectus, including rules that specified securities exempt from the obligation and rules for approval of natural persons and SMEs considered as qualified investors. It also provides for the FSA rules on entry in a register of natural persons and SMEs considered as qualified investors.
§ 23 a. FSA provides the issuer, offeror or person asking for admission to trading of its decision on the approval of the prospectus within 10 business days of receipt of the application for approval of the prospectus.

PCS. 2. The paragraphs. 1 and 5 shall be extended to 20 business days if the public offer involves securities issued by an issuer which does not have securities admitted to trading and which have not previously offered securities to the public.
PCS. 3. If there are reasonable grounds to believe that the submitted documents are incomplete, or that there is need for further information, the deadlines provided for in paragraph. 1, 2 and 5 only apply from the date on which the issuer, offeror or person asking for admission to trading, such information is provided. If the documents are incomplete and approval period for that reason be suspended, the FSA provide the notification within 10 business days after receipt of the application.
PCS. 4. Financial Supervisory Authority may transfer the approval of a prospectus to the competent authority in another country within the European Union or a country with which the Community has concluded an agreement for the financial area, provided that the competent authority in this country gives its consent thereto. Such reference shall be notified to the issuer, offeror or person asking for admission to trading, within 3 business days after the date of the FSA's decision on the referral.
PCS. 5. When the FSA are referred to an application for approval of a prospectus from a competent authority in another country within the European Union or a country with which the Community has concluded an agreement for the financial area, the Danish FSA shall notify the issuer, offeror or person asking for admission to trading of its decision on approval of the prospectus within 10 trading days after the competent authority has taken a decision on referral of prospectus approval.
§ 24. Tender securities to the public and admission of securities to trading on a regulated market may not take place before the prospectus is published following the rules laid down under paragraph. 2.
PCS. 2. FSA shall lay down rules on tender documents and the prospectus publication.
§ 25. An operator of a regulated market may suspend or remove a security from trading on the regulated market where the securities no longer meet the regulated market rules. Suspension or deletion may not be made if it is likely that this will be seriously detrimental to the interests of investors or the market function.
PCS. 2. An operator, in accordance with paragraph. 1 decide on suspension or deletion of a security shall promptly publish this decision and inform the FSA relevant information.
PCS. 3. Where an issuer whose securities are admitted to trading on a regulated market deletion request from trading, the operator of the regulated market take it admissible. Deleting can not be made if there is a likelihood that this would seriously damage the interests of investors or the market function.
PCS. 4. An issuer has the right to have a security removed from trading on a regulated market, if the security related to trading or admitted to trading on a regulated market.
§ 26. (Repealed).
§ 26 a. The powers conferred on an operator of a regulated market in § 21 shall be exercised by the FSA, when an operator of a regulated market in the country or in another country within the European Union or in a country that Community has concluded an agreement for the financial area, or a company operating an alternative market, asking for the admission of its securities to trading on the regulated market. FSA also exercises the powers conferred on an operator of a regulated market in § 25, when the securities covered by the first section. admitted to trading on the regulated market.
Chapter 7
disclosure requirements

§ 27. An issuer of securities admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area of ​​securities or for which is the request for admission to trading on such a market must urgently publish inside information as defined. § 34 paragraph. 2, if that information relates directly to the issuer's business. The issuer is obliged to disclose such information immediately after the events in question occurred or the relevant event has occurred, even if the relationship or event has not yet been formalized. Significant changes to already publicly disclosed inside information shall be published immediately after these changes occur, and through the same channel which was used by the publication of the original information.
PCS. 2. Inside information that an issuer referred to in paragraph. 1 or a person acting on his behalf or on his behalf, disclose to third parties as a normal course of his employment, profession or duties, in accordance. § 36, should the issuer be published in its entirety, while disclosure to third parties. If the issuer is not at the time of transmission is aware that there has been disclosure should speed publication immediately after the issuer becomes aware or should have had knowledge that the disclosure of inside information has been. 1st and 2nd clauses. shall not apply if the third party receiving the information owes a duty of confidentiality under the law, regulation, statute or contract, or if, through the transfer ensures that the receiving third party is aware that the information is inside information, and that he consequently is subject to the prohibition of disclosure of inside information as defined. § 36.
PCS. 3. An issuer is only obliged to disclose inside information in accordance with paragraph. 1 and 2 in relation to it or regulated markets in which the issuer has requested or approved admission of securities to trading.
PCS. 4. An issuer must ensure that the disclosure of inside information is done in such a way that the public can quickly access to this knowledge and the information disclosed is sufficient to allow for complete, correct and timely assessment of the internal knowledge. The Issuer may not deceptively combine disclosure of inside information marketing business. An issuer must seek to ensure that disclosure takes place simultaneously for all categories of investors in all countries within the European Union or countries with which the Community has concluded an agreement for the financial area, where the issuer has requested or has an approved admission of securities.
PCS. 5. An issuer of securities referred to in paragraph. 1, without undue delay and for an appropriate period after the publication of inside information is made in accordance with paragraph. 1 or 2, make all such information on his website.
PCS. 6. An issuer may at its own risk delay the public disclosure of inside information in accordance with paragraph. 1 in order not to prejudice his legitimate interests provided that this is not likely to mislead the public and the issuer is able to ensure the confidentiality of this information. Legitimate interests for the first section. may in particular relate to:
1) Ongoing negotiations or equivalent conditions where disclosure could affect the bargaining outcome or normal pattern. If the issuer's financial viability is in grave and imminent danger, without there being filed for bankruptcy or opening of composition, public disclosure of inside information only delayed for a limited period and only if such disclosure would cause serious harm to the existing and potential shareholders by undermining the conclusion of specific negotiations designed to ensure the issuer's long-term viability.
2) Decisions or contracts made or entered into by the issuer's management, where necessary with the approval of another company body of the issuer, of the decision or the contract can take effect. 1st clause. applies only if disclosure of the decision taken or the conclusion of the contract prior approval, will result in a risk that investors do not make a proper assessment of the published information.

PCS. 7. An issuer of transferable securities covered by § 2. 1 pt. 1 and which are admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, the latest 8 days before annual General Meeting no later than 4 months after the closing, publish the management approved annual report. The issuer must also disclose the board of directors approved the interim report for the financial year's first six months. The publication of the interim report must be made as soon as possible after the end of the interim period, not later than 2 months after. The published annual reports and interim reports of issuers from this country and from other countries within the European Union or from countries with which the Community has concluded an agreement for the financial area, must be prepared in accordance with accounting legislation of the country where the issuer has its registered home. FSA sets rules on the method by which the annual reports and interim reports of issuers from other countries must be prepared. The annual report and interim report shall be available to the public for at least 5 years.
PCS. 8. An issuer of shares admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, to publish an interim statement in during both the first and second six-month period of the financial year. The notice must be published no earlier than 10 weeks after the start of the six-month period and no later than six weeks before the end of this. An issuer which publishes quarterly, is not obliged to publish the first section. that period messages.
PCS. 9. The provisions on interim reports in paragraph. 7 applies only to issuers of shares or bonds or other forms of marketable debt instruments other than securities equivalent to shares in companies or securities which, if converted or if the corresponding rights are exercised, give the right to acquire shares or securities equivalent to shares.
PCS. 10 pcs. 7 does not apply to units in collective investment schemes subject to the law on investment funds and special funds and other collective investment schemes, etc.
PCS. 11. 7 and 8 shall not apply to the following issuers:
1) Countries within the European Union or countries with which the Community has concluded an agreement for the financial area, or regional or local authorities of these countries.
2) International public bodies which one or more countries within the European Union or countries with which the Community has concluded an agreement for the financial area, are members.
3) the European Central Bank.
4) Central banks domiciled in countries within the European Union or countries with which the Community has concluded an agreement for the financial area.
5) Issuers of only debt instruments that are admitted to trading on a trading on a regulated market in this country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area of ​​securities and the denomination per. unit amounts to at least 50,000 euro, or whose denomination per. unit of equivalent to at least 50,000 euros when debt instruments are issued in a currency other than the euro.
PCS. 12. Subsection. 7, 2nd paragraph., Shall not apply to issuers January 20, 2004 exclusively issued and continue to exclusively issue debt instruments admitted to trading on a regulated market in this country, in another country within the European Union or in a country which the Community has concluded an agreement for the financial area which are unconditionally and irrevocably guaranteed by the issuer's home country in the European Union or in a country with which the Community has concluded an agreement for the financial area, or regional or municipal authorities in this country.
§ 27 a. An issuer of transferable securities covered by § 2. 1 pt. 1, should the publication of information pursuant to this chapter ensure that disclosure is made in such a way that the information rapidly becoming available throughout the European Union and countries with which the Community has concluded an agreement for the financial area.
PCS. 2. An issuer referred to in paragraph. 1, with the publication submit the information to the FSA.

PCS. 3. An issuer referred to in paragraph. 1 to submit information that is published in accordance with paragraph. 1, FSA, which store the information. FSA may designate other authorities or legal persons in and outside the country to carry out the task.
PCS. 4 pcs. 1-3 does not apply to units in collective investment schemes subject to the law on investment funds and special funds and other collective investment schemes, etc.
PCS. 5 pieces. 1-3 does not apply to the document that an issuer is required to publish in accordance with § 27 b.
PCS. 6 pieces. 1-3 does not apply to the messages on holdings of shares in companies that are admitted to trading on an alternative market as an issuer is required to publish in accordance with § 29 paragraph. 1, 3rd section.
§ 27 b. Issuers whose securities are admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, at least once a year prepare and publish a document containing or referring to all information which the issuer over the last 12 months has published or made available to the public in accordance with its obligations under this Act, the companies Act, the Annual Accounts Act and the European Parliament and of the Council Regulation on the application of international accounting standards.
PCS. 2. The document submitted to the FSA after the publication of the financial statements. Where the document refers to information, it must be stated where the information can be obtained.
PCS. 3. The obligation in paragraph. 1 shall not apply to issuers of non-equity securities referred. § 2 a paragraph. 2, the denomination per. unit amounts to at least 50,000 euros, and to issuers of shares in collective investment schemes subject to the law on investment funds and special funds and other collective investment schemes, etc.
§ 28. A company whose shares are admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, which acquires or disposes of its own shares must urgently publish the proportion of own shares where that proportion reaches, exceeds or falls below 5 per cent. or 10 per cent. of the voting rights.
PCS. 2. A company referred to in paragraph. 1, which has Denmark as country of origin, must also urgently publish the proportion of own shares where that proportion reaches, exceeds or falls below the limits 15, 20, 25, 50 or 90 per cent. and limits 1/3 or 2/3 of the voting rights.
PCS. 3. Denmark is considered as homeland when the company
1) has its registered office in Denmark or
2) registered in a country outside the European Union, the Community has not concluded an agreement for the financial area, and Denmark is the place where the company
a) offered its shares to the public for the first time after 31 December 2003 or
b) submitted the first application for admission to trading on a regulated market.
§ 28 a. Senior executives of companies issuing shares that are admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area or for which there is request for admission to trading on such a market should provide the issuer notification of transactions conducted on their own account relating to the shares or other securities linked to such shares. Notice must be given to the issuing company no later than the next business day after the transaction. If the executive is not the first trading day after the transaction has received the paragraph. 7 that information, notification shall be given as soon as possible but no later than 2 business days after the transaction.
PCS. 2. executives understood
1) members of the issuing company's administrative, managerial or supervisory body or a regulatory body affiliated company or
2) other executives of the issuing company, who regularly have access to inside information which directly or indirectly to the issuer if the senior executive is competent to make management decisions of general importance to the issuer's future business development.

PCS. 3. Associated persons to a senior executive of the issuer must provide the executive notification of transactions conducted on their own account relating to shares issued by the company or other securities linked to such shares. Notice must be given to the senior executive no later than the next business day after the transaction. If the related person not the first trading day after the transaction has received the paragraph. 7 that information, notification shall be given as soon as possible but no later than 2 business days after the transaction. The executive transmit received messages to the issuing company no later than the next business day after receipt.
PCS. 4. For persons close to a senior employee shall mean the following natural and legal persons related to it in the paragraph. 2 persons mentioned:
1) spouse or cohabitant.
2) Minor children where in paragraph. 2, the person is the holder of custody.
3) Other relatives for a period of at least 1 year from the date of the transaction belonged to in paragraph. 2 said person household.
4) Legal persons, if
a) a natural person falling within paragraph. 2 or no. 1-3 has managerial responsibility in the legal person
b) natural persons falling within paragraph. 2 or no. 1-3 alone or in combination exert an influence as specified in § 31 paragraph. 2 and 3, of the legal person
c) the legal entity is established in order to meet the economic interests of a natural person falling within paragraph. 2 or no. 1-3 or
d) the legal person also has economic interests substantially equivalent to the economic interests of a natural person falling within paragraph. 2 or no. 1-3.
PCS. 5. An issuer must not later than the next business day following receipt of a communication from a senior executive in accordance with paragraph. 1, point 1. Or paragraph. 3, 4th paragraph., Report the information to the FSA. FSA publish forthwith this information.
PCS. 6. An executive's duty to give notice under subsection. 1, point 1. And to pass on information received pursuant to subsection. 3, 4th paragraph., Comes first, if the market value of the transactions during a calendar year is completed by the manager and of persons close to the officer, together make up a sum of 5,000 euros or more. If the threshold of 5,000 euros is exceeded, the obligation for the executive to communicate and to pass on information received, alone, in respect of transactions carried out after that threshold is exceeded.
PCS. 7. Announcement by paragraph. 1 and 3, and reporting in accordance with paragraph. 5 must contain information about
1) the name of the natural or legal person under paragraph. 1 or 3 are obliged to give notice,
2) the reason that the person is required to give notice
3) the name of the issuer of the securities
4) ID code and designation of securities concerned,
5) nature of the transaction (purchase, sale or other transaction)
6) trade date, which market the transaction is completed in as well
7) the number of securities traded and the market value thereof.
PCS. 8. FSA may lay down rules for notification, reporting and disclosure of information covered by paragraph. 1-7.
§ 28 b. Any natural or legal person in the exercise of his profession or the conduct of his business to the public or distribution channels producing or disseminating recommendations in respect of securities referred to in § 27 paragraph. 1, or relating to an issuer of such securities to ensure that the production and dissemination of recommendations made in a fair manner and that information about any interests or conflicts of interest in relation to the securities or the issuer to which the recommendation relates.
PCS. 2. FSA shall lay down rules on fair presentation and disclosure of interests and conflicts of interest in the preparation and dissemination of recommendations on securities and issuers thereof.
§ 28 c. (Repealed).

§ 29. Anyone who holds shares in companies where those shares are admitted to trading on a regulated market in the country or in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area or are admitted to trading on an alternative market, must in paragraph. 2 former case as soon as possible give notice to the company holdings of shares in this. When notifying the company, the recipient submit information about possessions to the FSA. After receipt of the notification, the company must urgently publish the content of the message.
PCS. 2. Notification of shareholding under subsection. 1 shall be given when
1) shares represent at least 5 per cent. of the voting rights or the nominal value of at least 5 per cent. of the share capital or
2) change in a holding already notified entails that the limits on 5, 10, 15, 20, 25, 50 or 90 per cent. and the limits of 1/3 or 2/3 of the voting rights or nominal value are reached or are no longer reached or the change entails that the limits of the no. 1 is no longer reached.
PCS. 3. FSA may decide that the obligation to give notice under paragraph. 1 includes other securities giving the right to acquire shares.
PCS. 4. Financial Supervisory Authority shall lay down rules on the possession, notification of shareholdings in accordance with paragraph. 1 and 2 and the obligation to notify the rights to exercise voting rights in other cases. FSA may lay down rules derogating from the obligation under paragraph. 1.
§ 29 a. (Repealed).
§ 30 FSA shall lay down rules on issuers, including language, content, way to publish on, recording and storage of information, as well as on the content of interim statements. The rules may waive the statutory requirements for issuers' obligations in § 27 paragraph. 7 and 8 and § 27 a paragraph. 1-3. FSA also lays down rules on issuers equal treatment of and communication with shareholders and holders of bonds or other forms of marketable debt instruments.
Chapter 8
Takeover bids
§ 31. If a shareholding in a company that has one or more classes of shares admitted to trading on a regulated market or an alternative market, directly or indirectly to an acquirer or persons acting in concert with, the transferee shall enable all of the company shareholders to sell their shares on identical terms if such transfer involves that the acquirer obtains control of the company pursuant to. paragraphs. 2 and 3.
PCS. 2. Controlling interest exists when the acquirer directly or indirectly holds more than half the voting rights of a company, except in special cases can be clearly demonstrated that such ownership does not constitute control.
PCS. 3. Controlling interest exists also when a purchaser who does not own more than half the voting rights in a company,
1) power over more than half the voting rights by virtue of an agreement with other investors
2) power to govern the financial and operating policies of a company under a statute or agreement
3) the power to appoint or remove a majority of the members of the supreme governing body, and this body has control of the company, or
4) possession of more than one third of the voting rights in the company and the actual majority of the votes at the general meeting or equivalent body, and thus possess the actual control of the company.
PCS. 4. The existence and effect of potential voting rights, including warrants and call options on shares that are currently exercisable or convertible are taken into account when assessing whether a purchaser has control.
PCS. 5. The calculation of the voting rights in a company included the voting rights attached to shares held by the company itself or its subsidiaries. A company's acquisition of own shares will trigger a mandatory bid under subsection. 1, if the acquisition is an expression of circumvention of the limits referred to in paragraph. 2 and 3.
PCS. 6. The obligation under paragraph. 1 shall not apply if the paragraph. 1, the transfer is the result of a voluntary offer to all shareholders to transfer all their shares and this voluntary offer satisfies the requirements of § 32 paragraph. First

PCS. 7. The provisions of § 71 of the Companies Act shall apply mutatis mutandis to transfers of voting rights in a company that has one or more classes of shares admitted to trading on an alternative market.
PCS. 8. FSA may exempt from the obligation under paragraph. 1, if special circumstances apply.
§ 32. In the bid for the shares in accordance with § 31 the transferee shall prepare and publish an offer document containing information about the offer economic and other conditions, including the period for acceptance of the offer, and such other information as deemed necessary, to shareholders to make an informed assessment of the offer.
PCS. 2. Once there, the absence of mandatory offer obligation according to § 31, also publicly, in order to acquire a controlling stake made offer to acquire shares in a company that has one or more classes of shares admitted to trading on a regulated market or alternative market, there must also be drawn up an offer document in accordance with paragraph. 1.
PCS. 3. Decision on the tender offer should be published immediately.
PCS. 4. FSA provides for the mandatory offer obligation according to § 31 paragraph. 1, voluntary takeover bids, notification of a decision on the tender offer, tender documents content, including the tenderer's duty to disclose the planned payment of the offeree company funds after the completion of a takeover bid, a ban on the conclusion of agreements on bonus or similar services, the offer price and approval and publication, etc. It also provides for the FSA rules on the obligation of the company's board to explain the contents.
§ 32 a. Financial Supervisory Authority may refer the takeover bid on shares in a company that has one or more classes of shares admitted to trading on a regulated market to the competent authority in another country within the European Union or countries with which the Community has entered into an agreement for the financial area.
PCS. 2. FSA shall lay down rules on the law applicable and which authority has jurisdiction.
Chapter 9
Værdipapirhandleres transaction reporting and publication of prices and transactions
§ 33. This chapter shall apply to securities dealers except
1) investment management companies covered by § 4, paragraph. 1 pt. 2
2) management companies covered by § 4, paragraph. 1 pt. 3 and
3) other securities dealers under § 4, paragraph. 1, no. 3, which operates services business in this country covered by § 31 of the Financial Business Act.
PCS. 2. A securities dealer, conducting transactions with securities admitted to trading on a regulated market in this country, a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area or on an alternative market as soon as possible and not later than the relevant market hours on the day following completion of the transaction report information about the transaction. Information may be reported by the securities dealer itself, a third of the securities dealer's behalf or a trade-matching or reporting system approved by the FSA or by the regulated market or multilateral trading facility, through whose systems the transaction was completed.
PCS. 3. FSA may decide that reporting obligation is also incumbent on others. FSA may also, in special cases decide that the obligation to cover other securities not admitted to trading on a regulated market or an alternative market.
PCS. 4. A securities dealer must retain all relevant information relating to all transactions in financial instruments as securities dealer has carried on own account or on behalf of clients, for at least 5 years after the transaction is completed.
PCS. 5. Financial Supervisory Authority may lay down detailed rules on reporting obligations, including the scope and content, and which must be reported.

§ 33 a. Securities dealers that systematically internalize, meaning that the securities dealer on an organized, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or a multilateral trading facility in shares admitted to trading on a regulated market in the country or a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, the public firm prices for the shares that systematically internalized.
PCS. 2 pcs. 1 shall apply only if there is a liquid market for that share. If there is not a liquid market for the share concerned, the securities dealers that systematically internalize the meaning. Paragraphs. 1, upon request, fixed prices for their clients.
PCS. 3 pieces. 1 and 2 shall apply only for transactions up to standard market size.
PCS. 4. The Danish FSA may lay down rules on securities dealers' obligation to publish firm quotes including the content, promulgation, the opportunity to pull prices back, obligation to execute orders at the quoted price, execution of orders from professional clients access to securities dealers asked Price, securities dealers and the possibility of limiting the number of transactions.
§ 33 b. A securities dealer, for their own or a client conducts a transaction with shares admitted to trading on a regulated market in the country or a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, and this transaction carried out outside a regulated market or a multilateral trading facility in the country or in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, publish information on price, volume and time of the transaction. This information shall be made available to the public on a reasonable commercial basis, as close to real time as possible and in a manner which is easily accessible to other market participants.
PCS. 2. A securities dealer may delay the public disclosure under subsection. 1 based on their size and type.
PCS. 3. FSA shall lay down rules on securities dealers' obligation to publish information on price, volume and time of the transactions carried out with securities other than shares.
PCS. 4. Financial Supervisory Authority may lay down detailed rules on the mandatory disclosure under subsection. 1 and on the postponement of publication under subsection. 2.
Chapter 10
Abuse of insider knowledge, market manipulation and measures to address market abuse
§ 34. The rules in this chapter include the misuse of inside information and market manipulation as well as measures to address market abuses relating
1) securities are admitted to trading on a regulated market in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, or equivalent foreign securities markets and securities for which a request for admission to trading on such markets, and
2) securities that are not even covered by no. 1, but which are linked to one or more securities as mentioned in no. 1, and shares covered by § 2. 1 pt. 3
PCS. 2. Inside information shall mean specific information that is not published on the issuers of securities or market conditions relating to those who would be likely to affect the price of one or more securities if the information was published. Information shall be considered as published when there has been a market for general and appropriate dissemination of this.
PCS. 3. In paragraph. 2 purposes:
1) Specific information: information
a) relates to circumstances which exists or may reasonably be expected to come into existence or an event which has occurred or may reasonably be expected to occur, and
b) sufficiently precise to be drawn a conclusion to these events or conditions affect the pricing of the securities in question.
2) Information that is reasonably expected to affect the price of one or more securities: information that a reasonable investor would be likely to use as part of the basis of his investment decisions.

PCS. 4. For securities dealers and employees of such undertakings include inside information also information supplied by a client and related client's pending orders, provided that the information otherwise meet the requirements of paragraphs. 2 and 3.
PCS. 5. When trading commodity instruments inside information information that has not been published, but which directly or indirectly to one or more such instruments, and which users of markets where such instruments are traded expect to receive in accordance with accepted market practices these markets. Users of the markets for commodity instruments expects to receive information
1) usually made available to users of the relevant market or
2) to be disclosed under law, decree, a regulatory framework for the market on commodity instruments, contracts or customs on the relevant market on commodity instruments or the underlying market for commodities trading.
§ 35. Buying, selling and encouraging the purchase or sale of transferable securities may not be made by anyone with inside information which may be of importance for trade.
PCS. 2. Paragraph. 1 shall not apply to
1) the purchase of securities occurs as a necessary part of implementing a forward public offer for the purpose of gaining control of a company that has one or more classes of shares admitted to trading on a regulated market in this country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, or equivalent foreign markets for securities, provided the inside information acquired in connection with an investigation of the company made for the purpose of submitting the tender offer, and
2) the purchase and sale of securities undertaken to fulfill an obligation, provided that this obligation is due at the time of the transaction and the commitment is based on an agreement concluded before the person concerned came into possession of inside information .
PCS. 3. Notwithstanding paragraph. 1 to securities dealers and employees of such undertakings loyally execute a customer's order. Furthermore, such people make merchantable if the trade occurs as a normal part of the securities dealer's role as market-maker in the relevant securities.
PCS. 4. Paragraph. 1 shall not apply to transactions carried out by a sovereign state, such a state central bank, the European System of Central Banks or the person acting on their behalf, when transactions are effected as part of their monetary policy, monetary or debt management policy.
PCS. 5. The provision in paragraph. 1 shall not apply to trading in own shares in buy-back programs or in securities as part of the stabilization of the price of a security, provided that such transactions are carried out in accordance with Commission Regulation (EC) no. 2273/2003 of 22 December 2003 implementing European Parliament and Council Directive 2003/6 / EC with regard to back programs and stabilization of financial instruments.
§ 36. Whoever is in possession of inside information may not disclose this information to any other person unless such disclosure is a normal exercise of his employment, profession or duties.
§ 37. An issuer of securities admitted to trading on a regulated market, and its parent company must draw up internal rules for board members, supervisory board members, executives and other employees for their own or third parties acting with the issuer securities in issue, see. The first indent and related financial instruments. Similar rules should be drawn up by public authorities and companies, including securities dealers, lawyers and accountants, who by virtue of their business activities regularly come into possession of inside information. Are they in the 1st and 2nd clauses. said companies organized as partnerships, limited partnerships or similar, the internal rules also include the owners.
PCS. 2. An issuer of securities referred to in § 34 paragraph. 1 pt. 1 must draw up internal rules with the aim of preventing inside information from becoming available to others than those who need them. Similar rules should be drawn up by public authorities and companies, including securities dealers, lawyers and accountants, who by virtue of their business activities regularly come into possession of inside information.
PCS. 3. Internal rules prepared by an issuer under paragraph. 2, first sentence. Shall at least contain provisions through which it effectively ensured that

1) persons other than those who have access to it in the exercise of their functions within the issuer does not have access to inside information,
2) persons who have access to inside information are aware of the resulting legal and regulatory obligations and are aware of the penalties they may incur by misuse or unauthorized disclosure of such knowledge, and
3) the disclosure of inside information takes place immediately, if the issuer is established that there has been disclosure, see. However, § 27, paragraph 2, 3rd sentence.
PCS. 4. An issuer of securities referred to in § 34 paragraph. 1 pt. 1, to prepare and regularly update a list of those persons working for them and having access to inside information. Similar records be developed by natural and legal persons acting on behalf of an issuer as mentioned in the first section. or the issuer of such expense. The lists of persons subject to be immediately notified thereof. 1st-3rd section. shall not apply to a sovereign state, such a state central bank, the European System of Central Banks or the person acting on their behalf, when issuing securities takes place as part of their monetary policy, monetary or debt management policy.
PCS. 5. Internal rules issued under paragraph. 1 and 2 and records prepared in accordance with paragraph. 4 should be made available to the regulated market and the FSA.
PCS. 6. Securities dealers and employees of such undertakings, conducting transactions with securities referred to in § 34 paragraph. 1, shall without delay notify the FSA if it can be reasonably assumed that a completed transaction constitutes a violation of § 35 paragraph. 1 or § 39 paragraph. 1. This applies only if the transaction is completed as part of a loyal execution of a customer order, see. § 35 paragraph. 3 and § 39 paragraph. 2. Notification referred to in the first paragraph., As a securities dealer or its employees make with reasonable grounds, is not regarded as a breach of confidentiality rules, whether the rules imposed by law, regulation or contract.
PCS. 7. Securities dealers and employees of such undertakings, which have been notified to the FSA in accordance with paragraph. 6, is obliged to keep secret, having been given such a notification. The fulfillment of the obligation to secrecy as mentioned in the first section. will not cause the securities dealer or its employees any responsibility.
PCS. 8. Performs a securities dealer of securities trading, the buying or selling the securities, identify himself to the securities dealer. The identification must include name, address and CPR or CVR number or other similar identification, if the person does not have a CPR or CVR number. Failing trading on behalf of third parties, this must also be stated.
PCS. 9. The securities dealer must register in paragraph. 8 The information and retain the information for five years.
PCS. 10. The Danish FSA shall lay down rules on the compilation and updating records in accordance with paragraph. 4, and the content and scope of the notification obligation pursuant to subsection. 6, 1st clause.
§ 38. By market manipulation shall mean actions covered by Nos. 1-4, which is likely to affect the price of securities covered by § 34 paragraph. 1, in a direction different to that of the market value thereof, by
1) dissemination of information through the media or by other methods suitable to give false or misleading signals about the supply, demand or price of securities
2) transactions or orders to trade which is likely to give false or misleading signals about the supply, demand or price of securities
3) transactions or orders to trade which employ fictitious devices or any other form of deception or contrivance, or
4) transactions or orders to trade which a person or persons acting in collaboration, the price of one or more securities at an abnormal or artificial level.
PCS. 2. Market manipulation by paragraph. 1 may for example consist of
1) the issuance of an opinion expressed through the media on a security or an issuer of a security after first having obtained the amounts of the securities, if later, taking advantage of the way in which the opinions voiced affect the price of the security provided conflict of interest not later than simultaneously with the publication of expression of opinion indicated to the public in a proper and efficient manner,

2) the purchase or sale of securities at the close of the market with the effect of misleading investors acting on the basis of closing prices, misled, or
3) conduct by a person or persons acting in collaboration, to secure a dominant position over the supply of or demand for a security with the effect that the purchase and selling prices of the securities directly or indirectly fixed at an abnormal or artificial level, or the use of other unfair trading conditions.
PCS. 3. In applying the provisions of paragraph. 1 pt. 1, relative to the editors and editorial staff, as part of their professional capacity must take into account the rules governing their employment. 1st clause. shall not apply if the editor or editorial staff, directly or indirectly, an advantage or profits from the dissemination of the information.
PCS. 4. The provisions of paragraphs. 1 pt. 2 and 4 shall not apply if the party that enters into the transaction or issued the trading order, proving that the transaction or trade order was in accordance with accepted market practice and that the reasons for entering into such transaction or issue such order was legitimate. FSA decides on the acceptance of market practices.
PCS. 5. Financial Supervisory Authority shall lay down rules on transactions, orders and dissemination of information, which can be considered market manipulation pursuant to the provisions of paragraph. 1, Nos. 1-4. FSA also lays down detailed rules for the circumstances under which a transaction or trade order may be considered to be in accordance with accepted market practices under the provision of paragraph. 4.
§ 39. Price manipulation or attempted shall not take place.
PCS. 2. Notwithstanding paragraph. 1 to securities dealers and employees of such undertakings loyally execute a customer's order.
PCS. 3. Paragraph. 1 shall not apply to transactions carried out by a sovereign state, such a state central bank, the European System of Central Banks or the person acting on their behalf, when transactions are effected as part of their monetary policy, monetary or debt management policy.
PCS. 4. Paragraph. 1 shall not apply to trading in own shares in buy-back programs or in securities as part of the stabilization of the price of a security, provided that such transactions are carried out in accordance with Commission Regulation (EC) no. 2273/2003 of 22 December 2003 implementing European Parliament and Council Directive 2003/6 / EC with regard to back programs and stabilization of financial instruments.
§ 39 a. § 34 paragraph. 2-5, § 35 paragraph. 1-4, § 36, § 37 paragraph. 6-10, § 38 and § 39 paragraph. 1-3, apply mutatis mutandis to trade in securities admitted to trading on an alternative market. In addition to those Regulation (EC) no. 2273/2003 of 22 December 2003 on the implementation of the European Parliament and Council Directive 2003/6 / EC with regard to back programs and stabilization of financial instruments, see. § 35 paragraph. 5 and § 39 paragraph. 4, also apply to trading in securities admitted to trading on an alternative market.
§ 39 b. FSA may lay down rules prohibiting short selling of shares.
Chapter 11
(Repealed)
Chapter 11 a
(Repealed)
Chapter 11 b
Operation of a multilateral trading facility
§ 40. A company operating a multilateral trading facility shall
1) have rules that ensure fair and orderly trading and provides objective criteria for the efficient execution of orders,
2) have rules which define the criteria for determining which securities can be traded via the trading systems
3) ensure that users have access to sufficient publicly available information to form an investment judgment,
4) have rules that establish objective criteria that meets the requirements of § 42a of access to the trading,
5) inform users of the trading on their respective responsibilities for the settlement of transactions executed in the trading system and ensure the efficient running of these transactions
6) monitor users of the trading comply with regulations for the trading and

7) monitoring transactions undertaken by the trading users using the trading systems in order to detect violations of the trading rules, trading conditions in violation of regulations for the trading or conduct that may involve violation of Chapter 10.
§ 41. A company operating a multilateral trading facility shall publish the current prices and the depth of these prices of shares traded in the trading systems, whose shares are also admitted to trading on a regulated market. This information must be within the trading normal hours continuously made available to the public on reasonable commercial terms.
PCS. 2. Financial Supervisory Authority may exempt a company operating a multilateral trading facility, the obligation in paragraph. 1 based on market model, order type or size of order.
PCS. 3. FSA may lay down detailed rules on the mandatory disclosure under subsection. 1 and for exemption under subsection. 2.
§ 42. A company operating a multilateral trading facility shall publish the price, volume and time of the transactions carried out in the systems of the trading, the shares if the shares simultaneously admitted to trading on a regulated market. This information shall be made available to the public on reasonable commercial basis and as close to real time as possible, unless the information on the transactions published through a regulated market.
PCS. 2. A company operating a multilateral trading facility may establish rules for deferment of publication based on their size or type. The rules must be approved by the FSA. The company that operates the multilateral trading facility shall publish the approved rules.
PCS. 3. FSA shall lay down rules on the obligation to publish price, volume and time of the transactions carried out via a multilateral trading facility systems, securities other than shares.
PCS. 4. Financial Supervisory Authority may lay down detailed rules on the mandatory disclosure under subsection. 1 and the possibility of postponement of publication under subsection. 2, including under what conditions.
§ 42 a. A company operating a multilateral trading facility may only allow access to the trading of the following natural or legal persons:
1) Securities dealers see. § 4.
2) Securities dealers as mentioned in § 4, paragraph. 1 pt. 3 and 4, which does not operate through a branch or providing services in Denmark, see. §§ 30 and 31 of the Financial Business Act.
3) Other natural or legal persons whose characters
a) are fit and proper,
b) have sufficient trading ability and competence
c) where applicable, appropriate administrative procedures and
d) have sufficient resources to carry out the functions deriving from participation in trade in the multilateral trading facility and to ensuring the adequate settlement of transactions.
§ 42 b. A company operating a multilateral trading facility shall not, without FSA approval contract with clearing centers or other businesses that clears and settles transactions in cash or securities.
PCS. 2. If the agreement referred to in paragraph. 1 intended to be awarded with a party domiciled in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, the Danish FSA may fail to approve such an agreement if it can be shown that Agreement will prevent the proper functioning of the multilateral trading facility, or if the FSA considers that the clearing and settlement under the Agreement can not be implemented in a technically sound manner.
Special rules for the operation of alternative marketplaces
§ 42 c. Companies operating an alternative market may only admit securities to trading on the alternative market if
1) the issuer of the security has requested this and
2) the securities are not admitted to trading on a regulated market in Denmark or similar markets in other countries.
PCS. 2. For securities dealers from countries outside the European Union, the Community has not concluded an agreement for the financial area covered by § 42a no. 2, as well as other natural or legal persons from such countries other than central banks, access for an alternative market conditional on FSA's prior approval.
PCS. 3. A company operating an alternative market, to lay down rules on issuers.

§ 42 d. Companies operating an alternative market, has the exclusive right to use the word alternative market in their name. Other natural or legal persons may not use names or descriptions for their activities that are suitable to create the impression that the driver an alternative market.
PCS. 2. Companies that have FSA authorization to operate an alternative market, to use a term for the alternative market, which shows that there is an alternative market. Companies that operates alternative markets, are not subject to the obligation in the first section. If the alternative market is clear which rules associated with securities admitted to trading on the alternative marketplace.
§ 42 e. A company operating an alternative market may suspend or remove a security from trading on the alternative market. Suspension and discontinuance shall not be made if it is likely that this will be seriously detrimental to the interests of investors or the market function.
PCS. 2. Where an issuer whose securities are admitted to trading on an alternative market, deletion request from the market, the company that operates the alternative market, take it admissible. Deletion shall not be made if it is likely that this will be seriously detrimental to the interests of investors or the market function.
PCS. 3. An issuer has the right to have a security removed from trading on an alternative market if the securities related to trading or traded on another alternative market.
PCS. 4. The trade in a security must be discontinued while the securities admitted to trading on a regulated market.
§ 42 f. The powers in § 42 c assigned to a company operating an alternative market, exerted by the FSA, when an operator of a regulated market in the country or in another country within the European Union or in a land which the Community has concluded an agreement for the financial area, or a company operating an alternative market, asking for the admission of its securities to trading on the alternative market. FSA also exercises the powers in § 42 e conferred a company operating an alternative market when the securities covered by the first section. admitted to trading on the alternative market.
Chapter 12
Prospectuses for public offerings of securities between EUR 100,000 and EUR 2,500,000
§ 43. This chapter applies to the public offer of securities not admitted to trading on a regulated market when the supply is between EUR 100,000 and EUR 2,500,000.
PCS. 2. This Chapter shall apply to securities mentioned in § 2. 1 pt. 1, except for bonds with a maturity of less than one year.
PCS. 3. FSA may lay down rules on the supply of specified securities exempt from this law.
§ 44. A provider may not make the offering of securities to the public, pending the publication of an approved prospectus for these securities,. Paragraphs. 2 and § 46 paragraph. 1.
PCS. 2. Financial Supervisory Authority decides on approval of the prospectus.
PCS. 3. The prospectus must contain the information deemed necessary to enable investors and their investment advisers to make an informed assessment of the assets and liabilities, financial position, results of operations and prospects and of any guarantor, and of the rights attached to the securities to be offered to the public.
PCS. 4. The prospectus that meets the requirements set out in §§ 23-24 and in regulations issued pursuant to § 23 paragraph. 7 and 8 and § 24 paragraph. 2, can replace a prospectus as referred to in paragraph. 1.
PCS. 5. A prospectus meeting the requirements for prospectuses in accordance with Directive 2003/71 / EC, which has been approved by the competent authority of a country within the European Union or a country with which the Community has concluded an agreement for the financial area , equivalent to a prospectus as referred to in paragraph. 1. The prospectus shall before publication submitted to the FSA, which ensure that the requirements under the 1st clause. are satisfied.
PCS. 6. Financial Supervisory Authority sets rules on prospectus content, language, submission, validity and advertising.
§ 45. Prospectuses referred to in § 44 shall be submitted to the FSA.
PCS. 2. FSA shall ensure that prospectuses as mentioned in § 44 meets the requirements of this chapter and provisions pursuant thereto.

PCS. 3. Receipt of prospectuses as mentioned in § 44 are registered in and published by the Danish Commerce and Companies Agency.
PCS. 4. Financial Supervisory Authority lays down rules on the payment of fees for the examination of prospectuses.
PCS. 5. DCCA lays down rules on the publication of receipt of prospectuses covered by this chapter and the payment of fees for publication.
§ 46. Offer to the public shall not take place before the prospectus is published following the rules laid down pursuant to § 45 paragraph. 5.
PCS. 2. FSA may lay down rules on the modalities of tender documents.
Chapter 13
(Repealed)
§ 47. (Repealed).
Chapter 14
(Repealed)
§ 48. (Repealed).
§ 49. (Repealed).
Section III
Clearing, settlement and financial collateral etc.
Chapter 15
Clearing Company
§ 50. Clearing comprises settlement of rights and obligations at an agreed exchange of services.
PCS. 2. Settlement is the exchange of services in fulfillment of the parties' obligations.
PCS. 3. The netting as specified in § 57 shall mean the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which one or more participants issued to or receives from one or more other participants with the result that only can be made a net claim or net liability applicable.
PCS. 4. The clearing house activities mean regular business, which consists of a clearing participant's behalf to conduct clearing, settlement or clearing and settlement of securities transactions, including to intervene as a party in the transactions or otherwise secure the transactions. FSA determines if in doubt, whether securities clearing business.
PCS. 5. By clearing participant means a party that has entered into an agreement with a clearinghouse to regularly participate in clearing, settlement or clearing and settlement.
PCS. 6. For the indirect participant means a credit institution as defined in Article 1, first indent of Directive 77/780 / EEC, which has signed an agreement with an institution participating in a registered payment, or similar business carried out by Danmarks Nationalbank, whereby the credit institution will be able to send transfer orders to the system.
§ 51. Securities Clearing Company may only be operated by the clearing centers and Danmarks Nationalbank.
§ 52. The board of a clearing house is responsible for the center's work is done in an appropriate and safe manner. The individual clearing house to establish rules for clearing and settlement and ensure that all parties are treated equally. Terms of clearing centers settlement of payments at Danmarks Nationalbank are not included in the second section.
PCS. 2. A clearing house may establish detailed rules on the securities to be cleared, settled and cleared and settled by the center.
§ 53. A clearinghouse can lead cash accounts of clearing participants and arrange lending and borrowing of money and securities in connection with clearing, settlement or clearing and settlement of securities transactions. Detailed rules shall be laid down in a participation agreement, see. § 54.
PCS. 2. A clearing house to carry out other activities that are ancillary to the business as a clearing house, including the operation of a regulated market or CSD. If a clearing center operates a regulated market as an ancillary activity, the clearinghouse also operate a multilateral trading facility. FSA may decide that the ancillary activities shall be provided in another company. If the clearing center operates a regulated market as an ancillary activity, a multilateral trading facility always operated in the same company as the regulated market.
PCS. 3. If a clearing center operates a central securities depository, a regulated market or a multilateral trading facility as an ancillary activity, the requirements for the authorization and operation of these types of companies in this Law shall apply. By ancillary operation of a multilateral trading facility, the requirements for the authorization and operation of this type of business in the Financial Business Act also apply. '
Chapter 16
Connecting to a clearinghouse
§ 54. A clearing participant must conclude a contract with the clearing house. The connection can be done to clear and settle their own, third party or in-house and third party transactions in securities.

PCS. 2. Securities dealers, credit institutions and investment firms authorized in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, and do not perform securities trading through a branch or providing services in country clearing houses, Economy Agency, Danmarks Nationalbank and the central banks in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, can clear and settle transactions on behalf of third parties.
PCS. 3. Securities dealers, credit institutions and investment firms authorized in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area have access to a participation agreement with the clearing house if they meet the conditions in paragraph. 4. Clearing Centre may decide that others can access a participation agreement.
PCS. 4. Clearing Centre sets the rules for the connection as a clearing participant, including the conditions that clearing participants must meet to participate in the clearing and settlement of treasury, third party or in-house and third party transactions.
PCS. 5. If a clearing participant grossly or repeatedly disregards the conditions for connection, the clearing center may terminate the Agreement.
Chapter 17
Hedging
§ 55. Furthermore, a clearing house or clearing participant loans to a clearing participant in connection with the settlement of securities transactions or payments in the clearing house, it can be agreed with the borrower, the borrower's investment securities that are kept in one or more of the Borrower designated depots in a central securities depository can serve as collateral for the repayment of the loan.
PCS. 2. Further, a registered payment system or a participant in such a system loans to a participant or an indirect participant in the system for the settlement of payments in the system, it can be agreed with the borrower, the borrower's investment assets held in a or more of the borrower designated depots in a central securities depository, may serve as collateral for the repayment of the loan.
PCS. 3. If securities clearing are effected or a payment system operated by Danmarks Nationalbank and securities clearing business, payment system or a participant in securities clearing company or payment system provides loans to a participant or an indirect participant in the performance of the system, it can be agreed with the borrower that the borrower fund assets stored in one or more of the borrower designated depots in a central securities depository, may serve as collateral for the repayment of the loan.
PCS. 4 pcs. 3 shall apply mutatis mutandis where a clearing house or a payment system that is notified to the Commission under Article 10, first paragraph of the European Parliament and Council Directive 98/26 / EC (Settlement Finality Directive) settles payments via accounts in Denmark's national bank. It is a condition that the agreement on collateral is governed by Danish law.
PCS. 5. In cases where loans are granted in connection with the settlement of securities and payments systems, where lending is not covered by paragraph. 1-4, the Danish FSA may approve that it can first be agreed with the borrower, the borrower's investment securities that are kept in one or more of the Borrower designated depots in a central securities depository, may serve as collateral for the repayment of the loan. It is a condition of approval, the agreement on collateral is governed by Danish law.
PCS. 6. If an agreement referred to in paragraph. 1-5 registered in a central securities depository, and provides loans for settlement, may be related to the settlement notified lien on the fund assets, see. Paragraph. 1-5, to the central securities depository for registration. Only by such registration is obtained protection against legal proceedings and transferees under the rules of Chapter 22
PCS. 7. Have a clearing house or a clearing participant paid for someone else's acquisition of investment securities, which are settled through a clearing house, may be in a central deposit as security for the payer's claims against the transferee registered mortgage on the part of the acquired fund assets, which also registered in the investor's account the securities depository and is not in agreement with the payer is further transferred by sale held at the same time as the acquisition. When registering the lien protect against legal proceedings and transferees under the provisions of Chapter 22nd

PCS. 8. Financial Supervisory Authority shall lay down rules on time limits within which a lender by notice must maintain it in accordance with paragraph. 6 and 7 mortgage rights. Registration of lien deleted without notification in accordance with § 68, if the court is not maintained by the deadline. A CSD may in certain cases postpone it in the second section. that period, including with malfunctions or if Danmarks Nationalbank has announced that Danmarks Nationalbank's payment is out of operation due to technical problems.
§ 56. Investment securities, which are registered mortgages according to § 55 paragraph. 6 or 7, if concluded a prior agreement to this effect or if the deal is concluded between a securities dealer and a securities dealer or an institutional investor or an equivalent professional investor realized immediately after the expiry of the Financial Supervisory Authority in accordance with § 55, PCS. 8 deadline, if the borrower does not already fulfilled his obligations. The first section. that period may be waived by agreement between the parties, if the mortgage is registered pursuant to § 55 paragraph. 6 or 7.
PCS. 2. Securities pledged as collateral to the clearing house or a clearing participant to comply with the clearing rules on collateral can be realized immediately if concluded a prior agreement to this effect and there has been a breach of the clearing house's rules on collateral.
Chapter 18
Payment systems, netting etc.
§ 57. An agreement between two or more parties that all proved claims that relate to a clearing center exercise of the securities clearing business, see. § 50 paragraph. 4, or connection to the clearing of payments carried out by Danmarks Nationalbank or a registered payment, be netted can effect towards the estate and creditors also include a provision stating that such claims could be netted, are cleared and settled or reversed in full if one of the parties is declared bankrupt or declared bankruptcy or compulsory composition are opened.
PCS. 2. Agreements on netting with foreign clearing centers and payment systems notified to the Commission under Article 10, first paragraph of the European Parliament and Council Directive 98/26 / EC have the same legal effect as the agreements referred to in paragraph. 1.
PCS. 3. Financial Supervisory Authority may approve an agreement on netting with foreign clearing centers and payment or equivalent foreign companies engaged in clearing house activities or clearing of payments outside the European Union or countries with which the Union has concluded an agreement, take effect in accordance with paragraph. 1.
PCS. 4. An agreement referred to in paragraph. 1, to have legal effect towards the estate and creditors before the bankruptcy, the declaration of suspension of payments or opening of the composition to be submitted to the FSA. If the agreement covers a registered payment under § 86 paragraph. 2, the agreement to have legal effect towards the estate and creditors before the bankruptcy, the declaration of suspension of payments or opening of composition be sent to Danmarks Nationalbank.
PCS. 5. Agreements under paragraph. 1 and 3 must contain objective conditions in which cases notified but not yet fulfilled the claims either
1) are met in accordance with the netting agreement or
2) returned in their entirety.
§ 57 a. FSA may register a payment system if the system is subject to Danish law and a participant headquartered in Denmark with the effect of netting agreements and agreements on collateral, settlement of payments take effect in accordance with § 57 paragraph. 1, see. However, § 57 paragraph. 4, and the provisions of § 57b paragraph. 1 and 2. Participants in the payment system must be credit institutions as defined in Article 1, first indent of Directive 77/780 / EEC, investment firms as defined in Article 1 pt. 2 of Directive 2004/39 / EC, public authorities or other that the FSA play a significant role for the settlement of payments. Indirect participants in the payment must be credit institutions as defined in Article 1, first indent of Directive 77/780 / EEC.
PCS. 2. FSA must ensure that the system and the participants rules and connection agreements provides for
1) the system is governed by Danish law,
2) who can be direct participants in the system
3) who can be indirect participants in the system
4) the terms on which participants can represent indirect participants,

5) the requirements for collateral and guarantees your system in order to maintain the flow in the system
6) in § 57 c mentioned conditions and
7) the terms of any agreements which the system has concluded with a settlement agent or a clearing house as defined in European Parliament and Council Directive 98/26 / EC, Article 2, point d and e.
PCS. 3. FSA can provide a registered payment orders to change the following paragraph. 2 issued rules and connection agreements.
PCS. 4. FSA may lay claim to a registered payment system capital, requirements management, see. § 9 requirements for audits and preparation of business plans, business processes and adequate controls and safeguards, including the computerization.
PCS. 5. The system must notify the FSA who participate directly or indirectly in the system, and any amendments thereto.
PCS. 6. Financial Supervisory Authority may require registration under subsection. 1 of payment, for imperative reasons of settlement of payments or public interest so justify this.
PCS. 7. powers under paragraph. 1-6 exercised by Danmarks Nationalbank, in the case of a payment covered by § 86 paragraph. 2.
§ 57 b. Measures which provide collateral to Danmarks Nationalbank, a clearing house, a registered payment system or participants in such systems can not be reversed under the Bankruptcy Act § 70 paragraph. 1 or § 72 paragraph. 2. Avoidance may occur if
1) security is not lodged without undue delay after the lack of security has occurred, or
2) security is provided under such circumstances that it does not appear as ordinary.
PCS. 2. Is the security referred to in paragraph. 1 made in the form of securities or deposits, security can be realized immediately if there has been an advance arrangements are made and the participant has not already fulfilled its obligations to Danmarks Nationalbank, a clearing house or a registered payment or to participants in such systems.
PCS. 3 pieces. 1 and 2 apply mutatis mutandis to collateral provided in connection with clearing houses and payment systems notified to the Commission under Article 10, first paragraph of the European Parlamenets and Council Directive 98/26 / EC if the guarantee is furnished in accordance with the clearing house's or payment system rules. The same applies to collateral provided to central banks in their capacity as central banks in the European Union or countries with which the Union has concluded an agreement.
PCS. 4. Financial Supervisory Authority to approve agreements on security concluded with foreign clearing houses or systems or equivalent foreign companies engaged in clearing house activities or clearing of payments outside the European Union or countries with which the Union has concluded an agreement with the effect of collateral in accordance with such agreement covered by paragraph. 1 and 2.
§ 57 c. Applicable rules and connection agreements for a clearing house, a registered payment or for similar activities carried out by Danmarks Nationalbank must provide for
1) when a transfer order is considered entered into the system, as well
2) the date or dates of entry of a transfer order which is entered into the system may no longer be revoked by an entrant or any third party.
§ 57 d. Financial Supervisory Authority will draw up a list of the clearing centers and payment systems which enable the agreements with enforceable under the provisions of § 57 paragraph. 1 and § 57b paragraph. 1 and 2. The list published by decree.
PCS. 2. FSA review the paragraph. 1 included clearing houses and payment systems and payment and securities clearing systems operated by Danmarks Nationalbank, to the Commission referred. European Parliament and Council Directive 98/26 / EC, Article 10
PCS. 3. If a participant in a clearing house or a payment covered by paragraphs. 2 suspension of payments, or by the bankruptcy court bankruptcy order or compulsory composition are opened negotiations for such participation, the bankruptcy court shall immediately notify the Financial Supervisory Authority. FSA shall immediately transmit this message to the other countries in the European Union and countries with which the Community has concluded an agreement pursuant. European Parliament and Council Directive 98/26 / EC, Article 6. Third

§ 57 e. If a participant in a clearing house, a registered payment or similar business carried out by Danmarks Nationalbank bankruptcy, suspension of payments, which opens compulsory composition proceedings or other form of insolvency proceedings, as defined in European Parliament and Council Directive 98/26 / EC Article 2, point j, the rights and obligations arising from or in connection with, its participation in the system shall be determined by the law governing the system is subject. The same applies for Danish participants in foreign clearing centers and payment systems notified to the Commission under Article 10, first paragraph of the European Parliament and Council Directive 98/26 / EC.
Chapter 18 a
Agreements on Financial Collateral and final settlement etc.
§ 58. The provisions of this chapter shall apply to contracts for financial security and on collateral when they are made. A security is considered made when the relevant act is made.
PCS. 2. §§ 58 h and 58 shall apply regardless of whether an agreement on final settlement or ongoing netting concluded as part of an agreement on financial security.
§ 58 a. By an agreement on financial security means an agreement between the parties covered by § 58 b on collateral for financial obligations. See § 58 e, in the form of securities covered by § 58 f. If security means the transfer of ownership of emergency and mortgaging.
PCS. 2. An agreement on financial guarantees must be covered by this chapter be written or be documented in another way that legally equivalent thereto.
§ 58 b. A party to an agreement on the financial security can only be the following:
1) A public authority, excluding publicly guaranteed undertakings unless they fall under Nos. 2-6, including
a) public bodies in the European Union member states and those countries which the Community has concluded an agreement for the financial area which are responsible for or involved in the management of public debt,
b) public bodies in the European Union member states and those countries which the Community has concluded an agreement for the financial area, there is authorized to hold accounts for customers.
2) A central bank, the European Central Bank, the Bank for International Settlements, a multilateral development bank as defined in Article 1 no. 19 of Directive 2000/12 / EC, the International Monetary Fund and the European Investment Bank.
3) A financial institution that is subject to monitoring, including
a) a credit institution as defined in Article 1 pt. 1 of Directive 2000/12 / EC, including the institutions listed in Article 2. 3,
b) an investment firm as defined in Article 1 pt. 2 of Directive 2004/39 / EC
c) a financial institution as defined in Article 1 no. 5 of Directive 2000/12 / EC
d) an insurance company as defined in Article 1, point a, of Directive 92/49 / EEC and an insurance company as defined in Article 1, point a, of Directive 92/96 / EEC,
e) an undertaking for collective investment in transferable securities as defined in Article 1. 2 of Directive 85/611 / EEC or
f) an investment management company as defined in Article 1 a, no. 2 of Directive 85/611 / EEC.
4) A central counterparty, a settlement agent or a clearing house as defined in Article 2, point c, d and e of Directive 98/26 / EC, including similar institutions regulated under national law acting in the futures, options and derivatives financial instruments, to the extent not covered by the directive.
5) A legal person acting in its capacity as trustee or agent on behalf of one or more persons, including holders of bonds or other debt instruments or institutions as defined in Nos. 1-4.
6) A legal person not covered by Nos. 1-5, including non-registered companies and partnerships, and sole proprietorships.
§ 58 c. The provisions of this chapter shall apply to contracts for financial security that provides for
1) netting at closeout and ongoing netting,. §§ 58 h and 58,
2) realization of collateral, see. § 58j,
3) additional collateral, see. § 58 l
4) substitution, see. § 58 m, or
5) The right of use. § 58 g.
§ 58 d. Realisation according to § 58j paragraph. 1, or valuation of collateral or assets that offset or acquired in accordance with § 58 g, § 58 h, § 58j paragraph. 2-4 and § 58 k, must be on commercially reasonable terms.

§ 58 e. It must appear from an agreement on financial collateral which of the parties or third parties' existing or future, actual or contingent or prospective financial commitments agreement.
PCS. 2. The financial obligations are those obligations that provides security holder entitled to a cash settlement or delivery of securities.
PCS. 3. Are both parties to an agreement on financial collateral under § 58 b, no. 6, only claims arising from trading in foreign exchange and securities trading on commodity exchanges as well as deposits and loans of financial liabilities.
PCS. 4. If only one or none of the parties to an agreement on final settlement in accordance with § 58 h under § 58 b, only claims arising from foreign exchange trading and securities for financial liabilities.
§ 58 f. Security under a financial collateral may only consist of cash, which is meant money credited to an account, or securities covered by § 2. 1, Nos. 1-3.
PCS. 2. A collateral provider's own shares, shares in affiliated companies, as defined in Directive 83/349 / EEC, and shares in companies whose sole purpose is to own means of production that are essential for the collateral provider's business can not be used as collateral under a financial collateral. The same applies to shares in companies whose purpose is to own real property for use by shareholders.
PCS. 3. Cash balances that can not be subject to prosecution, can not be used as collateral under a financial collateral or subject to final settlement.
PCS. 4. For similar security purposes, an amount of the same size and in the same currency as the original collateral, if this was provided in the form of cash or securities that are identical to the original collateral, if this is provided in the form of securities.
PCS. 5. It may be in a financial collateral is determined that an equivalent security may consist of another currency or other securities that have a value equal to the value of the original collateral at the time when the corresponding security shall be provided or are provided.
§ 58 g. An agreement on financial guarantees in the form of a pledge provide for the right of use. At the agreed occupancy may collateral taker in accordance with the terms of an agreement on financial collateral transfer the collateral received or some of these to third parties for ownership or security.
PCS. 2. If the collateral taker exercised a right under subsection. 1, the collateral taker return equivalent safety by the time the whereabouts of the secured debt matures. The returned collateral deemed made under the agreement on financial security at the same time as the original security.
PCS. 3. Return pursuant to paragraph. 2 can only be reversed if the conditions of the Bankruptcy Act § 74 are met.
PCS. 4. Returns after paragraph. 2, first sentence. May be omitted to the extent that the collateral value in accordance with the terms of the agreement on financial collateral offset with the hedged financial liabilities or be subject to final settlement, because the claim of restitution is considered to have arisen at the time when the original collateral was provided.
§ 58 h. An agreement can be legal consequences for third parties as defined. However paragraph. 3-6, stipulate that the contractual financial obligations. See § 58 e, be netted by the final settlement, if one party defaults, including that there must be the final settlement, if a party made during the proceedings, or being made attachment of a claim subject to closeout provision. When insolvency proceedings mean bankruptcy, Insolvency proceedings, receivership, insolvency estate administration, debt relief and other Danish and foreign types of liquidation and reorganization proceedings on grounds of insolvency, as defined in Article 2, no. 1, point j and k, of Directive 2002/47 / EC .

PCS. 2. It can effect the estate and creditors agreed that in the event of the occurrence of an event of default referred to. Paragraphs. 1, the closeout not be made until the non-defaulting party gives notice to the defaulting party. In cases where the defaulting party made during the proceedings, that party may, however, require that the final settlement carried out so that the parties concerned, as if the final settlement was made without undue delay after the time when the non-defaulting party knew or should have known that the defaulting party was subject to the insolvency proceedings.
PCS. 3. A claim that is covered by the Bankruptcy Act § 16 paragraph. 1, 3rd section. You can be part of a final settlement in accordance with paragraph. 1 unless the non defaulting party knew or should have known that the bankruptcy was declared, since the claim arose.
PCS. 4. A paragraph. 1 subject to final settlement, carried out after the defaulting party has been declared bankrupt, may include claims that have arisen before the time when the non-defaulting party knew or should have known the circumstances that established deadline date, see. Bankruptcy Act § 1. Claims developments since the end of the day when the bankruptcy was announced in the Official Gazette, can not be included in a final settlement.
PCS. 5. A claim, which is covered by provisions of the Bankruptcy Act § 42 paragraph. 3 and 4 may be part of a final settlement in accordance with paragraph. 1 unless the non defaulting party knew or should have known that the defaulting party was insolvent when the debt of this was acquired respectively arose.
PCS. 6. Final settlement under subsection. 1 can only be reversed under the Bankruptcy Act § 69, the final settlement included claims which could not have entered into an agreed final settlement in bankruptcy, see. Paragraph. 4 and 5.
PCS. 7. The provisions of § 58a, paragraph. 2, § 58 d, § 58 e, and f § 58 paragraph. 3 apply mutatis mutandis to an agreement on the final settlement, which is not part of an agreement on financial security.
§ 58. An agreement can be legal consequences for third parties stipulate that all the contractual claims arising from foreign exchange trading and securities netted regularly at agreed settlement. The provisions of § 58 h paragraph. 3-6, apply correspondingly to agreements on ongoing netting.
§ 58j. An agreement on financial collateral arrangements may provide for the collateral taker in case of default can immediately realize the collateral. Immediate realization may, subject to the terms of the agreement happen
1) without prior approval from public authorities or others
2) without prior notification of the pledgor and
3) without the use of a particular method.
PCS. 2. The financial security in the form of transfer of ownership happens realization of the value of the collateral set off against the secured obligations.
PCS. 3. The collateral in the form of cash is due realization of the value of the collateral offset or used to repay the secured obligations.
PCS. 4. For financial security in the form of pledges happens realization on sale of the security. Should that agreement on financial collateral can be realized done by the collateral taker acquire the securities, provided that the contract specifies principles for the valuation of the securities referred. However, § 58 d.
§ 58 k. An agreement on financial guarantees in the form of transfer of ownership in relation to and realization effect in accordance with its terms.
PCS. 2. If there is a breach in security holder has any obligation to transfer equivalent collateral, the obligation may be the subject of netting at the final settlement, see. § 58 h, if stated in the agreement.
§ 58 l. An agreement on financial collateral arrangements may stipulate that the parties are required to provide collateral or additional collateral for changes in the value of collateral or financial obligations under the agreement if the changes occurred after the conclusion and the result of market-related conditions.
PCS. 2. If collateral provided under paragraph. 1 is made without undue delay after the claim of security could be imposed pursuant to the Agreement, the security may not be revoked pursuant to the Bankruptcy Act § 70 or § 72. Annulment under the Bankruptcy Act § 72 listed conditions may happen if the collateral, taking into account circumstances of the case appeared to be ordinary.

§ 58 m. The collateral provider may, in agreement with the collateral taker substituting one secured with a surety of substantially the same value.
PCS. 2. If a substitute collateral subject to paragraph. 1 is made later, while security will again obtained possession of the substituted security, the substitute collateral only be annulled if the substituted security was voidable.
Chapter 18 b
Things Judicial applicable law
§ 58 n. Is a security registered in an account determined in paragraph. 2 mentioned issues concerning security legislation of the country where the account is maintained. By the law of the country where the account is held, understood that country's laws except the law applicable.
PCS. 2. The issues as determined pursuant to paragraph. 1 that legislation is
1) the legal nature of securities as collateral and the things legal consequences related thereto
2) the requirements for securing an agreement on financial collateral against third parties as well as the requirements with regard to the measures necessary for such an agreement can be enforced against third parties
3) whether a person's title to or interest in a security as collateral is overridden by or subordinated to a competing title or interest, including whether a good faith acquisition, as well
4) the measures which are necessary to realize a security in the form of securities when there has been an event of default.
Section IV
registration
Chapter 19
Issue and registration of dematerialized securities
§ 59. Securities may be issued and made available in dematerialized form (dematerialized).
PCS. 2. The securities in this Act negotiable book-entry securities registered in a central securities depository.
PCS. 3. For registration purposes issuance of securities through a securities depository and registration of rights to these in a register in the CSD. A single ID code can only be issued through one central securities depository.
PCS. 4. A CSD Board may decide that securities other than those paragraphs. 2 included securities also may be recorded as investment securities in the CSD.
PCS. 5. For registration business mean regular activity consisting in registering securities. FSA determines if in doubt, whether the registration business.
PCS. 6. Rules on a CSD shall be specified in the company statutes, approved by the FSA.
Chapter 20
Registration Company
§ 60. A CSD Board is responsible for the center's work is done in a safe and appropriate manner. It is for each CSD to establish rules for the registration of securities as investment securities and of the securities that can be recorded to the registration center as investment securities. These rules will ensure that all parties are treated equally and must be approved by the FSA.
PCS. 2. A CSD shall not release information on the registered other than the FSA or by chapter 21 member companies.
PCS. 3. Economic and Business Affairs may determine that a central securities depository, to a certain extent required to provide information on the registered with a government agency, including Danmarks Nationalbank.
PCS. 4. A CSD board of directors, auditors and directors and other employees may not unlawfully disclose what the exercise of their position or duties have come to their knowledge.
§ 61. A CSD may carry out other activities that are ancillary to the business as a CSD, including operation of a regulated market or clearing house.
PCS. 2. If a CSD operates a regulated market as an ancillary activity, CSD also operate a multilateral trading facility. FSA may decide that the ancillary activities shall be provided in another company. If the CSD operates a regulated market as an ancillary activity, a multilateral trading facility always operated in the same company as the regulated market.
PCS. 3. If a central securities depository operates a clearinghouse, a regulated market or a multilateral trading facility as an ancillary activity, the requirements for authorization and operation of these types of companies in this Law shall apply. By ancillary operation of a multilateral trading facility, the requirements for authorization and operation of this type of business in the Financial Business Act also apply.

Chapter 21
Connecting to a CSD
§ 62. Right to report transactions to be registered in a central securities depository on behalf of and with legal effect pursuant to §§ 66-75 (custodian banks) it beyond the CSD
1) financial companies that have licensed as banks or investment company,
2) financial institutions that are permitted as mortgage or investment management company, provided that such undertakings are licensed under the Financial Business Act § 9, paragraph 1,
3) companies that run jointly by these financial companies, which aims to manage securities,
4) Danmarks Nationalbank and the central banks in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area,
5) Economy Agency
6) clearing houses,
7) bond-issuing institutions with regard to securities issued by the relevant institution, and
8) investment firms and credit institutions authorized in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 2. Management companies already authorized in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, has the right to make reporting to, see. Paragraph. 1 if the company legally carries out securities trading either through a branch or by providing services in this country, see. Financial Business Act § 30 respectively § 31
PCS. 3. Credit institutions and investment firms authorized in a country outside the European Union, the Community has not concluded an agreement for the financial area, has the right to make reporting to, see. Paragraph. 1 if the company legally carries out securities trading either through a branch or by providing services in this country, see. Financial Business Act § 1. 3, respectively § 33.
PCS. 4. Foreign clearing centers or similar institutions, which are under public supervision, the Financial Supervisory Authority's approval right to make reporting to, see. Paragraph. 1.
PCS. 5. Right to obtain information about their own accounts directly in a central securities depository and transfer notices of sales through the CSD to the custodian banks or clearing house and make reviews on the registration on their own accounts directly to a central securities depository is for large customers.
§ 63. Foreign central securities depositories and depot locations that are under public supervision (foreign depositories), and the Danish central securities depositories may FSA approval report transactions to be registered in a central securities depository on behalf of and with legal effect pursuant to §§ 66-75.
PCS. 2. A CSD may FSA approval for registration through foreign depositories and the Danish central securities depositories.
§ 64. Custodian banks see. § 62 paragraph. 1-4, must conclude a contract with a CSD as a condition that they can gain access to report for registration in the center.
PCS. 2. Those of § 62 paragraph. 5, included major customers conclude a contract with a CSD as a condition that they can gain access to obtain information on their own accounts, transfer notices of sale and conduct reviews on registrations on their own accounts directly in the center.
PCS. 3. A CSD may, after obtaining authorization by the FSA to conclude a contract with a credit institution or an investment firm as referred to in § 62 paragraph. 3 not engaged in securities trading either through a branch or by providing services in this country, see. Financial Business Act § 1. 3, respectively § 33rd

PCS. 4. In the event of bankruptcy, receivership or similar in a company covered by paragraph. 1 and 3 shall expire on the same pieces mentioned the participation agreement with immediate effect and thus the right to report transactions to be registered in a central securities depository. Unless otherwise agreed, taking over CSD then reports sent to the registration of the relevant accounts for a period not exceeding 4 months, after which the account holder's records are transferred to the account of the individual issuer. FSA may lay down rules on the procedure in connection with the termination of an affiliation agreement as mentioned in the first section. and in connection with the transfer of an account holder's records to account with the issuer as mentioned in the second section.
§ 65. Financial Supervisory Authority lays down rules on the basis and procedure for the registration and approval of persons as employees of a central securities depository or custodian bank may perform the registration related tasks.
PCS. 2. Financial Supervisory Authority may lay down detailed rules for registration of limited rights to investment securities and rules on securities depositories or custodian institutions allowed to charge fees for managing the fund assets and records relating to these.
Chapter 22
Legal effects of registration, etc.
§ 66. Rights of securities to be registered in a central securities depository for protection against legal proceedings and transferees.
PCS. 2. The agreement or prosecution to be able to displace an unregistered right must be registered itself, and acquire by agreement must be in good faith by notification to the depositary bank.
PCS. 3. Registration effects calculated from the time of final review in the CSD.
PCS. 4. A custodian bank is obliged without delay to report notifications received for registration in a central securities depository.
§ 67. If the custodian bank is in doubt as to the factual or legal issues of significance to the registration or anyone for that argues that the proposed registration would violate his rights, institution shall submit to the preliminary registration. The relevant central securities depository will then make a decision on how the final registration can be done.
§ 68. communication of registration to the person or by registered eligible and notifier. Will be notified of any obstacles to registration. By extraction, alteration or cancellation is given where possible message to the following registry officer.
PCS. 2. Notification shall be given by the central securities depository or on behalf of the custodian bank in agreement with the CSD.
PCS. 3. The entry register eligible and reviewers may, in accordance with the central securities depository rules to be approved by the FSA, choose to notices of withdrawal or amendment shall be given periodically, and may also opt out notices to that effect in whole or in part. The same applies to notices of extinction unless destruction is a result of bankruptcy, liquidation, merger, demerger or the like at the time of investment unforeseen events. Selection and deselection registered to the individual account.
PCS. 4. A CSD may at the request of the custodian bank decide that no broadcast messages about changes in the registered when the information previously entered into the licensee.
PCS. 5. Submission of a notification under paragraph. 1-4 should be in accordance with a central securities depository rules. These rules must be approved by the FSA.
§ 69. When the registration of an agreement on the rights of fund assets is concluded in a central securities depository, a purchaser in good faith, according to registered agreement does not meet with any objections to the validity of the agreement. Nevertheless kept the objection that the agreement is invalid as a result of false or duress.
§ 70. §§ 15-18 of the Act on debt instruments shall apply mutatis mutandis to the debtor according to the Fund's assets, which corresponds to promissory notes so that final registration in a central securities depository in lieu of possession of the debt instrument.
§ 71. A CSD should lay down rules on the payment.

PCS. 2. Paying a central securities depository, the issuer's behalf in good faith to that according to the register are eligible to receive payment, released CSD, even though he lacked the right to receive payment or was incapacitated. This does not apply if, after the register eligible supports his right to a contract that is invalid as a result of false or duress.
§ 72. Title to a fund asset can the seller when this is a custodian bank, made conditional on the purchase price payment by a specified by the FSA deadline. Payment The reservation lapses without sending of notification in accordance with § 68, if the transferor does not make its reserve force before the end of the first section. that period.
PCS. 2. If the account holder account holder on behalf of one or more owners, it shall be recorded in the account.
§ 73. Claims for payment under the securities barred under the general rules.
§ 74. If the custodian bank becomes aware of errors in the registered, it calls on the relevant central securities depository to change the entry. Before the change is made, the section or by registered officers have the opportunity to comment.
§ 75. A CSD can wipe rights apparently ceased.
PCS. 2. If in an account at a securities depository registered rights are deemed to have lost their meaning, or rights that are over 20 years old which probably has ceased, or which in all probability be no legitimate, the relevant central securities depository by notice in the Gazette with a notice of three months convene possible holders of the rights in question. Furthermore, the person or persons in the register are listed as eligible, separately notified by registered letter. Raises the no before the deadline, the CSD should wipe right.
PCS. 3. FSA may lay down rules for implementing paragraphs. 2.
Chapter 23
Statements
§ 76. There drawn regular statements to owners of securities. The bank statement indicating the fund assets for which the person is registered as owners on the date of the printout. Similarly drawn prints to holders of limited rights of registered securities.
PCS. 2. On any account, registered the custodian bank. The custodian bank has access to the relevant central securities depository behalf to prepare print of the account. Reports must be written to by the register entitled, should it so request.
PCS. 3. FSA shall lay down rules on the preparation of account under paragraph. 1 and kontoudskriftens content.
Chapter 24
Complaints and compensation
§ 77. Appeals against decisions for registration, modification or extinguishment of rights in a CSD may be brought before the Complaints Board for CSDs. This does not apply for compensation.
PCS. 2. The Board shall be provided by one or more persons appointed by the Minister, which must meet the requirements for appointment as a judge. Economic and Business Affairs appoints also deputies.
PCS. 3. Appeals under paragraph. 1 submitted to the Appeal Board within 6 weeks after registration in the Central Securities Depository has happened. Complaints have to be used for settlement of the claim access to all information relating to the case in the central securities depository and the custodian bank. Complaints reasoned decision, which shall be communicated to the parties.
PCS. 4. Complaints may in special cases deal with complaints lodged after the expiry of the deadline in paragraph. 3.
PCS. 5. Complaints Board may refuse to consider complaints deemed manifestly unfounded.
PCS. 6. Complaints Board in its business independent of instructions on the individual case consideration and decision.
PCS. 7. Detailed rules for the Complaints Board established by the FSA. Rules can be set for payment of the fee for processing complaints and the publication of Complaints Board.
§ 78. Appeals under § 77 may be submitted by
1) anyone who has a good cause
2) a custodian bank, if it will contest a securities depository decision in accordance with §§ 67, 74 and 75, and
3) a central securities depository, if it wishes to challenge a custodian institution reporting to.

§ 79. Those of Appeal Board decisions can be up to 2 weeks after the decision is announced he appealed to the Eastern High Court. The referral is done by administering dear writing to the Complaints Board. The rules governing prosecutions in civil cases shall apply mutatis mutandis to adaptations consistent referral and procedures by the High Court.
PCS. 2. Cases according to §§ 77 and 78 can be brought before the Complaints can only appeal under paragraph. 1.
PCS. 3. Land Court decisions may not be appealed. Procesbevillingsnævnet may allow for loved ones to the Supreme Court if the appeal procedure relating to matters of principle. Code of Civil Procedure § 392, paragraph. 2 shall apply accordingly.
§ 80. A central securities depository is liable for losses caused by errors in registration, modification or extinguishment of rights on accounts in the Central Securities Depository or payments from them, even if the error is accidental. Can the error attributable to a custodian bank, lies the obligation to compensate, however this, see. § 81.
PCS. 2. The licensee, as a result of the provision in § 69, second paragraph., Does not acquire or lose his right of fund assets, may require the loss suffered replaced by the CSD.
PCS. 3. Does the victim intentionally or negligently contributed to the error, the compensation may be reduced or waived.
PCS. 4. The total compensation under paragraph. 1 for losses resulting from the same error can not exceed 500 million. kr.
§ 81. A custodian bank is liable for losses resulting from their own errors in the book-entry, modification or extinguishment of rights on accounts of a CSD or payments from, even if the error is accidental.
PCS. 2. If the claimant willfully or negligently contributed to the error, the compensation may be reduced or waived.
PCS. 3. The total compensation under paragraph. 1 for losses resulting from the same error can not exceed 500 million. kr.
PCS. 4. Is a Danish custodian bank is not able to pay compensation in accordance with paragraph. 1, shall be liable to the other Danish custodian banks, which have entered into agreement with the CSD for the missing amount up to 500 million. kr. per. error.
PCS. 5. The Danish custodian banks must enter into an agreement among themselves on the allocation and disbursement of funds in accordance with paragraph. 4. The agreement must be approved by the FSA.
PCS. 6. Foreign custodian banks can join the system in paragraph. 4 and 5.
§ 82. A CSD's capital resources must always be at least 1 billion. kr. in the form of encumbrances.
PCS. 2. Custodian banks shall be the participation agreement commit to a specified extent to contribute to the central securities total capital resources.
PCS. 3. The detailed rules on liability to a CSD established in its articles of association.
§ 82 a. The Minister of Finance may, when the state acts as custodian insitut, provide guarantee for claims relating to abut referred to in § 81 paragraph. 1, and for its contribution to an ICSD's total capital resources. See § 82.
Section V
Securities Council and supervision etc.
Chapter 25
Monitoring, control, etc.
§ 83 FSA shall ensure compliance with this Act and regulations issued pursuant to this Act, except § 12 b paragraph. 1 and 2. The FSA shall also ensure compliance with the regulations issued pursuant to § 31 paragraph. 8 of the Act on Approved Auditors and Audit Firms.

PCS. 2. Securities Council for issuers of securities admitted to trading on a regulated market, check the rules for financial information in annual and interim reports in §§ 183-193 of the Financial Business Act, in §§ 55-56 of the Act investment Purpose associations and other collective investment schemes Act and the Annual Accounts Act are met. Securities Council must also ensure that regulations issued under § 196 of the Financial Business Act, § 68 of the Investment Associations and Special Purpose Associations and other Collective Investment Schemes Act and the Annual Accounts Act are met, like the Securities Council verifies compliance with the European Parliament and Council Regulation on the application of international accounting standards. Securities Council exercises the powers conferred on the FSA under § 197 of the Danish Financial Business Act and § 69 of the Act on investment funds and special funds and other collective investment schemes, etc., and the powers conferred Fund Council under § 159 ai Statements Act. FSA and DCCA acts as secretariat for the Fund Council and acting on its behalf in this regard.
PCS. 3. Checks pursuant to paragraph. 2 also includes control of the rules for financial information in annual and interim reports of issuers from countries outside the European Union, the Community has not concluded an agreement for the financial area, as these rules are laid down in the accounting legislation, these issuers covered of the meaning. § 27 paragraph. 7. When carrying out checks to the Securities Council
1) provide guidance
2) take action against infringements
3) order that errors be corrected and that violations must be brought to an end and
4) issue an order amending a relationship, including orders for the publication of revised or additional information.
PCS. 4. If appropriate, the Securities Council even publish the information in question, publish the order or suspend or remove the securities from trading on a regulated market.
PCS. 5. The Securities Council monitoring compliance with the rules on financial information in annual and interim reports in accordance with paragraph. 2-4 Danish Securities Council the powers conferred FSA § 87. 1-3 and 6, see. However, § 83 b paragraph. 3 and 4.
PCS. 6. Financial Supervisory Authority may in special cases outside assistance. Securities Council may in special cases outside assistance in connection with the Council control after paragraph. 2-4.
PCS. 7. § 346 paragraph. 4 and § 356 of the Financial Business Act shall apply correspondingly to FSA supervision under this Act.
PCS. 8. Does the check after paragraph. 3, 1st clause. Under. Paragraph. 2, a non-financial company, the § 156 paragraph. 3 Statements Act and regulations issued pursuant to it, on payment of an annual fee for the associated control activity accordingly.
PCS. 9. FSA prepares an annual list of regulated markets of compliance with Article 47 of Directive 2004/39 / EC on markets in financial instruments (MiFID).
PCS. 10 FSA shall submit in cooperation with the National Consumer Agency annually to the Minister a report on the status of issuing rules on securities trading practices and experience with their application, see. § 3, paragraph. 2.
PCS. 11. Rules issued pursuant to § 18 paragraph. 2, no. 4, § 19 paragraph. 1, § 21 paragraph. 1, § 33 paragraph. 5, § 40 paragraph. 1 pt. 1, 2 and 4, § 52 paragraph. 1 and 2, § 54 paragraph. 4 and § 71 paragraph. 1, and any changes therein shall be notified to the FSA.
PCS. 12. FSA must in the organization of supervisory activities consider the potential implications for financial stability in other countries within the European Union or a country with which the Community has concluded an agreement for the financial area. This applies in particular in crisis situations. FSA must for significant subsidiaries of foreign companies authorized to carry on in § 7, paragraph. 1, said business in a country within the European Union or a country with which the Community has concluded an agreement for the financial area, participate in any forums of cooperation on the supervision of the entire group.
§ 83 a. FSA may decide that the Authority's powers under

1) § 23 paragraph. 2, § 23a paragraph. 1-3 and 5, § 31 paragraph. 4, § 44 paragraph. 2 and 5 and § 45 paragraph. 1 and 2, and regulations issued pursuant to § 23 paragraph. 7 and 8, § 24 paragraph. 2, § 29 paragraph. 4, § 32 paragraph. 4, § 43 paragraph. 3, § 44 paragraph. 6, § 45 paragraph. 4 and § 46 paragraph. 2, can be exercised on the FSA behalf of an operator of a regulated market, respectively, the company that operates an alternative market, under defined conditions,
2) § 22 paragraph. 1, and rules issued pursuant to § 22 paragraph. 2, can be exercised on the FSA behalf of an operator of a regulated market, under defined conditions,
3) § 27 a paragraph. 1-3, § 27 b paragraph. 2, § 28 a paragraph. 5 and § 30 and regulations issued pursuant to § 33 paragraph. 5, can be exercised on the FSA behalf of an operator of a regulated market, under defined conditions,
4) § 83 paragraph. 1, to ensure compliance with the provisions of § 29 paragraph. 1 and 2, § 31 paragraph. 1 and § 32 paragraph. 1 and 3 may be carried on the FSA behalf of an operator of a regulated market, respectively, the company that operates an alternative market on specified terms and
5) § 83 paragraph. 1, to ensure compliance with the provisions of § 27, § 28 and § 33 paragraph. 1, can be exercised on the FSA behalf of an operator of a regulated market, under defined conditions.
PCS. 2. An operator of a regulated market or a company operating an alternative market that has authority under paragraph. 1 may require payment for performing tasks arising from these powers.
PCS. 3. An operator of a regulated market or a company operating an alternative market that has authority under paragraph. 1 must comply with Chapter 3-7 of the Public Administration Act and the Act on Public Administration, when acting within the delegated areas, see. Paragraph. 1.
PCS. 4. The provisions of § 84 a paragraph. 1 and 2 apply mutatis mutandis to operators of regulated markets, respectively, companies that manage alternative marketplaces that have authority under paragraph. 1.
PCS. 5. The provisions of § 84b paragraph. 1 and 2, no. 5, 7 and 8 shall apply mutatis mutandis to the extent that operators of regulated markets, respectively, companies that manage alternative marketplaces have authority under paragraph. 1.
PCS. 6. Financial Supervisory Authority shall by notice decision delegation under subsection. 1.
§ 83 b. At the check in accordance with § 83 paragraph. 2 and 3, it must be examined whether the rules on financial information are met in the selected financial information from the affected issuers' annual and interim reports. Such checks shall each year up to 20 per cent. of the of § 83 paragraph. 2 and 3, included issuers. Those issuers are selected both from a risk point of view as at random.
PCS. 2. A study by paragraph. 1 implemented by a formal check for apparent violations of the rules for financial information in the selected issuers' annual and interim reports.
PCS. 3. Should the formal verification in accordance with paragraph. 2 is reason to believe that the financial information contains errors and omissions significant for investors' decision obtains Securities Council a statement from the company, its management or its external auditors. If, subsequent to the Fund Board has obtained this statement is still reason to believe that the financial information contains errors and omissions significant for investors' decision obtains Securities Council additional information from the company or its management, including audit reports. Securities Council may require an explanation or additional information from the company or its management certified by the auditor, and may set a deadline for when the statement or information should be Securities Council's hands.
PCS. 4. In the event continued after the Securities Council has conducted a formal inspection by paragraph. 2 and obtained an explanation or additional information pursuant to paragraph. 3 is reason to believe that the financial information contains errors and omissions significant for investors' decision, the Securities Council launch a more in-depth scrutiny of the financial information.
PCS. 5. Notwithstanding paragraph. 2-4 Securities Council may, in cases where specific operational features gives reason to believe that the financial information contains errors and omissions significant for investors' decision immediately initiate a more detailed examination of financial information from any issue covered by § 83 paragraph . 2 and 3.

PCS. 6. For the issuers in § 83 paragraph. 2 and 3, which are covered by the Financial Business Act or the Act on investment funds and special funds and other collective investment schemes, etc., Securities Council may order an inspection that do not follow the provisions of paragraph. 2-5. The provisions of paragraphs. 1-5 does not affect the Financial Supervisory opportunity as part of its regular monitoring to ensure conditions and make more detailed investigations, which also includes accounting issues in the in the first section. said issuers. Fund Council makes decisions in matters of financial information included as part of this monitoring, relating to the issuers.
Chapter 26
Details relating to the Securities Council, confidentiality, etc.
§ 84. Economic and Business Affairs appoints Securities Council, which consists of 14 members. The Council is composed as follows:
1) A chairman with economic and commercial expertise.
2) A vice-president of legal and commercial expertise.
3) A member with theoretical accounting expertise.
4) A member with theoretical expertise on capital market conditions.
5) A member with economic financial knowledge, set by Danmarks Nationalbank.
6) Two consumer representatives, nominated by Consumer Council and the Danish Shareholders Association jointly.
7) Two representatives of issuers of securities other than mortgage bonds, nominated by the Confederation of Danish Shipowners and the Danish Chamber of Commerce in association.
8) A representative of realkreditobligationsudstederne, nominated by Mortgage Banks and Mortgage Association jointly or separately.
9) A representative of the securities transactions, as set by the Bankers and Investment Associations association.
10) A representative of the securities transactions, as set by the Securities Dealers Association.
11) A representative of institutional investors, as set by the Danish Insurance Association, Association of Company Pension funds, Labour Market Supplementary and LD jointly.
12) A representative of the auditors, as set by the Institute of Chartered Accountants.
PCS. 2. Securities Council
1) take except § 3, paragraph. 1 and § 86 paragraph. 2 decisions in matters of principle and matters that have further major implications for players in the securities market
2) advises the FSA in connection with issuing regulations and in connection with matters of principle on securities trading practices and matters relating to securities trading practices, which has further major implications for the securities market in accordance with § 3, as well
3) assist the FSA in its information activities.
PCS. 3. Securities Council also checks whether the rules on financial information in annual and interim reports of issuers of securities admitted to trading on a regulated market are complied with, see. § 83 paragraph. 2 and 3 and § 83 b.
PCS. 4. Economic and Business Affairs appoints council members for up to 4 years at a time. Members may be reappointed.
PCS. 5. For each member appointed a deputy. When a member's absence the alternative member on the member's behalf. For the member set by paragraph. 1, no. 12, there shall be an additional 3 alternates. Fund Council President to decide which of these additional alternates, where applicable, must attend each meeting.
PCS. 6. When the Council addresses issues on securities trading practices, see. Paragraph. 2, no. 2, called the Consumer Ombudsman to participate in the relevant agenda. The Consumer Ombudsman in cases of securities trading practices the same powers as council members.
PCS. 7. In cases where there should shall be heard by the Public Administration, includes access to the full draft decision. The deadline for submitting the opinion must be at least 3 weeks, unless the case has already been submitted to the Securities Council or the decision is of particular urgency.
PCS. 8. § 84a apply for members and alternate members of the council. 1st clause. except in handling cases on the issue of rules on securities trading practices.
PCS. 9. The Council shall act by a simple majority. By vote, the Chairman has the casting vote.
PCS. 10. Fund Council establish its own rules, including rules on the possibility for an audience with the council. Rules approved by the Minister.

§ 84 a. FSA's employees are under the responsibility of the Criminal Code §§ 152-152 e obliged to keep secret the confidential information that they become aware of their supervisory duties. The same applies to persons performing services as part of the FSA's operations, and experts acting on the FSA or the Danish Securities Council. This also applies for employment or termination of the contract. The provisions of this paragraph shall also apply to employees of the Commerce and Companies Agency in the performance of the secretariat of the Foundation Council pursuant to. § 83 paragraph. 2.
PCS. 2. Consent from that duty of confidentiality aims to protect shall not entitle to in paragraph. 1 such persons to disclose confidential information.
PCS. 3 pieces. 1 does not apply to information in cases of securities trading practices, see. § 3 and orders issued pursuant to § 3.
PCS. 4. Paragraph. Paragraph 1 shall not preclude the FSA or the Danish Securities Council on its own initiative, confidential information in summary or aggregate form, when neither the individual limited company under § 7 paragraph. 1, or other covered by this Act or their customers can be identified.
PCS. 5. Confidential information may be disclosed in civil proceedings when a limited company under § 7 paragraph. 1, or other covered by this Act is declared bankrupt, and if the information does not relate to customers or third parties who are or have been involved in attempts to rescue the company or others covered by this Act.
PCS. 6. The provision of subsection. Paragraph 1 shall not prevent the disclosure of confidential information to:
1) Fund Council by the FSA and the Financial Business.
2) Other public authorities, including prosecutors and police, in connection with the investigation and prosecution of criminal offenses covered by the Criminal Code or the supervision legislation.
3) The competent minister as part of his overall supervision.
4) Administrative authorities and courts dealing with decisions taken by the FSA or the Danish Securities Council.
5) The Parliamentary Ombudsman.
6) A parliamentary commission set up by Parliament.
7) inquiry set up by law or under the law on commissions of inquiry.
8) the Parliamentary standing committee on general economic conditions in a limited company under § 7 paragraph. 1, as regards crisis management of companies covered by § 7, paragraph. 1, when deciding whether the state should provide warranty or make funds available. The same applies in the context of parliamentary scrutiny in cases covered by the first section.
9) Public Accounts Committee and the Auditor General.
10) Stakeholders, including authorities involved in attempts to rescue an ailing limited company under § 7 paragraph. 1, provided that the recipients of information needed.
11) The bankruptcy court and other authorities involved in the liquidation, bankruptcy or similar procedures, as well as persons responsible for the statutory audit of financial statements of a company covered by § 7, paragraph. 1, or for other covered by this Act, provided that the recipients of information in the discharge of their duties.
12) Institutions managing depositor, investor or insurance guarantee schemes, provided that the information is necessary to enable them to perform their work.
13) Danmarks Nationalbank, foreign central banks, the European System of Central Banks and of the European Central Bank, in their capacity as monetary authority, provided that the information is necessary for them to fulfill their statutory tasks, including the conduct of monetary policy, the oversight of payment and securities handling systems and the safeguarding of financial stability.
14) An institution that is responsible for clearing securities or money if it is necessary to ensure that the institution reacts duly to defaults or potential defaults on the market in which the institution responsible for clearing.

15) Financial regulators in other countries within the European Union or in countries with which the Community has concluded an agreement for the financial area which has responsibility for supervising the operators of regulated markets, clearing organizations, central securities depositories, credit institutions, financial institutions, insurance companies, investment firms, management companies with capital and bodies involved in the liquidation, bankruptcy or similar procedures, as well as persons responsible for the statutory audit of financial statements of an operator of a regulated market, a clearing house, a securities depository, provided that the recipients of information need it to perform their tasks.
16) Bodies in countries within the European Union or in countries with which the Community has concluded an agreement for the financial area which are responsible for monitoring compliance with the rules on financial information from issuers of securities admitted to a regulated market.
17) Ministers responsible for financial legislation in countries within the European Union or in countries with which the Community has concluded an agreement for the financial area, in connection with crisis management of companies covered by § 7, paragraph. 1.
18) The European Securities Committee and the bodies established by this committee, provided that the recipients of information need it to perform their tasks.
19) Financial supervisory authorities in countries outside the European Union, the Community has not concluded an agreement for the financial area which are responsible for the supervision of credit institutions, financial institutions, insurance or capital markets and bodies involved in the liquidation, bankruptcy or similar procedures, as well as persons responsible for the statutory audit of financial statements of a company covered by § 7, paragraph. 1, or for others under this Act. However paragraph. 12 and 13
20) Commerce and Companies Agency, with regard to information received as part of the Danish Securities Council control according to § 83 paragraph. 2 and 3 and § 83 b or information in cases of FSA's approval of prospectuses in accordance with § 23 and in cases of FSA's control of information requirement in § 27, when it is relevant for DCCA accounting controls on behalf of the Fund Council, see. § 83 paragraph. 2.
21) Tax Authority and the Tax Board for the performance of their duties.
PCS. 7. The provisions of paragraphs. Paragraph 1 shall not prevent the disclosure of confidential information to an operator of a regulated market that has been authorized by § 8, or a company operating an alternative market, see. § 7 a paragraph. 2 when
1) it is to take action or investigate whether there is misused inside information or market manipulation exercised by the provisions of Chapter 10, or
2) it also happens to prevent or investigate whether trade and price formation in the regulated market or the alternative market takes place in a fair and transparent manner.
PCS. 8. All that in accordance with paragraph. 5-7 receiving confidential information from the FSA or the Danish Securities Council, is with regard to this information given in paragraph. 1 to professional secrecy.
PCS. 9. Confidential information which the FSA or the Danish Securities Council receiver may only be used in conjunction with supervisory duties, the imposition of sanctions or the FSA or the Council's decision be appealed to a higher administrative authority or before the courts.
PCS. 10. Access to issue confidential information to the Parliamentary Standing Committee in accordance with paragraph. 6, no. 8, is limited to documents in cases that are created in the FSA after 16 September 1995.
PCS. 11. Disclosure pursuant to subsection. 6, no. 19, can only be
1) based on an international cooperation agreement and
2) provided that the recipients at least are subject to a statutory duty of confidentiality equivalent to the duty of confidentiality under paragraph. 1, and need information to perform their duties.
PCS. 12. Disclosure pursuant to subsection. 6, no. 19, of confidential information originating from countries within the European Union or countries with which the Community has concluded an agreement for the financial area, can also only take place if the authorities which provided the information, gave their express permission and may only be used for the purpose for which the license relates.

§ 84 b. As a party to the FSA considered only companies covered by § 7, paragraph. 1, a registered payment, an approved foreign clearinghouse, securities dealer, the custodian bank or the issuer of securities which a decision is or will be taken by the FSA, targeting, see. However paragraph. 2 and 3.
PCS. 2. In the following cases are considered different from a company covered by paragraph. 1 also as part of the FSA's decision as regards the part of the case concerning him:
1) A company seeking permission to operate a regulated market, clearing house activities and registration activities, see. § 8 paragraph. 1.
2) A foreign clearing house, which seek recognition in accordance with § 8 a.
3) A member of a board or an executive FSA receives information in connection with the approval under § 9 paragraph. 1 and 2.
4) The proposed acquirer or holder of a qualifying holding when FSA hears cases on approval of acquisitions, see. §§ 10, 10a and 10b, and when the FSA reacts as a result of failure to notify a share or revoke the voting rights, as attached to that owner's share, see. § 10d paragraph. 1-3.
5) Any person who violates the law against using names covered by § 16 paragraph. 2 and § 42d paragraph. 1.
6) The person against whom the FSA initiates investigation for violation of § 29 concerning the notification of shareholdings or for violation of Chapter 10.
7) Whoever FSA brings a of an operator of a regulated market, a company operating an alternative market, a clearing house or a CSD decision, see. § 88. 3 and FSA deems party to the proceedings, as well as other, as the FSA deems party.
8) An acquirer referred to in § 31 paragraph. 1 and § 32 paragraph. 1 and 2, as well as other, as the FSA in special cases deems party.
9) On the Danish FSA pursuant to § 33 paragraph. 2, has determined that the obligation incumbent.
10) On which of the FSA ordered to draw up internal rules according to § 37 paragraph. 1 and 2, or make changes in it.
PCS. 3. The party is also considered a director, an accountant, a CEO or other senior executives in a company covered by § 7 or other companies covered by the Act, if the Financial Supervisory reprimand or order under the Act or its regulations are aimed directly at concerned.
PCS. 4 pcs. 1 and 3 shall apply mutatis mutandis to the decisions of the Fund Council as part of Council's control according to § 83 paragraph. 2 and 3 and § 83 b. Party in relation to the Securities Council's decisions as part of the Council's control according to § 83 paragraph. 2 and 3 and § 83 b is also considered whosoever Fund Council as defendant.
PCS. 5. Part Status and party powers under subsection. 2 and 3 is limited to circumstances where supervision or the decisions taken after 17 December 1998.
§ 84 c. Decisions taken pursuant to § 84 paragraph. 2, no. 1, and paragraphs. 3, should be published. 1st clause. also applies to decisions to turn cases over to police investigations, in accordance. However paragraph. 2. The publication shall include the company name.
PCS. 2. Publication pursuant to subsection. 1 can not be done if it would cause disproportionate damage to the company or investigative considerations against disclosure. The publication may not contain confidential information about customers or information covered by § 12 paragraph. 1 of the Act on Public Administration. The publication may not contain confidential information derived from financial regulators in other countries within or outside the European Union, unless the authorities have transmitted it have given their express permission.
PCS. 3. If the publication is omitted in accordance with paragraph. 2, first sentence., Publication shall be made in accordance with paragraph. 1, when the reasons which necessitated the omission no longer apply. This is only valid for up to 2 years after the decision is taken.

§ 84 d. FSA may in accordance with paragraph. 2 cases mentioned publish the name of a company or an individual, which according to § 83 paragraph. 1 shall be a reprimand for violation of the Act or regulations thereunder. FSA may also publish the name of a company or an individual, if it regards paragraph. 2 cases mentioned, that the establishment or the natural person has not violated the law or regulations thereunder. Disclosure on 1st and 2nd clauses. can happen when deemed to be of interest for investors to know the name of the company or individual. 1st-3rd section. correspondingly apply to the Securities Council decisions in the types of cases that are referred to in paragraph. 2, no. 6-8 and 10, when decisions are taken against individuals.
PCS. 2. Disclosure may be made in respect of infringements of
1) the rules on the disclosure of inside information as defined. § 27 paragraph. 1, 2, 4 and 5,
2) the rules on the publication of annual and interim reports indicated. § 27 paragraph. 7
3) rules on publication of interim statements, see. § 27 paragraph. 8
4) rules on publication, recording and storage of information in accordance. § 27 a paragraph. 1-3, and the provisions issued pursuant to § 30
5) the rules for notification of holdings of treasury shares. See § 28
6) regulations on notification, reporting and publication of transactions, see. § 28a paragraph. 1, 3, 5 and 7, and the provisions issued pursuant to § 28a paragraph. 8
7) the rules governing the preparation and dissemination of recommendations on securities, see. § 28 b paragraph. 1, and the provisions issued pursuant to § 28 b paragraph. 2
8) the rules for notification of major holding of shares. See § 29 paragraph. 1, and the provisions issued pursuant to § 29 paragraph. 4
9) rules on issuers and equal treatment of and communication with shareholders and holders of bonds or other forms of marketable debt instruments issued pursuant to § 30
10) The prohibitions against insider trading, disclosure of inside information and market manipulation, see. § 35 paragraph. 1, § 36 and § 39 paragraph. 1
11) the provisions on the issue of internal rules, see. § 37 paragraph. 1-3,
12) the rules on the compilation of insider lists in accordance. § 37 paragraph. 4, and the provisions issued pursuant to § 37 paragraph. 10 and
13) rules on the reporting of suspicious transactions, see. § 37 paragraph. 6, first paragraph., And the provisions issued pursuant to § 37 paragraph. 10.
PCS. 3. FSA may as regards paragraph. 2 cases mentioned above also publish the name of the company or individual to which monitoring has imposed a daily or weekly fine under § 95, if considered to be of interest for investors to know the name of the company or individual.
PCS. 4. Publication pursuant to paragraph. 1 can not happen if it will cause disproportionate damage to the company or individual.
PCS. 5. Financial Supervisory Authority may, if deemed appropriate, publish an order amending the conditions contrary to law or regulations thereunder, pursuant to § 93 paragraph. 3, 1st and 2nd clauses., Granted to a natural or legal person or association of legal persons.
PCS. 6. Where an issuer of securities fails to comply with an order on the publication of information communicated pursuant to § 93 paragraph. 3, the Danish FSA may publish the information. Disclosure on the first section. can happen in cases covered by § 27 paragraph. 1, 7 and 8, § 27 a paragraph. 1-3, § 28 and § 29 paragraph. 1, and cases covered by the rules issued pursuant to § 30
§ 84 e. Financial Supervisory Authority must inform the public about matters concerning securities transactions practice, cf.. § 3, and orders issued pursuant to § 3, which is treated by the FSA, the prosecution or the courts, which are of general interest or of importance for the understanding of those provisions.
§ 84 f. In cases where a limited company under § 7 paragraph. 1, or other companies subject to regulation under this Act is declared bankrupt or the majority of the company's operations are discontinued or transferred, prepares FSA an explanation of the causes, if the state in connection with or for a shorter period prior to this has provided a guarantee or made funds available to the company, its creditors or a purchaser of all or parts of the company.

PCS. 2. FSA must publish the statement under subsection. 1. In connection with the publication takes § 84a do not apply unless the information relates to customer relationships or third parties who are or have been involved in attempts to rescue that company.
PCS. 3. The statement by paragraph. 1 must describe the FSA's role in the events leading up to the bankruptcy etc.
§ 85. Companies under supervision under this Act shall pay a fee to the FSA. The tax is determined by chapter 22 of the Financial Business Act.
§ 86. The FSA supervises that securities dealers, operators of regulated markets registered payment systems, central securities depositories and custodian institutions' activities, including their rules, organization plans, procedures and controls and safeguards, including in the IT area, is reassuring and in accordance with this Act and provisions thereunder. Similarly leads FSA supervision to ensure that companies operating multilateral trading facilities comply with their obligations under this Act. Supervision is not reversed with registered payment covered by Danmarks Nationalbank's Oversight by paragraph. 2. FSA shall also ensure that approved foreign clearing centers, cf.. § 8 a, comply with the rules laid down under this Act and the conditions of the permit in accordance with § 8 a paragraph. 3 or 4.
PCS. 2. Danmarks Nationalbank monitors payment systems which Danmarks Nationalbank will have a significant impact on the settlement of payments or implementation of Danmarks Nationalbank's monetary policy operations with the aim of promoting smooth operation by contributing to their efficiency and stability. Danmarks Nationalbank, the FSA, the payment covered by Danmarks Nationalbank's Oversight.
PCS. 3. Financial Supervisory Authority will draw up a list of the payment, subject to paragraph. 2. The list published by notice
§ 87. The Danish FSA may impose administrative, management and auditing of securities dealers, operators of regulated markets, clearing organizations, central securities depositories, custodian banks, companies operating multilateral trading facilities, registered payment issuers, suppliers and subcontractors to provide the information necessary for FSA's activities.
PCS. 2. Financial Supervisory Authority may require any information, including accounts, accounting records, printouts of books, other business records, tape recordings and the like in the award of contracts relating to operations and electronically stored data deemed necessary for the FSA's activities or for determining whether a natural or legal person subject to the Act.
PCS. 3. FSA may impose in paragraph. 1 mentioned companies to report certain information in electronic form.
PCS. 4. Financial Supervisory Authority can obtain information including electronically from public authorities.
PCS. 5. Financial Supervisory Authority may at any time on proof of identity and without a court order carry out audits on the premises of a securities dealer, an operator of a regulated market, a company operating a multilateral trading facility, a clearing house, a securities depository, a custodian bank and a registered payment .
PCS. 6. Financial Supervisory Authority may request information under paragraph. 1-5 for use in § 84 a paragraph. 6, no. 15 and 19, said authorities.
PCS. 7. powers under paragraph. 1-6 exercised by Danmarks Nationalbank, in the case of a registered payment under § 57a paragraph. 7.
PCS. 8. Financial Supervisory Authority may at any time on proof of identity without a court order to access suppliers and subcontractors for the purpose of obtaining information on the outsourced activity.
§ 87 a. (Repealed).
§ 88. Decisions made by the FSA under this Act or regulations issued pursuant to this Act may be referred to the Commercial Appeal Board within 4 weeks after the decision was communicated to him. The provision in the first section. does not include decisions under paragraph. 3 or § 87. The provisions of this paragraph shall also apply to decisions taken by the Foundation Council as part of Council's control according to § 83 paragraph. 2 and 3 and § 83 b paragraph. 2-4 and the decisions taken by Danmarks Nationalbank according to § 57 a paragraph. 7.
PCS. 2 pcs. 1 shall also apply to decisions taken by companies who exercises powers for the FSA's behalf.

PCS. 3. Decisions taken by the operators of regulated markets, companies operating multilateral trading facilities, clearing houses and central securities depositories in accordance with this Act or regulations issued pursuant to the Act and those entities decisions on issues of far-reaching importance or of principle taken in accordance with its own rules may be submitted to the FSA at least 4 weeks after the decision was communicated to him. The action may have suspensive effect.
PCS. 4. Company Appeals Board decisions and decisions FSA acting in accordance with paragraph. 3, may by an action within 8 weeks after the decision was communicated to him, before the courts.
PCS. 5. Decisions concerning registration, modification or extinguishment of rights in a central securities issued by a securities depository and decisions made by the Complaints Board for CSDs are not subject to paragraph. 1-4.
§ 89. The Danish FSA may lay down regulations to securities dealers, operators of regulated markets, clearing organizations, central securities depositories, custodian banks, companies operating multilateral trading facilities, and registered payment must prepare information for the general public for statistical purposes.
PCS. 2. Statistics Denmark may also lay down rules as mentioned in paragraph. 1.
PCS. 3. Public authorities and institutions disseminating statistics, which can have a significant effect on financial markets shall disseminate the statistics in a way that is transparent and ensures everyone equal access to information.
§ 90. (Repealed).
§ 91. Data supervises that there is no violation of the law on the treatment of personal data, the provisions laid down in pursuance thereof or of § 60 paragraph. 2-4. Supervisory Authority shall supervise including its own initiative or following a complaint by a registered that a CSD used in accordance with those laws and regulations.
PCS. 2. The Authority may by a central securities depository or a custodian bank require any information that is relevant to its activities, including for determining whether a matter falls under this Act or the Act on processing of personal data.
PCS. 3. As regards the CSD or the account-holding institutions have FSA members and staff at any time on proof of identity without a warrant enter any premises from which CSDs registers administered or may be used, and to the premises where the register or the technical equipment are stored or used.
PCS. 4. If the Data Protection Agency finds that a central securities depository or a custodian bank does not comply with § 60 paragraph. 2-4, notify the supervision of the relevant central or institute injunction on the measures to be carried out. Data Protection orders can not be appealed to any other administrative authority.
Chapter 27
Withdrawal of authorization or approval
§ 92. The Danish FSA may withdraw the license in accordance with § 8 of the operator of a regulated market, a clearing house and a central securities depository, if
1) the company does not commence within 12 months after the license is granted
2) the company is not exercised for a period of over 6 months
3) the Company expressly waives the right to make use of the authorization,
4) the company in serious or repeated breach of its obligations under this Act or an order pursuant to § 93 paragraph. 3, or regulations issued pursuant to this Act,
5) a member of the board of directors or does not meet the § 9 paragraph. 1 and 2, those requirements or
6) The company no longer fulfills the conditions under which authorization was granted.
PCS. 2. If the FSA that a custodian institution covered by § 62 paragraph. 1, no. 2-8 or paragraph. 2-4, in serious breach of its obligations or orders issued under this Act, the Danish FSA may deprive the relevant institution the right to act in accordance with § 62 and § 76 paragraph. 2.
PCS. 3. If an operator of a regulated market, a clearing house or a CSD's subscribed capital, not capital requirement under § 8 paragraph. 2, no. 2, the Danish FSA may either set a deadline to bring its capital up to the required minimum or withdraw the license immediately. 1st clause. shall also apply in cases where a CSD's capital resources do not meet the requirement of § 82 paragraph. 1.
§ 92 a. FSA may withdraw an approval under § 8 a paragraph. 3 or 4 where

1) the company does not commence within one of the permit specified time, or if there is a deadline for approval, within 12 months of the approval is given,
2) the company is not exercised for a continuous period of over 6 months
3) the approved foreign clearinghouse in serious or repeated breach of its obligations under this Act or regulations issued pursuant to this Act or orders issued pursuant to § 93 paragraph. 3,
4) the approved foreign clearinghouse no longer fulfills the conditions under which authorization was granted or subsequently added approval or
5) The FSA estimates that clearing is not carried on for the financial markets safe, efficient and technically sound manner.
Section VI
Penalty provisions etc.
Chapter 28
Penalty provisions etc.
§ 93. Violation of § 8 paragraph. 1, § 8 a paragraph. 2, § 9 paragraph. 3, § 10 paragraph. 1, §§ 10 b and 10 c, § 11, § 12a, § 12 b paragraph. 1 piece. 2, first sentence. Paragraph. 3-6 and 10, § 12 c § 12 d paragraph. 1, § 14 paragraph. 1, point 1., § 15 paragraph. 3, § 16 paragraph. 2, 3. section. And paragraphs. 3, § 18, § 18a paragraph. 1 and 2, § 18 b paragraph. 1 and 2 and paragraph. 3, 2nd and 3rd clauses., § 19, § 20 paragraph. 4, 2nd sentence. Paragraph. 5 and paragraph. 6, first paragraph., § 21 paragraph. 1 and 2 and paragraph. 3, 2nd sentence., § 23 paragraph. 1 and 3, § 24 paragraph. 1, § 25 paragraph. 1, point 2. And paragraphs. 2, § 27 paragraph. 1 piece. 2, 1st and 2nd clauses., And paragraphs. 7 and 8, § 27 a paragraph. 1-3, § 27 b paragraph. 1 and paragraph. 2, first sentence., § 28, § 28a paragraph. 1 piece. 3, Item 4. Paragraph. 5, 1st paragraph. And paragraphs. 7, § 28 b paragraph. 1, § 29 paragraph. 1 and 2, § 31 paragraph. 1, § 32 paragraph. 1-3, § 33 paragraph. 2 and 4, § 33 a paragraph. 1 and paragraph. 2, point 2., § 33 b paragraph. 1 and 2, § 37 paragraph. 1-5 paragraph. 6, first paragraph. Paragraph. 7, first paragraph. And paragraphs. 8 and 9, § 40, § 41 paragraph. 1, point 2., § 42 paragraph. 1 and paragraph. 2, 2nd and 3rd clauses., § 42a, § 42 b paragraph. 1, § 42 c, § 42d paragraph. 1, point 2. And paragraphs. 2, § 42 e, paragraph. 1, point 2. And paragraphs. 2, point 2., § 44 paragraph. 1 and 3, § 45 paragraph. 1, § 46 paragraph. 1, § 51, § 52 paragraph. 1, point 2., § 60 paragraph. 1, point 2., § 75 paragraph. 2, point 2., And § 76 paragraph. 2, punishable by a fine. The same penalty serious or repeated violation of § 23 paragraph. 6, § 52 paragraph. 1, point 1., And § 60 paragraph. 1, point 1., And approved foreign clearing houses, which grossly or repeatedly violates the terms laid down in the approvals granted pursuant to § 8 a paragraph. 3 or 4.
PCS. 2. A fine is imposed a financial undertaking or a financial holding company that fails to comply with an order pursuant to § 3, paragraph. 1 and 2. A fine is imposed a board member of a company subject to § 7 paragraph. 1 that does not comply with an order, which is given by § 12e paragraph. 2 and paragraphs. 3, 3rd clause.
PCS. 3. If a natural or legal person not fulfilling its obligations under this Act or regulations thereunder, the Danish FSA may grant the injunction amending relationship. Injunctions may also be provided to associations of legal persons. Powers after the 1st and 2nd clauses. exercised by Danmarks Nationalbank, in the case of a registered payment under § 57a paragraph. 7. If appropriate, the Danish FSA may suspend or remove the securities from trading on the regulated market or multilateral trading facility. Similarly, the FSA suspend or remove the securities from trading if the security in question is deleted or suspended on a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area. Anyone who fails to comply with an order from the FSA respectively Danmarks Nationalbank or giving false or misleading information to the FSA respectively, Danmarks Nationalbank, punishable by a fine, unless more severe penalty is incurred under other legislation.
PCS. 4. In regulations issued by the Minister, the FSA or the Danish Commerce and Companies Agency under this Act may stipulate fines for violations of the provisions of the regulations.
PCS. 5. FSA may lay down rules on fines for breach of the provisions contained in the European Community regulations for the areas of law, the FSA oversees.
PCS. 6. There can be imposed on companies etc. (legal persons) under the rules of the Penal Code Chapter 5.
PCS. 7. The limitation period for criminal liability is 5 years.

§ 94. Violation of § 35 paragraph. 1, § 36 and § 39 paragraph. 1, punishable by fine or imprisonment for up to 1 year and 6 months. Is a violation of § 35 paragraph. 1 and § 39 paragraph. 1, deliberate and aggravated, or is there committed a large number of intentional violations, the penalty may increase to imprisonment for 4 years.
PCS. 2. The provision of § 93 paragraph. 6 shall apply mutatis mutandis.
§ 95. If an administrative, managerial or auditor of a securities dealer, an operator of a regulated market, a clearing house, a securities depository, a financial institute, a company operating a multilateral trading facility, a registered payment system or an issuer to comply with the duties who by law or by regulations issued under the Act upon them or imposed on them by the FSA, the Danish Commerce and Companies Agency or, in the case of a registered payment under § 57a paragraph. 7, Danmarks Nationalbank, the Danish FSA, the Danish Commerce and Companies Agency or Danmarks Nationalbank as a coercive measure impose daily or weekly fines.
PCS. 2. If a natural or legal person to fulfill the duties incumbent upon them under this Act, the Danish FSA, the Danish Commerce and Companies Agency or Danmarks Nationalbank as a coercive measure impose the natural or legal person or the legal person responsible persons daily or weekly fines .
§ 96. Board members, directors, auditors and their deputies and employees of an operator of a regulated market, a clearing house, a securities depository, a registered payment, a custodian bank or a company operating a multilateral trading facility which unduly pass on or use confidential information obtained during the performance of their duties has knowledge liable to a fine, unless more severe penalty is incurred under other legislation.
PCS. 2. Allow persons associated with an operator of a regulated market, a company operating a multilateral trading facility, a clearing house, a securities depository, a registered payment or a custodian bank incorrect or misleading information on matters relating to the operator of the regulated market , the company that operates a multilateral trading facility, the clearing house, central depository, the registered payment system or the custodian bank to the Financial Supervisory authority, Danmarks Nationalbank, the Danish securities Council or other public authorities, he shall be liable to a fine or imprisonment for up to four months, unless more severe penalty is due under other legislation. "
Section VII
Conversion provisions etc.
Chapter 29
Conversion Rules
§ 97. Copenhagen Stock Exchange, Securities Services and the Guarantee Fund for Danish Options and Futures can be converted into joint stock companies under the rules of §§ 98-104.
§ 98. The Board of Directors of each of the § 97 of funds may decide that the Fund is dissolved without liquidation by transfer of assets and liabilities as a whole to one or more of the Fund owned or set up limited companies authorized to operate in accordance with § 7, paragraph. 1 pt. 1, 5 or 6. At the same time, shares of each stock companies equal to the value of the contributed assets after deduction of the fund deposited debt to a newly established fund. The boards of the newly established funds may fund authority accept decide to amalgamate the funds.
PCS. 2. Dissolution without liquidation may be made by transfer of the Fund's assets and liabilities as a whole to one or more public limited companies authorized to operate in accordance with § 7 paragraph. 1 pt. 1, 5 or 6. At the same time, shares in each of these joint-stock equal to the value of the contributed assets after deduction of the fund deposited debt to a newly established fund. If the transfer is to one or more joint stock companies set up under paragraph. 1, the boards of the newly established funds with fund authority accept decide to amalgamate the funds.
PCS. 3. Conversion by paragraph. 1 and 2 can also be made by the shares of the company or in paragraph. 1 and 2 limited companies transferred to the existing fund if this is in accordance with the existing fund statutes.
PCS. 4. A resolution under paragraph. 1-3 taken by the majority, which also needed for major decisions. Shareholders of it or the third paragraph. 2-mentioned limited companies must prepare a shareholders' agreement to be approved by the Minister.

PCS. 5. The continuing fund under paragraph. 1, 2nd and 3rd sentences. Paragraph. 2 Points 2 and 3. And paragraphs. 3 regarded as a trader under the Act on corporate funds.
§ 99. By conversion according to § 98 paragraph. 1-3, the Companies Act §§ 6 a - 6 c and § 33 paragraph. 1 in conjunction with §§ 134-134 in or § 136-136 in analogy with the necessary adjustments.
PCS. 2. The Companies Act § 134 b mentioned joint statement of accounts and opening balance sheet shall be prepared by the accounting rules that apply to public limited companies which operate the type of business as the newly established joint-stock companies intend to conduct.
PCS. 3. Documents according to the Companies Act must be submitted to the Danish Commerce and Companies Agency, also be submitted to the FSA.
PCS. 4. FSA must approve the conversion according to § 98 paragraph. 1-3.
§ 100. The continuing fund are. § 98 paragraph. 1-3, managed by a board of at least 5 members.
PCS. 2. A majority of members appointed by the stock company's Board among the Board members.
PCS. 3. Acquiring Fund in connection with the conversion of shares in more than one limited company transformed according to § 98 paragraph. 2 will not apply.
§ 101. The boards of each of the § 97 of funds may also decide that the Fund or Funds dissolved without liquidation by transfer of assets and liabilities to one or more of the fund or funds owned or set up limited companies permission to operate in accordance with § 7 paragraph. 1 pt. 1, 5 or 6. The assigned value of the assets shall in each limited company equal or exceed the value of the transferred debt. In each limited company an undistributable reserve fund equivalent to the value of the contributed assets after deduction of the fund deposited debt, subject. §§ 102 and 103.
PCS. 2. Dissolution without liquidation may be made by transfer of the Fund's assets and liabilities to one or more public limited companies authorized to operate in accordance with § 7 paragraph. 1 pt. 1, 5 or 6. The assigned value of the assets shall in each limited company equal or exceed the value of the transferred debt. In each limited company an undistributable reserve fund equivalent to the value of the contributed assets after deduction of the fund deposited debt, or if there already is such a bottom-up reserve limited liability company, increased this with the value of the transferred assets after deduction of the fund deposited debt see. §§ 102 and 103.
PCS. 3. § 98 paragraph. 4 and § 99 shall apply mutatis mutandis by conversion after paragraph. 1 and 2.
§ 102. The tied-up reserve can be used to cover losses that are not covered by amounts that can be used for dividends in the corporation.
PCS. 2. With share its cessation can be paid to shareholders only take place after the obligations under paragraph. 4 are met.
PCS. 3. The transfer of shares the company's assets and liabilities to one or more public limited companies, operating in accordance with § 7 paragraph. 1 pt. 1, 5 or 6 takes over the continuing company fund reserve of the same conditions as are applicable until the handover.
PCS. 4. Measures for the conversion decision in accordance with § 101 paragraph. 1 or 2, detailed rules for the use of the fund reserve in case of its cessation. Fund reserve must, depending on whether the limited company is permitted to operate in accordance with § 7 paragraph. 1 pt. 1, 5 or 6, used for purposes which respectively exchange company, clearing enterprise or registration business.
§ 103. There are to be handled 10 per cent. of the profits, not used to cover losses from previous years, to fund the reserve. Such transfer shall not exceed the rate of return on the fund reserve, which corresponds to the interest calculated in accordance with § 213 paragraph. 2, in the Financial Business Act, less a proportionate share of net corporation.
§ 104. Board of Directors of each of the § 97 of funds may also decide that the conversion will be done by combining the in §§ 98 and 101 described transformations. The fund or funds transfers assets and liabilities as a whole to one or more limited, meaning. § 98 paragraph. 1 and 2 and § 101 paragraph. 1 and 2. In each limited company a tied reserve provided. §§ 102 and 103. At the same time, shares in each of the limited companies equivalent to the value of the contributed assets after deduction of the fund deposited debt and after deducting the tied-up reserves to a fund , see. § 98 paragraph. 1-3, considered to be employed under the Act on corporate funds.
PCS. 2. §§ 98-103 shall apply mutatis mutandis to the conversion pursuant to subsection. 1.
Section VIII
Amendment of other laws

Chapter 30
Amendment of other laws
§ 105. (Omitted)
§ 106. (Omitted)
§ 107. (Omitted)
§ 108. (Omitted)
§ 109. (Omitted)
§ 110. (Omitted)
§ 111. (Omitted)
§ 112. (Omitted)
§ 113. (Omitted)
§ 114. (Omitted)
§ 115. (Omitted)
§ 116. (Omitted)
§ 117. (Omitted)
§ 118. (Omitted)
§ 119. (Omitted)
§ 120. (Omitted)
§ 121. (Omitted)
§ 122. (Omitted)
§ 123. (Omitted)
§ 124. (Omitted)
§ 125. (Omitted)
Title IX
Commencement and transitional provisions, etc.
Chapter 31
Commencement and transitional provisions, etc.
§ 126. time of the act or parts of the Act shall be determined by the Minister, with regard to § 105, no. 1, 3-9, 12 and 13, and §§ 106-115, after discussion with the Minister of Taxation, and for with regard to § 123-125 after discussion with the Minister of Justice. § 105, no. 2, 10 and 11 shall enter into force after publication in the Official Gazette. For værdipapircentral- and clearing activities violate the law no later into force on 1 June 1997. The law must not later be entered into force on 1 June 1996 with the exception of § 6 paragraph. 3, which shall enter into force on 1 June 1997.
PCS. 2. Economic and Business Affairs may fully or partially repeal the Act on the Copenhagen Stock Exchange, see. Legislative Decree no. 713 of 8 September 1993, the Act on a central securities depository, see. Legislative Decree no. 807 of 6 October 1993, and the Act no. 213 of 10 april 1991 on prospectuses at the first public offer of certain securities.
PCS. 3. § 105, no. 1, 3-9, 12 and 13, § 106, no. 1, § 107, § 108, no. 1, 2 and 4, § 109, § 110, § 112, no. 2 and § 115 shall take effect from the income year 1997, cf.. however paragraph. 6 and 7.
PCS. 4. § 105, no. 10, effective for companies and associations etc. that as of the date indicated will be covered by the Corporation Tax Act § 35 K.
PCS. 5. § 112, no. 1, shall take effect from the income year 1988.
PCS. 6. For the conversion of the Copenhagen Stock Exchange and VP Securities Services into a limited company before 1 January 1997 Merger Tax Act § 14 h paragraph. 3, as amended by this Act § 112, no. 2, mutatis mutandis.
PCS. 7. Upon conversion of the Guarantee Fund for Danish Options and Futures to a public company before 1 January 1997 Merger Tax Act § 14 h as worded by § 112, no. 2, mutatis mutandis.
§ 127. Notwithstanding the provisions of § 7, no. 1 and § 8 paragraph. 2, no. 1 and 2, the Copenhagen Stock Exchange exercising stock exchange business until 1 July 1997. In the exercise of this company considered the Copenhagen Stock Exchange as a stock exchange under this Act.
PCS. 2. Notwithstanding the provisions of § 7, no. 5 and 6 and § 8 paragraph. 2, no. 1 and 2, VP and Guarantee Fund for Danish Options and Futures continue to exercise securities clearing business. In the exercise of this enterprise is considered Guarantee Fund for Danish Options and Futures and Securities Services as clearing houses under this Act.
PCS. 3. Notwithstanding the provisions of § 7, no. 6 and § 8 paragraph. 2, no. 1 and 2, Værdipapircentralen continue to exert registration company. In the exercise of this enterprise is considered to VP Securities as a securities under this Act.
PCS. 4. Upon conversion of the Copenhagen Stock Exchange into a limited company, the employees of the limited company the right to appoint a director. Upon conversion of VP into a limited company, the employees of the limited company the right to appoint two directors.
PCS. 5 pieces. 4 shall apply for a period of three years from the transformation that its employees' right to be represented on the board is governed by the Companies Act.
§ 127 a. VP is a private independent institution. The detailed rules on Securities Centre and its activities shall be determined by the panel board in a statute approved by the FSA.
PCS. 2. Securities Centre managed by a board of up to 14 members and an Executive Board.
PCS. 3. The Board resolutions, so far there after the statute required a special majority, a simple majority. The statutes provide that the Chairman's casting vote in the event of a tie.

PCS. 4. Economic and Business Affairs appoints three years time Chairman of the Board and other Board members, see. However paragraph. 5-9. Members appointed four on the recommendation of organizations representing issuers of fund assets, four on the recommendation of organizations representing those in § 62 paragraph. 1 pt. 2 and 3, said custodian banks, and one on the recommendation of Danmarks Nationalbank. Two members are appointed by special order to protect the interests of owners of fund assets. For members shall be appointed deputies.
PCS. 5. Securities Centre workers are entitled to in accordance with paragraph. 6-9 to choose two board members and their substitutes are among the panel's workers.
PCS. 6. At least half of the workers must vote for a decision to exercise the right under paragraph. 5. It shall be communicated in writing to the Board.
PCS. 7. Workers' election of Board members and deputies shall be by written and secret ballot. Members join the Board one month after the latter has received written notification of the person's name and address.
PCS. 8. The members elected by the workers, appointed for three-year terms among the workers in the last year before the election has been with the VP.
PCS. 9. Economic and Business Affairs shall lay down rules on
1) who is regarded as a worker
2) the detailed implementation of the election under subsection. 6 and 7,
3) the possibility of not holding elections in accordance with paragraph. 7, if only set the number of candidates to be elected as board members and deputies,
4) the legal protection of employment for the employee-elected board members, as disagreement on the protection and breach of or interpretation of the rules determined the legal way, and
5) the form in which the Danish Securities Centre to inform workers about the panel conditions.
PCS. 10. The Board of Directors appoints and ensures that the Danish Securities activities are carried out properly in accordance with the Act and the Danish Securities statutes.
PCS. 11. The Executive Board is responsible for the daily management of the Securities Centre in accordance with the Board's guidelines and instructions.
§ 128. For limited liability companies established under § 101 or § 104, FSA notwithstanding the provisions of § 8 paragraph. 2, no. 2, grant permission for activities within the stock exchange business, securities clearing activities and registration activities if the capital base of the company for permission time is at least 40 million. kr. Of this, an amount of at least 16 million. kr. to share capital.
§ 129. The provision in § 6 paragraph. 3, first paragraph., Regarding customer consent shall apply to new customer relationships entered into after the date indicated. For existing customer relationships should be no later than 18 months after § 6 paragraph. 3, point 1., Has entered into force, be obtained consent from the individual client, if a securities dealer holds the customer's securities in omnibus accounts.
§ 130. The Act does not apply to the Faroe Islands and Greenland, but with the exception of §§ 105-115, § 123 and § 125 by Royal Decree in force for these islands with such deviations as the special Faroese and Greenland conditions.
PCS. 2. § 125 may by Royal Decree be put into force for the Faroe Islands with such modifications as the Faroese conditions is.



Act no. 475 of 10 June 1997 contains the following commencement and transitional provisions:

§ 9
PCS. 1. This Act shall enter into force on 1 January 1998. (2nd and 3rd sentence omitted)
PCS. 2. By 1 March 1998, the Board having prepared internal guidelines according to (omitted) § 12 b paragraph. 1 of the Act on Securities Trading, as amended by this Act § 4, no. 1
PCS. 3. The provisions of (omitted) § 14 paragraph. 2 of the Act on Securities Trading, as amended by this Act § 4, no. 3 and 4, § 11 a paragraph. 3, 2nd sentence. (Omitted) applies to financial years beginning on 1 January 1998 or later.
PCS. 4-6. (Omitted)

PCS. 7. Notwithstanding the provisions of this Act, the directors, deputy directors, assistant directors and treated as such and branch managers in financial institutions covered by this Act may carry out Board business in Danish Ship Finance, the Danish Export Financing, Danish Land of Agricultural Mortgage Bank, Finance for Danish Industry A / S, Finance for Hotels etc. finance for Danish Industry A / S, Nordic Association, Land Reallånefond, Totalkredit Mortgage Fund and Bornholm Industrial Fund.
PCS. 8. Persons covered by § 12c paragraph. 3 of the Act on Securities Trading, as amended by this Act § 4, no. 3, January 1, 1998 carrying out missions as internal auditors or deputy chief internal auditors in companies outside the group can continue to do so until the end of the operation period was commenced on april 9 1997. If these people after this date begins a term as internal auditors or deputy chief auditor of a company, not covered by § 12c paragraph. 3, that person must resign no later than 1 February 1998.
PCS. 9. Exposures and collateral that 1 January 1998 legally signed between the selected audit or internal audit or deputy chief auditor (left) and the (omitted) shall (omitted) companies can continue to the originally agreed expiry date.
PCS. 10-12. (Omitted)
§ 10
PCS. 1. The Act does not apply to the Faroe Islands and Greenland (omitted) but (deleted) may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.
PCS. 2-3. (Omitted)



Law no. 1327 of 20 December 2000 contains the following commencement and transitional provisions:

§ 9
PCS. 1. This Act comes into force on 1 April 2001, cf.. However paragraph. 2-5.
PCS. 2. (Omitted)
PCS. 3. § 1, no. 14, § 2, no. 2, § 3, no. 2 and 3, § 4, no. 2, § 5, § 6, no. 4, and §§ 7 and 8 shall enter into force on 1 January 2001. the calculation of contributions made initially on the basis of information from the fiscal year ending in 2000.
PCS. 4. § 1 pt. 20 and 21, comes into force on 1 July 2001.
PCS. 5. Securities dealers and companies subject to the Securities Trading Act § 62 paragraph. 1 and § 63, at the time of commencement of the Act was a member of a stock exchange or connected to a central securities depository, may continue to do so without obtaining FSA authorization.
§ 10
PCS. 1. §§ 1, 2, 4, 5, 7 and 8 shall not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.
PCS. 2. (Omitted)



Act no. 427 of 6 June 2002 contains the following commencement and transitional provisions:

§ 3
PCS. 1. This Act shall enter into force on 1 July 2002 under the. However paragraph. 2.
PCS. 2. § 1, no. 13, 14, 16-18, 35 and 39 shall enter into force on 1 October 2002. Economic and Business Affairs shall determine the date of entry into force of § 1, no. 5, 8-12, 19, 26, 30, 31, 33, 34, 37 and 38, and § 2.
§ 4
PCS. 1. Status of the total holdings in companies which persons covered by § 34 paragraph. 4 and § 37 paragraph. 3, see. This Act § 1, no. 16 and 17, possess, shall be notified to the issuer and reported by the latter to the stock exchange respectively the authorized marketplace in which the company's shares are admitted to trading, no later 1 January 2003.
PCS. 2. Executive Order no. 429 of 28 May 2001 on securities trading practices by trading in certain securities must still be valid until the Minister has issued regulations.
§ 5
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 453 of 10 June 2003 contains the following commencement and transitional provisions:

§ 375. The Act comes into force on 1 January 2004, see. However paragraph. 2 and 3.
PCS. 2-3. (Omitted).
§§ 376-437. (Omitted).
§ 438. The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions, see. However paragraph. 2-4.
PCS. 2-4. (Omitted).



Act no. 1171 of 19 December 2003 contains the following commencement and transitional provisions:

§ 6

PCS. 1. This Act shall enter into force on 1 January 2004,. However paragraph. 2 and 3.
PCS. 2. Economic and Business Affairs shall determine the date of entry into force of the Act § 2 § 2, no sooner brought into force with effect from the time when the Hague Convention on the law applicable to certain rights in respect of securities held with an intermediary, enter into force in relation to the European Union.
PCS. 3. (Omitted).
§ 7
Internal auditors and deputy chief internal auditors may, irrespective of the prohibition in the Act on Securities Trading Act § 12 b paragraph. 9, see. This Act § 1, no. 3, maintain and utilize financial interests owned by said Act.
§ 8
PCS. 1. Chapter 18 of the Act on Securities Trading Act as worded by § 1, no. 12, applies to agreements on financial collateral arrangements, netting etc. entered into by the Act.
PCS. 2. § 58 of the Danish Securities Trading Act, cf.. Legislative Decree no. 587 of 9 July 2002, as amended by § 426 of Act no. 453 of 10 June 2003 shall continue to apply for netting agreements entered into before the commencement of the Act.
§ 9
(Omitted).
§ 10
PCS. 1. The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be wholly or partly for these islands with such deviations as the special Faroese and Greenland conditions, see. However paragraph. 2.
PCS. 2. (Omitted).



Act no. 491 of 9 June 2004 contains the following commencement and transitional provisions:

§ 6
PCS. 1. This Act shall enter into force on 1 January 2005, as. However paragraph. 2 and 3.
PCS. 2. § 1, no. 14, comes into force after publication in the Official Gazette.
PCS. 3. § 1, no. 4, 7-10, 13, 30, 34, 37 and 41, § 2, no. 1-3, 12 and 13, § 3, no. 1 and 2, § 4, no. 5 and § 5 shall enter into force on 1 July 2004.
PCS. 4. Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 1383 of 20 December 2004 contains the following commencement and transitional provisions:

§ 17
PCS. 1. This Act shall enter into force on 1 January 2005, as. However paragraph. 2-4.
PCS. 2-4. (Omitted)
§ 18
PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2-3. (Omitted)



Act no. 1460 of 22 December 2004 contains the following commencement and transitional provisions:

§ 3
PCS. 1. This Act comes into force on 1 April 2005, cf. However paragraph. 2 and 3.
PCS. 2. § 1 pt. 2 and 3, 8-12, 14, 18-20, 22-24 and 30 and § 2 shall enter into force on 1 July 2005.
PCS. 3. § 1, no. 7 and 21, shall enter into force on 1 January 2005.
PCS. 4. Notwithstanding the provisions of this Act § 1, credit institutions covered by the exemption in Article 5, point a, of Directive 89/298 / EEC and not covered by § 23 paragraph. 5, no. 8, to the public in Denmark offer debt securities or other transferable securities equivalent to debt securities issued in a continuous or repeated, until 31 December 2008.
§ 4
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be wholly or partly for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 411 of 1 June 2005 contains the following commencement and transitional provisions:

§ 6
PCS. 1. This Act shall come into force July 1, 2005
PCS. 2-4. (Omitted)
§ 7
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 604 of 24 June 2005 contains the following commencement and transitional provisions:

§ 5
PCS. 1. This Act shall come into force the day after publication in the Official Gazette referred. However paragraph. 2.
PCS. 2. (Omitted)
PCS. 3. Act § 1, no. 11, applies to decisions concerning the filing of a takeover bid, has been taken by the Act. Act § 1, no. 14-16, applies to transfers, see. § 31 paragraph. 1 of the Act on Securities Trading, made after commencement of the Act.
§ 6
PCS. 1. §§ 1-3 does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.

PCS. 2. (Omitted)



Act no. 1428 of 21 December 2005 contains the following commencement and transitional provisions:

§ 6
This Act shall come into force on 1 January 2006.
§ 10
The Act does not apply to the Faroe Islands and Greenland, but §§ 1, 3 and 4 may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 116 of 27 February 2006 contains the following commencement and transitional provisions:

§ 5
This Act shall come into force on 1 March 2006.
§ 6
PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2.
PCS. 2. §§ 1 and 2 may by Royal Decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.



Act no. 527 of 7 June 2006 contains the following commencement and transitional provisions:

§ 4
PCS. 1. This Act shall enter into force on 1 January 2007 set. However, paragraph 2.
PCS. 2. (Omitted)
§ 5
(Omitted)
§ 6
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 108 of 7 February 2007, following commencement and transitional provisions:

§ 21
PCS. 1. (Omitted)
PCS. 2. (Omitted)
PCS. 3. § 1, no. 88, § 3, no. 1, 3, 11, 24, 27, 30, 40-43, 58, 61, 62, 68, 69, 76, 81, 83, 85 and 86, § 6, no. 1-9, § 7, § 8, no. 3, 8 and 9, § 9, no. 6 and 7, § 10, no. 6, and §§ 11-15 enter into force on 15 . February 2007.
PCS. 4. § 1, no. 2, 3, 54-60, 62, 63, 90, 93, 94, 105-109, 116, 118 and 119, § 3, no. 74, and § 4 shall enter into force on 1 . June 2007.
PCS. 5. (Omitted)
PCS. 6. § 1, no. 88, § 3, no. 62, § 11, no. 1, § 12, no. 12, § 13, no. 2, with effect from 1 January 2006.
PCS. 7. (Omitted)
§ 22
PCS. 1. § 16 shall enter into force after publication in the Official Gazette.
PCS. 2. Notwithstanding the provisions of this Act § 1, companies with a license under § 8 paragraph. 1 of the Act on Securities Trading Act to operate as a stock exchange or authorized marketplace without a new license continues to operate this activity in compliance with the rules for the operators of regulated markets.
PCS. 3. Notwithstanding the provisions of this Act § 1, companies with a license under § 8 paragraph. 1 of the Act on Securities Trading Act to operate as an alternative marketplace without a new license continues to operate this activity in compliance with the rules for companies operating multilateral trading facilities, including alternative marketplaces.
PCS. 4. Notwithstanding the provisions of this Act § 1 as equities, equity certificates and bonds for listing of a stock exchange in accordance with § 22 of the Danish Securities Trading Act continues as noted.
PCS. 5. Financial institutions as November 1, 2007 are allowed to carry out activities pursuant to § 9 paragraph. 1, see. § 7 paragraph. 2, § 8 paragraph. 2, § 9 paragraph. 2, § 10 paragraph. 2, or § 403 of the Financial Business Act, may continue these activities as before.
PCS. 6. Companies November 1, 2007 are licensed under § 8 paragraph. 1 of the Act on Securities Trading, etc., into money market brokerage, may continue these activities, if they are within 1 February 2008 review activities to the FSA. FSA Pursuant to § 9 paragraph. 1, of the Financial Business Act authorized the notified activities and permission of deposits and loans between money market. The companies can between the report and that the FSA has granted a license pursuant to § 9 paragraph. 1, continue to the activities reported, including the dissemination of deposit and lending between participants in the money market.
PCS. 7. A company or person that November 1, 2007 operates as an investment advisor under. § 343 of the Act on Financial Business Act. This Act § 3, no. 59 and no later than February 1, 2008 files application license pursuant to § 343 c of the Act on financial business Act. this Act § 3, no. 59, may continue to provide investment advice until the FSA has processed the application for permission. A request is received by the Danish FSA when information on all the factors listed in § 343 c, is transmitted to the FSA.
§ 23
PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1-6, 13 and 14 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 3. (Omitted)
PCS. 4. (Omitted)



Act no. 181 of 28 February 2007, following commencement and transitional provisions:

§ 8
PCS. 1. This Act shall enter into force on 1 January 2008.
PCS. 2. Administration of Justice Chapter 23 a as worded by § 1, no. 10, applies to cases brought under the Act.
PCS. 3. The Minister of Justice proposes revision of the law in the parliamentary year 2010-11.
§ 9
PCS. 1. The Act does not apply to the Faroe Islands and Greenland.
PCS. 2. § 3 may by Royal Decree be put into force for the Faroe Islands and Greenland
PCS. 3. §§ 5-7 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.



Act no. 576 of 6 June 2007, following commencement and transitional provisions:

§ 12
PCS. 1. This Act shall enter into force on 1 July 2007, see. However paragraph. 2 and 3.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
§ 13
(Omitted)
§ 14
PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1-5 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 3. (Omitted)



Act no. 515 of 17 June 2008, following commencement and transitional provisions:

§ 10
PCS. 1. This Act shall enter into force on 1 July 2008, cf. However paragraph. 2.
PCS. 2. (Omitted)
§ 11
PCS. 1. Act §§ 1-5 and 7-9 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2-4.
PCS. 2. (Omitted)
PCS. 3. §§ 1, 2 and 4 may be fully or partially into force for the Faroe Islands with such modifications as the Faroese conditions is.
PCS. 4. §§ 1-5 and 9 may be wholly or partially into force for Greenland with such deviations as the special Greenland conditions.



Act no. 517 of 17 June 2008, as amended by § 14 of Law no. 392 of 25 May 2009, following commencement and transitional provisions:

§ 13
PCS. 1. This Act shall enter into force on 1 July 2008, cf. However paragraph. 2-5.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
PCS. 4. (Omitted)
PCS. 5. (Omitted)
§ 14
PCS. 1. §§ 1, 2 and 4-12 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.
PCS. 2. § 3 shall not apply to the Faroe Islands.
PCS. 3. §§ 1, 2, 6 and 10 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 4. (Omitted)



Act no. 1003 of 10 October 2008, following commencement and transitional provisions:

§ 17. This Act shall enter into force on 11 October 2008, at the beginning of the day.
PCS. 2. The bill can be ratified immediately after adoption.
PCS. 3. This Act has effect from 5 October 2008.
PCS. 4. (Omitted)



Act no. 67 of 3 February 2009, the following commencement and transitional provisions:

§ 14. This Act shall enter into force on 4 February 2009.
PCS. 2. The bill can be ratified immediately after adoption.
PCS. 3. (Omitted)
§ 15. Law §§ 16-18 does not apply to the Faroe Islands and Greenland, § 16, no. 1-14 and 17-19, a Royal decree be put into force for the Faroe Islands and Greenland with such deviations as they special Faroese and Greenland conditions.
PCS. 2. Code provisions for mortgage banks are not applicable to the Faroe Islands.



Act no. 133 of 24 February 2009, following commencement and transitional provisions:

§ 7
PCS. 1. This Act comes into force on 1 March 2009, see. However paragraph. 2 and 3.
PCS. 2. Act § 1, no. 1-5, 8, 9, 13 and 14, § 3, no. 1, 2, 4 and 7 shall enter into force on 21 March 2009 with effect for applications received in the FSA after that date.
PCS. 3. (Omitted)
§ 8
PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. Act §§ 1, 3 and 4 may be fully or partially into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 3. (Omitted)



Act no. 392 of 25 May 2009, following commencement and transitional provisions:

§ 15
PCS. 1. This Act comes into force on 1 July 2009, see. However paragraph. 2-7.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
PCS. 4. (Omitted)
PCS. 5. (Omitted)
PCS. 6. (Omitted)
PCS. 7. (Omitted)
§ 16
PCS. 1. Act §§ 1-7 and 9-13 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.
PCS. 2. § 8 does not apply to the Faroe Islands.
PCS. 3. §§ 1-4, 9, 10 and 13 may by Royal decree be put into force for Greenland with such deviations as the special Greenland conditions.
PCS. 4. §§ 1-4 may by Royal decree be put into force for the Faroe Islands with such modifications as the Faroese conditions is.



Act no. 516 of 12 June 2009, as amended by § 3 of Law no. 1273 of 16 December 2009, § 15 of the Law no. 1278 of 16 December 2009, § 2 of the Law no. 159 February 16, 2010 and § 14 of law no. 579 of 1 June 2010, following commencement and transitional provisions:

§ 25
PCS. 1. Economic and Business Affairs shall determine the time the law ikrafttræden.2) The Minister may lay down rules derogating from the provisions of the Act, which requires adjustments to the Danish Commerce and Companies Agency's IT system, as regards registration and publication until the necessary adaptations of the IT system is completed.
PCS. 2. The Act does not apply to Greenland subject. However paragraph. 4, but with the exception of §§ 6, 7, 13 and 15-19 by Royal Decree or partially into force for Greenland with such deviations as the special Greenland conditions.
PCS. 3. The Act does not apply to the Faeroe Islands under. However paragraph. 4, but §§ 8-10 and 12 may by Royal decree be put into force for the Faroe Islands with such modifications as the Faroese conditions is.
PCS. 4. §§ 14 and 24 shall apply to the Faroe Islands and Greenland.



Act no. 1273 of 16 December 2009, the following commencement and transitional provisions:

§ 11
PCS. 1. This Act comes into force on 1 January 2010, ref. To paragraph. 2 and 3.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
§ 12
PCS. 1. Foreign companies by this Act, the clearing company in Denmark covered by § 8 of the Act on Securities Trading, as amended by this Act § 2, no. 3, shall, within 3 months after the Act shall submit an application to the FSA for approval under to § 8 of the Act on Securities Trading, as amended by this Act § 2, no. 3
PCS. 2. A company covered by § 7, paragraph. 1 of the Act on Securities Trading Act that the Danish Financial Supervisory Authority has signed an agreement with a foreign clearing house for securities clearing business according to § 12 paragraph. 3 of the Act on Securities Trading Act shall, within 3 months after the commencement of this Act submit an application for re-accreditation of the agreement according to § 12 paragraph. 3 of the Act on Securities Trading, will invalidate the approval.
§ 13
PCS. 1. §§ 1, 2, 4-6, 8 and 10 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1, 2, 4, 5 and 8, by Royal Decree or partially into force for the Faroe Islands with such modifications as the Faroese may require.
PCS. 3. §§ 1, 2, 4-6 and 8, by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.



Act no. 579 of 1 June 2010, following commencement and transitional provisions:

§ 21
PCS. 1. This Act comes into force on 1 July 2010, ref. To paragraph. 2-6.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
PCS. 4. (Omitted)
PCS. 5. (Omitted)
PCS. 6. (Omitted)
PCS. 7. (Omitted)
§ 22
PCS. 1. §§ 1-12 and 14-20 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1-9, 12 and 14-20 may by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.
PCS. 3. §§ 1, 3-6, 9 and 14-20 may by Royal Decree be made effective for the Faeroe Islands with such modifications as the Faroese may require.



Act no. 724 of 25 June 2010, following commencement and transitional provisions:


§ 19
PCS. 1. §§ 16-18 does not apply to the Faroe Islands and Greenland but may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the Faeroe Islands and Greenland.
§ 20
PCS. 1. This Act shall come into force the day after publication in the Official Gazette.
PCS. 2-16. (Omitted)

Economic and Business Affairs, August 11, 2010
Brian Mikkelsen
/ Ulrik Nødgaard


Official notes 1) This Act contains provisions that implement European Parliament and Council Directive 98/26 / EC of 19 May 1998 on settlement finality in payment and securities settlement systems (Official Journal 1998 no. L 166, p. 45) (Settlement Finality Directive), parts of the European Parliament and Council Directive 2000/64 / EC of 7 november 2000 (Official Journal 2000 no. L 290, p. 27), amending Council Directive 85 / 611 / EEC, 92/49 / EEC, 92/96 / EEC and 93/22 / EEC (exchange of information with third countries), parts of Directives 79/279 / EEC, 80/390 / EEC, 82/121 / EEC and 88/627 / EEC, now merged in the European Parliament and Council Directive 2001/34 / EC of 28 May 2001 on the admission of securities to official stock exchange listing and information to be published on those securities ( Official 2001 no. L 184, p. 1) (constraint and information Directive), the European Parliament and Council Directive 2002/47 / EC of 14 June 2002 on financial collateral (Official Journal 2002 no. L 168, p. 43) (collateral Directive), the European Parliament and Council Directive 2003/6 / EC of 28 January 2003 on insider dealing and market manipulation (market abuse) (Official Journal 2003 no. L 96, p. 16) (market abuse Directive), parts of the European Parliament and Council Directive 2003/71 / EC of 4 november 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34 / EC (Official Journal 2003 no. L 345, p. 64) (the prospectus Directive), Commission Directive 2003/124 / EC of 22 december 2003 on the implementation of the European Parliament and Council Directive 2003/6 / EC as regards the definition and disclosure of inside information and the definition of market manipulation (Official Journal 2003 no. L 339, p. 70), Commission Directive 2004/72 / EC of 29 april 2004 on the implementation of the European Parliament and Council Directive 2003/6 / EC as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and suspicious transactions (Official Journal 2004 no. L 162, p. 70), parts of European Parliament and Council Directive 2004/25 / EC of 21 april 2004 on takeover bids (Official Journal 2004 no. L 142, page 12) (takeover Directive), parts of the European Parliament and Council Directive 2004/109 EC of 15 december 2004 on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulreret market and amending Directive 2001/34 / EC (Official Journal 2004 no. L 390, p.38) (transparency Directive ), parts of the European Parliament and Council Directive 2004/39 / EC of 21 april 2004 on markets in financial instruments amending Council Directive 85/611 / EEC and 93/6 / EEC and European Parliament and Council Directive 2000 / 12 / EC and repealing Council Directive 93/22 / EEC (Official Journal 2004 no. L 145, p. 1) (MiFID), and parts of the European Parliament and Council Directive 2006/31 / EC of 5 april 2006 amending Directive 2004/39 / EC on markets in financial instruments, as regards certain deadlines (Official Journal 2006 no. L 114, p. 60) (postponement Directive).
2) § 9 of the Act no. 516 of 12 June 2009 on changes in the Danish Securities Trading Act is put into force on 1 March 2010, ref. § 1. 1 pt. 9 of Order no. 186 of 24 February 2010 on the partial entry into force of the Act amending the Danish Financial Statements Act, the Financial Business Act and various other laws.