Law Amending The Law On Financial Business, Law On Mortgage Loans And Mortgage Bonds, Etc., The Law On Danmarks Nationalbank And Various Other Laws (Strengthening Of Fsa Regulatory Company, Clarification Of The Requirements For The Management And Furni...

Original Language Title: Lov om ændring af lov om finansiel virksomhed, lov om realkreditlån og realkreditobligationer m.v., lov om Danmarks Nationalbank og forskellige andre love(Styrkelse af Finanstilsynets tilsynsvirksomhed, præcisering af krav til styring og indretning af fin

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=132204

Law amending the law on financial business, law on mortgage loans and mortgage bonds, etc., the law on Danmarks Nationalbank and various other love1)

(Strengthening the FSA regulatory company, clarification of the requirements for the management and furnishing of financial companies, etc. and the amendment of rules on the suitability, etc.)

WE, MARGRETHE the SECOND, by the grace of God Queen of Denmark, do indeed:

The Danish Parliament has adopted and we know Our consent confirmed the following law:

§ 1

In the financial business Act, see. lovbekendtgørelse nr. 467 of 29. April 2010, is amended as follows: 1. In the footnote to the title of the Act, the words ' and parts of the European Parliament and of the Council Directive 2007/64/EC of 13. November 2007 on payment services in the internal market and amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (payment services directive), the official journal of the European Union 2007 (nr. L 319, p. 1) ' to: ', parts of the European Parliament and of the Council Directive 2007/64/EC of 13. November 2007 on payment services in the internal market and amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (payment services directive), the official journal of the European Union 2007 (nr. L 319, p. 1) and parts of the European Parliament and of the Council directive 2009/111/EC of 16. September 2009 amending directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks connected to the central bodies, certain components of the own funds, large exposures, supervisory arrangements, and crisis management (CRD II) (Official Journal of the European Union 2009 nr. L 302, p. 97) '.

2. In article 1, paragraph 2, the words ' section 64, paragraph 4 ', to: ' section 64 (5) '.

3. section 1, paragraph 14-16 is replaced by the following: ' paragraph 14. Provisions relating to the Board of directors or members thereof in § 5 (1) (8). 7, section 76, § 77, paragraphs 1 and 3, article 78, paragraph 1, article 90, paragraph 2, article 98, section 108, paragraph 2 and 3, article 115, section 144, paragraph 1, article 199, paragraph 9 and 10, §§ 203, 209, 247 and 299 and § 327, paragraph 3, shall in the SES with a two-tier management system only apply to the Supervisory Board or the members thereof mutatis mutandis.

Paragraph 15. Provisions relating to the Board of directors or members thereof and the arrangements for the management of section 14 (1) (8). 2, sections 64, 65, 73-75, 80, 110 and 117, section 124, paragraphs 1 and 4, article 125, paragraph 1 and 7, § 179, no. 2, section 180, nr. 2, §§ 184, 185 and 233, section 289, paragraph 1, section 299, § 317, paragraph 3, section 346, (2) and (3) section 349 paragraph 2, nr. 2, section 351, § 355 paragraph 2, nr. 9, and (3) and §§ 356, 373 and 374 in VIEW-find companies with a two-tier management system in addition to the management body and the members thereof also apply to the Supervisory Board or the members thereof mutatis mutandis.

Paragraph 16. For operators of regulated markets resident in this country, in another country within the European Union or in a country with which the community has entered into an agreement on the financial area, authorized under this Act to operate multilateral trading facilities, see. § 5 (1) (8). 20, the provisions of § 9, paragraph 9, article 14, paragraph 1, no. 1, 3-6 and 8 and paragraph 2-5, § 39, paragraph 6, Chapter 7, sections 70-72, Chapter 9, section 125 (1) (2). 1 and 2, paragraphs 5 and 7-9, §§ 127-129, § 131, paragraphs 1 to 3 and 5, § 132, section 135 (1) and (2), sections 136 and 139, section 142, paragraph 1, § 143, § 204 (1) of section 223, § 224, paragraph 6, article 226, paragraph 5, § § 344-352 and 355, § 361 (1). 18, § § 368-371, 372 (1) § § 373 and annex 4, section A, point 1. 8, apply with the derogations which relationship requires. For operators of regulated markets established in another country within the European Union or in a country with which the community has entered into an agreement in the financial sphere, which operate multilateral trading facilities from this country, the provisions of section 31, paragraph 11, and section 32 shall apply. For operators of regulated markets, resident in a country outside the European Union, which the community has not concluded an agreement with in the financial sphere, which operate multilateral trading facilities from this country, the provisions of § 32 shall apply. '

4. § 5 (1) (8). 16 is replaced by the following: ' 16) involvement: the sum of all balances with a client or group of connected clients, which involves a credit risk for the company, and the shares issued by the customer or by one of a group of connected clients. As regards provisions on exposures in sections 78, 145, 148 and 182 exempt the following balances: (a)) By currency transactions: Receivables, which are arisen in connection with the general settlement of a transaction for a period of 48 hours after payment has been made.

(b)) By the purchase or sale of securities: Balances, which have arisen in connection with the general settlement of a transaction for a period of 5 working days after payment has been made or the securities are delivered, depending on whichever is first.

(c)) by the payment management, including implementation of payment orders, clearing and settlement of securities in any currency and correspondent bank or offers of clearing, settlement and deposition of financial instruments to customers: Balances relating to delayed receipt of funding, and other balances arising from client activity, and which is not longer than the following business day.

d) By payment management, including implementation of payment orders, clearing and settlement of securities in any currency and correspondent bank: Intraday balances with institutions that provide these services. '

5. In article 5, paragraph 6, nr. 1, the words ' 124-126 ' is replaced by: ' 124, 125 and 126 '.

6. In section 7, paragraph 6, 2. PT., and § 11 (4) 5. paragraph, the words ' the Danish public companies act § 153, paragraphs 2 to 6, ' to: ' the Danish companies Act section 2, paragraphs 2 to 4, and sections 3 and 347 '.

7. In article 9, paragraph 3, 1. paragraph, shall be replaced by ' section 2, nr. 12 ' to: ' section 2, paragraph 2 '.

8. In section 11 (1), (2). paragraph, the words ' the activities ' to: ' classes '.

9. In article 43, paragraph 3, the words ' price information ' to: ' price and risk information '.

10. In article 61, paragraph 5, no. 1, the words ' the law ' to: ' the law of a country '.

11. section 64 shall be replaced by the following: ' section 64. A member of the Board of directors or the Executive Board of a financial undertaking shall have sufficient experience to exercise his functions or carry out his position in the company concerned.

(2). A member of the administrative or management body shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or inflict the financial business loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the administrative or management body of a financial undertaking shall notify the financial supervision information of the kind referred to in paragraph 2 in connection with their entry into the company's management, and if the situation subsequently change.

(4). Paragraph 1, paragraph 2, no. 1, 2 and 4, and (3) shall apply mutatis mutandis to the members of the Board of Directors and the Executive management of a financial holding company.

(5). Paragraphs 1 to 4 shall apply mutatis mutandis to the general agents referred to in article 6. § 35. '

12. In section 65 shall be added as paragraph 2: ' (2). The Danish financial supervisory authority may lay down rules on the content of the rules of procedure. '

13. In section 68 shall be replaced by ' section 92 (2) and (3) ' to: ' section 93 (2) and (3) '.

14. section 70 shall be replaced by the following: ' section 70. The Board of Directors of a financial company must 1) identify the main types of business activities the company must perform, 2) identify and quantify the company's significant risks and establish the company's risk profile, including fix which and how the company must assume great risks, and determine policies for 3), how the company must manage each of an organization's essential activities and the risks attached thereto, taking into account the interaction between these.

(2). On the basis of the established risk profile and the established policies of the Board of Directors of the financial company must provide the Executive Board with written guidelines, which at a minimum shall include 1) verifiable framework for which and how major risks the Executive Board must apply the financial business, 2) principles for the estimation of the individual risk types, 3) rules on which transactions that require the Board's position, and which outlines the Executive Board can make as part of its position and 4) rules on how and to what extent the Executive Board shall report to the Board on the financial business risks, including on the use of the framework in the guidelines for the Executive Board and for compliance with the limits laid down in the legislation relating to the risks to which the company must assume.


(3). The Board of Directors of the financial company must constantly consider whether the company's risk profile and policies, as well as the guidelines for the Executive Board is responsible in relation to the company's business activities, organisation and resources, including capital and liquidity, as well as the market conditions which the company's activities are operated under.

(4). The Board of Directors of the financial company must continuously assess whether the Executive Board carries out its tasks in accordance with the established risk profile, the established policies and guidelines of the Executive Board. The Board must take appropriate measures if this is not the case.

(5). The Danish financial supervisory authority may lay down detailed rules concerning the obligations incumbent upon the Board of Directors of a financial company in accordance with paragraphs 1 to 4. '

15. section 71 is replaced by the following: ' § 71. A financial undertaking shall have effective forms of business management, including 1) a clear organisational structure with well-defined, transparent and consistent lines of responsibility, 2) a sound administrative and accounting procedures, 3) written procedures for all the essential areas of activity 4) effective procedures to identify, manage, monitor and report on the risks to which the company is or may be exposed, 5) the resources necessary for the proper implementation of its activities, and appropriate use of these, 6) procedures for the separation of functions related to the management and prevention of conflicts of interest, 7) adequate internal control procedures and 8) reassuring control and security measures in the it field.

(2). The Danish financial supervisory authority may lay down detailed rules on the action, a financial company must take in order to have effective forms of corporate governance regulation. (1). ';

16. section 84, paragraph 1 is replaced by the following: ' the Danish companies act sections 87 and 88, paragraph 89, paragraphs 1 and 3, § 90 (1) and (2), §§ 91 and 93, section 94, paragraph 1, article 96, paragraph 2, article 97, paragraph (3), sections 101, 102, 105, 108 and 109, § 111 (1). 1, and paragraphs 2 and 4, §§ 112-115, section 117 (1), sections 118, 119, 121, 124, 127, 131 and 134, section 135 (1), (2) and (5) and § § 136-138 and 140-143 shall apply with the necessary adaptations and the deviations shown by this law provisions by analogy to savings banks. '

17. § 88, paragraph 1 is replaced by the following: ' the Danish companies act § 80, paragraphs 1-4, §§ 81, 87 and 88, paragraph 89, paragraphs 1 and 3, § 90 (1) and (2), §§ 91 and 93, section 94, paragraph 1, article 96, paragraph 2, article 97, paragraph (3), sections 101, 102, 105, 108 and 109, § 111 (1). 1, and paragraphs 2 and 4, §§ 112-115, section 117 (1), sections 118, 119, 121, 124, 127, 131 and 134, section 135 (1), (2) and (5) and § § 136-138 and 140-143 shall apply with the necessary adaptations and the deviations shown by this law provisions by analogy to cooperative banks. '

18. section 96 is replaced by the following: ' § 96. The Danish companies act § 80, paragraphs 1-4, §§ 81, 87 and 88, paragraph 89, paragraphs 1 and 3, § 90 (1) and (2), §§ 91 and 93, section 94, paragraph 1, article 96, paragraph 2, article 97, paragraph (3), sections 101, 102, 105, 108 and 109, § 111 (1). 1, and paragraphs 2 and 4, §§ 112-115, article 117, paragraph 1, articles 118 and 119, § 120, paragraphs 1 and 3, § § 121, 124, 127, 131 and 134, section 135 (1), (2) and (5) and § § 136-138 and 140-143 shall apply with the necessary adaptations and the deviations shown by this law provisions by analogy to an Association of cooperative banks. '

19. In paragraph 112, the words ' the Danish public companies Act § 4 ' to: ' sections 28 and 29 of the Danish companies act '.

20. section 114 (1), is replaced by the following: ' the Danish companies act §§ 77 and 86-88, section 89 (1) and (3), sections 92 and 93, section 94, paragraph 1, article 95, article 96, paragraph 1, article 100, § 101, paragraphs 1 to 4 and 8, § 102, paragraphs 1-3, § 104, paragraph 2, article 105, section 111 (1). 1, and paragraphs 2 and 4, §§ 112-115, section 117 (1), sections 118-122, 124-128, 131, 133 and 134, section 135, paragraphs 1 to 3 and 5, and articles 136-141 and 143 shall apply with the necessary adaptations and the deviations shown by this law provisions by analogy to mutual insurance companies. '

21. section 114, paragraph 3 is replaced by the following: ' (3). The Danish companies Act section 76 (2), (3) and (5), section 80, paragraph 1-4, § 81, § 90 (1) and (2), §§ 91, 98 and 99, § 101, paragraphs 1, 2 and 4, § 102, paragraphs 1-3, and sections 108, 109, 125 and 126 shall also apply with the necessary adjustments and with the deviations shown by this law provisions by analogy to mutual insurance companies. '

22. In section 118 shall be inserted after paragraph 3 as a new paragraph: "(4). Information about a capital-or rate pension that is created in a financial institution as part of an occupational pension scheme may to need advice on the scheme is passed on from the Bank to an insurance management community, which is consolidated with the Bank. '

Paragraphs 4 and 5 become paragraphs 5 and 6.

23. In paragraph 118, paragraph 4 which becomes paragraph 5, shall be replaced by ' paragraphs 1-3 ': ' paragraph 1-4 '.

24. In article 121, paragraph 1, shall be replaced by ' paragraph 3 ' is replaced by: ' (3) and (4) '.

25. In article 125, paragraph (7), 2. paragraph, the words ' basic capital ' to: ' the adequate capital base '.

26. Pursuant to section 125 is inserted: ' § 125 a. Notwithstanding § 124, paragraph 2, and section 125, paragraphs 2 to 6, a company that uses an internal method to the calculation of risk-weighted items for credit risk or operational risk, see. section 143, paragraph 3, in 2010 and 2011 have a capital base, which at least makes up 6.4 per cent of risk-weighted items measured in accordance with the rules in force on 31 December 1996. December 2006, or rules laid down pursuant to paragraph 2.

(2). By statement of claim pursuant to paragraph 1, the Danish financial supervisory authority may allow the company to use a simpler method than the one shown by the rules which were in force on 31 December 1996. December 2006, if the company can show that they are thereby calculated risk-weighted items will not be less than the risk-weighted items calculated in accordance with the rules in force on 31 December 1996. December 2006. '

27. In section 127 shall be replaced by ' 124-126 ' is replaced by: ' 124, 125 and 126 ' and after ' paragraph 5 ' reads ', and in 2010 and 2011 for companies using an internal method to the calculation of risk-weighted items for credit risk or operational risk, see. section 143, paragraph 3, also the minimum requirement for the base capital of § 125 (a) '.

28. In article 129, paragraph 1, no. 5, the words ' paragraph 3 ': ' paragraph 8 '.

29. section 129, paragraph 2 is replaced by the following: ' (2). Hybrid core capital pursuant to paragraph 1, nr. 8, may constitute up to 50 percent of core capital after the deductions referred to in section 131, paragraph 1 and paragraph 2, no. 1, 4 and 5 of the basic regulation. However, paragraph 5, if the agreement in relation to the indebtedness of hybrid core capital 1) implies that the hybrid core capital will be converted to stock-guarantee-or cooperative capital, provided that the Bank, mortgage credit Foundation, stockbroking firm or investment management company does not meet the capital requirement in section 127 or otherwise needy, 2) implies that the hybrid core capital at the initiative of the Danish FSA can be converted into stock-guarantee-or cooperative capital, if the Danish financial supervisory authority assesses There is nearby a risk that bank mortgage credit Institute, stockbroking firm or investment management company does not comply with the requirement of section 127, 3) contains no incentives for repayment and 4) does not contain conditions that the debt due on a pre-determined point. '

30. In article 129, paragraph 3, the words ' in connection with debt Foundation does not contain terms about a rise in interest rates, see. However, paragraph 6 ' to: ' do not contain incentives for repayment or conditions on which the debt is due at a predetermined point in time '.

31. In article 129, paragraph 4, the words ' in connection with debt Foundation provides for an increase in interest rates ' to: ' contains moderate incentives for repayment or contains conditions the debt due on a pre-determined time '.

32. In article 129, paragraph 6, the words ' conditions for a rise in interest rates ' to: ' incentives for redemption ' and after ' dividend payouts ' reads ' and conditions about increases in redemption price, provided that such increases do not represent more than 5% from the sixth year and 10 per cent from the seventh year '.

33. In article 129, paragraph 10, 1. paragraph, the words two places ' securitisation ' to: ' securitisation ', and in 2. paragraph the words ' securitisation ' to: ' securitisation '.

34. section 131, paragraph 1 is replaced by the following: ' core capital will be reduced by 1) proposed dividends, 2) intangible assets 3) tax assets, see. However, section 130 (1). 4 and 4) an amount equal to the parts of the Foundation's money, mortgage credit Foundation, stockbroking company and investment management company's exposures in accordance with § 145, paragraph 11, will not be subject to the provisions under section 145, paragraph 1-3. '

35. section 131, paragraph 2, no. 2 and 3 are replaced by the following: ' 2.) the other half of the deductions referred to in section 139, paragraph 1, no. 1-3, 3) the other half of the deductions referred to in section 139, paragraph 1, no. 4-7, ' 36. section 132 is replaced by the following: ' § 132. Hybrid core capital is included in the base capital for banks, building societies, stockbroking firms and investment management companies, see. However, section 135, paragraph 3, provided that the agreement meets the following conditions: 1) the hybrid core capital must be paid into the Bank, mortgage credit Foundation, stockbroking firm or investment management company.


2) any pre-specified time for the hybrid core capital decay may occur no earlier than 30 years after the deposit and may not be combined with incentives for repayment of the.

3) except in the case of any pre-arranged time for the hybrid core capital decay, the only fall if the Bank, mortgage credit Foundation, stockbroking firm or investment management company shall enter into liquidation or is declared bankrupt.

4) the hybrid core capital may only be cashed out at the Foundation's money, mortgage credit Foundation, stockbroking firm or investment management company's initiative, with the FSA authorisation and not earlier than 5 years after the date of deposit.

5) Any agreed-upon incentives for repayment must be moderate and must occur no earlier than 10 years after the date of deposit.

6) the lender's claims against the Bank, mortgage credit Foundation, stockbroking firm or investment management company must be subordinated to those of all non-subordinated debt and capital referred to in section 136.

7) the lender's claims against the Bank, mortgage credit Foundation, stockbroking firm or investment management company may not be covered by the security lodged by the Bank, mortgage credit Foundation, stockbroking firm or investment management company or companies mentioned in article 181, paragraph 1, or in any other way be guaranteed a right of first refusal in relation to Bank, mortgage Foundation, stockbroking firm or investment management company's other creditors.

8) rate of return on debt, pursuant to the agreement may be canceled if the Bank, mortgage credit Foundation, stockbroking firm or investment management company does not meet the capital requirement in section 127.

9) Bank, mortgage credit Foundation, stockbroking company and investment management company, pursuant to the agreement could decide to return the debt lapse if it is deemed necessary in order to maintain the company's financial health.

10) the interest rate must not be altered on the basis of the creditor's assessment of the Bank, mortgage credit Foundation, stockbroking firm or investment management company.

11) Bank, mortgage credit Foundation, stockbroking company and investment management company's Supreme authority must be able to write down the hybrid core capital and unpaid interest, if stock-guarantee-or andelskapitalen shall be reduced, or if equity in series reserve funds in the mortgage Department is lost.

(2). Notwithstanding paragraph 1, no. 4, hybrid core capital with FSA authorisation redeemed earlier than 5 years after the date of the deposit in the event of a change in the tax treatment of solvency or the instrument in question.

(3). Notwithstanding paragraph 1, no. 4, hybrid core capital with FSA authorisation redeemed earlier than 5 years after the deposit, where it is replaced by the paid up capital of at least the same level of quality.

(4). Notwithstanding paragraph 1, no. 11, the agreement may contain provisions for depreciation of capital can only happen if the Bank, mortgage credit Foundation, stockbroking firm or investment management company after following either recapitalised, so the requirement is met, or terminates without loss for the not efterstillede vendors. The hybrid core capital and unpaid interest may only be decreased by an amount, as approved in advance by the external auditors and the financial supervisory authority.

(5). The Danish financial supervisory authority may allow the Bank, mortgage credit Foundation, stockbroking firm or investment management company, at any time, can acquire its own hybrid core capital to own up to 3 per cent of the total issued capital, if the acquisition is effected for the purpose of resale. Own hybrid core capital after 1. point, however, must not exceed 10 percent of a single issue.

(6). Notwithstanding paragraph 1, no. 4, hybrid core capital, issued pursuant to the law on state capital deposits in credit institutions, in accordance with the agreements in connection with debt can be fulfilled with the FSA authorisation no earlier than 3 years after the date of deposit shall be included in the capital, where the core capital base after the settlement is at least 12 per cent.

(7). The Danish financial supervisory authority may require the return of the debt will lapse if it is considered necessary in the interests of the Foundation's money, mortgage credit Foundation, stockbroking firm or investment management company's financial situation and solvency.

(8). The Danish financial supervisory authority may allow interest payments that would otherwise be eliminated pursuant to paragraph 1, nr. 8 and 9 are replaced by stock-guarantee-or cooperative capital.

(9). The Danish financial supervisory authority may lay down detailed rules on 1) redemption of debt pursuant to paragraph 1, nr. 4, 2) moderate incentives for repayment under paragraph 1, nr. 5, and 3) impairment of the hybrid core capital pursuant to paragraph 1, nr. 11. ' 37. Under section 132 shall be inserted: ' § 132 a. Hybrid core capital, which could be included in core capital before the 1. July 2010, but which does not meet all of the requirements under section 132, until 31 March 2006. December 2040 equated with hybrid core capital, which meets the requirements of section 132, however, with the following restrictions: 1) in the period from the 1. January 2020 to 31 December 2006. December 2029 such capital must not exceed 20 percent of core capital was reduced by the value of own shares, intangible assets and of the year continuously deficits.

2) during the period from the 1. January 2030 to the 31. December 2039 such capital must not exceed 10 per cent of core capital was reduced by the value of own shares, intangible assets and of the year continuously deficits.

(2). Hybrid core capital, which could be included with up to 50 percent of core capital including hybrid core capital before the 1. July 2010, but which do not fulfil the requirements pursuant to section 129 (2) nr. 1, equated with hybrid core capital, which meets the requirements of section 129 (2) nr. 1, until 31 March 2006. December 2040 with the same restrictions as specified in paragraph 1, no. 1 and 2.

(3). Hybrid core capital, which could be included with up to 35 percent of core capital including hybrid core capital before the 1. July 2010, but which do not fulfil the requirements pursuant to section 129 (2) nr. 2, equated with hybrid core capital, which meets the requirements of section 129 (2) nr. 2, until 31 March 2006. December 2040 with the same restrictions as specified in paragraph 1, no. 1 and 2. '

38. In section 135 (1), nr. 4, shall be replaced by ' securitisationpositioner ': ' securitisation, securitization, securitiseringspositioner '.

39. In paragraph 135, paragraph 2, the following is inserted as a 2. paragraph: ' in determining this percentage must be securitiseringspositioner with a 1,250 per cent risk weight shall not be taken into account. '

40. In paragraph 136, paragraph 1, shall be inserted after ' met ': ' without prejudice to article. However, section 135 (3) '.

41. In paragraph 136, paragraph 4, shall be inserted after ' equity loan ': ' who shall be included when determining the basic capital '.

42. In paragraph 136, paragraph 5, the words ' without prejudice to article. section 132 (2) ' is replaced by: ' on the day of issue. By swap spread means the difference between the interest rate increase comes interest rate basis and issuing process initial interest basis '.

43. section 136, paragraph 6 is replaced by the following: ' (6). The Danish financial supervisory authority may allow the Bank, mortgage credit Foundation, stockbroking firm or investment management company, at any time, can acquire own equity loan to own or safety of up to 3 per cent of the total issued capital, however, a maximum of 10 percent of a single issue. '

44. In section 139, paragraph 1, no. 2, the words ' referred to departments ' to: ' undertakings, which are not covered by the deduction under section 145, paragraph 11, of the basic regulation. section 131 (1) (8). 4 '.

45. In section 139, paragraph 1, no. 3, the words ' or (2). 1 ' is replaced by: ' (2). 1, or by deduction under section 145, paragraph 11, of the basic regulation. section 131 (1) (8). 4 '.

46. In section 139, paragraph 1, no. 4, shall be replaced by ' securitisationpositioner ': ' securitisation, securitization, securitiseringspositioner '.

47. In section 139, paragraph 1, no. 6, shall be inserted after ' decay ': ', with the exception of amounts deducted under section 145, paragraph 11, of the basic regulation. section 131 (1) (8). 4 '.

48. In section 139, paragraph 1, the following is inserted as a no. 7: ' 7) an amount equal to the value of securitisationpositioner, which according to the rules issued under section 143 (1) (8). 1, are assigned a risk weight of 1,250 percent, unless the amount is included in the calculation of risk-weighted items or securitiseringspositionen included in exposures deducted under section 145, paragraph 11, of the basic regulation. section 131 (1) (8). 4. ' 49. In section 139, paragraph 2, no. 1, 1. paragraph shall be added after ' financial institutions ' means ', which is not subject to deductions under section 145, paragraph 11, of the basic regulation. section 131 (1) (8). 4 '.

50. In § 139 paragraph 10 is added: ' (10). In determining the amounts referred to in paragraph 2, no. 2 and 3, shall not be covered by the amount of deduction under section 145, paragraph 11, of the basic regulation. section 131 (1) (8). 4. ' 51. In section 144, paragraph 1 1. and 2. paragraph, the words ' the solvency requirement in article 124, paragraph 2, no. 1, and (5) ' is replaced by: ' capital requirement in § 127 '.

52. In paragraph 144, paragraph 4, the words ' in accordance with the Official Gazette referred to in article 6. the Danish public companies Act provisions ' to: ' via the Danish Commerce and companies agency it system, see. the relevant provisions in the companies act '.

53. section 145 is replaced by the following:


» § 145. A commitment to the basic regulation. § 5 (1) (8). 16, with a client or group of connected clients must, after deduction of special secure parts respectively and received indemnities, warranties, etc., do not exceed 25 percent of the basic capital, see. section 128. Basis capital is calculated without surcharge under section 135 (1), nr. 4, and by deduction under section 131, paragraph 2, no. 3, and section 139, paragraph 1, no. 4 and 5.

(2). Is the customer a Bank, mortgage lender, stockbroking firm or investment management company, must the exposure after deduction of special secure parts respectively and received indemnities, warranties, etc., notwithstanding the provisions of paragraph 1 be up to 1 billion. DKK, 1) provided that the company's connected clients ' exposures that are not financial institutions, mortgage companies, stock brokerage firms or investment management companies, taken together, does not exceed the limit set out in paragraphs 1 and 2) that the commitment does not exceed a reasonable limit in relation to the basic capital.

(3). The limit in paragraph 2, no. 2, shall be determined by the company and must not exceed 100% of the basic capital of a fixed amount without surcharge under section 135 (1), nr. 4, and by deduction under section 131, paragraph 2, no. 3, and section 139, paragraph 1, no. 4 and 5. The Danish financial supervisory authority can in individual cases permit a limit in excess of 100 percent of the basic capital.

(4). Exposures before deduction of special secure parts respectively and received indemnities, warranties, etc., represent 10 per cent or more of the basic capital, must be reported to the Danish financial supervisory authority on a quarterly basis. When calculating the parts of the exposure, consisting of repurchase transactions, lending or borrowing transactions in securities or commodities, however, be taken into account after deduction of received collateral, guarantees, etc.

(5). Banks, building societies, stockbroking firms and investment management companies, which are allowed to use an internal method to the calculation of risk-weighted items for credit risk according to rules issued under section 143, the quarterly report the 20 largest exposures measured after deduction of special secure parts.

(6). Exposures exceed the limits laid down in paragraphs 1 and 2, the Danish financial supervisory authority promptly informed. The FSA may, if circumstances so warrant for what fixed a deadline to comply with the limits laid down in paragraphs 1 and 2.

(7). The Danish financial supervisory authority may allow the exposures in the trading book exceeds the limits laid down in paragraphs 1 and 2. The Danish financial supervisory authority may lay down conditions for the authorisation. Exceeded the terms of authorisation, must be immediately notified to the FSA.

(8). The limits laid down in paragraphs 1 and 2 shall not apply to exposures to the undertakings included in the consolidation, see full. Chapter 12.

(9). Amount is deducted from the basic capital pursuant to section 131, paragraph 2, no. 2, and section 139, paragraph 1, no. 1, shall not be included in exposures to subsidiaries or affiliated companies, which operates the business of insurance.

Paragraph 10. Amount is deducted from the basic capital pursuant to section 131, paragraph 2, no. 2, and section 139, paragraph 1, no. 2, and paragraph 2, no. 1 and 2, shall not be included in the exposure to the issuer of the shares.

Paragraph 11. The Danish financial supervisory authority may allow to exposures or parts of exposures are exempt from the provisions of paragraphs 1 to 4, where the amount deducted from core capital pursuant to section 131, paragraph 1, no. 3. ' 54. section 148 shall be replaced by the following: ' § 148. The Danish financial supervisory authority may lay down detailed rules for 1) statement of an engagement with a client or group of connected clients, 2) reporting of exposures in accordance with § 145, paragraphs 4 and 5, 3) reduction in exposures for special secure parts, 4) deductions in exposures of received collateral, guarantees, etc., 5) inventory, reporting and limits for the total foreign-exchange risk and other market risks and 6) requirements for obtaining a licence pursuant to section 145 (7) '.

55. In paragraph 150, 2. paragraph, the words ' in particular ' to: ' special requirements to ensure secure parts, see. § 148, no. 3 '.

56. In § 152 paragraph 4 is added: ' (4). The Danish financial supervisory authority may lay down detailed rules concerning the paragraphs 1 to 3, those conditions. '

57. In paragraph 152 g, paragraph 1, shall be replaced by ' paragraph 2 ' is replaced by: ' paragraph 4 ';

58. § 152 g, paragraphs 2 to 4 shall be deleted and replaced by: ' (2). For loans covered by section 152 e, paragraph 1 to be entered in a register, apply to the loan limit must be complied with at the time when the loan needs to be hospitalized in the register, or at the time when the loan has been disbursed. If the loan limit have been complied with at the time of payment and the loan is exceeded at indlæggelsestids point, when hospitalization lodged in relation to the loan limit for that loan. Security cannot be made in the form of other loans where the loan limit has been exceeded.

(3). Additional security must be registered separately and individualized in relation to other assets, which serves as security for the issued covered bonds.

(4). Financial instruments must only be included in a register of assets, if they are used to hedge risks between assets entered in the register, on the one hand, and the issued covered bonds on the other side, and where it is in the agreement on the financial instrument is intended that money the Department's suspension of payments, bankruptcy or failure to comply with the obligation to provide additional security under section 152 (a) (2) is not the default reason.

(5). Assets, including financial instruments, in a directory is to the satisfaction of the holders of the covered bonds and the counterparties with whom the financial instruments have been concluded, and then to the satisfaction of loans recorded under section 152 (b), paragraph 1.

(6). The Bank shall report to the FSA, which assets, etc. are included in the register. The Danish financial supervisory authority or the FSA authorises it, verifies the existence of these assets.

(7). Guarantee for a register, belonging to a financial institution that has the right to issue covered bonds, and which is prepared from a financial counterparty to cover financial instruments, the register. The same applies to the collateral, which is made from a different part of the Bank as a counterpart in the face of the register, although the register on the guarantee time is part of that money institution's business. Collateral after 1. and 2. item can not be used by the register as the basis for issuing covered bonds. "

59. paragraph 152 h, nr. 5 and 6 are repealed, and instead is inserted: ' 5) of banks ' provision of loans financed by the issuance of covered bonds with a mortgage in cases where the absence of a definitive things like mortgage letter, as well as the extent to which there must be alternative security, and if security is given in the form of a guarantee from a financial institution, the extent to which this are not to be included in the 15-percent-limit without prejudice to article. section 152 c, paragraph 1, no. 6 and 7, 6) limitation of risks in connection with the issuance of covered bonds, including interest-rate risks, currency risks and options risks, and 7) reporting of additional collateral for covered bonds. "

60. In paragraph 170, paragraph 1 1. paragraph (2), 1. paragraph (3), 1. paragraph and paragraph 4, 1. paragraph shall be added after ' no. 1, ': ' and section 125 (a) '.

61. section 204, paragraph 10, shall be replaced by the following: ' (10). The draft terms of merger plans, schedules and assessment ' statement pursuant to section 242 of the Danish companies act must for insurers not later than 4 weeks after the signature is sent to the Danish financial supervisory authority, which shall publish the date of receipt of the draft terms of merger, and assessment ' Declaration. '

62. In article 225, paragraph 1, the words ' and section 125, paragraphs 2 to 5 and 8 ' to: ' section 125, paragraphs 2 to 5 and 8, and section 125 (a) '.

63. In paragraph 244, 1. paragraph, the words ' the solvency requirement in § 124 ' to: ' capital requirement in § 127 '.

64. In paragraph 246, paragraphs 1 and 2, be inserted in all three spots after ' and 8 ': ', and section 125 (a) '.

65. In paragraph 246, paragraph 5, shall be replaced by ' sections 105 and 106 ' is replaced by: ' sections 106 and 107 '.

66. In section 247 (a) shall be inserted after paragraph 2 as new pieces: ' (3). Administration the estate is a separate legal person.

(4). Administrator must meet financial requirements equivalent to the requirements for the curator, etc. in the Bankruptcy Act § 238, paragraphs 1 and 2. Administrator and any medadministratorer must not be one and the same person as trustee in a bankruptcy estate after the Bank. Administrator and any medadministratorer must not be employed in the same establishment as the administrator. ';

Paragraph 3-5 becomes paragraph 5-7.

67. In article 247 a, paragraph 5, there will be (7) is inserted as 2. item:» § 152 h, nr. 4 and 6, shall apply to the Administration lived. '

68. In section 247 (a) shall be inserted as paragraph 8-10:» (8). The provisions of this law on the Ministry of economic and business affairs and the powers of the FSA and financial companies ' obligations to the satisfaction of the Minister for economic and business affairs and the financial supervisory authority shall mutatis mutandis apply to the Administration lived.

(9). Have the administrator and any medadministratorer not already a liability insurance, which can be regarded as sufficient to cover the estate administration responsibility for maladministration under the administration of the estate, the administrator immediately after the nomination drawing such insurance.


Paragraph 10. The administrator shall immediately after the nomination by drawing by usual suretyship insurance or in any other similar way ensure the estate against losses. Safe's size must at all times be equal to 1 per cent of the asset value, however, maximum 100 million. us $. In the period pending an assessment of the value of assets registered under section 247 b, paragraph 3, shall be calculated on the basis of a security administrator estimated value. The cost of surety insurance held as boudgift. '

69. section 247 b, paragraph 4, shall be repealed, and replaced by: ' (4). The Bank continues to be liable for that there is the necessary assets in the register, even though this is put under administration. It is found in the assessment in accordance with paragraph 3, to the registered assets value does not correspond to the value of the bonds, financial instruments and loans under section 152 (b), paragraph 1, as the assets underlying security for, administrator travel claim against financial institution on the replenishment of the register, so that the asset value corresponds to the value of the bonds, financial instruments and loans. Similarly, administrator travel claim against financial institution on the replenishment of the register, if at some point during the administration are detected during the coverage of the register. The administrator shall transfer all or part of the register, the buyer could not raise new claims against the Bank, if there is further coverage after the handover. If only parts of the register are transferred, the Bank continues to be liable for any deficit in the remaining part of the register. The Bank is declared bankrupt, the provisions of § 247 d application.

(5). It is found in the assessment of the registered assets that management lived is insolvent, the administrator file for bankruptcy. The administrator must also file for bankruptcy, if the administrator finds that the Administration subsequently estate is insolvent. Administration the estate is insolvent if it is unable to meet its obligations as they fall due, unless payment udygtigheden must be assumed to be transient.

(6). Administration lived can not be completed before the estate obligations pursuant to section 247 (a) and the registered assets within the scope of this article is without prejudice to article conferred. § 247 g, there is filed for bankruptcy and the bankruptcy proceeding is completed, or all of the bonds, as the assets in the register is to guarantee is fulfilled, and the financial instruments are settled. Is there excess funds in the estate at the end, these must be returned to the Bank or financial institution during the bankruptcy, see. § 247 d, paragraph 4. '

Paragraphs 5 and 6 become paragraph 7 and 8.

70. Pursuant to section 247 f shall be inserted before the heading ' special rules for insurers on restoration and other measures ': ' § 247 g. Administrator must, after the registered assets are evaluated, see. § 247 b, paragraph 3, to ensure that the obligations of the estate pursuant to section 247 (a) and registered assets subject to section 247 (b) transferred to a credit institution authorised in a country within the European Union or in a country with which the community has entered into an agreement on financial matters, and which is authorised to issue covered bonds as defined in annex VI , part 1, points 68-71, in the directive relating to the taking up and pursuit of the business of credit institutions.

(2). Administrator can not assign estate obligations pursuant to section 247 (a) and the registered assets subject to section 247 (b), the administrator drive management lived further in accordance with the terms of section 247 (h), unless the conditions for filing for bankruptcy are present, see. § 247 b, paragraph 5. The administrator must, however, continue to work for the transfer in accordance with paragraph 1.

(3). The transfer of the whole or parts of the estate's obligations pursuant to section 247 (a) and registered assets subject to section 247 (b) to another credit institution, without prejudice. paragraph 1, shall be subject to approval by the Minister for economic and business affairs. However, this does not apply if that alone sold individual assets according to § 247 h, paragraph 3.

(4). Unless the Minister for economic and Business Affairs on the present basis will find that the transfer should not be approved, the Danish financial supervisory authority publish a statement of the intended transfer in the Official Gazette and in newspapers nationwide. The statement must include a call to the relevant bondholders before a deadline set by the FSA, which shall not be shorter than 1 month, writing to inform the FSA that they have objections to the transfer. Administrator must simultaneously send notice of the proposed transfer and Exposition to the bondholders, as an administrator know the address on.

(5). After expiry of the time limit referred to in paragraph 4 shall take for economic and business affairs, taking into account the objections raised by decision on the compatibility of the register may be transferred in accordance with the proposals put forward.

(6). The transfer may not by the owners of the covered bonds invoked as a reason for the early repayment of the payment obligations.

§ 247 h. Administrator may issue bonds for refinancing of covered bonds that expire. The bonds referred to as refinancing bonds and may not be referred to as covered bonds. Refinancing the bonds are given in the same way as the special covered bonds they replace, security in Active mass in the Administration lived. Administrator shall not issue refinancing bonds, if not after the issuance is likely to be sufficient funds in the estate for the payment of interest and principal payments to the holders of covered bonds, any refinancing bonds and counterparties to financial instruments. The administrator may also conclude agreements on financial instruments for hedging purposes.

(2). Administrator can record short-term loans to cover temporary cash flow deficits in the Administration lived occurred due to lack of coincidence in time between the making of deposits to the estate from borrowers and payouts from the estate to the bondholders. The proceeds from such loans may only be used for the payment of interest and principal payments to the owners of the covered bonds and any refinancing bonds.

(3). Administrator may sell assets from the estate for use by the coverage of the temporary cash-flow deficits in the Administration lived occurred due to lack of coincidence in time between the making of deposits to the estate from borrowers and payouts from the estate to the bondholders. Sale of assets can be made only to a limited extent and at a minimum price set in advance.

§ 247. Taken administrative receivership estate, treated lived in accordance with the Bankruptcy Act rules, see. However, paragraph 2.

(2). The assets of the estate administration, including financial instruments, measured after deduction of expenses to the administrator are used in equal proportion to the payment of claims from the holders of the covered bonds, counterparts on the financial instruments to which the registered assets and agreements lie at the root of, owners of any refinancing bonds issued by the administrator pursuant to § 247 h, paragraph 1, and coverage of loans which the management lived have recorded under section 247 (h) (2). Excess funds are included in the estate, see. section 32 of the Bankruptcy Act. '

71. In article 258, paragraph 1, shall be replaced by ' sections 21 and 22 ' is replaced by: ' § § 24 and 25 '.

72. In paragraph 333 (a), paragraph 2, no. 5, shall be inserted after ' the Council ': ' jointly or separately '.

73. section 344 (5) 1. paragraph, shall be repealed, and replaced by: ' the Danish financial supervisory authority must organise the usual supervisory activities with the aim of promoting financial stability and confidence in the financial firms and markets. The Danish financial supervisory authority in its supervisory activities should put emphasis on the durability of the individual financial corporate business model. Organisation of supervisory activities must be done from a materiality considerations where the supervisory efforts is proportionate to the potential risks or damage impacts. '

74. In section 345 (2) be inserted after nr. 1 as new number:» 2) acting in matters relating to injunctions under section 347 (b), paragraph 1.0 '

No. 2 and 3 is then no. 3 and 4.

75. In paragraph 345, paragraph 8, 1. paragraph, the words ' no. 2 ' to: ' no. 3 '.

76. Under section 347 (a) shall be inserted: ' § 347 (b). The FSA can order a financial company or a financial holding company to hold the cost of that will be made an independent examination of one or more conditions in the financial business or the financial holding company, if the FSA believes that this is of significant importance to the supervision of the company, and there is no one for FSA habitually occurring study.

(2). The impartial investigation must be carried out by one or more qualified persons. The FSA is asking the financial company or financial holding company to set one or more qualified persons to take charge of the independent study. If the nominee not be assessed with appropriate and independent experts, the FSA may identify other qualified persons. The cost to the qualified persons can provisionally shall be provided by the FSA, but held definitively by the financial company or financial holding company. The Danish financial supervisory authority may require the prior or ongoing payment or collateral.


(3). The financial company or the financial holding company shall provide the qualified persons the information necessary for the implementation of the independent study.

(4). The independent survey results must be submitted in a written report to the FSA, while at the same time a copy of the report shall be sent to the financial company or financial holding company.

(5). The qualified persons shall immediately give the FSA information of which they become aware of in connection with the impartial investigation, wherever there is a not inconsiderable risk that these conditions may develop in such a way that the company will lose its permission. '

77. § 350 (1). 2, is replaced by the following: ' 2.) there is a significant risk that the company's financial position due to internal or external relations develops in such a way that the company will lose its permission. '

78. § 352 (a) is replaced by the following: ' § 352 (a). In cases where a financial undertaking has been declared bankrupt, the majority of the financial business operations have been discontinued or transferred, or where an insurance undertaking insurance stock is taken under administration, FSA prepares a statement of reasons for this, if one of the following conditions is occurring in connection with or in a shorter period of time prior to the company's bankruptcy, etc.: 1) financial stability a/s has participated in the handover of the company without prejudice to article. sections 7 or 8 of the law on financial stability, or the State has suffered the loss of an individual State guarantee under section 16 a of the law on financial stability.

2) State has suffered losses on capital invested in the company pursuant to the law on state capital deposits in credit institutions or in ejerbeviser, as the State has acquired as part of the conversion of such capital.

3) State, moreover, has been providing warranty or made funds available to the company, its creditors or an acquirer of all or parts of the company.

(2). The Danish financial supervisory authority must publish the statement in accordance with paragraph 1. In connection with the publication, see § 354 does not apply unless the information relates to customer relationships or third parties are or have been involved in attempts to rescue the financial undertaking concerned.

(3). The statement referred to in paragraph 1 must describe the role FSA during the course up to the bankruptcy, etc.

(4). FSA to draw up a report in accordance with paragraph 1 shall also include the financial companies that meet the provision's requirements after the 1. March 2009. '

79. In article 360, paragraph 1, the words ' appropriation deducted from sale of goods and services as well as interest income covered by the taxes ' to: ' revenue in the budget Bill except for the sale of goods and services shall be charged as tax '.

80. In paragraph 373 (1), shall be replaced by ' sections 65-67 ' to: ' section 65 (1), sections 66 and 67 «,» § 118 (4) ' shall be replaced by: ' § 118, paragraph 5 ', after ' § 125, paragraphs 1 to 3, 5 and 7.0 ' reads ' § 125 (a), ' after ' § 129, paragraph 9.0 ' reads ' section 132 (1) (8). 4, «,» § 145, (3) and (4) 1. paragraph ' shall be replaced by: ' § 145, paragraph 1-3, paragraph 4, 1st paragraph (5) and (6) 1 point. ', and ' 150-152 ' shall be replaced by: ' 150 and 151, section 152, paragraphs 1-3 '.

81. In § 373, paragraph 2, the words ' the ' to: ' section 70 section 70, paragraphs 1-4 ', after ' § 199 paragraphs 2 and 5.0 ' reads ' § 247 a, paragraphs 9 and 10, section 347 b, paragraph 3, point (b) ' and '. ' are replaced by: ' (b) '.

82. In paragraph 373 (3) 1. paragraph shall be added after ' in accordance with ': ' § 347 (b), paragraph 1, 1st paragraph, '.

83. In § 373, (6) and (7) shall be inserted after ' the issuer of electronic money ' means ' or administrator in a administrationsbo created pursuant to section 247 (a) '.

84. In section 407, paragraph 1, 12 and 13 shall be replaced by ' ': ' 5 '.

85. In section 407, paragraph 2, the words ' paragraph 1, nr. 1 ' is replaced by: ' (2). 1, and capital requirement in § 125 (a) '.

§ 2

Of the law on mortgages and mortgage bonds, etc., see. lovbekendtgørelse nr. 898 of 4. September 2008, as amended by section 8 of Act No. 392 of 25. May 2009, is amended as follows: 1. section 31 is replaced by the following: ' section 31. The estate be used for the payment of claims in accordance with the rules set out in Chapter 10 of the Bankruptcy Act. Requirements from the holders of mortgage backed securities, covered bonds, covered bonds, refinancing bonds and other securities, as well as requirements on the bankruptcy Decree passing from accrued interest on those debts are paid, however, in equal conditions in accordance with the requirements of the Bankruptcy Act, section 96, but before their claims in the Bankruptcy Act § 97. '

2. section 32 (1), (2). paragraph shall be deleted and replaced by:» With the appointed supervisory consent can mortgage companies conclude agreements on financial instruments, loans for payments 1. point and give security for such loans in assets apart from mortgage pantebreve underlying security for bonds, belonging to the category or series with series Reserve Fund, for which payment is made. To cover the redemption of bonds maturing, it can also issue the refinancing bonds supervision appointed in that series '.

3. section 32 (2), (3). paragraph shall be deleted and replaced by: ' the liquidator may conclude agreements on financial instruments, loans for payments 1. point and give security for such loans in assets apart from mortgage pantebreve underlying security for bonds, belonging to the category or series with series Reserve Fund, for which payment is made. To cover the redemption of bonds maturing, the administrator may also issue the refinancing bonds to replace expired bonds in that series '.

4. In section 32 shall be added as paragraph 3-5: ' (3). Refinancing bonds get similar security as the mortgage bonds, covered bonds, covered mortgage bonds or any refinancing bonds, as refinancing the bonds replace, see. § § 27, 27 (a) and 27 (b).

(4). The court-appointed supervision or curator shall not issue refinancing bonds, if not after the issuance is likely to be sufficient funds for payment of claims from creditors as set out in section 27, paragraph 1 1. paragraph, as well as demands from counterparties to financial instruments referred to in article 6. § 27, paragraph 3, in series or groups of series performance reserve.

(5). Recorder it appointed oversight or curator loans apart from refinancing bonds for use in order to meet the payment obligations in accordance with requirements from the holders of mortgage backed securities, covered bonds and covered bonds or refinancing bonds issued in series or groups of series with series Reserve Fund, the court-appointed supervision or curator as a basis for borrowing, notwithstanding paragraphs 1 and 2, provide a guarantee in the earliest futures deposit from borrowers in the mortgage pantebrevene. '

5. Under section 32 shall be added: ' section 32 (a). There can be no transfer of funds between series with series Reserve Fund and the mortgage institution, incidentally, after notification of a suspension of payments or has been given by bankruptcy. '

6. section 33 shall be replaced by the following: ' § 33. Trustee or mortgage credit Institute may with the appointed supervisory consent agree total transfer of a series or groups of series with series reserve fund to another mortgage institution authorised in a country within the European Union or a country with which the community has entered into an agreement on the financial area, and which are authorised to issue mortgage bonds, covered bonds or covered mortgage bonds.

(2). Transfer of a series or groups of series with series reserve fund assumes that the economy and business affairs shall grant permission to do so. Application for transfer must be accompanied by the contractual basis between the mortgage credit Institute, which is in liquidation or receivership, and the company that wants to acquire the series or any series with series reserve fund. In addition to the contractual basis for economic and business affairs must carry out an assessment of the company, to take over the series or groups of series with series Reserve Fund and, in particular, whether the company is in compliance with the financial regulation.

(3). Unless the Minister for economic and Business Affairs on the present basis will find that the transfer should not be approved, the Danish financial supervisory authority publish a statement of the intended transfer in the Official Gazette and in newspapers nationwide. The statement must include a call to the relevant bondholders before a deadline set by the financial supervisory authority, which shall not be shorter than 1 month, writing to inform the FSA if they have objections to the transfer.

(4). After the expiry of the period referred to in paragraph 3 shall take the Minister for economic and business affairs, taking into account the objections raised by decision on the compatibility of the series or groups of series with series reserve fund may be transferred in accordance with the proposals put forward.

(5). The transfer may not be invoked by the holders of bonds issued by the ceding mortgage lender, as the reason for early repayment of the payment obligations. The transfer also does not deprive the devolved borrowers of their right to make full or partial repayment of mortgage loans in accordance with the specific conditions applicable to the loan redemption. '

7. section 33 (d) of paragraph 2 shall be deleted and replaced by:


' (2). If the mortgage Institute does not ask additional security under paragraph 1 1. point, lose all bonds issued in that series with series reserve fund designation covered mortgage bonds or special covered bonds. Bonds, who loses the designation covered mortgage bonds or special covered bonds, mortgage bonds, if they may be classified at the time of the offer of loan meets the law's requirements for mortgage bonds.

(3). The Danish financial supervisory authority may grant derogations from paragraph 2 2. paragraph, notwithstanding the fact that the bonds do not meet the law's requirements for mortgage bonds. Series with series reserve funds released for the term mortgage bonds after 1. paragraph, shall be kept separate from other funds in the mortgage Department. Already tabled supplementary security referred to in article 6. (1) 1. paragraph, belongs to the series with series Reserve Fund, which has been reclassified in accordance with paragraph 2. ';

Paragraphs 3 and 4 become paragraphs 4 and 5.

8. In section 33 (e), paragraph 1, shall be inserted after ' covered bonds ' means ' or covered mortgage bonds '.

9. section 33 (f) is replaced by the following: ' § 33 f. FSA sets out detailed rules about 1) valuation of the issued covered mortgage bonds or special covered bonds and the continuous inventory of the assets ' value in relation to the covered mortgage bonds or the covered bonds, 2) valuation of the assets, there is security for the issuance of covered bonds or special covered bonds and 3) reporting of additional collateral for covered bonds or covered mortgage bonds. '

§ 3

Of the law on a ship's financial regulation. lovbekendtgørelse nr. 1376 of 10. December 2007, as amended by section 12 of Act No. 516 of 12. June 2009, is amended as follows: 1. section 2 of (2), shall be repealed, and replaced by: ' (2). If the Department does not ask additional security under paragraph 1 1. point, lose all bonds issued in a capital center designation covered bonds. Bonds, who loses the designation covered bonds can be called ship credit bonds, if at the time of the offer of the loan meets the law's requirements to ship credit bonds.

(3). The Danish financial supervisory authority may grant derogations from paragraph 2 2. paragraph, notwithstanding the fact that the bonds do not meet the law's requirements to ship credit bonds. Capital centre, released for the term ship credit bonds after 1. paragraph, shall be kept separate from other resources in the Department. Already tabled supplementary security referred to in article 6. (1) 1. paragraph, belongs to the capital center, which has been reclassified in accordance with paragraph 2. ';

Paragraphs 3 and 4 become paragraphs 4 and 5.

2. § 5, paragraph 4, nr. 5 and 6 are repealed, and instead is inserted: ' 5) under what conditions eligible for bridging loans to new or conversion of ships, see. section 152 c, paragraph 1, no. 2, in the financial business Act, 6) limitation of risks in connection with the issuance, including interest-rate risks, currency risks and options risks, and 7) reporting of additional collateral for covered bonds. "

§ 4

Of the law on securities trading, etc., see. lovbekendtgørelse nr. 795 of 20. August 2009, as amended by section 9 of Act No. 516 of 12. June 2009 and section 2 of Act No. 1273 of 16. December 2009, shall be amended as follows: 1. Article 9 is replaced by the following: ' § 9. A member of the administrative or management body of a company subject to section 7, paragraph 1, must have sufficient experience to exercise his functions or carry out his position in the company concerned.

(2). A member of the administrative or management body of a company subject to section 7, paragraph 1, shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the administrative or management body of a company subject to section 7, paragraph 1, shall notify the FSA information of the kind referred to in paragraph 2 in connection with their entry into the company's management, and if the situation subsequently change.

(4). The person or persons who effectively direct the operator of a regulated market already approved stores in accordance with the rules laid down in the directive on markets in financial instruments (MiFID), is considered to satisfy the requirements laid down in paragraph 1 in connection with applications for authorisation to operate a regulated market. '

2. In section 10, paragraph 5, no. 1, the words ' the law ' to: ' the law of a country '.

3. In section 28 (a), paragraph 4, nr. 4, point (b) shall be replaced by ' paragraphs 1, nr. 1-5 ': ' (2) and (3) '.

4. section 31, paragraph 3 is replaced by the following: ' (3). Dominant influence exists in addition, when an acquirer, who do not own more than half of the voting rights of a company, 1) right of disposal over more than half of the voting rights by virtue of an agreement with other investors, 2) power to govern the financial and operating conditions of a company pursuant to a statute or agreement, 3) power to appoint or remove a majority of the members of the governing body and this body has the dominant influence over the company, or 4) possession of more than one-third of the voting rights of the company and the actual majority of votes at the general meeting or a similar body, and thereby holds the actual deciding influence over the company. '

5. § 84 (f) is replaced by the following: ' § 84 (f). In cases in which a public limited-liability company subject to section 7, paragraph 1, or other supervisory plated establishments covered by this Act is declared bankrupt or the majority of the company's operation is terminated or transferred, shall draw up the FSA a reasons for such refusal, if the State in connection with or in a shorter period of time prior to this is granting warranty or made funds available to the company, its creditors or an acquirer of all or parts of the company.

(2). The Danish financial supervisory authority must publish the statement in accordance with paragraph 1. In connection with the publication, see section 84 (a) not apply, unless the information relates to customer relationships or third parties are or have been involved in attempts to rescue the company in question.

(3). The statement referred to in paragraph 1 must describe the role FSA during the course up to the bankruptcy, etc. ' 6. In article 93, paragraph 1, shall be added after ' article 8 a, paragraph 2, «:» § 9 (3) '.

§ 5

In Act No. 385 of 25. May 2009 on payment services, as amended by section 4 of Act No. 1273 of 16. December 2009, shall be amended as follows: 1. In article 5, paragraph 2, the words ' 55.0 ' to: § § § § 57, 55 ', paragraph 3, and § § '.

2. Article 18 shall be replaced by the following: ' article 18. A member of the Board of directors or the Executive Board in a payment institution and, where applicable, the management responsible for the company's payment service company must have sufficient experience to exercise his functions or carry out his position in the company concerned.

(2). A member of the Board of directors or the Executive Board and, where appropriate, the management responsible for the company's payment service company shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or inflict the financial business loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the administrative or management body of a payment institution and, where applicable, the management responsible for the company's payment service company shall notify the financial supervision information of the kind referred to in paragraph 2 in connection with their entry into the company's management, and if the situation subsequently change. '

3. In section 86, paragraph 1, the following is inserted as a 2. item:

» Matching applies to articles 3, 4 and 8 of European Parliament and Council Regulation No 40/94. 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 1782/2003. 2560/2001. '


4. In section 86, paragraph 2, be inserted two spots after ' chapter 5-8 ': ' and articles 3, 4 and 8 of European Parliament and Council Regulation No 40/94. 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 1782/2003. 2560/2001 '.

5. In section 89 shall be inserted after ' provisions ': ' and in article 3, paragraphs 1 and 2, article 4, paragraphs 1, 3 and 4, and article 8 of European Parliament and Council Regulation No 40/94. 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 1782/2003. 2560/2001 '.

6. Under section 89 reads ' § 89 a. FSA can order a payment institution or a company with restricted permission for the provision of payment services to allocate a Director in the Department or company within a period laid down by the Danish financial supervisory authority, if this under section 18, paragraph 2, cannot contest the post.

(2). The Danish financial supervisory authority may order a member of the Board of Directors of a payment institution or a company with restricted permission for the provision of payment services to resign within a period laid down by the Danish financial supervisory authority, which under section 18, paragraph 2, cannot contest the Office.

(3). The Danish financial supervisory authority may require a payment institution or a company with restricted permission for the provision of payment services to allocate a Director when the Director is indicted in a criminal case concerning violations of the criminal law or the financial legislation, until the criminal case is settled, if the conviction would mean that he or she does not meet the requirements of section 18, paragraph 2, no. 1. The Danish financial supervisory authority shall set a deadline for compliance with the order. The Danish financial supervisory authority may, under the same conditions as in 1. point to order a member of the Board of Directors of a payment institution or a company with restricted permission for the provision of payment services to resign. The Danish financial supervisory authority shall set a deadline for compliance with the order.

(4). The duration of the injunction provided pursuant to paragraph 2 in the light of article 18, paragraph 2, no. 2, 3 or 4, must be indicated in the order.

(5). Injunction granted pursuant to paragraphs 1 to 3, of the payment institution or company with restricted permission for the provision of payment services and of the person to whom the order relates, demanded brought before the courts. The request must be submitted to the FSA, within 4 weeks after the order is notified the concerned. The request does not have suspensive effect on order, but the Court may by order provide that the relevant Director or Board member in the course of the proceedings can maintain his functions or his position. FSA earns within 4 weeks the matter to the courts. Proceedings in the civil procedure forms.

(6). The FSA may, of its own motion or on application, withdraw an injunction provided pursuant to paragraph 2 and paragraph 3 3. paragraph shall refuse an application for revocation, the DFSA, the applicant may require the refusal brought before the courts. The request must be submitted to the FSA, within 4 weeks after the refusal is notified the concerned. Request for judicial review can only be made if the order is not limited in time and elapsed at least 5 years from the date of issuance of the order or at least 2 years after the FSA refused withdrawal is confirmed by judgment.

(7). Has the payment institution or company with restricted permission for the provision of payment services do not set aside the Director within the prescribed period, the FSA may involve the company's permission, see. section 90. The FSA may also involve the company's permission, see. § 90, if a Board fails to comply with an injunction issued pursuant to paragraphs 2 and 3. ';

7. In article 94, paragraph 1, the following is inserted as a 2. item:

' 1. the paragraph shall apply mutatis mutandis to cases relating to articles 3, 4 and 8 of European Parliament and Council Regulation No 40/94. 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 1782/2003. 2560/2001. '

8. In section 98, paragraphs 1 and 2, shall be inserted after ' 77-81 ': ' and articles 6 and 7 of the European Parliament and of the Council Regulation No 40/94. 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 1782/2003. 2560/2001 '.

9. In section 107, paragraph 2, the words ' 105 ' to: ' § § 105, as well as article 3, paragraph 1, article 4, paragraphs 1, 3 and 4, articles 6 and 7, and article 8, paragraph 1, of the European Parliament and Council Regulation No 40/94. 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 1782/2003. 2560/2001 '.

10. In section 107, paragraph 3, shall be inserted after ' section 89, ': ' § 89 (a), paragraph 2 and paragraph 3, 2nd paragraph, '.

11. In annex 2 shall be replaced by the following section ' C ': Method ' Method (C)

Calculation basis: the Foundation's net revenue.

The payment institution's capital base must be an amount at least equal to the sum of the following elements multiplied by the conversion factor, as defined in section 2: a) 10 per cent of that part of the relevant indicator up to 2.5 million. Euro plus b) 8 per cent of that part of the relevant indicator from 2.5 mio. euro up to 5 million. Euro plus c) 6 per cent of that part of the relevant indicator from EUR 5 million. euro up to 25 million. Euro plus d) 3 per cent of that part of the relevant indicator from 25 million. euro up to 50 million. EUROPLUS e) 1.5 per cent of that part of the relevant indicator above 50 million. euro.



The relevant indicator is the sum of interest income, interest expense, received commissions and fees as well as other operating income. Each element will be included in the sum with positive or negative sign. Income from extraordinary and unusual items are not included. Expenditure on the outsourcing of services rendered by third parties may be included, if these expenses are charged by a company with its registered office in a country within the European Union or in a country outside the European Union, with which the community has entered into an agreement on the financial area.

The relevant indicator is calculated over the previous year. Has the payment institution has not completed a full year of operation on the date of calculation, used as a basis for the calculation of the net receipts shown in the institution's estimates for the coming year.

Basic capital shall, however, be at least an amount calculated in accordance with this method, where the relevant indicator constitutes 80 per cent of the average for the previous 2 years, if the institution has completed 2 years of service or more, and for the previous 3 years, if the company has completed 3 years of operation or more. '

§ 6

Of the Act on investment associations and special associations and other collective investment schemes, etc., see. lovbekendtgørelse nr. 807 of 21. August 2009, as amended by § 10 of lov nr. 516 of 12. June 2009, and section 5 of Act No. 1273 of 16. December 2009, shall be amended as follows: 1. In paragraph 21 (a) shall be replaced by ' § 92 ' to: ' section 77 '.

2. section 26, paragraphs 6-8, is repealed.

3. section 31 is replaced by the following: ' section 31. A member of the Board of directors or the Executive Board of an association must have sufficient experience to exercise his functions or carry out its position within that Association.

(2). A member of the administrative or management body shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or inflict Association loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the Board of directors or the Executive Board of an association shall notify the FSA information of the kind referred to in paragraph 2 in connection with their entry into the Association's leadership, and if the situation subsequently change. '

4. Under section 36 shall be inserted: ' § 36 a. the Board must ensure the proper organisation of the Association's activities, which must be in accordance with the law and the statutes. The Board must decide whether the Association's property at any time is reasonable in relation to the Association's operation. The Board must ensure that accounting and asset management is controlled in a way that after the Association's relationship is satisfactory.

(2). The Board shall by a rules of procedure lay down detailed provisions relating to the performance of his duties.

(3). The Danish financial supervisory authority may lay down detailed rules on the content of the rules of procedure.

section 36 (b). the Management Board shall lay down the general policy 1) of the Association's activities, 2) define the Association's or Department's and possible cooperative classes risk profile and lead the investment policy laid down in the statutes, 3) identify and quantify the Association's or Department's and possible cooperative classes material risks and


4) identify and relate to conflicts of interest between the Association and the other associations, between departments and cooperative classes and between the Association and its contractual partners.

(2). On the basis of the law and of the statutes frames as well as the established risk profile of the Board of Directors must provide the Executive Board with written guidelines, which at a minimum shall include 1) verifiable framework for which and how great risks must inflict the Association or Executive Board Chambers and possible cooperative classes, 2) principles for the estimation of the individual risk types, 3) rules on which transactions that require the Board's position, and which outlines the Executive Board can make as part of its position and 4) rules on how and to what extent the Executive Board shall report to the Board of Directors of the Association or the Department and any cooperative classes risks, including on the use of the framework of the Act and in the guidelines for the Executive Board and for compliance with the limits laid down in the law regarding the risks which the Association must assume, and in the articles of Association.

(3). The Board must continuously assess whether the Association's bylaws and association or the Department and any cooperative classes risk profile as well as the guidelines for the Executive Board is responsible in relation to the Association's organization and resources investment liquidity and complexity as well as the market conditions, as the Association is subject to.

(4). The Board must continuously assess whether the Executive Board carries out its tasks in accordance with the Association's bylaws and the of the Association or chambers and possible cooperative classes defined risk profile as well as the guidelines for the Executive Board. The Board must take appropriate measures if this is not the case.

(5). The Danish financial supervisory authority may lay down detailed rules concerning the obligations incumbent upon the Board of Directors of an Association pursuant to paragraphs 1 to 4. '

5. section 37, paragraphs 1 to 3, shall be replaced by the following: ' an association must have effective forms of business management, including 1) a clear organisational structure with well-defined, transparent and consistent lines of responsibility, 2) a sound administrative and accounting procedures, 3) written procedures for all the essential areas of activity 4) effective procedures to identify, manage, monitor and report on the risks to which the Association is or may be exposed to , 5) the resources necessary for the proper implementation of its activities, and an appropriate use of these, 6) procedures for the separation of functions related to the management and prevention of conflicts of interest, 7) adequate internal control procedures and 8) reassuring control and security measures in the it field.

(2). An association must build and organise its activities in such a way as to minimise the risk of conflicts of interest is minimised.

(3). The Danish financial supervisory authority may lay down detailed rules for the measures, an association must take in order to have effective forms of corporate governance regulation. (1). ';

6. In section 110 m, paragraph 1, the words ' article 26, paragraph 1, 6, 7 and 8.0 ' to: ' section 26, paragraph 1, ' and after ' section 67, paragraph 4, § § ' reads ' and ' 68.

7. section 122 (a) is replaced by the following: ' § 122 (a). In cases where an organization or organizational unit is declared bankrupt or the majority of the Association's or Department's operation is terminated or transferred, shall draw up the FSA a reasons for such refusal, if the State in connection with or in a shorter period of time prior to this is granting warranty or made funds available to the Association or the Department, its creditors or an acquirer of all or parts of the Association or the Department.

(2). The Danish financial supervisory authority must publish the statement in accordance with paragraph 1. In connection with the publication section 123 shall not apply, unless the information relates to customer relationships or third parties are or have been involved in attempts to rescue the concerned organization or Department.

(3). The statement referred to in paragraph 1 must describe the role FSA during the course up to the bankruptcy, etc. ' 8. In article 132, paragraph 1, the words ' the section 26 (1) and 6-8 ' to: ' section 26, paragraph 1 ' and after ' § 36 ' reads ', section 36 (a) (1) and (2) and section 36 (b), paragraphs 1-4 '.

§ 7

The law on insurance mediation, see. lovbekendtgørelse nr. 930 of 18. September 2008, as amended by section 9 of Act No. 392 of 25. May 2009, is amended as follows: 1. section 8 shall be replaced by the following: ' article 8. A member of the administrative or management body must have sufficient experience to exercise his functions or carry out his position in the company concerned.

(2). Persons covered by §§ 5-7 shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. When assessing whether individuals covered by §§ 5-7 exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Persons covered by §§ 5-7 shall inform the FSA information of the kind referred to in paragraph 2 in connection with their entry into the company, and if the situation subsequently change. '

2. In article 54, paragraph 1, shall be inserted after ' 4, ': ', section 8 (3) '.

§ 8

Of the law on the supervision of company pension funds, without prejudice. lovbekendtgørelse nr. 1561 by 19. December 2007, as amended by section 3 of Act No. 515 of 17. June 2008, § 4 of the lov nr. 517 of 17. June 2008, article 5 of law No. 133 of 24. February 2009, § 10 of lov nr. 392 of 25. May 2009, section 11 of Act No. 516 of 12. June 2009 and § 6 of the law No. 1273 of 16. December 2009, shall be amended as follows: 1. In article 14, paragraph 1, shall be replaced by ' sections 21-24 ' for: ' § § 24-27 '.

2. paragraph 21 (a) shall be replaced by the following: ' article 21 (a). An IORP must have effective forms of business management, including 1) a clear organisational structure with well-defined, transparent and consistent lines of responsibility, 2) a sound administrative and accounting procedures, 3) written procedures for all the essential areas of activity 4) effective procedures to identify, manage, monitor and report on the risks to which the institution is or may be exposed to , 5) the resources necessary for the proper implementation of its activities, and an appropriate use of these, 6) procedures for the separation of functions related to the management and prevention of conflicts of interest, 7) adequate internal control procedures and 8) reassuring control and security measures in the it field.

(2). The Danish financial supervisory authority may lay down detailed rules for the measures, an institution must take in order to have effective forms of corporate governance regulation. (1). ';

3. section 23 (a) shall be replaced by the following: ' article 23 a. Board members or directors must have sufficient experience to exercise the Office or post of, respectively, Board member and Director of the institution.

(2). The requirement referred to in paragraph 1 may be waived if the institution demonstrates that have employed a counselor with sufficient professional qualification and experience.

(3). A member of the administrative or management body shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(4). Members of the Board of directors or the Executive Board of a pension fund shall inform the FSA information of the kind referred to in paragraph 3 in connection with their entry into the institution's leadership, and if the situation subsequently change. '

4. Under section 24 shall be inserted: ' article 24 (a). The Board of a pension fund must 1) identify the major types of activities the institution shall perform, 2) identify and quantify the institution's material risks and determine its risk profile, including fix which and how major risks the institution shall assume, and 3) define policies for how the company must manage each of the institution's major activities and the risks attached thereto , taking into account the interaction between these.

(2). On the basis of the established risk profile and the established policies of the Board of Directors must give the Director written guidelines, which at a minimum shall include


1) verifiable framework for which and how great risks, the Director may cause the institution, 2) principles for the estimation of the individual risk types, 3) rules on which transactions that require the Board's position, and which outlines the Director may undertake as part of his position, and 4) rules on how and to what extent the Director shall report to the Board of Directors of the institution's risks, including on the use of the framework in the guidelines for the Director and for compliance with the limits laid down in the legislation relating to the risks to which the institution must assume.

(3). The Board must continuously assess whether the institution's risk profile and policies, as well as the guidelines of the Director is responsible in relation to the institution's activities, organization and resources, including capital and liquidity, as well as the market conditions, as the institution's activities are operated under.

(4). The Board must continuously assess whether the Director carries out its tasks in accordance with the established risk profile, the established policies and guidelines of the Director. The Board must take appropriate measures if this is not the case.

(5). The Danish financial supervisory authority may lay down detailed rules concerning the obligations incumbent on the Board of a pension fund pursuant to paragraphs 1 to 4. '

5. In article 27, paragraph 3, the words ' can ' for: ' must '.

6. In article 27 paragraph 4 is added: ' (4). The Danish financial supervisory authority shall lay down detailed rules on the content of the rules of procedure. '

7. In article 57, paragraph 5, 1. paragraph, shall be replaced by ' sections 123 and 124 of the law on joint stock companies ' to: ' § § 221, 223 and 224 of the companies act '.

8. section 66 (d) is replaced by the following: ' § 66 (d). In cases where an institution is declared bankrupt, the bulk of the institution's operation is terminated or transferred, or where the institution's stock of pension commitments have been taken under administration, FSA prepares a statement of reasons therefor, if the State in connection with or in a shorter period of time prior to this is granting warranty or made funds available to the institution, its creditors or an acquirer of all or part of the Pension Fund.

(2). The Danish financial supervisory authority must publish the statement in accordance with paragraph 1. In connection with the publication, see paragraph 66 (a) not apply, unless the information relates to customer relationships or third parties are or have been involved in attempts to rescue the institution in question.

(3). The statement referred to in paragraph 1 must describe the role FSA during the course up to the bankruptcy, etc. ' 9. In § 71 (1) of section 24 shall be added after ', ': ' paragraph 24 (a), paragraphs 1-4, ' and after ' § 26.0 ' reads ' § 27 (3) '.

§ 9

The law on prevention of the laundering of proceeds and the financing of terrorism, referred to in article 6. lovbekendtgørelse nr. 806 of 6. August 2009, is amended as follows: 1. In article 1, paragraph 1, no. 9, the words ' no. 1-8, 11 and 12 ' to: ' no. 1-8 and 10-12 '.

2. In article 32, paragraph 1 1. paragraph shall be added after ' comply with this law ': ', '.

3. In article 34, paragraph 5, the words ' or the ' to: ', '.

4. section 39 is repealed.

§ 10

Lov om arbejdsmarkedets tillægspension in, see. lovbekendtgørelse nr. 942 by 2. October 2009, as amended by Act No. 117 of 17. February 2009, § 1 of lov nr. 1263 of 16. December 2009 and section 16 of Act No. 429 of 28. April 2010, is amended as follows: 1. section 23, paragraph 6, is repealed.

Paragraph 7 becomes paragraph 6.

2. the following paragraph shall be inserted in article 23 7-12: ' (7). The Board of Directors must 1) identify and quantify the material risks and establish a risk profile, including fix which and how great risks arbejdsmarkedets tillægspension must assume, and 2) establish policies for how the arbejdsmarkedets tillægspension must manage each of the labour market Supplementary Pension essential activities and the risks attached thereto, taking into account the interaction between these.

(8). On the basis of the established risk profile and the established policies of the Board of Directors must give the Director written guidelines, which at a minimum shall include 1) verifiable framework for which and how major risks the Director must inflict arbejdsmarkedets tillægspension, 2) principles for the estimation of the individual risk types, 3) rules on which transactions that require the Board's position, and which outlines the Director may undertake as part of its position and 4) rules on how and to what extent the Director shall report to the Board of Directors of the labour market Supplementary Pension risks, including on the use of the framework in the guidelines of the Director and on the respect of the limits laid down in the legislation relating to the risks which the arbejdsmarkedets tillægspension must assume.

(9). The Board must continuously assess whether the risk profile and policies, as well as the guidelines of the Director is responsible in relation to the labour market Supplementary Pension activities, organisation and resources, including capital and liquidity, as well as the market conditions, as activities are operated under.

Paragraph 10. The Board must continuously assess whether the Director carries out its tasks in accordance with the established risk profile, the established policies and guidelines of the Director. The Board must take appropriate measures if this is not the case.

Paragraph 11. The Board of Directors shall appoint the Director and other senior staff. General requirements and guides, distributed to the members and their employers, must be approved by the Board of Directors.

Paragraph 12. FSA sets out after negotiation with employment Minister detailed rules concerning the obligations incumbent upon the Board of Directors for arbejdsmarkedets tillægspension pursuant to paragraphs 7 to 10. '

3. section 23 (a) shall be replaced by the following: ' article 23 (a). A member of the Board or the Director in arbejdsmarkedets tillægspension must have sufficient experience to exercise his functions or carry out his position.

(2). A member of the management board or the Director shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of this Act, the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or inflict arbejdsmarkedets tillægspension loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the management board or the Director shall notify the FSA information of the kind referred to in paragraph 2 in the context of their accession, and if the situation subsequently change. '

4. section 23 (b) is replaced by the following: ' article 23 b. arbejdsmarkedets tillægspension must have effective forms of business management, including 1) a clear organisational structure with well-defined, transparent and consistent lines of responsibility, 2) a sound administrative and accounting procedures, 3) written procedures for all the essential areas of activity 4) effective procedures to identify, manage, monitor and report on the risks to which arbejdsmarkedets tillægspension is or may be exposed to , 5) the resources necessary for the proper implementation of the labour market Supplementary Pension activities in accordance with this law and an appropriate use of these, 6) procedures for the separation of functions related to the management and prevention of conflicts of interest, 7) adequate internal control procedures and 8) reassuring control and security measures in the it field.

(2). FSA sets out after negotiation with employment Minister detailed rules about the measures arbejdsmarkedets tillægspension must take in order to have effective forms of corporate governance regulation. (1). ';

5. In article 27, paragraph 1, shall be replaced by ' article 23 (6) of the ' to: ' section 23, paragraph 7-10 «, and» § § 23 (b), ' shall be replaced by: ' article 23 b, paragraph 1, § § '.

6. In article 27, paragraph 3, shall be inserted after ' provisions in this law ': ' with the exception of article 23 b, paragraph 1, no. 5. If the Danish financial supervisory authority considers that the requirement in section 23 (b) (1). 5, has not been complied with, shall report the Danish financial supervisory authority, after consulting the arbejdsmarkedets tillægspension this to employment Minister '.

7. In section 32 (a) (1), (2). paragraph shall be added after ' Violation of the provisions of the ': ' article 23, paragraphs 7-10, '.

§ 11

Of the law on employees ' capital Pension Fund, in accordance with article 3. lovbekendtgørelse nr. 1156 of 3. October 2007, as amended by section 8 of Act No. 515 of 17. June 2008, § 8 of law No. 517 of 17. June 2008, section 12 of Act No. 392 of 25. May 2009 and section 2 of Act No. 1263 of 16. December 2009, shall be amended as follows: 1. section 4 (a) is replaced by the following: ' article 4 (a). A member of the management board or the Director of the employees ' capital pension fund must have sufficient experience to exercise his functions or carry out his position in the Fund.


(2). A member of the management board or the Director shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of this Act, the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or add to employees ' capital pension fund loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the management board or the Director shall notify the FSA information of the kind referred to in paragraph 2 in the context of their accession, and if the situation subsequently change. '

2. section 4 (b) is replaced by the following: ' article 4 (b). The Board of the employees ' capital pension fund must 1) identify and quantify the Fund's material risks and determine the Fund's risk profile, including fix which and how the Fund must assume great risks, and 2) establish policies for how the employees ' capital pension fund to manage each of the Fund's major activities and the risks attached thereto, taking into account the interaction between these.

(2). On the basis of the established risk profile and the established policies of the Board of Directors must give the Director written guidelines, which at a minimum shall include 1) verifiable framework for which and how major risks the Director must apply the Fund, 2) principles for the estimation of the individual risk types, 3) rules on which transactions that require the Board's position, and which outlines the Director may undertake as part of its position and 4) rules on how and to what extent the Director shall report to the Board on the Fund's risks, including on the use of the framework in the guidelines of the Director and on the respect of the limits laid down in the legislation relating to the risks to which employees ' capital pension fund must assume.

(3). The Board must continuously assess whether the Fund's risk profile and policies, as well as the guidelines of the Director is responsible in relation to the Fund's activities, organization and resources, including capital and liquidity, as well as the market conditions, as the Fund's activities are operated under.

(4). The Board must continuously assess whether the Director carries out its tasks in accordance with the established risk profile, the established policies and guidelines of the Director. The Board must take appropriate measures if this is not the case.

(5). FSA sets out after negotiation with employment Minister detailed rules concerning the obligations incumbent on the Board in the employees ' capital Pension Fund pursuant to paragraphs 1 to 4. '

3. section 4 (c) is replaced by the following: ' article 4 c. Employees ' capital pension fund must have effective forms of business management, including 1) a clear organisational structure with well-defined, transparent and consistent lines of responsibility, 2) a sound administrative and accounting procedures, 3) written procedures for all the essential areas of activity 4) effective procedures to identify, manage, monitor and report on the risks to which the Fund is or may be exposed to , 5) the resources necessary for the proper implementation of the Fund's activities, and an appropriate use of these, 6) procedures for the separation of functions related to the management and prevention of conflicts of interest, 7) adequate internal control procedures and 8) reassuring control and security measures in the it field.

(2). FSA sets out after negotiation with employment Minister detailed rules about the measures employees ' capital pension fund must take in order to have effective forms of corporate governance regulation. (1). ';

4. In section 10, paragraph 3, shall be inserted after ' provisions in this law ': ' with the exception of section 4 (c) (1). 5. If the Danish financial supervisory authority considers that the requirement in section 4 c (1). 5, has not been complied with, shall report the Danish financial supervisory authority, after consulting the employees ' cost-of-living Fund this to employment Minister '.

5. In paragraph 14 (a) (1), (2). paragraph, change:» section 4 c (1). 1-4 ' to: ' section 4 (b), paragraphs 1-4, section 4 c (1) '.

§ 12

The law on workers ' compensation, in accordance with article 3. lovbekendtgørelse nr. 848 of 7. September 2009, as amended by section 3 of Act No. 1272 of 16. December 2009, is amended as follows: 1. section 62 is replaced by the following: ' § 62. A member of the management board or the Director of the labour market occupational disease insurance must have sufficient experience to exercise his functions or carry out his position.

(2). A member of the management board or the Director shall comply with the following: 1) shall not be imposed or to be imposed criminal liability for violation of this Act, the criminal code, the financial legislation or other relevant legislation, if the offence involves a risk that he or she is unable to perform his duties or his position on the comforting way.

2) must not have declared bankruptcy, have filed a petition for compulsory settlement, bankruptcy or debt settlement or be in receivership, receivership, debt settlement or composition.

3) must not because of its economic situation, or through a company he owns, participates in the operation of or have a significant influence on, have inflicted or inflicting labour market occupational disease insurance loss or risk of loss.

4) must not have expelled or exhibit a behaviour where there is reason to believe that he or she does not want to carry out the duties of the position or safely. In deciding whether a member of the Board of directors or the Executive Board, exhibit or have shown a reckless behaviour, the emphasis should be on the need to maintain confidence in the financial sector.

(3). Members of the management board or the Director shall notify the FSA information of the kind referred to in paragraph 2 in the context of their accession, and if the situation subsequently change. '

section 13

In Act No. 467 of 17. June 2008 for Faroe Islands of information that must be included on the payer for transfers of funds shall be amended as follows: 1. In article 2, the words ' within the Faroe Islands or between the Faroe Islands and Denmark ' is replaced by: ' within the Faroe Islands '.

2. In section 2 is inserted as paragraph 2: ' (2). The exceptions provided for in paragraph 1 shall apply mutatis mutandis to the transfer of funds between the Faroe Islands and Denmark and between the Faroe Islands and Greenland. '

3. In article 3, paragraph 1, no. 2, the words ' within the Faroe Islands or between the Faroe Islands and Denmark ' is replaced by: ' within the Faroe Islands '.

4. In paragraph 3 shall be inserted after paragraph 1 as new paragraph: "(2). The exceptions provided for in paragraph 1 shall apply mutatis mutandis to the transfer of funds between the Faroe Islands and Denmark and between the Faroe Islands and Greenland. '

Paragraph 2 becomes paragraph 3.

5. In section 4, nr. 4, the words ' on the Faroe Islands and in Denmark, or ': ' on the Faroe Islands, '.

6. In paragraph 4 shall be inserted after nr. 4 as a new number:» 5) to public authorities for the payment of taxes, fines or other charges in Denmark or in Greenland, or '

No. 5 is then no. 6.7. section 6 is replaced by the following: ' article 6. At white wash in this law means the money laundering as defined in § 4 of the law on prevention of the laundering of proceeds and the financing of terrorism. '

8. The heading before section 10 is replaced by the following:

» Money transfers within the Faroe Islands, between Faroe Islands and Denmark and between the Faroe Islands and Greenland ' 9. In section 10, paragraph 1, the words ' on the Faroe Islands or in Denmark ' is replaced by: ' on the Faroe Islands '.

10. In section 10 shall be inserted after paragraph 1 as new paragraph: "(2). The derogation provided for in paragraph 1 shall apply mutatis mutandis where both the payer and the PSP of the payee are located in the Faroe Islands, in Denmark or in Greenland. '

Paragraph 2 becomes paragraph 3.

11. In article 11, paragraph 1, the words ' outside the Faroe Islands and Denmark ' is replaced by: ' outside the Faroe Islands '.

12. In article 11, paragraph 2, the words ' outside the Faroe Islands and Denmark ' is replaced by: ' outside the Faroe Islands '.

13. In section 11 paragraph 3 is added: ' (3). Are the PSP of the payee in Denmark or in Greenland, the same rules apply as if the payment service provider found himself on the Faroe Islands. '

14. Article 12 is replaced by the following: ' article 12. Provider of the payee is required to determine whether the fields relating to the information on the payer in the messaging or payment and settlement system used for a money transfer, is populated with characters or input that is allowed according to the rules of that system. Provider of the payee should have effective procedures in place to ascertain whether there is missing the following information on the payer: 1) for transfers of funds where the payment service provider of the payer is situated on the Faroe Islands, the information required under section 10.


2) for transfers of funds where the payment service provider of the payer is situated outside the Faroe Islands, the complete information on the payer under section 8 or, if applicable, the information required under section 17.

3) in the case of batch file transfers where the payment service provider of the payer is situated outside the Faroe Islands, the complete information on the payer under section 8, however, only in the batch file transfer, and not the individual transfers bundled therein.

4) regardless of no. 2 and 3 by money transfers and batch file transfers where the payment service provider of the payer is situated in Denmark or in Greenland, only the information required under section 10. '

15. section 17 (1), is replaced by the following: ' paragraph 3-6 shall apply where the payment service provider of the payer is situated outside the Faroe Islands and the intermediary payment service provider are located in the Faroe Islands. '

16. In section 17 shall be inserted after paragraph 1 as new paragraph: "(2). Paragraphs 3 to 6 shall cease to apply when the payment service provider of the payer is situated in Denmark or in Greenland and the intermediary payment service provider are located in the Faroe Islands. '

Paragraph 2-5 becomes paragraph 3-6.

17. In article 17, paragraph 5, which becomes paragraph 6, shall be replaced by ' paragraphs 2 and 3 ': ' (3) and (4) '.

18. In article 20, paragraph 1, shall be replaced by ' article 10, paragraph 2.0 ' to: ' section 10, paragraph 3, ', and ' section 17, paragraph 3-5, ' shall be replaced by: ' § 17, paragraphs 4-6, '.

19. Article 21 is replaced by the following: ' article 21. The law will enter into force on 15. June 2010, see. However, paragraph 2.

(2). The Minister for economic and Business Affairs establishes the time of the entry into force of § 2, paragraph 2, § 3, paragraph 2, § 4, no. 5, section 10, paragraph 2, article 11, paragraph 3, section 12, nr. 4, and section 17 (2). '

§ 14

In Act No. 516 of 12. June 2009 amending the Danish financial statements Act, Danish financial business Act and various other acts. (Changes due to the Danish companies Act), as amended by section 3 of Act No. 1273 of 16. December 2009, section 15 of Act No. 1278 of 16. December 2009 and section 2 of Act No. 159 of 16. February 2010, is amended as follows: 1. section 8, no. 10, 31 and 43, and section 11, no. 20, is repealed.

§ 15

Of the law on a guarantee fund for depositors and investors, without prejudice. lovbekendtgørelse nr. 794 of 20. August 2009, as amended by section 1 of Act No. 338 of 1. May 2009 and section 8 of Act No. 1273 of 16. December 2009, is amended as follows: 1. section 9, paragraph 3 is replaced by the following: ' (3). The Fund fully cover deposits of the purchase price for the real estate, which until 9 months from deployment is deposited in accordance with prior purchase agreement, and deposits of proceeds of loans with mortgages funded by mortgage bonds, covered mortgage bonds or special covered bonds until 9 months after the inauguration of the amount, at the new building, however, until 2 years. The Fund's coverage is done, however, with deduction of obligations related to the loan matter or property trade, and any obligations that are not offset against the institution concerned in accordance with paragraph 1. It is a prerequisite that the property has been used principally in the course of trade or are not intended for mainly non-commercial use of the buyer or seller of property who has recorded respectively the loan with mortgages funded by mortgage bonds, covered mortgage bonds or special covered bonds. "

§ 16

In Act No. 116 of 7. April 1936 on Danmarks Nationalbank, as amended by Act No. 166 of 13. April 1938, article 44 of law No. 88 of 15. March 1939, law No. 67 of 15. March 1967 and section 90 of the Act No. 174 of 30. April 1969, is amended as follows: 1. Under section 14 and before the heading ' other Business ' reads ' the Bank section 14 (a). the Bank collects, compiles and publishes statistical information within its area of competence and can use this information when it is necessary for the performance of its tasks, see. § 1.

(2). The Bank may request the following legal and natural persons within a time limit to provide the specified information, which he or she is in possession of, and which is necessary for the Bank's execution of the tasks referred to in paragraph 1:1) legal and natural persons, which has its head office in Denmark, and engaged in financial business according to the law on financial company or other financial legislation.

2) legal and natural persons domiciled in Denmark, which has economic balances with foreign countries.

3) legal and natural persons domiciled in Denmark, which has issued or owns securities or conducting the trade or clearing and settlement of financial products.

4) Branches etc. in Denmark, which are not regarded as legal or natural persons, but which, in fact, covered by the definitions in point 1. 1-3. The provisions of paragraph 3. With fine punished the people, etc., as referred to in paragraph 2, that fails to communicate the information in a timely manner, the Bank is requesting, or who deliberately or through serious negligence on false information. That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

(4). The Bank may disclose confidential statistical information, to the extent and in the detail necessary for the performance of his or her tasks for the following: 1) the European System of Central banks.

2 European Systemic Risk Board).

(5). Information that may be disclosed in accordance with paragraph 4, the information at an individual level, which makes it possible to directly or indirectly identify the persons referred to in paragraph 2, etc. '

§ 17

The law on Statistics Denmark, see. lovbekendtgørelse nr. 599 of 22. June 2000, as amended by section 81 of the Act No. 431 of 6. June 2005, § 155 of law No. 1336 of 19. December 2008 and § 1 of lov nr. 1272 of 16. December 2009, is amended as follows: 1. Article 3, paragraph 3, are repealed.

Paragraph 4-7 becomes paragraph 3-6.

§ 18

In trademark law, see. lovbekendtgørelse nr. 90 of 28. January 2009, is amended as follows: 1. section 42, paragraph 1, is replaced by the following: ' With fine punished anyone who intentionally or grossly negligently violates a trademark law, which is founded upon registration, through use or in accordance with the Council regulation on the Community trade mark. '

§ 19

In the design law, see. lovbekendtgørelse nr. 89 of 28. January 2009, is amended as follows: 1. section 36, paragraph 1, is replaced by the following: ' With fine punished anyone who intentionally or grossly negligently makes interventions in a design (design interventions). This also applies to the intervention in the design rights, which have been formed in accordance with the Council regulation on community design. '

§ 20

In the row, see. lovbekendtgørelse nr. 91 of 28. January 2009, is amended as follows: 1. section 77 (1). 2, is replaced by the following: ' 2) in English or translated into English, however, should the claims be submitted translated into Danish alone. '

section 21 (1). The law shall enter into force on the 1. July 2010, see. However, paragraphs 2 to 6.

(2). § 1, nr. 5, 26, 27, 51, 60, 62-64 and 85, § 5, nr. 1, 3-7 and 9, and section 9 shall enter into force on the 1. June 2010.

(3). § 13 shall enter into force on the 15. June 2010.

(4). § 1, nr. 12, 14 and 15, section 6, nr. 2, 4, 5 and 8, § 8, nr. 1, 2, 4-6 and 9, § 10, nr. 1, 2 and 4-7, and section 11, no. 2-5, shall enter into force on the 1. January 2011.

(5). § 1, nr. 79, shall enter into force on the 1. January 2011.

(6). The Minister for economic and Business Affairs establishes the time of the entry into force of § 1, nr. 6, 19 and 61, § 3, nr. 3 and 4, § 8, nr. 7, and of section 14 (a), paragraph 4, nr. 2, of the law on Danmarks Nationalbank as amended by this Act, section 16, nr. 1. the provisions in paragraph 7. In the period from the 1. July 2010 to 31 December 2010. December 2010 apply it instead of the limit in article 145, paragraph 2, of the financial business act as amended by its article 1, nr. 53, to the sum of the exposures after deduction of special safeguard requirements represent 10 per cent or more of the basic capital, not total exceed 800% of the basic capital.

section 22 (1). sections 1-12 and 14-20 shall not apply to the Faroe Islands and Greenland, without prejudice. However, paragraphs 2 and 3.

(2). sections 1-9, 12 and 14-20 may by Royal Decree in whole or in part be put into force for Greenland of the discrepancies that the Greenlandic conditions warrant.

(3). sections 1, 3-6, 9 and 14-20 may, by Royal Decree in whole or in part, be in force for the Faroe Islands with the derogations which the Faroese conditions warrant.

Given in Copenhagen, the 1. June 2010 Under Our Royal hand and Seal MARGRETHE r./Brian Mikkelsen Official notes 1) Act contains provisions implementing parts of the European Parliament and of the Council directive 2009/111/EC of 16. September 2009 amending directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks connected to the central bodies, certain components of the own funds, large exposures, supervisory arrangements, and crisis management (CRD II) (Official Journal of the European Union 2009 nr. L 111, p. 97).