Chapter 1 Scope of the law

Chapter 2 Requirements for pawn-carrier cooperatives

Chapter 3 Information Requirements

Chapter 4 Involsion and loss of authorisations

Chapter 5 Supervision, complaint and penalty provisions

Chapter 6 Entry into force and transitional provisions

Law on Panteing Companies

We, by God's grace, the Queen of the Danes, do our thing.

The parliament has adopted the following law, and we know that the following law has been approved by Parliament's consent :

Chapter 1

Scope of the law

§ 1. This law applies to commercial trade in mortgages in terms of commercial purchases or sales of mortgages in real estate, including commercial sales of pawn mail in private property.

Chapter 2

Requirements for pawn-carrier cooperatives

§ 2. Commercial trade in pantheon letters, cf. § 1, may be performed only by a company that has permission under the rules laid down in this chapter to act as a pawn-carrier company, cf. however, paragraph 1 2.

Paragraph 2. Paragraph 1 and sections 3 to 7 and 9 to 11 shall not apply to financial undertakings covered by Section 5 (5). 1, no. 1, in the law of financial activities.

Paragraph 3. Mortgage undertakings authorised by the rules laid down in this Chapter shall be used as a pawn-carrier company in the name of the panel. Suppress as registered, approved, authorised or equivalent may not be added to the name. Other companies must not use names or designations of their own activities, which are suitable to create the impression that they are pathematic cooperatives.

§ 3. The SEC shall, upon application, grant a company permit to carry out business as a pawn-carrier company when :

1) The company is operated in the form of a company or a party undertaking,

2) the company has a management board and a management board and its members meet the conditions laid down in section 4,

3) the person in the company responsible for the trade in pawn letters satisfies the conditions of section 5,

4) the owners of eligible units in the company comply with the principles set out in § § 61-62 on the ownership of the law of financial activities and

5) a special account shall be established by a pantecarrier, where the agreed provenu is to be inserted and that the company has established the security of these funds, cf. paragraph 5.

Paragraph 2. The requirements of paragraph 1. 1, no. 1-5, shall be fulfilled when submitting applications and at any time after the authorisation has been granted, cf. however, section 24 (4). Two and three.

Paragraph 3. An application for authorization pursuant to paragraph 1. 1 shall contain the information necessary to assess the conditions set out in paragraph 1 of the Financial Authority. One has been fulfilled. The application must also include information on :

1) the structure of company and the structure and structure of the company, including the company ' s direction and activities, as well as the business performance of the information requirements in section 8,

2) the names of the company ' s capital owners and the share of the capital of the company ' s capital or voting rights, and

3) which of the activities referred to in Section 1, the company shall be concerned to exercise, including whether the company is acting with consumers.

Paragraph 4. The financial supervision may lay down detailed rules of scope, nature and the degree of safety referred to in paragraph 1. 1, no. 5.

Paragraph 5. The financial carrier shall submit an annual financial statement to the Financial Authority to submit a statement by an approved auditor on the security referred to in paragraph 1. 1, no. 5.

Paragraph 6. The SEC shall take a decision, within six months of the Financial supervision of the Financial Authority, to receive the information necessary to examine the application.

§ 4. A member of the Management Board and the Board of Governing Board shall have an adequate experience of exercising his or his position in the company concerned.

Paragraph 2. A member of the Management Board or the Executive Board shall fulfil the following :

1) Do not be charged or subject to criminal liability for the infringement of the penal code, this law, other financial legislation or other relevant legislation where the offence involves the risk that he may not carry out his duties or his / her duties ; position in a reassuring manner.

2) Do not have notified payees, filed for forced repayment, bankruptcy or debt relief, or be in the case of payment, in the process of bankruptcy, debt relief or obsessive-compulsive recussion.

3) Do not have shown or exhibition a behaviour which causes the assumption that he or she is not in a responsible manner or in a responsible manner. When assessing whether a member of the Management Board or the Governing Board has exhiulted or exhiforms an irresponsible behaviour, the emphasis must be placed on the consideration to maintain confidence in the financial sector.

Paragraph 3. Members of the Management Board or the Board of Governing Board of a Pantecarrier shall inform the Financial supervision of the information relating to matters referred to in paragraph 1. 2 in connection with their entry into the management of the establishment, and if the conditions are subsequently changed.

§ 5. The Paternity Letter Company shall designate a person responsible for the sale of pawn letters. The person responsible for trade in mortgages shall have at least 3 years ' practical experience of panthestationheaportion, cf. however, paragraph 1 3.

Paragraph 2. Section 4 (4). 2, no. Paragraph 1 and 3, and paragraph 3. 3, the corresponding use shall apply to the person responsible for trade in pawn mail.

Paragraph 3. The Financial supervision may, by application, permit the person responsible for the sale of pawn notes not to meet the conditions laid down in paragraph 1. 1.

§ 6. The SEC shall establish a register of pantheoncooperatives, which is allowed by Section 3. When the Financial Control Board has notified a mortgage carrier, permission after Section 3, paragraph 1. 1, the company and the person responsible for the sale of pawn mail shall be registered in the register of the financial system. The register is publicly available.

§ 7. A pantheonus company may conduct other activities other than business transactions with pawn mail.

Paragraph 2. The Financial supervision may take a decision that a mortgage carrier must not exercise a particular form of activity if this company is not compatible with a pleas of a pantheon sale of pawn mail.

Chapter 3

Information Requirements

§ 8. In the case of commercial sales of pawn mail, before agreement is concluded, the purchaser shall be provided on the pawn letter and the circumstances under which it is issued so that purchasers can assess the true value of the pantheletter.

Paragraph 2. The SEC shall lay down detailed rules on the information to be given in accordance with paragraph 1. 1, including information on whether the pawn letter has been issued, the type of fixed ownership of the patheon is guaranteed and on the priority position of the pan-bank.

Chapter 4

Involsion and loss of authorisations

§ 9. The SEC is taking a panthematic undertaking's permission, if so, if so.

1) the company is requesting that,

2) The company is guilty of gross or repeated infringement of the provisions of this Act or rules issued under the law,

3) the company no longer meets the conditions laid down in section 3 (1). 1, no. 5, section 24, paragraph. 2, and section 4,

4) the company has no longer employed a person responsible for the trade in pawn mail and which meets the requirements of section 5,

5) which is not carried out under the law for a period of more than 12 months ;

6) The SEC has invited the director or the mortgage carrier, or the person responsible for the pathematic trade, and the tender not to be complied with within the time limit laid down in accordance with the said Agreement. Section 14, paragraph 14. 1 and 3, or

7) The SEC has invited a member of the governing board to disclose his duties and the tenor has not been complied with, cf. Section 14, paragraph 14. Two and three.

§ 10. The consent of a mortgage carrier shall be withdrawn if the company declared bankrupt or terminates in another way.

§ 11. When the authorisation of a pantheon company has been withdrawn or disposed of, the activities of the company shall, after paragraph 1, cease to exist, cf. however, paragraph 1 2.

Paragraph 2. However, if a mortgage carrier is withdrawn or disposed of, may dispose of the stock of pantheon letters which the undertaking shall have at the time of withdrawal or withdrawal of authorisation. The SEC may instruct the company to draw up an inventory of the inventory of pawn letters.

Paragraph 3. In the event of withdrawal or withdrawal of an authorisation for a pantheon company, the company and the person responsible for the trade in mortgages shall be discarding from the Danish Financial Authority ' s register of pantheary undertakings.

Chapter 5

Supervision, complaint and penalty provisions

Supervision

§ 12. The SEC is observance of compliance with this law and regulations in accordance with the law. The supervision is carried out on the basis of a risk assessment.

Paragraph 2. The financial supervision may, at any time, against appropriate credentials, without a court order, access to premises belonging to companies covered by this law in order to obtain information.

Paragraph 3. The Financial Company Council shall be included in the supervision of paragraph 1. 1 with the competence of the Council pursuant to section 345 of the Act of financial activities.

Paragraph 4. The financial supervision may provide an injunction on the correction of conditions contrary to this law, cf. Section 3, paragraph 3. 1, no. 5, section 3, paragraph 3. 5, section 7, paragraph. 2, section 8 (4). 1, and 11 (1). 1.

§ 13. Section 354 and 356 of the Financial Authority employed in the Financial Authority shall apply.

§ 14. The Financial supervision may provide a mortgage carrier to set up a Director within a time limit set by the Financial supervision, if this, after Article 4 (2), is set out in Article 4 (4). Two, can't fight the score. The SEC may also offer a mortgage carrier to dispose of the person responsible for the trade in mortgages, if this, after paragraph 5, cf. Section 4 (4). 2, no. One and three won't be able to dispute the position.

Paragraph 2. The SEC may offer a member of the Board of Governing Board in a pantecarrier to decommission his office within a time limit set by the Financial supervision, if the member, after paragraph 4 (1), is set out in accordance with Article 4 (2). Two, can't fight the recruits.

Paragraph 3. The duration of the buldup granted in accordance with paragraph 1. 1 and 2 must appear on the supply. The duration may be set from 1 to 5 years or so far.

Paragraph 4. The SEC may offer a mortgage carrier to assign a director or person responsible for pathematic trade when indictators are charged against the person concerned in criminal proceedings against criminal offences, this law or other financial legislation, until the criminal proceedings are determined if a conviction is to mean that they do not comply with the requirements of section 4 (4). 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. to a member of the Management Board in a company subject to the law to lay down its duties ; the SEC of the Financial Authority shall set a time limit for the supply of the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1, 2 and 4 of the pawn carrier or the person to whom the tender relates are requested to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the invitation to tender for the person concerned. The request shall not affect the tender, but the court may decide by ruling that the director, the member of the governing board or the person responsible for the marketing of pawn mail during the processing of the proceedings, can maintain its function ; Or his position. The SEC will be deposits within 4 weeks of the case before the courts. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation or after application, revoke an injunction notified pursuant to paragraph 1. One, two and four. If the Financial supervision an application for revocation is refused, the applicant may require the refusal to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, a request to the Financial supervision of the submission of the tribunals may only be made if the tender is not limited and the date of the contract shall be at least five years from the date of issue or at least two years after the FGs of the Financial Supply of the Financial Authority are refused ; Recretraction is confirmed by sentencing.

§ 15. The financial supervision of the financial supervision shall be published in accordance with section 12 (3). 4, cf. ~ 8, specifying the name of the company.

Paragraph 2. Decisions taken pursuant to section 345 (3). 2, in the law of financial activities, cf. the section 12 (2) of this law. 3 shall be made public. 1. Act. also applies to decisions to surrender cases to police investigation, cf. however, paragraph 1 3. The publication shall include the name of the company.

Paragraph 3. Publication under paragraph 1. However, 2 cannot be done if it would result in a disproportionate amount of damage to the company or its investigative aspects, to be disallowed. The publication shall not include confidential information on customer relations or information covered by section 12 (3). One, in the law of public opinion in the administration.

Paragraph 4. If publication is not in accordance with paragraph 1, THREE, ONE. .. shall be published in accordance with paragraph 1. 2, when the considerations necessitates the derogation no longer apply. However, this only applies for up to two years after the decision in question has been taken.

§ 16. As a party to the Financial supervision, natural or legal persons shall be considered as a financial decision taken pursuant to this law or rules issued with legal basis in this law, in accordance with the rules laid down in this Act. however, paragraph 1 2.

Paragraph 2. In addition, as a party to the Financial supervision, in the case of the relevant part of the case,

1) without a permit, cf. the driver of a pantheon carrier without authorisation. Section 2 (2). 1,

2) a company applying for the authorisation to carry out the sale of pawn notes, cf. § 3,

3) a member of a company ' s board or management board or the person responsible for the sale of pantheon letters when the supervision denies a company ' s authorisation, cf. Section 3, paragraph 3. 1, or withdraw the permission, cf. § 9, and

4) a natural or legal person, which the Financial supervision requires, for the assessment of whether this is subject to the provisions of this law, cf. § 17.

§ 17. The financial carrier shall, at the request of its request, provide the Finance-vision with the specific information necessary for the activities of the forsynet.

Paragraph 2. The SEC shall have access to the call for natural and legal persons all information necessary for the assessment of their activities to be subject to the provisions of the law.

§ 18. When calculating the time limits laid down pursuant to this law or in the rules laid down pursuant to the law, Section 357 of the Act of Financial Use shall apply.

§ 19. The financial carrier cooperatives under the supervision of this law shall pay the financial supervision of the Financial Regulation in accordance with Chapter 22 of the Financial Regulation.

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

Crow

§ 21. Decisions taken by the Financial Regulation pursuant to the law or rules issued under the law may, by the decision of the law, be submitted to the Board of Acquisities, within four weeks of the decision to be notified to the person concerned.

Penalty provisions

§ 22. The withdrawal of section 2 (2). Paragraph 3 (1) and section 3. 5 shall be punished by fine, unless higher penalties are inflited on the other legislation.

Paragraph 2. The penalty shall be penalised by the failure to provide the Financial supervision of the Financial Authority in accordance with section 4 (4). 3, section 5, section. 2, and § 17.

Paragraph 3. The penalty shall also be punished by a mortgage carrier which does not comply with an injunction given in section 12 (3). 4, and section 14 (4). Paragraph 1 and paragraph. FOUR, ONE. and 3. Act. In the same way, the chairman shall be punished, who shall not comply with an injunction, given in section 14 (1). 2.

Paragraph 4. In accordance with the law, penalty penalties may be imposed on the infringement of the rules.

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

Chapter 6

Entry into force and transitional provisions

-23. The law shall enter into force on 1. July, 2010.

§ 24. A person or company that can document that the person or the company before 1. July 2010 has engaged in commercial trade in mortgages and has submitted an application for authorisation to the Financial supervision by 1. In January 2011, may continue until the SEC has decided on authorisation. For the person or the company is given section 2 (2). Paragraph 3, section 3. 1, no. 1 and 5, and 8 first effects from 1. January, 2011.

Paragraph 2. A person or company that does not comply with the requirements of section 3 (3). 1, no. 1, and in the supervision of the Financial supervision, it may prove that the person concerned before 1. July 2010 has engaged in business dealings with pantheon letters, cf. § 1, notwithstanding § 3, stk.1, no. 1, continue its business for five years, even if this is not exercised in the types of forms that have been mentioned. However, the person or company is obliged to pay annual accounts according to the annual accounts bill. Make the requirement in section 3 (3). 1, no. 1, not later than 1. July 2015, the right to conduct business dealings with pawn letters, cf. § 1.

Paragraph 3. In the case of persons and companies which, at the entry into force of the law, trade in a pawn letter shall consider section 3 (3). 1, no. 2, cf. § 4, and no. 3, cf. Section 5 shall not apply to applications for authorisation.

§ 25. The law does not apply to the Faroe Islands and Greenland, but can, in the case of the Faroe Islands and Greenland, be able to do so in full or in part to the Faroes and Greenland, with the deviations that the ferries and Greenland conditions say.

SECTION 26. In the law of financial activities, cf. Law Order no. 467 of 29. April 2010 is amended as follows :

1. I Section 361 (1). 1, pasted as no. 26 :

" 26) Mortgage cooperatives are covered by the Law on Panteing Companies pay DKK 15,000. yearly. "