Machine Translation of "Act On Financial Business" (Denmark)

This shall be the law of financial undertaking, cf. Law Order no. 793 of 20. This is August 2009, with the changes resulting from paragraph 110 of Law No 1. 385 of 25. May 2009, section 1, no. 1, 2, 4, 30 and 37-52, in the Law no. 392 of 25. May 2009, Section 8 of law no. 516 of 12. June 2009, section 2 of Law No 518 of 12. June 2009 and Section 1 of the Law No 1273 of 16. December, 2009.

The changes that result from paragraph 8, no. 10, 16, 31-32, 40-41, 43-44, 46-48 and 51 of the law. 516 of 12. In June 2009 amending the annual accounting law, the law on financial activities and various other laws (Amendments as a result of company law) are also included, as it is noted that these changes have not been put into effect, cf. Notice no. 186, of 24. February, 2010. The failure to enter into force is a consequence of the fact that the changes involve references to provisions of law no. 470 of 12. June 2009 (company law) that has not been put into force. However, these provisions in the company law which have not been put into force are replaced by transitional provisions in the order of publication no. 172 of 22. February, 2010. Reference is made to this notice and to guide no. 9068 of 24. February 2010, which composes company law and the transitional provisions.

The changes resulting from paragraph 2, in the Law No, 512 of 17. June 2008 amending the Act of Preventive Measures against the laundering of the proceeds and the financing of terrorism and the law of financial activities (Money transfers between Denmark and the Faroe Islands) is not included in this legislative notice, since the time of the entry into force of these changes shall be determined by the economic and economic minister, cf. § 3, in Act 3. 512 of 17. June 2008.

Section I

General provisions

Chapter 1

Scope of application

General rules for application

§ 1. This law shall apply to financial undertakings, cf. Section 5 (5). 1, no. Paragraph 1 and the activities covered by paragraph 1. 2-13.

Paragraph 2. For financial holding companies, section 43 (4) shall be found. Paragraph 1, Chapter 7, section 64 (4). 4, section 117, section 124, paragraph 1. 2, no. One, paragraph 125, paragraph. 2, no. 1, Chapter 13, section 344-348 and 357, section 361, paragraph 1. 1, no. 5, and paragraph 1. 2, section 368 (3). 2, 3, and 3. 4, no. Paragraph 1 and paragraph 1. 5, section 369 and 370 use.

Paragraph 3. The law shall apply to branches in this country by credit institutions, investment firms, management companies and insurance undertakings authorised in a country outside the European Union, which the Community has not concluded ; in the financial sphere, with the deviations required by the branch, or as determined in or under international agreement. The SEC shall lay down detailed rules on this subject. The provisions of the company law relating to branches of foreign shareholdings shall apply to the provisions of 1. Act. mentioned branches.

Paragraph 4. For branches in the country of foreign undertakings authorised to exercise the undertaking in section 7 to 11, in a country of the European Union or a country with which the Community has concluded agreements in the financial sphere, section 30, 32, 34-36, 43, 44, 47, 48, 50-60, 344 and 345, § 347 (3). 1, 2, 4, and 6, and section 348, 354 a, 360, 363 a, 368-370, 373 and 374 use. For branches here in the country of credit institutions, section 152 (a) (1) shall be so as to be used. TWO, TWO. pkt., and § 347 a further use. For branches in the country of credit institutions and investment firms authorised to provide investment services in another country within the European Union or in a country to which the Community has concluded the financial contract, territory and carrying out such activity in this country, sections 30, 32 and 43, section 72, section 2, no. 5, section 344 and 345, section 347 (3). 1, 2, 4, and 6, and section 348 and 354 a usage.

Paragraph 5. In the case of services in this country, credit institutions, management companies and insurance undertakings authorised in another country within the European Union or a country to which the Community has concluded agreement on it ; financial area, sections 31, 36, 43, 44 and 46-60, section 347 (4). 1, and § 348 (3). 1, use. In the case of services in this country, credit institutions and investment firms authorised to provide investment services in another country within the European Union, or in a country to which the Community has concluded agreement ; financial area, section 31, section 347 (3). 1, and § 348 (3). 1, use.

Paragraph 6. In the case of services of securities trading in the country of credit institutions and investment firms authorised in a non-EU country of the European Union, no agreement has been concluded in the financial sphere, section $33 and 43, section 347, paragraph. 1, and section 348.

Paragraph 7. For services rendered in this country by insurance undertakings authorised in a country outside the European Union, which the Community has not contracted in the financial field, Section 37 shall apply.

Paragraph 8. Parts of members of the Association of Danish Andelskunts may jointly meet the requirements of the law, and the Association shall be deemed to have a single financial institution in relation to the provisions of this Act.

Niner. 9. For connected andelskboxes, sections 5 and 6, section 7 (4), 1-6, section 12, section 15, paragraph 15. 2 and 4, section 16, 17, 24-26, 43, 45-48, 50-52, 64-67, 69, 73, 74, 76-80, 85-88 and 92, section 151 (3). 2, section 176 and 177, section 178 (4). Paragraph 1, section 183-198, section 199, paragraph. 2-4, 8 and 11, section 203 and 204, section 231 (3). 1, and § § 232, 235 and 241-244, 344-357 and 372, cf. § § 373 and 374, use.

Paragraph 10. Chapter 19 shall apply to issuers of electronic money. Businesses with a permit in accordance with section 7 (2). 1, apart from section 311, is not covered by Chapter 19.

Paragraph 11. Chapter 20 shall apply to austerity undertakings.

Nock. 12. Chapter 20 a shall apply to investment advisers.

Paragraph 13. Chapter 20 b shall apply to credit rating agencies.

Paragraph 14. Provisions concerning the management board or members thereof in section 5 (5). 1, no. 7 (b), section 76, section 77, paragraph. One and three, section 78, paragraph. Paragraph 1, section 90, paragraph 1. 2, 6. 98, section 108, paragraph. 2 and 3, section 115, section 144, paragraph 1. Paragraph 1, section 199 (1). 9 and 10, section 203, 209, 247 and 296, and § 327 (3). In the case of a two-pronged management system, in the SE, in the SE companies, they shall apply only to the supervisory body or members thereof with the necessary adaptations.

Paragraph 15. 2) Provisions on the governing board or members of the Board, as well as provisions for the management of section 14 (4) ONE, TWO. pkt., sections 64, 65, 73-75, 80, 83, 87, 94, 110 and 117, § 179, nr. 2, § 180, nr. 2, sections 184 and 185, section 233, section 289 (4). 1, $299, section 317 (3). 3, section 346, paragraph 1. 2 and 3, section 349, paragraph. 2, no. 2, section 355 (3). 2, no. 9, and paragraph 1. 3, section 356, 373 and 374 must in SE-companies with a two-tier management system, in addition to the management body and its members, cf. § 8 (3) 1, in the case of the European Company (SEC law), shall also apply to the supervisory body or members thereof with the necessary adaptations.

Paragraph 16. 3) For operators of regulated markets in this country, in another country within the European Union or in a country with which the Community has entered into agreement on the financial area, which is authorised by this Act, multilateral trade facilities, cf. Section 5 (5). 1, no. 20, find paragraph 9, paragraph 9. 9, section 14 (4). 1, no. 1, 3-6 and 8, and paragraph 1. 2-5, section 39, paragraph. 6, Chapter 7, § § 70 72, Chapter 9, § 125 (5). Paragraph 1 (1). 2, no. 1 and 2 (2). 5 and 7-9, sections 127-129, section 131, paragraph 1. 1-3 and 5, § 132, § 135, paragraph 1 and 2, § 136, § 139, section 142, paragraph 1. Paragraph 1, section 143, section 204 (4). 1, section 223, section 224, paragraph 1. 6, section 226, paragraph. 5, section sections 344-352, § 355, section 361 (3). 1, no. 18, section 368-371, section 372, paragraph. 1, Section 373 and Annex 4, section A, nr. 8, use, with the deviations such as the relationship necessitates. For operators of regulated markets, in another country within the European Union or in a country which the Community has concluded in the financial field operating multilateral trade facilities from this country, 31, paragraph. 11, and section 32 use. For operators of regulated markets, in a country outside the European Union, which the Community has not signed up to in the financial field operating multilateral trade facilities from this country, Section 32 shall apply.

Paragraph 17. For vendors and subcontractors for outsourcing companies, cf. Section 5 (5). 1, no. Twenty-four and twenty-five, section 347, paragraph 3. One and five, use.

Special rules applicable to the scope of investment management companies

§ 1 a. ~ § 38 and 39 shall not apply to investment-management companies which alone are permitted to exercise those listed in Annex 6 (s). 2-6, mentioned activities.

Specific rules applicable to the scope of insurance undertakings

§ 2. § 61, 61 a-c, 62 and 170-178 shall not apply to cross-pension funds and the mutual insurance undertakings covered by the law.

§ 3. In the case of reinsurance and coassurance operations, the Financial supervision may lay down specific rules or deviations.

§ 4. The rules of this law on groups shall apply where the parent undertaking is an insurance undertaking.

Paragraph 2. The SEC may provide that the law or laws relating to companies, excluding section 141 of the company law, are also applicable in whole or in part to groups of insurance undertakings which do not constitute a financial undertaking or law on groups of companies, except section 141, a group in accordance with section 5 (5). 1, no. However, the case may be deemed to be necessary for the purposes of applying the rules laid down in this connection. The parties concerned shall designate one of sections 12, 3. a pkta, covered and here in the country where the indigenous company is to be considered as a parent undertaking. If this doesn't happen, the SEC will appoint the SEC.

Chapter 2

Definitions

§ 5. For the purposes of this Act :

1)	Financial Companies :
	a)	Financial institutions.
	b)	Realtor credit institutions.
	c)	Fund Broker Companies.
	d)	Investment management companies.
	(e)	Insurance companies.
2)	Credit Institute :
	A company whose business is to receive deposits or other funds from the public to be repaid, and to grant loans for its own account.
3)	Investment company :
	A legal or natural person whose business consists of providing investment services.
4)	Investment services :
	You in Annex 4, Section A, no. 1 to 8, listed in Annex 5 (s), 1-10, indicated instruments.
5)	Administration Company :
	A company whose company is made up of the management of collective investment undertakings in transferable securities (UCITS).
6)	Funding Institute :
	A business that is not a credit institution and whose main business is to acquire capital shares or to exercise one or more of the number of those listed in Annex 2 (s). 2-12, specified activity.
7)	Moderating company :
	A company that has one or more subsidiaries.
8)	Data business :
	A business that is subject to a moderation of a parent company.
9)	Corporate :
	A parent company and its subsidiaries, cf. § 5 a.
10)	Financial holding company :
	a)	A parent company that is not a financial enterprise in a group where at least one of the subsidiaries of the group is a financial undertaking and at least 40% of the subsidiary. the overall balance sheet for the group and the parent undertaking ' s affiliated undertakings relates to the financial sector, cf. however, paragraph 1 8, or
	b)	a parent undertaking whose business consists solely or principally in owning a subsidiary of subsidiary undertakings, financial undertakings or financial institutions, and where at least one subsidiary is a financial undertaking.
11)	Penal business dung :
	A parent undertaking whose business is exclusively or mainly consists of owning capital shares in subsidiaries which are credit institutions or financial institutions, and where the corporate principal is undertaking financial institution.
12)	RealAP Company :
	A parent undertaking whose business is exclusively or mainly consists of owning capital shares in subsidiaries which are credit institutions or financial institutions and where the main enterprise is to operate real credit institutions.
13)	Fund Broker Company :
	A parent undertaking whose business is exclusively or mainly consists of owning capital shares in subsidiaries that are credit institutions or financial institutions, and where the main business is to operate the fund-brokerage business.
14)	Investment management enterprise :
	A parent undertaking whose business consists solely or principally in owning capital shares in subsidiaries which are credit institutions or financial institutions and where the main business is to operate ; investment management activities.
15)	Associated Company :
	A company in which a financial undertaking and its subsidiary undertakings have a capital share and exercise a significant influence on its operational and financial management but is not a subsidiary of the financial undertaking. A financial undertaking and its subsidiary undertakings are presumed to exercise significant influence if the combined holds 20%. or more of the voting rights.
16)	Engagement :
	The sum of the midshipmen involved in a credit risk for the company.
17)	Narrow connections :
	a)	the direct or indirect compounds of the one in paragraph 1, 9 specified species,
	b)	capital interests by means of a company ' s direct or indirect possession of 20%. or more of the voting rights or capital of a business, or
	c)	the common link of several companies or persons, cf. (a) with a business.
18)	Zone A countries :
	Member States of the European Union, other countries which are full members of the Organisation for Economic Cooperation and Development (OECD), as well as other countries that have entered into special loans agreements with the International Monetary Fund (IMF) and are associated with the General Loan agreement. A country which, as a result of the lack of ability to pay their foreign sovereign debt, is being excluded from Zone A for a period of five years.
(19)	Filial :
	A department which is legally an ix-stemper part of a credit institution, an investment firm, management company or insurance undertaking and undertaking the nature of the undertaking to which the undertaking is authorized.
20)	Multilateral trading facility :
	A multilateral trading system (with the exception of regulated markets) within the system and in accordance with non-derogatory rules, the interest of various third parties shall be of interest in the purchase and sale of the products listed in Annex 5 (s). In such a way, an agreement on transfers has been concluded in connection with each other in such a way as to make a deal.
21)	The Captivegenre insurance company :
	An insurance undertaking whose business is limited to reinsurance insurance risks in the group that the company is a part of when the group does not contain other insurance undertakings.
(22)	Outsourcing :
	The closure of important areas of activity subject to the supervision of the financial supervision of the financial system to a supplier.
23)	Outsourcing company :
	A financial company that outsourcing activities to a supplier.
24)	Vendor :
	A company that carries out outsourced tasks for the outsourcing company.
25)	Further sourcing :
	the outsourcing of a supplier's outsourcing to a contract with outsourcing to a subcontractor and subcontractor, if any, further outsourcing of the tasks to the next part of the sub-suppliers chain, as well as any further outsourcing to other indents in the chain of subcontractors.

Paragraph 2. " Capital interests " means a company ' s direct or indirect possession of 20%. or more of the voting rights or capital of a business.

Paragraph 3. For the purpose of qualified shares, direct or indirect possession of at least 10% shall be understood. of the capital or voting rights or a share which allows the possibility of exerting a significant influence on the management of the financial undertaking or the financial holding company.

Paragraph 4. " Capital shares " means shares in companies (shares), in the anpartcompanies (interested parties) as well as in the own funds of other undertakings.

Paragraph 5. In the calculation of voting rights and rights to appoint or dispose of members of the executive bodies, rights that are possessed by the parent undertaking and its subsidiary undertakings.

Paragraph 6. For the purposes of this law :

1) Solvency requirements, minimum capital requirements and solvency requirements in accordance with section 124-126.

2) Capital requirements in accordance with section 127.

3) Base capital in accordance with section 128.

4) Core capital in accordance with section 129-131.

5) Supplementary capital in accordance with section 135.

6) Hybrid core capital in accordance with section 132.

7) Accountenable loan capital in accordance with section 136.

8) Special bonus provisions in accordance with sections 134 and 138.

9) Member Accounts in accordance with section 133.

10) Risk-weighted items in accordance with section 142.

Paragraph 7. A parent undertaking which has been covered by paragraph 1. 1, no. 10 (a) shall continue to be regarded as a financial holding company, if at least 35%. of the overall balance sheet for the group and the parent company's affiliated undertakings, relate to the financial sector. 1. Act. however, do not apply if the overall balance sheet has been mentioned in 1. Act. Been less than 40%. Three years in a row.

Concerns

§ 5 a. A parent company is, together with one or more subsidiaries, a group. A company can have only one direct parent company. If several undertakings fulfil one or more of the criteria in section 5 (b), it is only the company that actually carries out the dominant influence over the economic and operational decisions of the undertaking which are considered to be moderation.

§ 5 b. The power of determination is the power to control a subsidiary's economic and operational decisions.

Paragraph 2. Determination in relation to a subsidiary is available when the parent undertaking, directly or indirectly through a subsidiary, owns more than half of the voting rights in a company, unless in specific cases it can clearly be clearly available ; it is shown that such an ownership does not determine the influence of any such ownership.

Paragraph 3. If a parent undertaking does not have more than half of the voting rights in a company, it is a bogey influence if the parent undertaking has

1) raw more than half of the voting rights in force of an agreement with other investors ;

2) the power to control the financial and operational conditions of a company in accordance with a statute or agreement ;

3) the power to designate or dismiss the majority of the members of the executive body and this body shall have the dominant influence on the establishment or

4) the actual majority of the votes of the general assembly or in a similar body, and in so doing, possess the actual determining influence over the company.

Paragraph 4. The existence and the impact of potential voting rights, including design and purchase options on shareholdings which are currently available to be utilized or converted, must be taken into account when assessing whether or not a company has a determining influence.

Paragraph 5. The voting rights in a subsidiary shall be disregarded from voting rights which are linked to the holdings of holdings which are possessed by the subsidiary undertaking or its subsidiary undertakings.

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

TITLE II

Permission, exclusive, enterprise and foreign institutes

Chapter 3

Permission, exclusive, etc.

Authorisation of financial institutions, real credit institutions, brokers, investment management companies and insurance undertakings,

§ 7. Undertakings carrying out the activities of the public to receive deposits or other funds to be repaid and to grant credit on their own account, not on the basis of the issue of mortgage bonds, cf. § 8 (3) 3 shall be entitled to the financial institution. Penal institutions may only carry out the activities referred to in Annex 1 as well as in the activities of section 24-26.

Paragraph 2. Penal institutes may be given a permit in accordance with paragraph 9 (1). 1 to carry out the following in Annex 4, section A, nr. 1, 2, 4 and 8, mentioned activities.

Paragraph 3. Financial institutes, the State, Denmark's National Bank, foreign credit institutions which satisfy the conditions laid down in section 1 (1). Article 30 (3), section 30 or 31, issuers of electronic money and savings companies have been exclusive to the public from receiving deposits or other funds to be repaid. However, credit institutions, Denmark's Skibcredit Fund and the Municipality of Municipality, may receive other means which must be repaid. Undertakings which do not receive public loans may receive other funds which will be repaid if this company or lending is not an essential part of the operation of the undertaking.

Paragraph 4. Financial institutes, the state and foreign credit institutions which comply with the conditions laid down in section 1 (1). 3, section 30 or 31, has exclusive rights to the public to offer to the recipients of deposits.

Paragraph 5. Pension institutions have sole rights to use the word 'bank', 'savings', or 'andmolasses', in their name. Other companies, apart from banks that have been established by law, may not use names or names of their activities which are suitable to create the impression that they are financial institutions. A financial institution must not be allowed to describe its activities in a way that is suitable to create the impression that it is the national bank of the country.

Paragraph 6. 4) Pension institutions must use the name "bank", "savings box" or "andmolasses" respectively, in their name, cf. however, paragraph 1 7. Selcloset Act, section 27, paragraph 1. 2, section 28-30 and section 347 shall apply mutatis mucous use to savings boxes and sandboxes.

Paragraph 7. A limited liability company which, pursuant to the rules of section 207-213, takes over an andmolasses, an association of andmolasses or a savings bank shall be eligible as an austerity box, in the case of the " share company ", or the " share of stock " ; formed abbreviations shall be added to the name.

Paragraph 8. A company seeking authorization pursuant to paragraph 1. 1, shall have a share capital of at least one amount equal to 8 million. Euro.

§ 8. Undertakings providing loans against the registered mortgage on solid property on the basis of the issue of mortgage bonds shall be given a licence as a real credit institution. Realcredit institutions may only carry out the activities referred to in Annex 3 as well as in the activities of section 24-26.

Paragraph 2. Realcredit institutions may be given a permit in accordance with Article 9 (2). 1, to carry out the activities referred to in Annex 4 (A) no. 1 as far as mortgage bonds are concerned, in particular covered bonds, in particular covered mortgage bonds, and derived instruments.

Paragraph 3. Realcredit institutions and foreign credit institutions which comply with the conditions under which mortgage credit and mortgage bonds are concerned and so on, have the sole right to grant mortgage bonds.

Paragraph 4. Other securities other than mortgage credits shall not bear this designation or designations suitable for provoking the impression that they are real credit bonds.

Paragraph 5. Reallending institutions have the sole right to use names as 'real credit institutions', 'mortgage bonds', 'credit union' or 'mortgage credit', in their name. Municipality, however, can continue to use the term 'Credits' association of Municipalities in Denmark. Other companies must not use names or names for their activities which are suitable to create the impression that they are a credit institution.

Paragraph 6. Realbanking institutions converted to limited liability companies and which have hitherto used names such as 'credit union', 'mortgages' or 'a reall' fund' in their name must add the word 'limited liability' or, as such, formed abbreviations by the name of the word ' share.

Paragraph 7. A company seeking authorization pursuant to paragraph 1. 1, shall have a share capital of at least one amount equal to 8 million. Euro.

§ 9. Companies which, for third parties, carry out activities referred to in Annex 4 (A) shall be securities retailers and shall be subject to the authorisation of securities traders, cf. however, section 7 (4). Paragraph 1 and Article 8 (1). 1. Value traders may, in addition, exercise one or more of the activities listed in Annex 4 (B). Permission to exercise one or more of the activities referred to in Annex 4 (B) may be communicated to the activities referred to in Annex 4 (A) only to those activities referred to in Annex 4 (A). Authorisation shall indicate the activities listed in Annex 4 to which the authorisation covers.

Paragraph 2. Valuable traders who do not have the consent of section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, or section 10 (1). 1, is Fund Broker Companies. Fund-brokers may only carry out activities as listed in Annex 4.

Paragraph 3. securities traders, Denmark's National Bank, Economic and Monetary Affairs, and foreign credit institutions and investment firms which satisfy the conditions laid down in section 1 (1). In Annex 4, section A, section 30, 31 or 33, have the exclusive rights to carry out the instruments referred to in Annex 5 (transferable securities) and in the law on securities trading and so on. § 2, nr. 12, mentioned securities on a business basis for third parties, cf. however, section 7 (4). Paragraph 1 and Article 8 (1). 1. Value traders and foreign credit institutions and investment firms covered by Section 1 (1). In addition, 3 and meet the conditions in section 30, 31 or 33, have the sole rights to communicate and carry out currency spotlights in investment purposes in order to ensure that investors gain profit by exchange rate change on a currency on a commercial basis, for the purposes of which the exchange rate is based on a commercial basis ; third parties.

Paragraph 4. The provision in paragraph 1 shall be 3 shall not apply to the undertaking ' s performance of trades and dissemination of securities which the company itself issues.

Paragraph 5. Valuable traders who do not have the consent of section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, or section 10 (1). 1 has sole rights to use the term ' Fund brokered company ` in their name. Other companies must not use names or designations of their activities, which are suitable to create the impression that they are a fund-brokerers ' company.

Paragraph 6. The fund brokers, which are members of a regulated market, have sole rights to use the term 'stockbroker', and in their name may use this title instead of "phonebroker company". Other companies must not use names or designations of their activities which are suitable to create the impression that they are stockbrokers.

Paragraph 7. Fund-brokers shall use the name "Fund Broker Company" or "Broker Company" in their name.

Paragraph 8. A company seeking authorization under paragraph 1. 1 and which do not have a permit in accordance with section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, or section 10 (1). 1, shall have an equity capital, which shall at least amount to EUR 1 million ; the euro provided that the Fund Broker Party wishes to become a member of a regulated market, a security central or a clearing centre, where the party participes in clearing and settlement, or wishes to carry out one or more of the following in Annex 4 (A) to paragraph 1. 3, 6, 8 and 9, and section B, no. 2, mentioned services. Other companies applying for the authorisation of paragraph 1. 1, shall have an equity capital, which shall at least amount to EUR 0.3 million, Euro.

Niner. 9. Operators of regulated markets in this country, in other countries within the European Union, or in countries with which the Community has concluded agreements in the financial sphere, may be allowed to operate multilateral trade facilities. Operators of regulated markets operating multilateral trade facilities must have a share capital of 1 million. Euro.

Paragraph 10. The securities traders and operators of regulated markets wishing to operate a multilateral trading facility as an alternative marketplace must notify the Financial Supervised Authority before the beginning of the operation of the alternative marketplace. Multilateral trading facilities, which have been operating before such a notice, can not subsequently be operated as alternative marketplace.

Paragraph 11. The SEC shall lay down detailed rules on the physical and legal persons in addition to those of paragraph 1. 2 and 3 include the provision of services covered by Annex 4.

§ 10. Companies carrying out activities referred to in Annex 6 are investment management companies and must be authorised as investment management companies.

Paragraph 2. Investment management companies may receive a permit in accordance with section 9 (4). 1 to carry out the following in Annex 4, section A, nr. 4, 5 and 9, mentioned activities and the activities referred to in section B (B), 4, mentioned activities. You in Annex 4, Section A, no. The activities referred to in Annex 5 (4) and (5) shall be carried out. 1 3, mentioned instruments and financial futures and equivalent instruments to be settled in cash, future interest rates (FRA-Contracts), interest and currency swaps and swaps on shares and stock index, options on the acquisition or disposal of an instrument ; which have been mentioned in this paragraph and options on the stock and debt securities and currency and interest rates. The one in Annex 4, section A, no. 9, the activity referred to may be carried out in accordance with the requirements set out in Annex 5. 3, mentioned instruments. Permission to carry out activities referred to in Annex 4, section A, nr. In addition, 5 and 9 shall be granted only in relation to the authorization given in Annex 4 (A) no. 4, activity referred to. Authorisation shall indicate the activities listed in Annex 4 to which the authorisation covers.

Paragraph 3. The following paragraph shall be : However, 2 authorised activities shall not include the authorisation to carry out these by means of companies belonging to companies, except for investment associations, special associations, professional associations, approved sheep ' s associations or hedge associations ; conglomers with the investment management company.

Paragraph 4. Investment management companies have sole rights to manage investment associations, specialised associations, professional associations, team associations and hedge funds approved or registered under the law of investment associations ; and special associations and other collective investment schemes, etc.

Paragraph 5. An investment management company shall have an equity capital, which amounts to at least an amount equal to the value of 0,3 million. Euro. However, an investment management company to be a member of a regulated market or store and managing the listed in Annex 5 (s). 3, mentioned instruments, including a member of a securities central or clearing centre, where the party takes part in clearing and settlement, have a share capital, which amounts to at least a sum equivalent to the value of 1 million. Euro.

§ 11. Undertakings carrying out insurance activities, including reinsurance operations, shall be entitled to the insurance undertaking or the captivegenre insurance undertaking, cf. however, sections 30 and 31. Authorisation must indicate the activities 5) in Annexes 7 and 8, to which the authorisation covers. Insurance undertakings may only carry out activities as listed in Annexes 7 and 8, as well as in the activities of sections 24 to 26 and 29. Similarly, foreign insurance undertakings covered by Section 1 (1) shall apply. 3 and meet the conditions laid down in section 30 or 31.

Paragraph 2. The provision in paragraph 1 shall be Paragraph 1 shall not apply to the following types of establishments :

1) Pension funds intended to ensure pension benefits in a private company, including an insurance undertaking, or in the case of employment in such undertakings within the same group.

2) Funeral boxes and leagingers.

3) In the supervision of the state, they recognized unemployment boxes etc.

4) The War Insurance Institute, after the Act of War Insurance, of ships.

5) War insurance association which is covered by the law on the war insurance of immovable property and immovable property.

6) Businesses whose purpose is limited to providing guidance in the event of an accident or injury in this country or abroad, provided that aid abroad is provided by a similar foreign company under an agreement on reciprocity.

7) Entities providing assistance within a restricted area and whose annual premium income does not exceed one of the Financial supervision set amount.

8) Falck Denmark A/S.

9) Reinsurance in accordance with the Act on the Danish Export Credit Fund of Exceptual Hazards in the export of exports.

10) The occupational retirement pension and the occupational disease of the occupational market.

11) Maternity funds.

12) The travel guarantee fund.

Paragraph 3. Undertakings authorised by the insurance company have sole rights to use the term "insurance company", "mutual company", "captivegenny insurance company" or "pension fund" in their name. Other companies must not use names or names for their activities which are suitable to create the impression that they are insurance undertakings or pension funds.

Paragraph 4. 6) Insurance companies have a duty to use a name that clearly indicates the company ' s property as insurance company. Mutual insurers have a duty in their name to use the term "mutual company" or a form of abbreviation, or, in other words, to indicate their mutual companion as a mutually exclusive. Captivere-insurers have a duty to use the term 'captivegenny insurance'. Transverse pension funds have a duty in their name clearly to indicate that they are a pension fund. The Corporate Act, section 27, paragraph. 2, section 28-30 and section 347 shall apply mutatis mutias to mutual insurance undertakings and cross-disciplinary pension funds.

Paragraph 5. A company seeking authorization pursuant to paragraph 1. 1 shall have a basic capital, which shall at least amount to the amount equivalent to that referred to in section 126.

Paragraph 6. An undertaking authorised to use the insurance class (10) (liability insurance for motor vehicles) other than the driver ' s liability shall at all times have a non-therapeutic agent in each of the other countries of the European Union and in countries concluded by the Community in the area of the financial sphere.

§ 12. Banking, real-estate credit institutions, brokers and investment management companies must be limited to limited liability companies. Andelskboxes must be cooperatives, cf. But, 207. Spares must be self-balanced institutions, cf. But, 207. Insurance companies must be limited to limited liability companies, mutual societies, or cross-disciplinary pension funds. Captivegeninsurers must be shareholder.

Paragraph 2. The financial undertakings referred to in paragraph 1. 1, shall have a management board and management.

§ 13. The share capital in financial firms must be fully paid. Immaterial assets cannot be used for the repayment of share capital.

Paragraph 2. In financial institutions, fund brokers, investment management companies, real credit institutions and insurance undertakings, shares of the share capital of shareholdings with different voting values do not take place.

Paragraph 3. A financial undertaking must not be allowed against remuneration to own or to acquire own shares if the undertaking by the company and its subsidiaries in shares in the company resulting from the acquisition will exceed 10%. The authorised stock of own shares is included in shares acquired by third parties in their own name, but for the undertaking ' s expense.

§ 14. The SEC is authorita-granted when

1) the requirements of sections 7, 8, 9, 10 or 11 have been met ;

2) the members of the Board of Directors and Governing Board shall meet the requirements of section 64,

3) owners of eligible units, cf. Section 5 (5). 3, meet the criteria in section 61 a, paragraph 1. 1,

4) there are no close links, cf. Section 5 (5). 1, no. 17, between the applicant and other undertakings or persons who want to make the goods to be more difficult to carry out of the tasks assigned to the system ;

5) the law of a country outside the European Union which the Community has not contracted in the financial sphere of a company or a person with which the applicant has close links with, will not be able to make the removal of the goods more difficult to make ; The tasks of the financial system,

6) the applicant ' s business and administrative conditions are defensiable ;

7) the applicant has head office and registered office in Denmark ; and

8) paragraph 2 or sections 18-21 and paragraph 1. TWO, ONE. Pkt., fulfilled.

Paragraph 2. An application for a permit in section 7 to 11 shall include the information necessary for the assessment of the conditions laid down in paragraph 1 of the Financial Authority. 1 has been fulfilled, including information on the size of the qualifying units and the organization of the company. The application shall also include details of the nature of the intended operations.

Paragraph 3. Where the Financial supervision an application for authorisation is rejected, the applicant shall state and be notified to the applicant within six months of receipt of the application, or, if the application is incomplete, within six months of the applicant ' s submission of the information which : are necessary to make the decision. Decision to be taken shall be made within 12 months of receipt of the application, in any case. If the Financial Regulation does not have a full application for authorization by six months after the receipt of a complete request for a decision, the party may submit the case to the courts.

Paragraph 4. In order to comply with a decision to suspend the Commission in accordance with the Directives in the financial sphere, the Financial Authority may suspend the examination of applications for authorization after sections 7 to 11 and 16 from applicants directly or indirectly owned by companies based in a country outside the European Union, which the Community has not signed up to in the financial sphere.

Paragraph 5. The financial supervision may refuse to grant authorization in accordance with paragraph 1. 1 if the purpose of placing the head office and registered office in Denmark alone is to avoid the subject of the law of the country in which the majority of the applicant ' s customers are based.

Paragraph 6. For financial undertakings covered by section 7-9 and section 10 (1). 2. Permission to be granted is also subject to the connection of the Guarantee Fund for depositors and investors.

§ 15. When the Financial supervision has granted authorisation after Section 14, the Errecruvs and Corporate Management Board may make the necessary registrations.

Paragraph 2. In notification of registration, cf. paragraph 1, and in the notification of articles of association, the financial undertaking shall submit a dated copy of the statutes with the complete new version of the Errecruitment and Corporate Management Board, which shall forward a copy to the Financial supervision.

Paragraph 3. In the case of a notification of authorisation or changes to the authorisation of insurance undertakings, the Finance Board shall, at the same time, provide a copy of the Agency for the Enterprise and the Corporate Protection Agency. The Corporate and Corporate Management Board shall record the date on which the authorization is granted.

Paragraph 4. For savings and other cases, company law shall apply to the notification and registration of the company law accordingly.

§ 16. The financial supervision may allow financial institutions, real credit institutions, fund brokers and investment management companies to be able to provide services with instruments and contracts covered by the Financial Decision pursuant to Article 2, paragraph 2, in the Act on securities trading, etc.

§ 16 a. The financial supervision can allow financial institutions and mortgage institutions to issue in particular covered bonds.

Paragraph 2. Penal institutions and mortgage credit institutions pursuant to paragraph 1. 1 and the Funding Funding Foundation with a permit in accordance with section 2 c of the law of a ship ' s financial institution has sole rights to issue in particular covered bonds. Realbanking institutions with authorisation pursuant to paragraph 1. 1 has the sole right to issue in particular covered mortgage credit bonds.

Paragraph 3. The bonds issued by credit institutions authorised in another country within the European Union or a country to which the Community has concluded agreements in the financial sphere may also be designated in particular covered bonds, if they fulfil the conditions laid down in Annex VI, Part 1, section 68-71, in the Directive on the admission and pursuit of the business as a credit institution.

Paragraph 4. The SEC shall lay down detailed rules for :

1) the conditions under which they may be authorized in accordance with paragraph 1. 1, and

2) the conditions under which debt securities issued by financial institutions and mortgage credit institutions can be obtained and retain the description of the debt securities or in particular covered mortgage bonds.

§ 16 b. A financial institution or a credit institution may finance loans with mortgages in real estate, in particular covered bonds or in particular covered mortgage bonds issued by another financial institution or a real credit institution.

Paragraph 2. Issue of special covered debt securities or special covered mortgage bonds pursuant to paragraph 1. 1 shall be approved by the Financial supervision.

§ 16 c. If a loan must be able to be financed by the issuance of a particular financial institution or a mortgage credit institution in particular covered bonds or in particular covered mortgage bonds, this must appear on the loan agreement between the lending financial institution or mortgage credit institutions and borrowers. It must also be stated in the loan agreement that information about the lender between the lending institution and the issuing institute may be disclosed in accordance with the information given in the loan agreement. § 120 b.

§ 16 d. Where a credit institution or a credit institution is granted a loan, guaranteed by mortgage on solid property on the basis of the issuance of a particular financial institution or a mortgage credit institution in particular, covered debt securities or in particular covered mortgage bonds shall be required, the loan of the corresponding pawn letter shall be assigned to ownership of the issuing institute.

Paragraph 2. Transfer in accordance with paragraph 1. 1 may not be reversed after bankruptcy of the Clause Section 67, 70 or 72. However, the extent of the transfer may be carried out in accordance with the said provisions, if the transfer was not specifically presented as ordinary.

§ 16 e. Where a credit institution or a credit institution is granted a loan guaranteed by mortgage on solid property on the basis of the issuance of a particular financial institution or a mortgage credit institution in particular, covered bonds or in particular covered mortgage bonds may be granted, the borrower shall pay with a freeing effect to the lending financial institution or a credit institution, unless the borrower receives a separate notice of the second coming from the institution of the issuing financial institution or to the mortgage credit institution.

§ 16 f. The borrowing financial institution or mortgage credit institution shall maintain income payments relating to loans granted by mortgage on solid property on the basis of the issuance of a particular financial institution or a mortgage credit institution in particular covered debt securities ; in particular covered mortgage credit bonds, separate from the other means of the Foundation.

Paragraph 2. The borrowing financial institution or mortgage credit institution shall keep constant control of the separation.

Paragraph 3. The loan-giving financial institution or mortgage credit institution shall, at the forefront of a plan, calculate revenue payments to the issuing institute.

Paragraph 4. The SEC shall lay down detailed rules for :

1) the assets of the borrowing financial institution or a credit institution which may place revenue payments in until settlement, and

2) control of separation between the borrowing financial institution or the mortgage credit institution to the issuing financial institution or to the mortgage credit institution.

§ 16 g. In the case of the borrowing financial institution or mortgage credit institution, payments shall be covered by § 16 f, cf. ~ 16 (b) (b) 1 as the borrowing financial institution or a credit institution, which has not yet been calculated, the issuing financial institution or a credit institution which is not in the insolvency proceedings.

§ 17. The SEC shall lay down rules concerning the instruments and contracts in addition to the instruments and contracts listed in Annex 5, financial undertakings, with the permission of Article 7 (3). Paragraph 1, or Section 9 (4). 1 may carry out services with.

Special rules for insurance undertakings relating to notification to the Financial supervision

§ 18. The application for authorisation shall contain an undertaking ' s operating plan for the undertaking the assurance undertaking intends to operate. The SEC shall lay down rules relating to the information to be included in the operating plan for requirements for the reporting form and the setting and the sheeptarget of which the plan is to be drawn up.

Paragraph 2. The application for authorization for insurance class 10 (motor vehicle liability insurance) shall be accompanied by the information on the question of whom the company will designate as the Indemnment of the Indem; of each of the other countries of the European Union and in countries concluded by the Community in the area of the financial sphere. The SEC shall lay down detailed rules on non-processing representatives and their powers.

Paragraph 3. A permit must include information on the insurance undertaking which the undertaking must carry out. The SEC shall lay down detailed rules on the contents of the permit and of the application, by the way.

§ 19. Life-insurance undertakings shall not be combined with other insurance undertakings in the same company. However, life assurance undertakings may, in addition to the life assurance undertaking, operate within classes 1 and 2 in accordance with the life assurance classes. Annex 7. Furthermore, reinsurance of life insurance and other insurance may be exercised by the same company.

Paragraph 2. The SEC shall lay down rules on the extent to which the risks of life assurance companies are subject to the insurance classes 1 and 2, cf. Annex 7 is subject to the special rules applicable to life-assurance activities of the life of life insurance.

Paragraph 3. The SEC may authorise the existence of a non-insurance company which, through a branch, operates within the territory of a country within the European Union or in a country concluded by the Community in the area of the financial sphere, may be exercised, insurance forms in accordance with the rule of law in the country in question, regardless of the fact that this is not permitted in Denmark.

20. The technical base and life assurance business must be notified to the Financial Regulation at the latest, at the same time as the basis for the basis and so on shall be applied. The same applies to any subsequent change in the aforementioned circumstances. The notification must indicate :

1) the insurance undertakings which the company intends to use,

2) the basis for the calculation of premiums, withdrawals and free polices ;

3) rules for the calculation and distribution of the realization result to the policyholders and other eligible persons following the insurance agreements ;

4) the company's principles of reinsurance, including the thresholds,

5) the rules applicable to the insurance holders and the insurance holders ' health information for the assessment of risk conditions,

6) the basis for the calculation of life assurance provision, as well as for the individual assurance contract, as for the company as a whole and,

7) rules whereby pension schemes with an ongoing payment or agreed mandatory arrangements in an insurance undertaking or in a pension fund may be transferred from or to the company during transition to other hire or in association or business transformation.

Paragraph 2. Companies which do not provide direct life assurance shall not be notified by the technical basis and so on for life-assurance business.

Paragraph 3. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 1 the conditions, including the extent and the extent to which notifications shall be made available to the public.

§ 21. You, after paragraph 20, paragraph 20. 1, no. 1 5, notified conditions must be reassuring and fair to the individual policyholders and other eligible persons following the insurance agreements.

Paragraph 2. The notified rules for the calculation and distribution of the successful outcome, cf. Section 20 (2). 1, no. 3, must be precise and clear and must lead to a fair distribution.

Paragraph 3. The premiums for newly signed insurance shall be sufficient to enable the insurance undertaking to satisfy all its obligations in such a way as to ensure that there will be no need for systematic and permanent supply of other means.

Paragraph 4. The calculation (s) (interest rates, cost rates and statistical calculation elements) which are used for the calculation of insurance premiums, repurbations and free polices shall be chosen with caution. If the basis for calculating insurance premiums, withdrawals and free policeservices, contains the possibility of splitting the paid insurance premium into a part, for which a guaranteed pension is earned and a part which is due to be paid either way ; However, collective bonus potential or bonus potential of free-policing services is sufficient, however, that the basis as a whole is based on reassuring conditions. The calculation elements for calculation of life assurance provision shall be determined in such a way as to comply with the rules laid down pursuant to Article 196.

Paragraph 5. Is an insurance covered by paragraph 1. FOUR, TWO. PC, the proportion of the collectively bonus potential and bonus potential of free-policing services shall be fully included in the calculation of the withdrawal value and by transfer from one company to another, cf. Section 20 (2). 1, no. 7.

Paragraph 6. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 1-4 mentioned requirements.

Paragraph 7. Where the requirements of paragraph 1 are In accordance with this law, 1-4 or in accordance with rules issued in accordance with this law are not fulfilled, the financial assurance undertaking shall be required to make the life assurance undertaking necessary to make the necessary changes to the conditions laid down in section 20 in respect of one of the Financial supervision set out. The provisions of section 249 shall apply mutatis muth.

§ 22. Any sign that, irrespective of the provisions of section 11-14 assurances prior to authorisation has been granted and registration has taken place, shall be liable for the fulfillment of the insurance undertakings on behalf of the insurance undertaking, and shall be jointly responsible for this purpose. The undertakings shall accreate to the undertakings no later than four weeks after registration, the liability of the person concerned shall lapse, provided that the security of the policyholder does not, in so far as a degree of deterioration, be reduced. Contractor of the aforementioned species is before the company's recognition of commitments not binding on the policy holder.

Paragraph 2. The provisions of section 11 to 14 shall not preclude the fact that, with a view to the foundation of a mutual assurance undertaking, the entry of members where insurance liability does not start to start and the premium shall not be rewritten prior to the undertaking ; registered. The drawing of a member in a reciprocal company in accordance with 1. Act. shall be binding only if the company is notified to the Enterprise and Corporate Office no later than 1 years after the drawing-up. Denied registration, the agreement lapses.

Special rules for mutual insurance undertakings for arson and so on

-23. 7) Chapter 3 of the corporate law shall apply mutatis mutandis to reciprocal insurance undertakings and cross-disciplinary pension funds. In addition, company law provides for the notification and registration of etc. of similar applications.

Paragraph 2. In the case of mutual insurance undertakings and transverse pension funds, they shall find in paragraph 1. Paragraph 1 of the provisions of the company law relating to shareholders shall apply to the guarantors and the provisions governing equity capital and shares in the stock of guarantee capital and guarantees shares with necessary relaxation.

Chapter 4

Other Allowed Company

General rules concerning the second permissible company

§ 24. Penal institutes, mortgage institutions and insurance undertakings may operate activities which are ancillary to the company authorized. The financial supervision may provide that the ancillary company should be exercised by another undertaking.

Paragraph 2. Financial institutes, mortgage institutions and insurance undertakings must, through subsidiary undertakings, operate another financial undertaking.

§ 25. The financial institutions, mortgage institutions and insurance undertakings may temporarily operate another undertaking for the purpose of securing or dismantling pre-entered exposures or with a view to contributing to the restructuring of business operators. The financial undertaking shall inform the Finance-monitoring thereof.

SECTION 26. Financial institutes, real-estate credit institutions, brokerers and insurance companies, whether or not, sections 7-9, 11, 24 and 25, in other activities, may be jointly run by other undertakings, if :

1) the financial activity does not directly or indirectly affect the business,

2) the financial undertaking does not run the business together with financial undertakings which are included in the enterprise with the financial undertaking or, in the case of insurance undertakings, in the management community with the insurance undertaking, and

3) the undertaking shall be exercised in a company other than the financial undertaking.

Paragraph 2. If a financial undertaking or a group is obtained by acquisition, fusion etc., run other activities in breach of section 7 (3). Paragraph 1, section 8, paragraph 8. Paragraph 1, paragraph 9, paragraph 9. Paragraph 1, section 11, paragraph 11. Paragraph 1, or Section 26 (1). 1, the Financial supervision may set a time limit for the transfer of the other undertaking if an immediate Disposal would be linked to an economic loss.

Special rules for subsidiary firms relating to subsidiary undertakings

§ 27. Fund-brokers may not have subsidiaries unless these are fund-brokerers.

Special rules for investment management companies related to subsidiary undertakings

§ 28. Investment management companies must not have subsidiaries unless they are investment management companies.

Special rules for insurance undertakings relating to other authorised activities

§ 29. In addition to a company covered by section 24 to 26, insurance undertakings must operate the following activities :

1) Agency for insurance undertakings and other companies which are under the supervision of the Financial supervision.

2) Conduct, ownership and operation of immovable property as a durable placement of funds.

Paragraph 2. Life-insurance companies may build housing projects with resale for the construction of a proportion of the appropriation framework according to Section 1 (c) or rules laid down in accordance with section 1 (1). 4, on the promotion of private rental building and at least half of the residences, are rented to hayelification.

Paragraph 3. Investment in accordance with paragraph 1. 2 may not have a value greater than 1% in the housing equilices that are shown for resale. for the technical provisions.

Paragraph 4. Life-insurance companies and transverse pension funds can create and manage separate SP accounts.

Chapter 5

Foreign businesses

General rules on foreign companies

-$30. A foreign company authorised to exercise it in section 7 to 11 that referred to in another country within the European Union or in a country concluded by the Community in the financial sphere may begin to exercise, operations in this country through a branch 2 months after the Financial Supervisory Authority received notification from the supervisory authorities of the home Member State, cf. paragraph 4-8. The fishing operations shall be able to exercise the activities listed in Annexes 2-4, 7 and 8, provided that such activities are subject to the authorisation of the establishment in the home Member State.

Paragraph 2. Repayment of mortgage bonds, cf. Annex 3 may be carried out by credit institutions which comply with the conditions under which mortgages and mortgage bonds and so on may be subject to credit institutions.

Paragraph 3. If you are an administration company, cf. Section 5 (5). 1, no. 5, can the branch

1) manage UCITS and other collective investment undertakings approved in the home Member State, and

2) carry out the following in Annex 4, section A, no. The activities referred to in the home Member State of the Administrative Company shall be 4, 5 and 9, if they are subject to the authorisation of the Administrative Company.

Paragraph 4. The SEC shall obtain the following information from the supervisory authorities of the home Member State :

1) A description of the branch ' s branch, including information on organisation and activities planned ;

2) a statement that the planned activities are subject to the approval of the undertaking in the home Member State,

3) the address of the branch ; and

4) the names of the branch ' s management or the general agent, cf. $35.

Paragraph 5. If the establishment is a credit institution, the financial supervision shall also obtain information on the size of the basic capital and the solvency ratio of the establishment, and any guarantees provided for in the home Member State of extensive branch depositors, or investors.

Paragraph 6. Where the company is an investment company or an administration company, cf. Section 5 (5). 1, no. 5, the Financial Regulation shall also seek to obtain information about any guarantee scheme in the home Member State, which includes the branch ' s investors.

Paragraph 7. If the company is an insurance undertaking, the Financial supervision shall also obtain the solvency certificate.

Paragraph 8. If the branch is to cover the risks of insurance class 10, cf. Annex 7, no. Ten, other than the carrier ' s liability, shall also require a statement that the branch is a member of the Danish Federation for International Motor Insurance. For the insurance of the branches concerned to cover the said risks, the sections 105 to 108 and 110-115 are subject to the insurance of the traffic law.

Niner. 9. Establility shall inform the Finance-monitoring of any amendment to the measures referred to in paragraph 1. 4, no. 1-4, and paragraph 1. 5-8 conditions within one month before the change is made. If the Financial supervision change is not available within 1 month before the change is made, then the notification shall be made as soon as possible. However, the company must not grant financial supervision changes to the basic capital and solvency ratio of undertakings.

Paragraph 10. The provisions of the company law relating to branches of foreign shareholdings shall apply to the provisions of paragraph 1. 1 mentioned branches.

Paragraph 11. Branches here in the country of credit institutions and investment firms authorised to provide investment services in a country within the European Union or in a country concluded by the Community in the area of the financial sphere ; and who carry out such activity in this country, may use associated agents.

§ 31. A foreign company authorised to exercise it in section 7 to 11 that referred to in another country within the European Union or in a country concluded by the Community in the financial sphere may begin to provide : services in this country where the Financial Supervisory Authority has received notification from the supervisory authorities of the country of origin. The activities of Annexes 2-4, 7 and 8 may be carried out when the supervisory authorities of the home Member State have declared that they are subject to the authorisation of the establishment in the home Member State. Where the foreign company is an insurance undertaking, the Financial supervision shall also have received the services referred to in paragraph 1. The information provided by the supervisory authorities of the country of origin shall be 5 and 6. If the foreign company is an administration company, the Financial Supervisory Authority from the supervisory authorities of the home Member State shall have received a business plan to the proposed tasks and services of the management company, cf. paragraph 3, and more detailed information on relevant guarantee schemes intended to protect investors.

Paragraph 2. Repayment of mortgage bonds, cf. Annex 3 may be exercised by credit institutions which comply with the conditions laid down in the Act on mortgage and mortgage bonds and so on.

Paragraph 3. If the company is an administration company, you can

1) manage UCITS and other collective investment undertakings approved in the home Member State, and

Paragraph 4. The procedure laid down in paragraph 1 1 shall apply mutatis muted when an administration company delegates the marketing of shares in the host Member State to a financial undertaking which has a permit in accordance with section 9 (2). Paragraph 1, or section 10 (1). 1.

Paragraph 5. Where the foreign company is an insurance undertaking, the Financial Supervisory Authority shall obtain the following information from the supervisory authorities of the home Member State :

1) A solvency certificate and

2) an indication of the classes of classes, groups of classes and any ancillary risks which the insurance undertaking intends to cover here in the country.

Paragraph 6. If the insurance undertaking is intended to cover risks of insurance class 10, cf. Annex 7, no. 10, except for the driver ' s responsibility, shall require the financial supervision of the insurance undertaking to require the name and address of the person referred to in paragraph 1. The representative of the 7 mentioned representative and a statement that the insurance company is a member of the Danish Association for International Motor Insurance. For the assurances concerned, to cover the said risks, the sections 105 to 108 and 110-115 are subject to the protection of the traffic laws.

Paragraph 7. The insurance company must also, if it covers the risks of insurance class 10, cf. Annex 7, no. 10, other than the responsibility of the freight carrier, appoint a representative who is resident or established in this country. The representative shall be empowered to collect all necessary information in the context of requirements and to represent the insurance undertaking against injured persons who may claim applicable, including as regards the payment of such requirements.

Paragraph 8. The representative, cf. paragraph 7, shall also be empowered to represent the insurance undertaking against the competent authority and under the actions of the insurance undertaking in respect of the insurance undertakings in respect of the insurance undertakings referred to in paragraph 1. 7 mentioned requirements.

Niner. 9. The appointment of the representative shall not be considered in itself as the establishment of an established business location, cf. § 34.

Paragraph 10. The assurance undertaking shall inform the Finance-monitoring of any amendments to the measures referred to in paragraph 1. 5, no. 2, and paragraph 1. ONE, TWO. a point made by the fact that the change is carried out at the latest.

Paragraph 11. an operator of a regulated market authorised to operate multilateral trade facilities in another country within the European Union or in a country concluded by the Community in the area of the financial sphere, may allow a distance to be made by remote users ; or remote participants in the country to participate in and apply the systems of multilateral trade facilitation.

§ 32. A foreign company can use the same name that the company uses in the home Member State. If there is a risk of confusion with another country in the country, then the Corporate and Corporate Authority can call for an explanation of the explanatory statement.

Special rules for foreign credit institutions and investment firms

§ 33. A foreign credit institution and investment firm authorised in a country outside the European Union, which the Community has not contracted in the financial sphere, must have the authorisation of the Financial supervision to exercise services of securities trading in this country.

Paragraph 2. The SEC may refuse authorization if the law of the country in which the credit institution and the investment firm has been granted authorisation and is under supervision will make the tasks of the financial system more difficult.

Paragraph 3. The SEC shall lay down detailed rules for the authorisation procedure, including the documentation to be sent to the Financial supervision in connection with the application.

Special rules for foreign insurance undertakings

§ 34. The establishment of an assurance undertaking ' s establishment shall mean :

1) The seat established by the Staff Regulations.

2) A branch.

3) An office chaired by a foreign insurance company's own staff.

4) An independent person who has a firm authority to act on behalf of a foreign insurance company, as with a branch.

Paragraph 2. If a foreign insurance undertaking in this country is subject to paragraph 1. 1, no. In section 3 or 4, the office or person shall also be regarded as the company ' s company and shall comply with them in section 30 or in accordance with section 1 (1). 3, fixed conditions.

$35. The insurance company must appoint a general agent to lead the branch, which cannot be drawn without the cooperation of the general agent. The general agent shall be empowered to commit the undertaking to third parties and to represent the insurance undertaking, by the way, in particular, in addition to the Financial Authority and the Corporate and Corporate Services, as well as under lawsuit against the company.

Paragraph 2. If the general agent does not work as the one in section 31, paragraph 1 : 6, the representative of the insurance undertaking ' s company under the class of insurance class 10, cf. Annex 7, no. In addition, 10 other than the driver ' s liability shall also apply to the rules laid down in section 31 (1). 6-9.

Paragraph 3. An insurance company can only have one general agent in this country.

Paragraph 4. The general agent may communicate the prokura to one or more suboperatives.

Paragraph 5. General agents must be subject to full persons and be entitled to have their birth rights in one of the Member States of the European Union, or in a country with which the Community has concluded agreements in the financial sphere. The Financial supervision may, where the conditions are, grant a derogation from the requirement of birth rights.

Paragraph 6. An agent shall be an agent in this country, where the company ' s office may be a general agent if the general agent, as his representative, shall appoint a person who satisfies the parties referred to in paragraph 1. 5 mentioned conditions to be a general agent.

§ 35 a. In the transfer of whole or part of an insurer drawn here in the country of a foreign insurance undertaking in accordance with section 30 and 31, the Financial Supervisory Authority shall publish a notice of the transfer of the home office of the Member State of origin ; in the State of State and a nationwide daily newspaper. The transfer may not be invoked as a basis for raising the insurance contract.

§ 36. Foreign insurance companies covered by the rules in section 30 (1). Paragraph 1, and section 31 (1). 1, covering the risks referred to in Annex 7, may be required of the Financial supervision of the Financial Authority to participate in arrangements guaranteeing the fulfilment of claims by the safe or injured parties, to the extent that such arrangements apply mutatis mutable ; Danish insurance undertakings.

§ 37. The financial supervision of insurance undertakings may lay down detailed rules for services carried out by countries outside the European Union which the Community has not contracted in the financial sphere.

Company Danish financial undertakings abroad

§ 38. A financial undertaking wishing to establish a branch in another country shall communicate this to the Financial supervision, together with the following information concerning the branch :

1) In which country the branch is requested to be established,

2) a description of the branch ' s activities, including information relating to organisation, and the activities envisaged ;

3) the address of the branch ;

4) the names of the branch management ; and

5) for the insurance companies, the name of the branch ' s general agent.

Paragraph 2. In the establishment of a branch within the territory of a country within the European Union or in a country concluded by the Community in the financial sphere, the Financial Committee shall forward the financial supervision referred to in paragraph 1. 1 mentioned information to the supervisory authorities of the host Member State. In the case of financial institutions and real credit institutions, the solvency ratio of the solvency ratio and the solvency certificate of the supervisory authorities of the host Member State shall also be provided. At the same time, the declaration shall be made that the activities envisaged are subject to the authorisation of the financial undertaking.

Paragraph 3. Establish the branch of a country within the European Union or in a country concluded by the Community in the financial sphere and is a financial institution, a real credit institution, a fund-broiler, or in the area of investment management company, the Financial Regulation shall also send information on the investor and depositor-guarantee scheme, as well as for financial institutions and mortgage credit institutions information on the basic capital of the undertaking. In the case of investment management companies and fund-brokerers companies, the supervisory authorities of the Financial Supervisory Authority shall inform the host country ' s supervisory authorities in the information on the investor and depositor-guarantee scheme.

Paragraph 4. The information provided in paragraph 1 2 and 3 shall be sent within three months of receipt of the information. At the same time, the Financial Authority shall inform the Financial Enterprise on the submission of the transmission.

Paragraph 5. The financial supervision of the financial supervision may not be provided in accordance with paragraph 1. If there is a reason to doubt that the company ' s administrative structure and financial situation are justifiable as a basis for the envisaged establishment. The SEC shall notify the undertaking within two months of the receipt of the information referred to in paragraph 1. 1 mentioned information.

Paragraph 6. The undertaking shall inform the Finance-monitoring of any change in the measures referred to in paragraph 1. 1 mentioned circumstances. The financial supervision must have received the notification no later than 1 month before the change is made. If the Financial supervision change is not available within 1 month before the change is made, then the notification shall be made as soon as possible. The company is obliged to the host country ' s supervisory authorities in the same way if the host country is a different country within the European Union or countries with which the Community has concluded agreements in the financial sphere.

Paragraph 7. A financial undertaking must be authorised by the Financial Authority to establish a branch in a country outside the European Union which the Community has not signed up to in the financial sphere. If there is reason to doubt that the company ' s administrative structure and financial situation are sound as the basis for the envisaged establishment, the Financial Permission may refuse an application for authorisation.

Paragraph 8. If the Financial Authority has requested that an insurance company prepare a plan for recovery, cf. section 248, the Financial supervision must not disclose the solvency certificate.

§ 39. A financial undertaking wishing to carry out activities in the form of cross-border services in a country within the European Union or in a country concluded by the Community in the area of the financial sphere shall provide the Financial supervision of the Financial Authority ; a statement of the country to which the undertaking is to be opened and the activities to be desired. In addition, insurance companies must indicate which classes, groups of classes and, where appropriate, ancillary risks are to be exercised. In addition, investment management companies shall submit a business plan of proposed tasks and services and details of relevant guarantee schemes designed to protect investors.

Paragraph 2. The SEC shall forward the item referred to in paragraph 1. 1 notice and a statement that the activities envisaged are subject to the approval of the undertaking, to the supervisory authorities of the host Member State within one month after receipt of the information referred to in paragraph 1. 1 mentioned message. If the company is an insurance company, the Financial Supervisory Board shall also send a solvency certificate to the host country supervisory authorities. If the company is an investment management company, the Financial Regulation shall also send information about the investor and depositaries of the guarantee scheme.

Paragraph 3. If the company is a foundation broker or an investment management company, the company shall be obliged to notify the SEC and the supervisory authorities of the host country to any change in the rules referred to in paragraph 1. 1 mentioned conditions no later than one month before the changes are made. If the Financial supervision change is not available within one month before the change is made, then the notification shall be made as soon as possible.

Paragraph 4. An investment management company that delegates the marketing of shares in another country within the European Union or in a country concluded by the Community in terms of the financial area to third parties shall apply it in section 31, paragraph 1. 1, the procedure referred to.

Paragraph 5. If the Financial Control Agency has requested that an insurance company prepare a plan for recovery, cf. section 248, the Financial supervision must not disclose the solvency certificate.

Paragraph 6. Operators of regulated markets authorised to operate multilateral trading facilities here in the country, cf. Section 9 (1). 9 and who wish to see the participation of the remote or remote participants in another country within the European Union or in a country with which the Community has concluded agreements in the financial sphere and shall use the multilateral system ; the systems of trade facilities shall comply with the requirements referred to in paragraph 1. 1 mentioned procedure.

§ 40. A financial undertaking wishing to establish a subsidiary (there is a credit institution, an investment firm or an insurance company) in a country outside the European Union, which the Community has not contracted, must have : Permission granted to the financial system. If there is reason to doubt that the company ' s administrative structure and financial situation are sound as the basis for the planned establishment, the Finance Board will not allow the financial supervision to be granted.

Paragraph 2. A financial undertaking shall inform the Financial supervision of the establishment of subsidiaries in a country outside the European Union which the Community has not contracted with which is not covered by paragraph 1. 1.

Special rules for the activities of Danish insurance undertakings abroad

§ 41. The SEC may lay down detailed rules on the activities of Danish insurance undertakings in countries outside the European Union, which the Community has not concluded in the financial sphere.

§ 42. The SEC may lay down rules on the transfer of the insurance stocks to be drawn under company in accordance with section 38 (1). One, and paragraph 39, paragraph. 1.

TITLE III

Good practice, etc.

Chapter 6

Good practice, price information and contractual relations

General rules for good practice, price information and contractual relations

§ 43. Financial enterprises and financial holding companies must be operated in accordance with fair business practices and good practice in the field of business.

Paragraph 2. The Economic and Economic Affairs Minister lays down detailed rules on refine business practices and good practices for financial undertakings.

Paragraph 3. The Economic and Economic Affairs Minister shall lay down detailed rules on price information for financial services.

§ 44. It is not permitted for commercial purposes in this country to contribute to the direct insurance in the country of residence, Danish ships or other risks comprising this country, drawn from other than

1) Danish insurance undertakings and

2) foreign insurance undertakings which comply with the conditions laid down in section 30 (1). Paragraph 1, or Section 31 (1). 1, as well as foreign insurance undertakings authorised by the Finance Board.

Special rules concerning the contractual relationship of financial institutions, real credit institutions and insurance undertakings

§ 45. If hybrid seed capital, cf. Section 132, or responsible loan capital is issued in the form of a mass debt note, the financial undertaking shall designate such capital evidence.

§ 46. In the drawing of a financial institution, the real credit institution or insurance undertaking, of capital deposits covered by § 132 and § 136 (4). At the same time, the company must not at the same time offer loan financing for the purchase of capital deposits.

§ 46 a. Peninstitutes must not offer retail customers or professional customers borrowing finance in the sale of responsible capital in the form of shares or of the guarantee of guarantee in that institute. No matter what. Act. may, however, grant loan financing to the employees ' s purchase of employee shares as part of an employee stock scheme.

Special rules for financial institutions

§ 47. In the case of the business relationship, the loan granted by a financial institution shall be made by a financial institution and no credit shall be granted by payment of the principal, depayment or interest, six months after the due date of the services concerned, in writing. any guarantor or of those authorised to receive the notification on behalf of all the guardsores. The failure to do so will result in the financial institution losing its claim to the guarantors, to the extent the regression of the borrower has been deteriorated by the omission.

§ 48. Where a bail bondsman has been made bail for the loan granted by a financial institution, and without payment of the principal chair, payment or interest, three months after the due date of the services concerned, no later than three months after the due date of the relevant benefits, three months after the due date of the relevant benefits, Communication on this subject to the guarantor. The provision in 1. Act. where appropriate, shall apply by analoging the monetary institution granting the borrower without the guarantor ' s consent for this purpose in the specific case.

Paragraph 2. The deadline for the period referred to in paragraph 1 1, the bond obligation may be applied only to the guarantor of the amount payable by the borrower after the creditation would have been issued if the borrower had paid all benefits in due time until the time of 3 months preceding the payment of the payment of the loan ; at the time when message is given.

Paragraph 3. Transcriction of the period referred to in paragraph 1. 1 shall result in the financial institution losing its claim to the guarantors, to the extent their regression against borrowers has been deteriorating, even though the reduction of the guarantee requirement shall be reduced in accordance with paragraph 1. 2 shall be taken into account.

Paragraph 4. A guarantor may not be liable for an amount greater than the principal ' s principal or the credit of the credit at the conclusion of the bail agreement.

Paragraph 5. Bail agreements in accordance with paragraph 1. 1 shall be written in writing in order to be able to apply.

Paragraph 6. A guarantee of bail under paragraph 1. 1 shall lapses after 10 years or, where the bail agreement has been concluded for a credit with a variable amount, or for a loan without fixed due date, after 5 years, unless the obligation has been made by the financial institution.

Paragraph 7. By causational agreements under paragraph 1. 1 shall provide the financial institution annually and in writing to grant the guarantor the amount of the indebted debtor for which the bail has been made.

§ 49. If a savings fund has lost part of its guarantee capital, it shall be required to provide information to persons wishing to enter as guarantors.

Paragraph 2. If an Andelmolasses has lost part of the second chapter, the sands box shall provide information to persons wishing to draw share capital.

Paragraph 3. In the case of limited liability companies, the provisions in force for the reduction of share capital shall be subject to the necessary reductions in use for the reduction of share capital in the andelskasser.

$50. Capital pension, savings, self-pensions, child savings and housing savings in a financial institution may be deposits in cash or as a cash deposits and may also be placed in a separate depot.

Paragraph 2. The SEC shall lay down detailed rules for savings of pools in a bank account, including rules on the allocation, administration, accounting, accounting, auditing and customer information. The SEC also provides for detailed rules for the placing of funds in transferable securities, including registration in a securities centre, credit statement, valuation and deposit.

§ 51. Capital pension, savings, self-pensions, child savings and housing savings in a deposit account must be fully covered by the Guarantee Fund for depositors and investors, by a similar scheme in the case of the credit institution in the case of : the payment condition and bankruptcy of credit institutions or of a combination of both schemes.

§ 52. Financial institutions which have been granted approval of the financial supervision as a debit party for an investment association, special association or union, must act as a debit party to act independently and exclusively in the interest of the association.

Special rules for mortgage credit institutions

§ 53. A mortgage agreement must inform the borrower in the loan agreement that mortgages granted contrary to the law on mortgage lending and mortgage bonds etc. may be required to be reduced in accordance with this law.

Paragraph 2. If a mortgage on mortgages and mortgage bonds are to be reduced, the mortgage credit institution shall, as a replacement, provide a loan on equivalent terms so that the borrower is placed in an unchanged position. All loan costs associated with the conversion shall be the responsibility of the mortgage credit institution.

Paragraph 3. The retaser is not entitled to a reorganization after paragraph 1. 2, if the credit institution is reimbursed, that the borrower knew or should know that the mortgage loan was granted in breach of the provisions of the law on mortgage and mortgage bonds, etc., or if the infringement of the provisions referred to in Article 2 (1) of the Directive ; incidentally, the information is given by the borrower.

Special rules for investment management companies

§ 54. When investment management companies perform portfolio care for investment associations, specialised associations, professional associations, team associations, hedge funds and other collective investment schemes, including transferable securities, these are the associations covered by the same protection as customers after paragraph 72.

Paragraph 2. The investment management companies authorized to perform discretionary portfolio management shall be subject to prior agreement with the Customer whether the investment management company may place the Customer's portfolio agents or a portion thereof in shares in : investment associations, specialised associations, professional associations, or other collective investment schemes which the investment management company administers.

Special rules for insurance undertakings

§ 55. The following insurance contracts may not be entered into or entered in the country by any person :

1) Lifelong insurance, thereby committing to the death of the undertaking to pay more amounts than the paid premiums, insofar as the policyholder is one from the insured person and does not have the consent of the concierge.

2) Lifelong insurance, which obliges a company to pay a larger amount than the paid premiums paid in full with interest resulting from deaths prior to the encyclopedia of the Safeer. Years.

Paragraph 2. The financial supervision may exempt from the provisions of paragraph 1. 1, no. One and two.

Paragraph 3. The Financial supervision may lay down detailed rules on the content of normal life assurance business.

§ 56. The SEC shall lay down detailed rules on the information supplied by a life or insurance undertaking to be given in writing to customers prior to an insurance contract and under the current customer relationship.

§ 57. An insurance undertaking providing consumer insurance should provide that the assurances in question can be drawn in terms of the insurance may be terminated by the policy holder with an advance notice of 30 days until the end of a calendar month.

Paragraph 2. In the interests of consumer insurance in paragraph 1. 1 means an insurance policy in which the policy holder (the consumer) at the conclusion of the contract is mainly outside its occupation.

Paragraph 3. Paragraph 1 shall not apply to the life insurance and the ownership insurance drawn under the law of consumer protection by the acquisition of immovable property and so on. 1 shall not apply to insurance, which covers a specific risk that only extends ; over a limited period of time when the contract is concluded for a maximum of one (1) month (short term insurance), unless insurance is part of another type of insurance.

§ 57 a. An insurance undertaking shall use an operator only for the provision of the insurance undertaking ' s products if the trader is registered in a public register of intermediaries, cf. ~ 10 (1)) Paragraph 1, or section 27 (2). One, in the law of insurance intermediaries.

Paragraph 2. An insurance undertaking may also use insurance distributors which are covered by Section 3 (1). Two, in the law of insurance intermediaries.

§ 58. If a life insurance policy has been expelled, the person who has been reimbursed by the person who has reimbursed his welcome to the policy may refer to the holder of the incident at six months ' notice to call for the person to sign up. The call, which shall be made by the announcement in the State in the first in a quarter, shall contain a sufficient description of the policy, including the name of the policy in whose life insurance is drawn.

Paragraph 2. If no one calls for the expiration of the deadline, the policy is invalid and the company is drawing up a new policy for the one that requested the call. This will have to pay the cost of the invocation.

Paragraph 3. Any sign of the notice, and may not be obtained, a new policy may not be issued before the validity of the declared invalidity of the declared rules is decided.

Paragraph 4. The provisions of paragraph 1. 1-3 shall not result in a restriction on access to a life insurance policy of mortification by judgment pursuant to the legislation on the mortification of securities.

$59. An insurance undertaking which draws structural insurance shall be subject to the restrictions arising from its articles of association or its authorization, taking over the insurance of any building.

Paragraph 2. However, the company may refuse to insure

1) buildings which are not defensible against fire hazard ; and

2) Abandon buildings.

§ 60. An insurance undertaking cannot put an end to an end-of-building insurance due to a non-payment of premium.

Paragraph 2. A customer may discontinue the insurance only with the consent of all the customers and liabilities in the property, except in the absence of the property, without prejudice to their legal status, in another undertaking which has : permit to operate building fire insurance.

Paragraph 3. The insurance undertaking shall have the right of premiums to be paid with accrued interest and other costs. Furthermore, the Company has mortars the services of the property tax to the State and the municipality for 1 years from time of due.

Paragraph 4. The SEC shall lay down minimum conditions for the composite of insurance undertakings ' s drawing-up insurance.

TITLE IV

Ownerconditions and management, etc.

Chapter 7

Ownerconditions

§ 61. Any natural or legal person or natural or legal persons acting in understanding with each other who are directly or indirectly acquiring a qualified share, cf. Section 5 (5). 3, in a financial undertaking or a financial holding company, shall, in advance, apply to the Financial supervision of the proposed acquisition. The same is true in the case of increasing the amount of the qualified share resulting from the acquisition or exceeding a limit of 20 pct., 33%, respectively, in addition to the amount of the acquisition. or 50%. by the company chapter or to the voting rights, or the financial undertaking or the financial holding company will be a subsidiary.

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

Paragraph 3. The SEC shall have from the time of the written confirmation of the receipt of the application, cf. paragraph 2, and the receipt of all the documents required by the application, an estimate period of 60 working days to carry out the assessment referred to in Section 61. Confirmation of the receipt of the application, cf. paragraph 2, the Financial Authority shall inform the proposed acquiring on the date on which the evaluation period expires.

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

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

1) Whereas the proposed transferee is indigenous or subject to legislation outside the European Union which the Community has not concluded in the financial sphere ; or

2) the proposed transferee is a natural or legal person who is not authorised to exercise it in section 7 to 11 or Article 308 or in section 16 of the Act of securities trading, etc., in Denmark, another country within the undertaking ; the European Union or in a country concluded by the Community in the area of the financial sphere.

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

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

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

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

§ 61 a. In relation to its assessment of an application received in accordance with section 61 (2), the financial supervision must be carried out. 1, ensure the prudential and sound management of the undertaking in which the acquisition is envisaged. The assessment shall also take into account the likely impact of the acquiring industry, the suitability of the proposed transferor and the financial solidity of the proposed acquiring, in relation to the following criteria :

1) The reputation of the acquiring.

2) The remorse and experience of the person or persons who, after the acquisition, will lead the financial undertaking or the financial holding company.

3) the economic circumstances of the proposed sector, in particular in relation to the nature of the operations operated or intended to be driven by the financial undertaking or the financial holding company in which the acquisition is envisaged.

4) Whether the company can continue to comply with the regulatory requirements in the legislation, in particular on the group which may be included in the company, a structure that enables effective supervision and an effective exchange of information is available ; the responsibility of the competent authorities between the competent authorities and the determination of the responsibility of the competent authorities.

5) For the purpose of the proposed acquisition, there is reason to assume that money laundering or the financing of terrorism, cf. sections 4 and 5 of the Act on Preventive Action against the laundering of the proceeds and the financing of terrorism will be done.

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

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

§ 61 (b). Any natural or legal person or natural or legal persons acting in understanding with each other that is directly or indirectly to dispose of a qualified share in accordance with the provisions of the person concerned. Section 5 (5). 3, or reduce a qualified share in a financial undertaking or a financial holding company, so that the Disposal of the Disposal is the limit of 20 pct., 33% respectively. or 50%. by the company chapter or voting rights no longer has been achieved, or does the undertaking or the holding company cease to be their subsidiary, prior to written notification of the financial supervision of the financial statement thereof, the size of the proposed future capital portion.

§ 61 c. Where a financial undertaking or a financial holding company is informed of acquisitions or dispositions of shares as referred to in Section 61 (2), 1, and Section 61 (b), the company or the holding company shall immediately notify the Financial supervision of the Financial Authority.

Paragraph 2. Financial undertakings and financial holding companies must notify the Financial Control of the names of the capital owners by the end of the preceding year at the end of the year in the financial undertaking or the financial holding (s) at the end of February ; financial holding company, and the size of these units.

§ 62. Where the capital owners hold one of the sections 61 (1) of this Article. Paragraph 1 (1) of a financial undertaking or a financial holding company does not meet the requirements of section 61 a (1). 1, the Financial supervision may waite the voting rights associated with the capital shares of the owners concerned or to comply with certain guidelines.

Paragraph 2. The financial supervision may cancel the voting rights associated with the capital shares owned by natural or legal persons who do not comply with the obligation in section 61 (2). 1, to the prior notification of the Financial supervision. The capital shares are reassigned full voting rights if the Financial supervision can approve the acquisition.

Paragraph 3. Where a natural or legal person has acquired capital shares as referred to in Section 61 (1). 1, irrespective of the fact that the Financial Control Board has refused to approve this acquisition of capital shares, the financial supervision of the financial supervision shall be waisted for the right to vote on these holdings.

Paragraph 4. In accordance with paragraph 1, the Financial Authority has repealed the right to vote. One-three, capital cannot be included in the presentation of the votes of the General Assembly of the general public.

§ 63. The SEC must be informed in advance of the direct or indirect acquisition of a qualified share in a foreign financial undertaking by financial undertakings and financial holding companies, as well as such increments of the qualifying ; share resulting from the fact that this constitutes or exceeds a limit of 20 pct., 33% respectively. and 50%. of the voting rights, respectively, or that the foreign financial company is becoming a subsidiary. The notification shall contain information on the establishment of the country in which the undertaking is established.

Paragraph 2. Financial companies and financial holding companies, which have a minimum of 10%. in the case of a foreign financial undertaking, which is intended to reduce this share in such a way that it falls under one of the provisions referred to in paragraph 1. 1 established limits shall inform the Financial supervision of the matter and indicate the size of the proposed future share.

Paragraph 3. Where the foreign financial undertaking becomes a subsidiary, the financial statement of information relating to the subsidiary undertaking shall include :

1) In which country the subsidiary is desired,

2) a description of the subsidiary undertaking, including information relating to organisation and planned activities,

3) the address of the subsidiary

4) the names of the subsidiary company management.

Paragraph 4. In the case of a change to a relationship that has been notified in accordance with paragraph 1. 3, no. 1 4, the financial undertaking or the financial holding company shall give notice to the Financial supervision of this subject before the change is made. If the financial undertaking or the financial holding company is not in advance with the change in advance, notification to the Financial Authority shall immediately be notified of the receipt of the financial undertaking or the financial holding company ; notification of the change.

Chapter 8

Management and establishment of the undertaking

§ 64. A member of the Management Board and the Executive Board of a financial undertaking shall have complete experience of the profession or the position.

Paragraph 2. A member of the Management Board and the Governing Board shall not be able to dispute the profession or the position of a member of the board and the director of a financial undertaking, provided that :

1) the person concerned is subject to criminal liability for infringement of the penal code or the financial legislation and that violation involves the risk that the profession or position is not kept in a reassuring manner ;

2) the person concerned has notified the claim of payment, filed for forced repayment, bankruptcy or debt relief, in the case of insolvency proceedings, debt relief or obsessive-compulsive,

3) the economic situation of the person concerned or undertakings owned by the person concerned or in which it is involved has incurred the loss or risk of loss or loss ;

4) the person concerned has shown such behaviour that there is reason to assume that the person concerned does not intend to carry out the profession or the position in a responsible manner.

Paragraph 3. Members of the Management Board and the Governing Board shall have a duty to provide the Financial supervision of information relating to the information referred to in paragraph 1. 2 specified conditions.

Paragraph 4. Paragraph 1 (1). 2, no. 1, 2 and 4, and paragraph 1. 3 shall apply to members of the Management Board and the Governing Board in a financial holding company.

Paragraph 5. The provisions of paragraph 1. 1-4 shall apply mutatis muctis to the general agents, cf. $35.

§ 65. The Management Board shall, at a time of procedure, take a more detailed procedure for the performance of its duties

§ 66. The drawing right of section 135 (5). In the company law, members of the Board of Directors or the Governing Board shall be exercised only by at least two consores.

§ 67. Invocation to the general assembly of a financial undertaking, or a representative meeting of a savings bank, shall be publicly available and in accordance with the provisions of the Staff Regulations. The press must have access to the general meetings, respectively, in the case of the representatives of the Community meetings in savings.

Paragraph 2. Paragraph 1 shall not apply to undertakings, which are 100%. owned by a financial undertaking or financial undertakings in the same group.

§ 68. Financial undertakings shall exercise the powers conferred on the Enterprise and the Corporate Protection Agency in accordance with Article 92 (2). Two and three, company law.

§ 69. A representative may be set up for the taking of particular tasks, including the choice of the board, of a board of directors. The members of the representative who are responsible for the performance of their duties shall be subject to the same responsibility as the Administrative Board. The provision does not apply to savings savings.

§ 70. The management of a financial undertaking shall, for the main activities of the financial undertaking, complete written instructions in which the division of the board and management division shall be determined.

§ 71. A financial undertaking shall have :

1) effective forms of enterprise management,

2) a clear organizational structure with a well-defined, transparent and consistent distribution of responsibilities ;

3) a good administrative and accounting practice ;

4) in writing business practices in all the major areas of activity,

5) effective procedures for identifying, managing, monitoring and reporting on the risks to which the undertaking is or may be exposed ;

6) the resources necessary for the proper execution of its activities and the appropriate use of these resources ;

7) procedures for the separation of functions in connection with handling and prevention of conflicts of interest ;

8) adequate internal control procedures and

9) reassuring control and security measures in the IT area.

Paragraph 2. The SEC shall issue guides in paragraph 1. 1 mentioned areas.

§ 72. A financial undertaking authorised to operate as securities trades must comply with the requirements of section 71 (3). 1, and take the necessary measures to ensure consistency and regularity in its business as securities trades and the use of resources, systems and procedures which are appropriate for this purpose.

Paragraph 2. A financial undertaking that has permission to operate as securities trades must :

1) have appropriate rules and procedures for transactions with the instruments listed in Annex 5, which include company management and staff,

2) be able to detect conflicts of interest which may harm the interests of customers, both between the customers of the transferable traders and between customers and the securities dealer and limit these conflicts of interest as much as possible, and where there is a risk that ; the customers ' interests, in the specific case, inform the Customer of the general content of the conflicts of interest prior to the conclusion of the contract with the Customer ;

3) ensure the rights of customers to their funds and the instruments listed in Annex 5,

4) protect customer's rights and shall not, without explicit consent, dispose of their means and instruments, and

5) keep an adequate list of all the services and transactions carried out for at least five years after completion of the service, and the transaction has been completed.

Paragraph 3. A financial undertaking that has permission to operate as securities trader can store client's instruments, cf. Annex 5, in the same depot (cooperator), if the financial undertaking has informed the individual customer of their legal effects and the Customer has given their consent. The SEC may, in particular cases, grant permission for the use of customers and a financial undertaking ' s own devices in the same depot. A financial undertaking must keep a register of which the individual customer's ownership of the recorded instruments is clearly apparent. The financial supervision can take away from a financial undertaking which is authorised to operate as securities trades, the right to conduct a collection of trade.

Paragraph 4. Paragraph 2, no. Two-four, shall apply mutatis mutandis to the Danish National Bank and the Economic and Financial Authority with the necessary adjustments.

Paragraph 5. The financial supervision may lay down detailed rules on the rules laid down in paragraph 1. 1-3 conditions.

Paragraph 6. In the event of a financial undertaking ' s bankruptcy, payeing, or similar. the individual customer may on the basis of the provisions referred to in paragraph 1. 3, 3. pkt., listed the register shall take up its instruments of a cocondente if the customer's right of ownership is not in dispute.

§ 72 a. The Economic and Industry Minister shall lay down detailed rules on outsourcing

1) the responsibility and control of outsourcing business with a supplier, including its further outsourcing,

2) the obligation of outsourcing to inform the Finance-SEC within 8 working days of the award of outsourcing contract ;

3) outsourcing business internal guidelines for outsourcing and

4) requirements that the outsourcing company must at least ensure that the supplier at any time meets and which must be agreed in the outsourcing contract.

Paragraph 2. The Financial supervision may take a decision that the outsourcing company ' outsourcing must be terminated within the time limit laid down by the Financial Authority if the outsourcing contract or its parties do not meet the rules laid down in accordance with paragraph 1. 1.

§ 73. Enlisted as a board member of a financial undertaking or as a member of the cabinet in other financial undertakings may not be reconcined with the position of the Director of the Company in question. However, the Board of Directors of a Director of Directors may temporarily not be prone to one of his members or a member of the representative as director. In such cases, the person concerned may not be able to exercise the right to vote in the said bodies.

Paragraph 2. Enlisted as an internal audit manager and vice-principal manager cannot be reconcined with the profession as a member of the governing board.

§ 74. The chairman shall see to it that the board of directors meet when this is necessary and shall ensure that all members are conventionable. Any member of the Management Board, a director, an external auditor, the internal audit manager and the acting acting in a financial undertaking may require the management board to be conveneable. A director, an external auditor, the internal audit manager and the responsible actuar shall have the right to participate in and comment on board meetings, unless the management board of the individual case takes a different decision. External auditors and the Internal Audit Manager are always entitled to participate in board meetings when dealing with cases that are important for the review or for the submission of the annual report.

Paragraph 2. External auditors, the Internal Audit Manager and the responsible actuarial are obliged to take part in the management of the relevant dossiers, provided that it is desired by just one board member.

Paragraph 3. The Board of Directors shall be subject to the Protocol signed by all Members present. A chairman, a director, an external auditor, the Internal Audit Manager or the responsible actuarial who do not agree with the decision of the Management Board, has the right to have its opinion recorded in the Minutes.

§ 75. The financial undertaking shall immediately inform the Financial supervision of matters of vital importance to the continued operation of the financial undertaking.

Paragraph 2. The same applies to the individual member of the Management Board, a CEO and the responsible actuarial in a financial undertaking.

Paragraph 3. If a member of a financial undertaking or management board, the external audit or the responsible actuarial shall assume that the financial company does not meet the capital requirement according to section 124-126 or the solvency requirement in accordance with section 124 (4). 4, section 125, paragraph. 7, and section 126 (4). The person concerned shall immediately notify this information to the Financial supervision.

SECTION 76. A Director shall not, without the consent of the Management Board, conclude an agreement between the financial undertaking and himself or the agreement between the financial undertaking and the third party, in which the director has a significant interest in conflict with it ; financial business.

§ 77. People who are employed by the management board of a financial undertaking and staff in respect of which there is a significant risk of conflict between its own and the financial interests of the financial undertaking, shall not, on its own account, be taken from its own account ; by means of companies they control ;

1) borrow or withdraw from already granted credits for the purchase of securities where the securities purchased are lodged with the loan or credit,

2) acquire, issue or deal with derivative financial instruments, unless the purpose is to cover the risk of risk of exposure ;

3) the acquisition of capital shares, except for shares in investment associations, special associations, hedge funds and foreign investment undertakings subject to the law on investment associations and special associations, as well as other collective investment schemes ; etc., with a view to the sale of these earlier than six months after the acquisition or

4) acquire positions in foreign currency, with the exception of the euro when the positioning is done for the purposes other than the payment for the purchase of securities, goods or services, or purchase or operation of regular property or for the use of travel.

Paragraph 2. The one in paragraph 1. The persons referred to in paragraph 1 shall not be allowed to acquire shareholdings in companies engaged in business as referred to in paragraph 1. 1, no. 1-4. However, this does not apply to the purchase of shares in financial institutions, insurance undertakings, real credit institutions or fund brokers and shares in investment associations, special associations, hedge funds and foreign UCITS covered by law ; on investment associations and special associations as well as other collective investment schemes, etc.

Paragraph 3. The Management Board shall adopt a position on which employees are a major risk of conflict between its own and the interests of the financial undertaking, which must therefore be covered by the ban. The Management Board shall ensure that the persons concerned are aware. The penalty clause in Section 373 (1). 2, shall apply from the date on which the person concerned has received information on this subject.

Paragraph 4. The Administrative Board shall apply to persons covered by paragraph 1. 1 prepare guidelines for the control of compliance with the prohibition referred to in paragraph 1. Paragraph 1 and paragraph. TWO, ONE. pkton, including on the reporting of assets positions.

Paragraph 5. The external audit shall examine the guidelines of the financial undertaking in accordance with paragraph 1 of this year. 4 and, in the audit protocol, concerning the annual report, indicate whether the guidelines are assessed to be reassuring and have operated appropriately, and whether the company ' s control procedures have given rise to comments.

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

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

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

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

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

§ 77 a. In the payment of the management of members of the management of the financial establishments, variable wages may not exceed 50%. of the flat-rate basic salary, including pensions.

Paragraph 2. In the case of variable salary parts, compensation schemes shall mean that the final remuneration is not known in advance, including, for example, bonuses, performance contracts and other similar schemes.

Paragraph 3. The Economic and Economic Affairs Minister may lay down detailed rules on the rules laid down in paragraph 1. 1 and 2 conditions.

§ 77 B. In financial undertakings, the Chairman of the Board of Directors in its report to the company ' s chief agency shall explain the remuneration of the company ' s management. The statement shall contain information on the remuneration in the preceding financial year and on the expected remuneration for the current and future financial years.

§ 78. Without the approval of the Management Board, which is to be entered in the board of the board's negotiating protocol, a financial undertaking must not grant commitment to or receive security from

1) members and directors of the financial undertaking ; or

2) establishments in which it is referred to in point 1 the person shall be the director or a member of the board.

Paragraph 2. The people in paragraph 3. 1 mentioned exposures shall be granted in accordance with the usual business conditions and market-based conditions of the financial undertaking. The external auditor of the financial undertaking shall be issued in the audit protocol on the annual report on the question of whether or not the requirements of 1. Act. are met.

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

Paragraph 4. The rules of paragraph 1. 1-3 also applies to exposures to persons associated with the Directors of Marriage, at least two years or relative to the ascending or descending line or as siblings, and with undertakings for which such individuals are CEOs.

Paragraph 5. A financial undertaking or undertakings within the same group may not grant commitment or receive security from an external auditor or to the internal auditing or temporary-agency director. This does not apply to the loan granted by a life assurance undertaking in the re-purchase value of one of the life insurance undertakings issued insurance policy.

§ 79. The rules on company law corporate representation do not apply to employees in companies through which a financial undertaking temporarily operates the second company under this law.

General rules on the other duties of the management

$80. Persons who are employed by the Administrative Board of the Management Board in a financial undertaking cannot own or operate independently of the governing board or as a member of the governing board or as a member of the governing board or in any other way, in the management or operation of the second business activity other than the financial undertaking, cf. however, section 199 (4). 9 and 10.

Paragraph 2. Other staff of a financial undertaking for which there is a material risk of conflict between its own and the financial market, cannot without the permission of the Executive or to operate independently of the business or to operate independently of the management of the financial market ; board member, functionary, or otherwise involved in the management or operation of the other business business other than the financial establishment. The Administrative Board shall be informed of authorisations given by the Executive Board.

Paragraph 3. The Management Board shall adopt a position on which employees there are a material risk of conflicts between its own and the financial interests of the financial undertaking, which must therefore be given the approval of the Executive Board, cf. paragraph 2. The Management Board shall ensure that the persons concerned are aware of this. The penalty clause in Section 373 (1). 2, shall apply from the date on which the person concerned has received information on this subject.

Paragraph 4. The one in paragraph 1. The activities of 1 and 2 may be disputed only if the financial undertaking or undertakings which form part of the group or management community of the financial undertaking do not have or conclude exposures with those referred to in paragraph 1. 1 and 2 the business operators or undertakings which are included in the group with these undertakings. Exemptions from here are exposures in the form of capital shares, exposures to the products referred to in paragraph 1. Whereas 5 and 6 establishments and engagements referred to in the Financial Business or Business Companies business, where financial undertakings and foundations have been established in accordance with the financial undertakings and associations, § § 207, 214 and 215 Owns more than 4/5 of the capital shares.

Paragraph 5. The one in paragraph 1. 4 specified exposures not applicable to the participation of Danish Shipments of Danish Development Fund A/S, Danish Development Fund A/S, BSU Fund, LR Realcredits A/S, Bornholm ' s Commercial Foundation, Greenland Bank A/S, Kingdom Denmark's Fisheries Bank, regulated markets, clearing centres, securities centres, OMX AB, OMX Exchanges Oy, the Industrial Industry Fund (IFU) and the Industrial Action Fund for the East (IFE).

Paragraph 6. The one in paragraph 1. 4 specified exposures shall not apply to the management board of a company which is temporarily operated by a financial institution, a credit institution or insurance undertaking under Section 25 to ensure or conduct ; pre-entered exposures.

Paragraph 7. All permits granted by the Administrative Board pursuant to paragraph 1. 1 shall appear on the board of the board's negotiating protocol.

Paragraph 8. The financial undertaking shall publish at least once an annual information on the functions approved by the Management Board in accordance with paragraph 1. Furthermore, the external audit of the audit protocol laughter concerning the annual report shall be issued on the question of whether the financial undertaking has the involvement of business undertakings covered by paragraph 1. One and two.

Niner. 9. The Financial supervision may, in particular cases, dispensers from paragraph 1. 4.

Special rules for savings savings

§ 81. The cabinet is the top authority of the savings bank.

Paragraph 2. The representative must have at least 21 members. Representatives are selected for a period of four years. If the representative on departure becomes less than 21 members, the alteration of the alteration shall take place.

Paragraph 3. Explanations of the choice of representatives shall be the depositors and guarantors of the savings bank. Each intake can only issue one vote. A guarantor has 1 votes for every 1,000 kroner. pa-paid guarantee capital, but not more than 20 votes. Rules on the electoral system, voting rights and the implementation of elections must be included in the memorandum.

Paragraph 4. The depositors and guarantors who vote in elections to the representative shall select a part of this to correspond to the ratio between the votes cast and the total number of votes to the depositors of the savings and the guarantors, however : at least 1/3 of the representatives. The other Members will be elected only by the voting guarantors and in the savings of savings income without voting guarantors of the outgoing representative. It should be pursued that the representative should be combined with alsica, both in geographical terms and in commercial terms.

Paragraph 5. If any depositor in the austerity box has the right to enter as a guarantor and the number of votes that may be provided by the guarantors shall be at least 1,000, it may, irrespective of the provisions laid down in paragraph 1. The representatives of the guardians shall be determined by the guardians of the savings and in the savings of the savings bill. A guarantor has 1 votes for every 1,000 kroner. pa-paid guarantee capital, but not more than 20 votes.

$82. Board members shall be selected by the Board of Representatives for a maximum of four years at a time.

§ 83. The statutes of the savings are to contain provisions concerning :

1) the name and potential binnames of the bank,

2) the amount and the cost of the guarantee capital,

3) the guarantors and the obligations incumlient to them ;

4) the board, management board, management and auditing,

5) the call for representative meetings and the choice of representative, cf. § 81, paragraph. 3,

6) the time and place of the regular representative meeting ;

7) issues to be addressed at the regular representative meeting ;

8) the clearance of accounts and the use of surpluses,

9) amendment of statutes ; and

10) voluntary termination of the establishment.

§ 84. Section 86, section 88 (2). 1 and 3, sections 89, 90, 92 and 93, section 95 (5). 2, section 96 (3). 3, section 100-102, 104, 107 and 108, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, sections 112-119, § § 121, 124-127, 131 and 134, section 135, paragraph 1. In the case of paragraphs 1 and 2, section 136-138 and 140-143, the necessary adaptations and the deviations set out in the provisions of this legislation shall apply mutatis mutandis to savings savings.

Paragraph 2. The certificate of guarantee without prejudice may take place in accordance with the rules in section 66 (1). 3, in the company law, on the same notice as by the mortification of asset mail, which are not a carcase certificate.

Special rules for andelskasser

§ 85. The General Assembly is the supreme authority of the Andelassis and the Andelassens ' cooperative seas are being made.

Paragraph 2. Every Andelshaver has a right to a meeting of the General Assembly and take the floor there. Every other shaver has one vote.

§ 86. Board members shall be selected by the general meeting, cf. However, section 69.

§ 87. An Andelskcode bylaws shall include provisions concerning :

1) the name of the andelskassis and any binary names,

2) the proportion of the cooperative capsule and the share of the shares in the equity capital of the Andelass;

3) the conditions for membership, including the right to admission and access to exit,

4) the obligations of the Andelshaves,

5) General Assembly, Board of Directors, Governing Board, and auditing.

6) the invocation of the General Assembly,

7) the time and place of the ordinary general assembly,

8) issues to be addressed at the general meeting of the General Assembly,

9) the clearance of accounts and the use of surpluses,

10) the adoption of proposals at the general assembly, including amendments to the Staff Regulations,

11) voluntary cessation of the undertaking and

12) provisions for the settlement of the second capital chapter.

Paragraph 2. If an Andmolasses are a member of a group as referred to in section 89-96, this must be stated in the memorandum.

§ 88. section 79, 80 and 86, section 88 (2). 1 and 3, sections 89, 90, 92 and 93, section 95 (5). 2, section 96 (3). 3, section 100-102, 104, 107 and 108, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, sections 112-119, § § 121, 124-127, 131 and 134, section 135, paragraph 1. In the case of paragraphs 1 and 2, section 136-138 and 140-143, the necessary adaptations and the deviations set out in this legislation shall apply mutatis mutandis to andelskasser.

Paragraph 2. Without prejudice to the rules in section 66 (3), 3, in the company law, on the same notice as by the mortification of asset mail, which are not a carcase certificate.

Special rules for the associations of andelskasser

$89. The General Assembly shall be in the group of cooperative groups of the Supreme Authority. The voting rights of the individual shareholdings shall be carried out at the general assembly by delegates appointed by the General Assembly of the individual Andelskassers.

Paragraph 2. Any other shareholder in a connected sandbox has the right to meet the general assembly of the association and take the floor there.

§ 90. The members of the Board shall be chosen by the General Assembly or, if the association ' s statutes determine that, by the representative.

Paragraph 2. The Administrative Board of the Consumers shall approve the statutes of the Andelassers and shall ensure that they are not contrary to this law or against the association ' s statutes. The Management Board may, if required by the supervision, make changes to the statutes of the Andelskassers.

§ 91. The association ' s Staff Regulations shall include provisions relating to the conditions laid down in section 87 (5). 1, no. 1 and 5-12, as well as provisions for,

1) that the association and its members constitute a unit,

2) that the association and its members shall be jointly severally liable for the obligations of the association and its members,

3) the possible losses of the breakdown between the connected andelskuns between the connected andeldskuns,

4) the share of the cooperative shares in the profit and own funds of the meritous end ; and

5) rules on membership, withdrawal and exclusion of the association.

§ 92. Ended andelskboxes must in their name enter membership of the association.

§ 93. The unity of the merger has been empowered to issue a set of rules to Members to ensure that the association and its members can comply with the requirements of the law and of the Staff Regulations.

$94. A connected cooperative board and management board shall provide the internal internal as well as external auditors access to carry out the examinations necessary to the auditors, and shall ensure that they receive the information and the assistance provided ; the auditors consider necessary for the performance of their duties.

§ 95. The withdrawal or exclusion of an association requires authorisation from the Financial supervision and may only be done at least six months ' notice to the end of a financial year. Authorisation may not be granted at the earliest when the accounts for this financial year have been approved, but have effect from the end of the financial year.

§ 96. section 79, 80 and 86, section 88 (2). 1 and 3, sections 89, 90, 92 and 93, section 95 (5). 2, section 96 (3). 3, section 100-102, 104, 107 and 108, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, sections 112-119, § 120, paragraph 1. 1 and 3, sections 121, 124-127, 131 and 134, section 135, paragraph 1. In the case of paragraphs 1 and 2, section 136-138 and 140-143, the necessary adaptations and the deviations set out in the provisions of this law shall apply mutatis mutandis to an association of andelskasser.

Special rules for fund-brokerers and investment management companies

§ 97. (Aphat)

Special rules for investment management companies

-98. The majority of members of the Management Board of the Management Board of the Management Board shall not be members of the Board of Directors of a debit party or any other company, as a group or other investment scheme managed by the person concerned. in the case of investment management, significant agreements have been concluded or have been employed in the debit network or in another undertaking, such as a association or other investment scheme managed by the investment management company in question, entered into substantial agreements or shall be a member of the Management Board for or employed in other companies which are interconnected with these companies.

§ 99. An investment management company ' s management board or management may only grant authorisation in accordance with section 80, paragraph 1. 1 and 2 that a person may be a member of the Board of Governors of or participating in the management or operation of an investment association, a special association, a professional association or a community association if the association in question is not administered by : the investment management company and, if there is no personal fall for the majority of members of the Board of Directors of the Association and the investment management company ' s management board. The person concerned shall not be responsible for the management of the chairman.

Paragraph 2. An investment management board or management board cannot grant permission pursuant to section 80 (3). 1 and 2, to enable directors and other executives to be members of the management board or to participate in the management or operation of the debit company or any other company, as one of the associations or investment schemes, which : the investment management company shall administer significant agreements, or in a company which is affiliated with these companies.

§ 100. An investment management company shall have adequate staffing and professional expertise to carry out the management of the type of associations administered by the investment management company, and to make investment decisions concerning their resources.

§ 101. Investment management companies shall act independently and exclusively in the interest of the association, in the management of investment associations, specialities, professional associations, professional associations, professional associations and hedge funds.

Paragraph 2. In the day-to-day administration, investment management companies shall take care of the interests of the associations they manage, as well as best.

Paragraph 3. Investment management companies must avoid conflicts of interest between themselves and the associations, between companies which it is in concert with, and the associations and between the associations themselves. Where such conflicts of interest cannot be avoided, the management company shall inform the board of the Board of Directors concerned.

Paragraph 4. When an investment management company is also authorized to perform discretionary portfolio management, it must maintain a clear separation between this portfolio management and administration of associations. The investment management company is in relation to the management of associations, subject to the instruction authority of each of the governing board of directors.

Paragraph 5. The SEC may lay down rules on how investment management companies should avoid conflicts of interest.

Access to delegate tasks of investment management firms

§ 102. Where an investment management company delegates certain tasks to be carried out by the management of the association of the investment management undertaking by the management undertaking, it shall be based on a decision on this by the association of the association of persons ; board.

Paragraph 2. It is not possible to decide that the investment management company can delegate decisions on the investment of the funds or other core tasks. The SEC shall lay down detailed rules on the tasks of the core tasks.

Paragraph 3. The obligations of the investment management company and the depotcompany shall not be affected by the fact that the investment management company has delegated tasks to third parties.

§ 103. An investment management company shall ensure that the undertakings to which the investment management company delegates tasks are qualified and capable of carrying out the tasks in question. In cases where the delegation relates to investment management, it is only possible to delegate to undertakings authorised or registered for the purpose of managing assets and subject to supervision.

Paragraph 2. The delegation of tasks must not prevent effective supervision of the investment management company and, in particular, must not prevent the investment management company from working or the association in being managed in the interests of the Member States.

§ 104. In the case of a delegation of tasks, an investment management company shall ensure that measures must be applied in order to allow persons who are in charge of the investment management company, at any time, in effect at any time ; monitor the activities carried out by the company to which the task is delegated.

Paragraph 2. The Agreement on Delegation shall not prevent the investment management undertaking at any time to give further instructions to the undertaking to which the task is delegated and to terminate the agreement with immediate effect, if it is in it ; managed unifying interests.

§ 105. The investment management company shall, within eight working days of the conclusion of an agreement on delegation, notify the Financial supervision of the content and conditions of the Agreement.

Special rules for the debit companies for investment associations, specialised associations, community associations and hedge funds

§ 106. A debit company shall manage and store a simplification of securities, cash and other assets separately.

Paragraph 2. The DepotCorporation shall ensure that :

1) the issue and the granting of the members ' share shall be carried out in accordance with the rules laid down in the Law on investment associations and special associations, as well as other collective investment schemes, etc. and the statutes ;

2) securities and derivative financial instruments sold at the expense of the association only extradite the amount (mohoning) to the debit company,

3) the payment of securities and financial instruments purchased at the expense of the association only takes place against the delivery of these to the debtor network,

4) assets belonging to the association made to the security of the association ' s obligations shall be returned to the debit party when the insured claim has been recovered ;

5) the payment of dividenment or withdrawal of profits to increase the wealth takes place in accordance with the rules of association of the association rules ;

6) the valuation of a process of association of mortgages shall be made in accordance with the rules on this subject ;

7) the purchase and sale of securities and derivative financial instruments shall be made in accordance with section 46 of the Law on investment associations and special associations, as well as other collective investment schemes, etc. and

8) the purchase and sale of other values, including pawn mail, are made at prices that are not less advantageous than the value of the day.

§ 107. The Depot company is faced with the unification of responsibility for any damages, the association suffered as a result of a failure or a failure to comply with its obligations. The debit company is responsible, even though the debit company leaves the storage of the association's fortune or a part of it to another depote. The deposits cannot agree to this responsibility.

Special rules for insurance undertakings

§ 108. The Executive Board shall ensure that an insurance undertaking has sufficient expertise to calculate technical provisions.

Paragraph 2. If the insurance undertaking has permission to run life-insurance operations, the Management Board shall appoint a responsible actua to carry out the necessary insurance engineering functions, including calculations and studies. The position of actuarial cannot be reconctored with the position of a member of the management board or the management board of the insurance undertaking.

Paragraph 3. Where a responsible actuar is made redundant or severed, the Management Board and the actuarial shall send each statement to the Financial supervision of the background to the Financial supervision of the reasons.

Paragraph 4. The responsible actuar shall ensure that the company complies with its technical bases and so on in this context to review the actuarial content of its activities and the material and ensure that the technical basis and so on, cf. section 20, at all times, in accordance with the provisions of section 21 (3). 1 6, said requirements.

Paragraph 5. The responsible actuar must immediately report any breach of the provisions laid down in paragraph 1. 4 mentioned in relation to the Financial supervision. The actuarial shall have the right of management to demand all information necessary for the performance of the profession. The financial supervision may require the information of the actuary which are necessary for the assessment of the company ' s financial position.

Paragraph 6. The responsible actuar must submit an annual report to the Financial supervision.

Paragraph 7. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 2-6 conditions of reference, including the requirements for which a person is to be met to be a responsible actuarial employee.

-109. sections 73 and 74 shall apply mutatis muted to the rep of the insurance undertaking.

§ 110. Section 199 of corporate law does not apply to the acquisition of own shares by insurance companies.

Special rules for mutual insurance undertakings

§ 111. The right of Members and guarantors to decide in a reciprocal insurance company shall be exercised at the general assembly. Every member must have at least 1 voice.

Paragraph 2. In the bylaws, no matter where paragraph is mentioned, 1 is determined that the General Assembly shall consist of delegates elected by members and the guarantors or delegates to them.

§ 112. 8) The bylaws of the insurer ' s statutes must, in addition to the provisions laid down in section 25 and 26 of the company law, contain provisions concerning :

1) the responsibilities of the members and the guarantors of the undertaking ' s obligations, as well as members and guarantors ' liability, cf. Section 284 (4). 2,

2) whether the company should be able to take over reinsurance without mutual responsibility, and

3) whether or not the guarantee capital shall be brackets and, where appropriate, by the rules.

§ 113. 9) Decision amending the statutes shall be taken at the meeting of the general meeting, cf. however, sections 23 and 114, cf. Section 159 in corporate law. The decision shall be valid only if it is attracted by at least two thirds of the votes cast. In any case, the decision shall comply with the additional requirements laid down by the statutes.

Paragraph 2. Essential changes in a company ' s purpose may, unless otherwise specified in the statutes, be adopted only when the agreement is obtained from three quarters of the guarantors and three-quarters of the members or, where the general assembly consists of : delegates, as of three-quarters of these. Notification to the guarantors of such changes shall be made no later than eight days after the decision of the General Assembly. Any guarantors who oppose such amendments may, at the latest one month after the meeting of the General Assembly, demand that the other guarantors be taken over their guarantee shares.

§ 114. sections 86 and 87, section 88 (2). 1 and 3, sections 92 and 93, 95, 100-102 and 104, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, section 112-122, 124-127, 128, 131, 133-141, 143 and 357 shall be made with the necessary adjustments and with the deviations laid down by this law applicable to mutual insurance undertakings.

Paragraph 2. In the paragraphs in paragraph 1. Paragraph 1 shall apply to shareholders ' shareholders ' shall apply to the guarantors and provisions relating to share capital and shares in the stock of guarantee capital and guarantees shares with the necessary relief measures.

Paragraph 3. Section 76 (2). 5, section 79, paragraph. 1-4, $80, section 89, paragraph 89. 1 and 2, § 90, § 97, § 100, § 101, paragraph 1. In addition, 1 and 2, section 107, 108, 125 and 126 of the equity and liability undertakings shall also apply mutatis mutandis to the provisions necessary and with the deviations laid down by this law applicable to mutual insurance undertakings.

Paragraph 4. In the paragraphs in paragraph 1. The provisions of this Article shall apply to shareholders ' provisions on all the voting rights of the mutual assurance undertaking ' s general assembly.

Paragraph 5. § 180, paragraph 1. 1, and Section 194, in the company law on the payment of shareholders, shall apply by analogous interest to the guarantee and payment of members in mutual insurance undertakings.

Special rules for cross-boarding pension funds

§ 115. Unless, in the case of the economy and the Minister for the purposes of pension funds, a different composition of the Management Board shall consist of a chairman and a number of members of the board, of which at least half of which are to be selected and among : the members of the pension fund.

Paragraph 2. In the bylaws, it may be laid down that the choice of the governing board and the amendment of the statutes shall be made by members of the members of the pension as members of the Pension Party

§ 116. The provisions for mutual societies in sections 23 and 114 shall apply mutatis mutias to cross-retirement funds, cf. however, paragraph 1 2 and section 284 (4). Two and three.

Paragraph 2. § 120, paragraph 1. 1 and 3, in the corporate law, do not apply to cross-pension funds.

Chapter 9

Disclosure of confidential information

§ 117. Board members, members of local directors and similar members, members of the representative in a financial undertaking that are not an austerity crate, accountants and auditors, and their alternates, founders, valuers, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators CEOs, dismissaries, agents and administrators of an insurance undertaking and other staff shall not unduly disclose or exploit confidential information which they are aware of during the performance of their duties. The provision shall apply by analoging to financial holding companies.

Paragraph 2. The person receiving information in accordance with paragraph 1. Paragraph 1 shall be subject to the provisions of paragraph 1. Paragraph 1 referred to the obligation to secrecy.

§ 117 a. A financial institution may disclose information on the name and address of the person who transferred funds to an customer's account as a result of the transfer of funds to the customer's account, so that the person concerned may pursue any claim ; against the customer in connection with the transaction. A financial institution may disclose information on a customer's name and address to a payment consignee when the Customer has used a means of payment to pay for goods or services in the payment consignee ; and an erroneous error has occurred ; transaction.

Paragraph 2. The Pension Foundation must alert the customer to the customer, before information about your name and address may be disclosed.

Paragraph 3. If a customer has the name and address protection under the Central Person Registry, the monetary Institute may not disclose information about the person concerned, cf. paragraph 1.

§ 118. Normal customer relationship information can be disclosed to the use of administrative tasks.

Paragraph 2. For the purposes of using administrative tasks, disclosure may be disclosed to a company owned by the occupational pension to the occupational pension and to the occupational pension for the occupational market, cf. law on the Labor Market's Supplementary Pension Section 26 b (3). 3, and section 23 (4). 4, as well as to the company management company in an insurance management community.

Paragraph 3. Insurance companies and pension funds may require advice on life insurance and pension schemes as well as insurance schemes that are included in these schemes, provide information on customer relations with insurance undertakings as insurance undertakings ; or the pension fund, the group is connected to the company in an insurance management community, to a stock company owned by the occupational pension for the occupational pension and to the occupational pension for the occupational pension, cf. Section 23, paragraph 1. 4, and section 26 b (b), 3, in the Act of the Labor Market Supplementary Pension. Information on health conditions and other sensitive information may be disclosed only if the information on which the information is communicated has given consent.

Paragraph 4. The person receiving information in accordance with paragraph 1. One-three is covered by the section 117 (3). 1, the obligation of professional secrecy.

Paragraph 5. The SEC shall lay down detailed rules on the information available to you in accordance with paragraph 1. 1.

§ 119. Information on purely personal matters may not be disclosed without your consent, unless the disclosure is justified after paragraph 117 (2). 1, or § 118 (1). 2.

§ 120. Information can be passed on to the parent company of the financial undertaking to use the risk management of companies in the group, provided the parent company is a financial undertaking or a financial holding company. However, this does not apply to purely private matters.

Paragraph 2. Information about private customers cannot be disclosed to risk management, cf. stk.1, except for the specific cases where the information about a private customer relates to obligations that have or will be able to have significant size.

§ 120 a. Information on commercial customer can be exchanged between financial institutions and real-life credit institutions, which are affiliated, for risk management, including credit rating and credit management. Similarly, the exchange of information with the financial holding companies of such undertakings and subsidiaries shall apply. Information exchange may only be carried out with subsidiaries providing lending or operating leased-out.

Paragraph 2. The provision in stk.1 shall also apply to the exchange of information between common-owned and real credit institutions and holders of capital holdings in the money or to the real credit institution when the holders referred to are money-or mortgage credit institutions and collectively possesses more than 4/5 of the capital shares. Similarly, the exchange of information shall be exchanged with the subsidiaries of the joint owned undertakings providing the lending or the driver ' s leasing company.

Paragraph 3. The surrender in accordance with paragraphs 1 and 2 shall not cover information as referred to in section 119.

Paragraph 4. The person receiving information in accordance with paragraph 1. 1 and 2 shall be subject to the covered by the section 117 (1). 1, the obligation of professional secrecy.

§ 120 b. A borrowing financial institution or a credit institution may disclose information relating to a borrower to the issuing financial institution or a credit institution if a loan agreement has been concluded, stating that the loan may be financed by another ; the issuance of a financial institution or a mortgage credit institution in particular covered by debt securities or in particular covered mortgage bonds. Exchange of information between the financial institution or a credit institution and the financial institution or mortgage credit institution issuing the special covered debt securities or in particular covered mortgage bonds with which the loan is financed, may occur to the extent that it is necessary to take risks of risk management and portfolio management in the Register or the portfolio in a series or group of series with a series of reserves with a series of reserves.

§ 121. Information about a private customer may not be disclosed for use in the marketing or advice of any person unless the Customer has given consent, cf. however, section 118 (1). 3.

Paragraph 2. For corporate companies subject to the obligation of professional secrecy, as referred to in paragraph 117 (1), 1, as well as undertakings in which more financial undertakings or investment associations, special associations, approved sheep ' s associations or hedge associations belong to an enterprise operating in a business that the financial undertaking must operate ; by a subsidiary, or a company which is ancillary to the financial undertaking subject to a confidentiality as referred to in paragraph 117 (1). 1 may discontinue in accordance with paragraph 1. 1 without consent, if general customer information is available to form the basis for division into customer categories and if the disclosure is necessary for the business to be disclosed to the business of the information to be pursued by the information, and the private customer shall not exceed that interest.

Paragraph 3. Usual information on business conditions may be disclosed for the marketing and advice of a financial undertaking subject to the obligation of professional secrecy, as referred to in paragraph 117 (1). 1.

§ 122. The financial undertaking shall establish guidelines for the extent to which information is passed on from the company. Guidelines must be publicly available.

§ 123. Consent to the disclosure of information shall be made in writing.

Paragraph 2. However, when an insurance contract is concluded on the basis of telephone inquiries, consent to the disclosure of information for use may be made orally. In such cases, the insurance undertaking shall inform the Customer in writing no later than 14 days after the contract of the contract, the type of information forwarded to the Customer's oral consent, for which purpose the disclosure is made, and who is receiving it ; information on the basis of the Customer's oral agreement.

Paragraph 3. Upon your request, the financial company will inform the Customer of the types of information which may be disclosed by the Customer's consent to the purpose of the disclosure and who may receive information on the basis of the Customer's consent.

Paragraph 4. The financial undertaking shall inform the customers of the possibility of the possibility of the following in question in writing. 3 to obtain information on the range of consent.

Section V

Capital business capital conditions

Chapter 10

Solvency

General rules on solvency

§ 124. The Management Board and Executive Board of the PensInstitutors and the Executive Board shall ensure that the Foundation has adequate basic capital and has internal procedures for risk management and risk management for the ongoing assessment and maintenance of a basic capital ; of a size, type and distribution appropriate to cover the risks of the institution.

Paragraph 2. The base capital of banking institutions and mortgage credit institutions shall be at least :

1) 8%. of the risk-weighted items (solvency requirement), and

2) Five million. euro (minimum capital requirement), cf. however, paragraph 1 3.

Paragraph 3. For financial institutions whose base capital is the 18th. December 1989 was less than 5 million. The euro shall be the base capitale per capitale per capacital. 18. December 1989. The overall base capital of the financial institution which arises in the context of a merger of two or more financial institutions covered by 1. pkt. shall not be less than the overall basal capital of the combined institutions at the time of the merger, if not the institution of which has not met the minimum capital requirement in accordance with paragraph 1. 2, no. 2.

Paragraph 4. The Management Board and Governing Board of the Penal institutions and the Board of Directors shall be based on the assessment in accordance with paragraph 1. Paragraph 1 shall set up the individual solvency requirements of the institution, the need to be expressed as the sufficient base capital as a percentage of the risk-weighted items. The solvency requirement may not be less than the solvency requirement provided for in paragraph 1. 2, no. 1, and the minimum capital requirement laid down in paragraph 1. 2, no. 2.

Paragraph 5. The financial supervision may lay down a higher level of solvency requirements other than those laid down in paragraph 1. 2, no. 1.

Paragraph 6. The financial supervision may require the financial institution or the mortgage credit institution to depreciate assets and so on for the purposes of the calculation of the base chapter.

Paragraph 7. It shall be taken into account in the supervision of a financial institution subject to paragraph 1. THREE, ONE. in the case of another natural or legal person, the basic capital of the monetary institution within three months of the takeover must comply with the minimum capital requirement in accordance with paragraph 1. 2, cf. however, paragraph 1 THREE, TWO. Act.

Paragraph 8. In the case of real credit institutions, the solvency requirement must be met in the individual series of serial funds and in the institution, by the way.

Niner. 9. The financial supervision may lay down detailed rules on the publication of the individual solvency requirements of the financial institutions and the real credit institutions, cf. paragraph 4, and individual solvency requirements, cf. paragraph 5.

§ 125. The Management Board and Governing Board of the Fund shall ensure that the company has a sufficient base capital and has internal procedures for risk management and risk management for continuous assessment and maintenance of a base capital of a size, type and distribution appropriate to cover the risks of the company.

Paragraph 2. The basic chapter of brokerers ' firms and investment management companies shall be at least :

1) 8%. of the risk-weighted items (solvency requirement), cf. however, paragraph 1 5,

2) 1 million. Euro (minimum capital requirement) for fund brokers wishing to become a member of a regulated market, a security central or a clearing centre, where the party participates in clearing and settlement, or wishes to carry out one or more of the documents in Annex I ; 4, Section A, no. 3, 6, 8 and 9, and section B, no. 2, mentioned services,

3) 1 million. Euro (minimum capital requirement) for investment management companies that want to become a member of a regulated market or who want to store and manage the information listed in Annex 5 (s). 3, mentioned instruments, including becoming a member of a securities central or clearing centre, where the party particips in clearing and settlement, cf. however, paragraph 1 3, and

4) .3 million. Euro (minimum capital requirement) for other fund brokers and investment management companies, cf. however, paragraph 1 3.

Paragraph 3. Investment management companies shall, in addition to the requirement set out in paragraph 1 2, no. 3 and 4 include an addendum to the minimum capital requirement of 0,02%. of the part of the company portfolio, cf. § 141, which exceeds 250 million. Euro. The people in paragraph 3. 2, no. The company may, at the time of inventory, make a deduction of EUR 875 000 and the undertakings referred to in paragraph 1 may be deducting from the point of entry. 2, no. 4, mentioned companies may carry out a deduction of EUR 175 000. The maximum amount of the supplement can be 10 million. Euro. Investment management companies shall adjust the additional capital annually on the basis of the revised annual accounts. The adjustment shall be made before 1. June the following year.

Paragraph 4. The financial supervision may allow up to 50%. by the supplement in accordance with paragraph 1. 3 may be provided in the form of a guarantee from a credit institution or an insurance undertaking. The credit institution or the insurance undertaking shall have its head office in a country within the European Union in a country to which the Community has concluded an agreement in the financial sphere or in a country with which the Community has not concluded such an agreement ; with, but as has supervisory rules, similar to the rules in the European Union.

Paragraph 5. A fund brokering company and an investment management company shall, notwithstanding the requirements set out in paragraph 1, 2 and 3 have a basic capital equivalent to at least one quarter of the previous year ' s fixed costs. The SEC may adapt this requirement in the event of a substantial change in the company ' s company since the previous year. If a company has not been operational for 1 year, it shall have a basic capital equivalent to at least one quarter of the fixed costs that are specified in the operational plan for the first year of operation unless this plan is required to be amended by the Financial supervision.

Paragraph 6. Fund intermediaries which are not authorized to the activities listed in Annex 4 (A) no. 3 and 6, as well as investment management companies, risk the risk-weighted outlines of the risk-weighted outlines of operational risk, cf. § 142, paragraph 1. 1.

Paragraph 7. The Management Board and Governing Board of the Fund shall be based on the evaluation in accordance with paragraph 1. Paragraph 1 shall set up the individual solvency requirements of the company, shall be expressed as the base capitale as a percentage of risk-weighted items. The solvency requirement may not be less than the solvency requirement in paragraph 1. 2, no. 1, the minimum capital requirement laid down in paragraph 1. 2, no. 2-4, and paragraph 1. 3 or the requirement for the base chapter of paragraph 1. 5.

Paragraph 8. The financial supervision may lay down a higher level of solvency requirements other than those laid down in paragraph 1. 2, no. 1.

Niner. 9. The financial supervision may require the debtor or investment management company to depreciate assets and so on for the purposes of the calculation of the base capital.

§ 126. The management board and management of the insurance companies and the board and management of the board shall ensure that the establishment has a sufficient base capital and has internal procedures for risk management and risk management for continuous assessment and maintenance of one ; base capital of a size, type and distribution appropriate to cover the undertaking ' s risks.

Paragraph 2. The base chapter of insurance undertakings and transverse pension funds shall be at least :

1) 4%. of the risk-weighted items for life assurance provision added 0,3%. of the risk-weighted items for the life assurance undertaking in the insurance class I-IV and VI, where the company has an investment risk ;

2) 1%. of the risk-weighted items for life assurance provision added 0,3%. of the risk-weighted items for the life assurance undertaking in the insurance class V and in classes III, where the company does not have an investment risk and the amount to cover the insurance policies laid down in the insurance policy ; operating costs shall be fixed for a period of more than five years ;

3) 25%. of the insurance administrative costs of the latest financial year, due to 0,3%. of the risk-weighted items for the life assurance undertaking in the insurance class III, where the company does not have an investment risk and where the amount to cover the operating costs provided for in the insurance contract is not fixed ; for a period of more than five years,

4) 25%. of the insurance administrative costs of the latest financial year for the separate SP accounts ;

5) the largest amount in the harmful insurance undertaking,

a) 18%. of the risk-weighted items for the maximum gross premiums and gross premiums for premiums up to EUR 7.5 million ; Euro tiled 16%. the amount, moreover, and

b) the annual average of 26%. of the risk-weighted items for the gross compensation costs of up to EUR 40,300m. Euro and 23%. of the amounts in addition to the last three financial years,

6) 3.5 million. the euro for insurance undertakings and transverse pension funds which run life-assurance activities ;

7) 2.3 million. EUR 1 to 9 and 16 to 18 of the insurance classes of insurance undertakings and transverse pension funds ;

8) 3.5 million. the euro for insurance undertakings operating the classes of 10 15 ;

9) 3.2 million. the euro for insurance undertakings engaged in reinsurance activities ; and

10) 1.1 million. EUR for the captivegenre insurance companies.

Paragraph 3. The solvency requirement shall constitute the sum of the items referred to in paragraph 1. 2, no. 1-5, said amount.

Paragraph 4. The minimum capital requirement shall be the main of the amounts referred to in paragraph 1. 2, no. 6-10.

Paragraph 5. In the case of mutual insurance undertakings covered by paragraph 1. 2, no. 7 or 8, the minimum capital requirement may be reduced in accordance with the conditions laid down.

Paragraph 6. For mutual insurance undertakings covered by paragraph 1. 2, no. 7 or 8, which satisfy the conditions laid down in paragraph 1. 5 and 7, the minimum capital requirement has been reduced to the largest amount of

1) .225 million. EUR 1 8, 16 and 18 of the authorisation for insurance classes 1-8,

2) .15 million. EUR 9 and 17 for authorisation for insurance classes 9 and 17.

Paragraph 7. In order to be covered by the reduced capital requirement laid down in paragraph 1, 6 shall have a mutual assurance undertaking in addition to the rules referred to in paragraph 1. The conditions laid down shall also meet the following conditions :

1) These revenues must allow for the collection of additional contributions or reductions in services ;

2) the gross premiums for the most recent financial year shall not exceed 5 million ; Euro,

3) the company must not be allowed to have an insurance class 10-15 ; and

4) at least half of the gross premiums of the last financial year shall be taken from insurance where the policyholders are natural persons who are members of the company.

Paragraph 8. The Management Board and Governing Board of the Pensions and the Governing Board of the Pensions shall be based on the evaluation in accordance with paragraph 1. 1 upstate the individual solvency requirements of the establishment.

Niner. 9. The financial supervision may lay down a higher level of solvency requirements other than those laid down in paragraph 1. 3.

§ 127. The capital requirement is the largest of the solvency requirement and the minimum capital requirement in section 124-126 to the financial undertaking, as well as for fund brokers and investment management societies, together with the requirement for the base chapter of section 125 (5). 5.

§ 128. The base capital is the reduced seed capital, cf. § § 129-131, fortified the reduced additional capital, cf. § 135, and deduced according to section 139.

Paragraph 2. Core capital and revaluation reserve must be deduced from any tax that may be anticipated at the time of calculation or to be duly adjusted to the extent that taxes reduce the amount by which this capital can be calculated ; are used to cover risks or losses.

§ 129. The core capital of financial institutions, real-estate credit institutions, brokerers and investment management companies shall consist of :

1) pa-paid share, guarantee or equity capital,

2) the exchange rate of emissions,

3) reserves,

4) any surplus or deficit ;

5) the current profit of the year shall be deduced from any tax, anticipated yields and other foreseeable costs, provided that the amount is confirmed by the company ' s external auditors, cf. paragraph 3,

6) bottom austerity reserve, cf. § 211,

7) pare-up guarantee capital, cf. § 208 (4) 2,

8) hybrid seed capital, cf. § 132,

9) serial reserves of real-world credit institutions where there is no refund obligation for the borrowers, as well as the portion of the series of series funds in series with the obligation to repay them in accordance with the obligation to repay the loans. § 25 in the Act on mortgages and mortgage bonds, etc., which are not available for payment, and

10) bottom fund reserve in mortgage credit institutions.

Paragraph 2. Hybrid core capital in accordance with paragraph 1. 1, no. Eight can be up to 50%. of the core business as referred to in section 131 (1). Paragraph 1 and paragraph. 2, no. 1, 4 and 5, mentioned deductions, cf. however, paragraph 1 5, if the agreement on hybrid seed capital,

1) make it possible to convert hybrid core capital to share, guarantee or equity capital if the monetary institution, the real credit institution, the fund broker or the investment management company do not satisfy the solvency requirement in section 124 or 125 ; or where the initiative of the Financial initiative may be converted to stock, guarantees or other capital, where the Financial supervision considers that there is a nearby risk of it, and

2) does not contain terms for a rentestiction, cf. however, paragraph 1 6.

Paragraph 3. Hybrid core capital in accordance with paragraph 1. 1, no. 8 which do not satisfy the requirement laid down in paragraph 1. 2, no. 1, the maximum amount can be 35%. of the core business as referred to in section 131 (1). Paragraph 1 and paragraph. 2, no. 1, 4 and 5, mentioned deductions, cf. however, paragraph 1 5 if the debt foundation agreement does not contain terms and conditions for a rentestimation, cf. however, paragraph 1 6.

Paragraph 4. Hybrid core capital in accordance with paragraph 1. 1, no. 8, may not exceed 15%. of the core business as referred to in section 131 (1). Paragraph 1 and paragraph. 2, no. 1, 4 and 5, mentioned deductions, cf. however, paragraph 1 5 if the debt foundation agreement contains provisions for a rentestimation.

Paragraph 5. Hybrid core capital referred to in paragraph 1. The maximum of 2, 3 and 4 shall be 50%. of the core business as referred to in section 131 (1). Paragraph 1 and paragraph. 2, no. Paragations 1, 4 and 5, and hybrid core capital covered by paragraph 1, 3 and 4 together shall comprise a maximum of 35%. of the core business as referred to in section 131 (1). Paragraph 1 and paragraph. 2, no. 1, 4 and 5, mentioned deductions.

Paragraph 6. The provisions of paragraph 1. 2 and 3, which shall not include any hybrid nuclear capital issued under the Law of State capital deposits in credit institutions where contracts for debt are not subject to a bribery increase in respect of a refund certificate, where contracts for debt are contained in the Member States ; conditions for interest rates provided that such rent-estimations are made only subject to the development of profit-making payments.

Paragraph 7. In exceptional circumstances, the financial supervision may permit the limits set out in paragraph 1. 2-5 temporarily exceeded.

Paragraph 8. In the case of the annual profit-making profits of the year in the core capital, in accordance with. paragraph 1, no. 5, the amount of the amount shall be confirmed by the external auditors. The SEC may lay down detailed rules for the external auditors ' work actions in connection with the acknowledgement.

Niner. 9. The external auditors shall indicate in the audit protocol the work carried out in accordance with paragraph 1. 8. The financial institution, the real credit institution, the stock broker or investment management company, shall also be informed before and after the annual profit margin of the year.

Paragraph 10. A company which has made a securitisation must not be allowed in the products referred to in paragraph 1. 1, no. The items 3, 4 and 6, include net profits from the capitalisation of future revenues from the exposures which are part of the transaction and which result in a credit improvement in the company ' s intermediation with the securitisation concerned. For securitisation, the purposes of this chapter shall mean a transaction in which the credit risk of a commitment or a pool of exposures is broken down into segments where payments related to the transaction depend on the development of the engagement or pulve of exposures and where the segments of the segments determine the distribution of losses during the duration of the transaction.

$130. The core capital of insurance undertakings and transverse pension funds consists of

1) own funds,

2) Member accounts in mutual societies and transverse pension funds, cf. § 133,

3) special bonus provisions (type B) in life assurance undertakings and transverse pension funds that meet the conditions of section 134 ;

4) the value of tax assets, which it will be in an administration situation, cf. § § 253-258, and

5) a positive or negative difference between

a) an amount equal to the share of the base capital of a subsidiary undertaking or an associated undertaking which is a financial undertaking corresponding to the owned share of the society capital, and

b) the value to be included in the balance sheet in the balance sheet with the value of responsible loan capital, including the responsible loan capital of other companies, to the subsidiary or associated undertaking, when responsible loan capital ; be taken into account in the base capital of the subsidiary undertaking or the associated company ' s base capital according to section 135 (5). 1, no. 1.

Paragraph 2. The base chapter of paragraph 1. 1, no. Point 5 (a) shall be made before deduction of direct and indirect ownership of assets in accordance with section 131 (1). 4, no. 3, to the extent that these assets are already covered by this provision in the calculation of the base capitle in the owling company. Where the subsidiary insurance undertaking or the associated insurance undertaking is to be discharged in the calculation of paragraph 1. 1, no. 5, even possesses subsidiaries or affiliated insurance undertakings, shall be the basic capital of paragraph 1. 1, no. 5 (a) before deduction of the capital requirements of these companies when the companies ' capital requirements have already been deducted after paragraph 131 (1). 4, no. 1.

Paragraph 3. The supplement in accordance with paragraph 1 1, no. 5, for each subsidiary or affiliated undertaking which is a financial undertaking shall not exceed the amount of the subsidiary undertaking or associated company which has been deducted pursuant to section 131 (1). 4, no. One or two.

Paragraph 4. Guarantee capital of insurance undertakings and horizontal pension funds shall not be reduced without the consent of the Financial supervision. The guarantee capital may be repaid in accordance with the rules laid down in the Staff Regulations. The supervision of the financial supervision may provide for a foundation or other fund that is not subject to the authorisation of the financial system without the consent of the Financial system.

§ 131. The core capital is reduced by

1) Proposed yield,

2) intangible assets ; and

3) tax inturies, cf. however, section 130 (3). 1, no. 4.

Paragraph 2. For financial institutions, real credit institutions, fund brokers and investment management companies shall be deducticated in addition to the rules referred to in paragraph 1. 1 mentioned deduction

1) running losses of the year,

2) one half of the deductions after paragraph 139 (3). 1, no. 1-3,

3) one half of the deductions after paragraph 139 (3). 1, no. 4-6,

4) the cumulative valuation of security instruments in the case of payment flows ; and

5) the cumulative valuation of the value added value to day value as a result of change in its own risk deducted any corresponding cumulative valuation of assets to disensused value as a result of the same change of risk.

Paragraph 3. The adjustments under paragraph 1. 2, no. 4 and 5 may be positive or negative.

Paragraph 4. For insurance undertakings and transverse pension funds, they are deducated in addition to those referred to in paragraph 1. 1 mentioned deduction :

2) The share of the capital requirement in a financial institution, a credit institution, a fund-broiler company or investment management company that is a subsidiary or an associated undertaking corresponding to the direct or indirect share of The corporate capsule.

3) For direct and indirect ownership assets representing a risk to a single undertaking or group of undertakings constituting a total risk : the amount of the accounting value of the shares in question exceeds a weighted sum of : the capital requirements of the company, its subsidiary insurance undertakings and the capital requirement in other subsidiary undertakings subject to the supervision of the Financial supervision. However, the deducted deducted shall not be made for investments in subsidiary undertakings and for assets covered by Section 162 (1). 1, no. 1-8. The weighted sum shall be calculated as follows :

a) If the insurance undertaking operates directly life-assurance business, weighted with 75%. Other insurance companies are weighted by 100%.

b) Daughters operating live life-assurance activities are weighted with 75%. of the ownership share. Other subsidiaries are weighted with the owner's share.

4) An amount equal to the difference between substitution claims deducted reinsurance part of claims for insurance classes 3-18 before discounting and after discounting, in case the substitution provision is discounted to take account of future return on investment.

Paragraph 5. For a financial undertaking which is a subsidiary or an associated undertaking which does not have its registered office in Denmark, the provisions of paragraph 1 shall apply in paragraph 1. 4, no. The provisions of 1 and 2 of the capital requirement, subject to the rules of the home Member State, shall, in particular, of the capital requirements which would have been obtained if the company or company had registered office in Denmark.

Paragraph 6. The financial supervision may, in exceptional cases and for a period of time, dispensers from the deducted from the capital in accordance with paragraph 1. 4, no. 3.

Paragraph 7. In the case of insurance companies, in the core capital, capital shares must be deducted directly and indirectly in subsidiaries-financial institutions and associated financial institutions, cf. Two. and 3. Act. Capital shares in financial institutions financial undertakings, and financial institutions which are in the main undertaking to acquire capital shares or transferable pawn letters or to conduct business on their own account with one or more of the the instruments referred to in Annex 5 shall not be dedudiable. Indirect Owned Capital shares deducted from a subsidiary insurance undertaking or an associated insurance undertaking after 1. or which has been deducted from a subsidiary that is a credit institution, a fund-brokered company or investment management company or an associated credit institution, a fund-brokered company or investment management company, in accordance with section 139 (1). 1, no. Two, or paragraph. 2, no. One, do not dedube. The SEC may, in exceptional cases, exempt from the one in 1. Act. mentioned deductions.

Paragraph 8. The proportion of the capital requirement or the capital shares in subsidiaries and affiliates shall not be deducted, cf. paragraph 4 and 7 when companies are temporarily acquired and acquired as part of a reenactment.

§ 132. Hybrid core capital shall be included in the base chapter of financial institutions, real credit institutions, fund brokers and investment management companies, provided that the following conditions are met :

1) The amount shall be paid to the financial institution, the real credit institution, the fund broker or the investment management company.

2) The debt must not be allowed to fall on a pre-scheduled date.

3) The debt shall be limited only if the monetary institution, the real credit institution, the fund broker or the investment management company shall enter liquidation or declare bankruptcy.

4) The debt shall be repaid only to the financial institution, the real credit institution, the Fund or the investment management company ' s initiative, with the authorisation and the earliest five years after the payment has been granted, cf. however, paragraph 1 4 and 5.

5) The financial institution ' s claim against the monetary institution, the real credit institution, the fund broker or the investment management company shall be in compliance with all other non-outstanding debts as well as the capital referred to in section 136.

6) The financial institution ' s claim against the financial institution, the real credit institution, the fund broker or the investment management company shall not be covered by the safety of the financial institution, the real credit institution, the Fund or the Fund or the Fund or the Fund or the Fund or the Fund ; the investment management company or those in section 181 (1) ; The undertakings referred to in Article 1 (1) shall be guaranteed a priority in relation to the financial institution, the real credit institution, the fund-broker or investment management company, other creditors.

7) Compensation of debt falls if the monetary institution, the real credit institution, the fund broker or the investment management company does not have free reserves in relation to the latest annual report.

8) The interest shall not be changed on the basis of the creditor ' s assessment of the financial institution, the real credit institution, the fund broker or the investment management company.

9) Payment of interest may be delayed or replaced by paid share, guarantees or equity capital if the base capital at the time of the forgery does not exceed the capital requirement.

10) Not paid interest rates that have been deferred pursuant to no. 9 shall be payable only on the basis of which the capital requirement is renewed.

11) The company ' s top authority must be able to write off the hybrid core capital and non-paid interest, the equity capital of which is lost and the share capital is written to zero or whose own funds in the serial funds in the The mortgage credit institution is lost.

12) Contractor for the purpose of the debt must not contain provision for an increase in interest, cf. however, paragraph 1 Five, for more than the highest of :

a) 100 basic points deduced the swaps, cf. paragraph 2, and

b) 50%. of the credit crundown, cf. paragraph Three, deduced swaps.

13) Agreements relating to debt must contain only one increase in interest, cf. however, paragraph 1 5. The interest rate shall not be less than 10 years after the issue has been issued.

Paragraph 2. Swapbuckle in paragraph 1. 1, no. 12 (a) shall be fixed on the day of issue of the difference between the interest rate and the original interest rate of the interest rate.

Paragraph 3. The credit span referred to in paragraph 1. 1, no. 12 (b) shall be fixed on the day of issue of the difference between the original interest of the issuance and the original interest rate.

Paragraph 4. Notwithstanding paragraph 1 1, no. 4, any hybrid core capital issued under the Act of Government capital deposits in credit institutions and under contract for debt may be granted under the authorisation of the Financial Persians at the earliest three years after the payment has been made ; be taken into account in the base capital, provided that the debt is replaced by a minimum of the same quality, or where the seed of the capital after the inlet is at least 12%.

Paragraph 5. The provisions of paragraph 1. 1, no. Whereas 12 and 13 do not include hybrid core capital issued under the Act of State capital deposits in credit institutions where contracts in respect of debt are set out in respect of interest rates, provided that such rentestis are only done ; conditional on the development of profit-making payments.

Paragraph 6. Contains contracts in respect of debt provision for a rentestimation in accordance with paragraph 1. 1, no. The debt is only repaid on the initiative of the financial institution, the real credit institution, the Fund or the investment management company ' s initiative, with the consent of the financial system and the earliest 10 years after the payment, so that, however, the payment of the financial system shall be repaid. Financial supervision in particular circumstances may allow the earliest five years after the issue has been issued.

Paragraph 7. Acquisitions of own hybrid nuclear capital shall be owned by more than 2%. the capital issued shall be subject to the approval of the Financial supervision provided for in paragraph 1. 1, no. 4. the position of the own hybrid core capital and its own hybrid nuclear capital, which serves as a guarantee of loans or guarantees provided by the financial institution, the real credit institution, the fund broker or the investment management company, cannot, are included in the calculation of the base capital.

Paragraph 8. Depreciation of paragraph 1, no. 11, may only be achieved if the monetary institution, the real credit institution, the fund broker or the investment management company are subsequently transferred to capital, so that the capital requirement is met or end without loss for the non-post-post-office losses ; creditors. The hybrid nuclear capital and unpaid interest rates can only be written down by an amount previously approved by the external auditors and the Finance-sighted.

Niner. 9. The Financial supervision may, in particular cases, dispensers from the limit laid down in paragraph 1. 1, no. 12 (a).

§ 133. Member accounts may be included in accordance with section 130 (3). 1, no. 2 if the following conditions are met in the statutes :

1) In the event of winding-up proceedings or bankruptcy, amounts may not be repaid until the whole other debt is paid.

2) In other cases, only if the base capital is not reduced to an amount below the capital requirement, the amount may be repaid.

3) The repayment caused by another end of a Member State may only be made where the Financial supervision is notified within 1 month of the Financial Regulation. The repayment may be denied by the Financial supervision.

4) Amendment of the provisions of the Staff Regulations concerning Member States must be approved by the Financial supervision.

§ 134. For special bonus provisions (type B) after paragraph 130 (3). 1, no. 3, which is part of the technical provisions, apply :

1) They are for all or part of the company ' s insurance ' s insurance ' s insurance ' s share of the product ' s share of the successful result, cf. Section 20 (2). 1, no. 3.

2) They are linked to the periods of insurance individually or collectively in such a way as to have the share of the insurance ' s share of its return on yield, cf. no. 5 shall be calculated at all times.

3) They shall not be included as part of the stock of insurance contracts for the calculation of the proportion of the successful result, cf. Section 20 (2). 1, no. 3, which shall be added to the stock.

4) Transfer to each insurance company ' s insurance cover must be carried out at the latest at the same time as payment of benefits under the insurance.

5) They are given the same proportional return as the return on the return of own funds before taxes, whether this return is negative or positive.

6) The individual and proportionate collective share, cf. no. 2, may be included in the termination of the insurance and must be fully included in the calculation of withdrawals and transfers from one company to another by job change, cf. Section 20 (2). 1, no. 7. The proportion shall be in proportion to the proportion that the insured has contributed to the construction of. Special bonus provisions may, however, be included only if the core capital elements of the company are paid for the income and guarantee capital, the excess of emissions, other reserves that do not correspond to obligations, transferred profits or deficits ; Member accounts, special bonus provisions of type B and the current result of the year together make up more than one third of the solvency requirement or together make up an amount larger than the minimum capital requirement.

7) The company must comply with the information obligation incumberth to companies whose transferable securities are included in trade in a regulated market in section 27 (4). 1, in the Act on securities trading, etc.

§ 135. The additional capital shall consist of :

1) responsible loan capital, cf. § 136,

2) the revaluation reserve provision for financial institutions, real credit institutions, brokers and investment management companies,

3) hybrid seed capital, cf. § 132, which is not included in the core capital,

4) a positive amount obtained by the fact that, from the accounting value adjustments and provisions on assets and obligations outside the trading book, excluding capital shares, assets covered by securitisation, securitisascents ; and any material assets without counterparts shall be deducted from the calculation of the expected losses on the assets and obligations in question, cf. § 143, paragraph 1. 1, no. 7,

5) the part of the serial funds of the real credit institutions in a series of Remittance obligations, which corresponds to the requirement in section 124 (4). 8,

6) not paid guarantee capital for DLR Kredit A/S,

7) additional premium premiums for mutual health insurance companies, in accordance with the provisions of the applicable supplementary premium. § 137, and

8) special bonus provisions (type A) in life assurance undertakings and transverse pension funds, which satisfy the conditions of section 138.

Paragraph 2. Supplementary capital in accordance with paragraph 1 1, no. 4, shall be included only in the case of assets and obligations where the risk-weighted outposts outside the trading book shall be discharged by means of an internal method, cf. § 143, paragraph 1. 3, and may not exceed 0,6%. of the risk-weighted items for assets and obligations which are subject to the internal method.

Paragraph 3. The additional capital must, for financial institutions, real credit institutions, fund brokers and investment management companies, shall not be counted by more than 100%. of the seed capital after deduction pursuant to section 131 (1). Paragraph 1 and paragraph. 2, no. One, four and five.

Paragraph 4. In the case of insurance undertakings and transverse pension funds, the additional capital may be included with an amount equal to the smallest of :

1) 100%. of the seed capital after deduction,

2) half the capital requirement.

Paragraph 5. The responsible loan capital with fixed maturity in insurance undertakings and transverse pension funds may amount to an amount equal to the smallest of :

1) one third of the seed capital after deduction,

2) a quarter of the capital requirement.

§ 136. The base capital shall be included in the base chapter, if the following conditions are met :

1) Långivers ' demands must be put in demand of all other non-reindebted debts.

2) The amount shall be paid for.

3) Repayment before due time cannot be done on the loan of the lender ' s initiative or without the permission of the Financial Supplies.

4) The amount must only fall before the agreed upon time of maturity if the financial undertaking enters liquidation or declared bankrupt.

5) The establishment ' s top authority shall be able to write down the responsible loan capital and non-paid interest, the capital of which is lost and the share capital of the stock, the guarantee or the other capital is written to zero, or whose own funds in the serial funds in the mortgage credit institutions are lost.

6) Payment of interest may be delayed if the base capitale at the time of the forgery does not exceed the capital requirement.

7) Not paid interest rates that have been deferred pursuant to no. 6, may be payable only if the capital requirement is renewed or the due date enters into force.

8) In the case of insurance undertakings and transverse pension funds,

a) the original maturity is at least five years and

b) changes in the loan agreement shall be approved by the Financial supervision.

Paragraph 2. Authorisation pursuant to paragraph 1. 1, no. 3, subject to the fact that the base capitale is not less than the capital requirement, subject to the base capitale.

Paragraph 3. Depreciation of paragraph 1, no. 5 may only be achieved if the financial undertaking is subsequently transferred to capital, so that the capital requirement is fulfilled, or will cease without any loss of creditors. The responsible loan capital and unpaid interest can only be written down by an amount previously approved by the external auditors and the Finance-sighted.

Paragraph 4. The responsible loan capital is reduced by

1) 25%. of the capital issued when less than 3 years and more than or 2 years have been issued,

2) 50%. of the capital issued when less than 2 years and more than or 1 years have been reduced,

3) 75%. of the capital issued when less than one year has been issued,

4) the holding of own responsible borrowing capital and the own responsible loan capital that has been lodged as a guarantee of loans or guarantees, reduced by no. 1-3.

Paragraph 5. Rents on responsible loan capital may not take place at least three years after the issue is issued. If there is one or more increase in interest rates, the responsible loan capital shall be deemed to fall at the time of the refund, if the sum of the rentestis exceeds 150 base points, subtracting the swapclip, cf. § 132, paragraph 1 2.

Paragraph 6. The SEC must approve the acquisition of the own responsible loan capital of more than 2%. of the capital issued.

Paragraph 7. The Financial supervision may, in particular cases, dispensers from the limit laid down in paragraph 1. FIVE, TWO. Act.

§ 137. The Financial supervision may permit, in the case of an application, that additional premium premiums may be included in the case of mutual insurance undertakings in accordance with Article 135 (5). 1, no. 7 if the premium is variable according to the contract of insurance concluded so that the premium may be increased, taking into account the risk flow of the insurance, and where the supplementary premium could have been claimed during the course of the year.

Paragraph 2. Amount in accordance with paragraph 1. 1 may not be included at the earliest and at the end of the year in which the additional premium may be levior.

Paragraph 3. Amount in accordance with paragraph 1. 1 which has been claimed for the policyholder cannot be taken into account in section 135 (5). 1, no. 7.

§ 138. For special bonus provisions (type A) after paragraph 135 (5). 1, no. 8, which is part of the technical provisions, shall apply :

1) They are for all or part of the company ' s insurance ' s insurance ' s insurance ' s share of the product ' s share of the successful result, cf. Section 20 (2). 1, no. 3.

4) Transfer to each insurance company ' s insurance cover must be carried out at the latest at the same time as payment of benefits under the insurance.

5) They are given current interest rates on the basis of an interest rate set by the company for the purpose of the instalment to be equal to what the responsible loan capital could achieve on market conditions.

6) They may be used to cover all the loss of the company and any non-imposed claim against the company when the own funds are lost.

7) The individual and proportionate collective share, cf. no. 2, may be included in the termination of the insurance and must be fully included in the calculation of withdrawals and transfers from one company to another by job change, cf. Section 20 (2). 1, no. 7. The proportion shall be in proportion to the proportion that the insured has contributed to the construction of. Special bonus provisions may, however, be included only if the core capital elements of the company are paid for the income and guarantee capital, the excess of emissions, other reserves that do not correspond to obligations, transferred profits or deficits ; Member accounts, special bonus provisions of type B and the current result of the year together make up more than one third of the solvency requirement or together make up an amount larger than the minimum capital requirement.

8) The company must comply with the information obligation incumberth to companies whose transferable securities are included in trade in a regulated market after paragraph 27 (1). 1, in the Act on securities trading, etc.

§ 139. In the establishment of the base capital of financial institutions, mortgage broker, fund-brokerers and investment management companies, half of the following amounts shall be deducticated :

1) The share of the capital requirement in a subsidiary insurance undertaking or an associated insurance undertaking, which corresponds to the direct or indirect share of the insurance undertaking ' s stock and guarantee capital. If the insurance undertaking does not have a registered office in Denmark, the calculation shall be used in the calculation of the capital requirements resulting from the home Member State ' s rules, without prejudice to the capital requirement, which would have been made if the insurance undertaking had a memorandum of association ; home in Denmark. Fraferred after 1. Act. be reduced by an amount equal to the difference between :

a) an amount equal to the share of a subsidiary assurance undertaking or an associated insurance undertaking ' s base capital equivalent to the share of the self-defense capital, and

b) the value to be included in the balance sheet in the balance sheet with the value of responsible loan capital, including the responsible borrowing capital of other group undertakings, to the subsidiary insurance undertaking or the associated insurance undertaking when : responsible loan capital shall be taken into account in the subsidiaries of the subsidiary insurance undertaking or the associated insurance undertaking ' s base capital according to section 135 (5). 1, no. 1.

2) The capital shares of other credit and financial institutions that account for more than 10%. their share, guarantees or other capital which are not covered by paragraph 1. 2, no. 1, cf. however, paragraph 1 Seven and eight. In addition, the financial institution, the real credit institution, the Foundation ' s and investment management company shall be deducticated from the depositors ' capital deposits to those institutes.

3) The amount equivalent to the sum of capital shares and trailing capital deposits in other credit and financial institutions which are not covered by No 2. 2 or paragraph 1. 2, no. 1 and which exceeds 10%. of the base capitalen, cf. § 128, paragraph. One, without the number of them in point 1 and 2 as well as section 131 (1). 2, no. 2-5, mentioned deductions, cf. however, paragraph 1 Seven and eight.

4) A negative amount, resulting from the valuation adjustments and provisions on assets and obligations outside the trading book other than participating holdings, shall be subject to securitisation, securitisations positions, and any material assets without counterparts shall be deducted from the calculation of the expected losses on the assets and obligations in question, cf. § 143, paragraph 1. 1, no. 7.

5) An amount corresponding to the expected loss of capital holdings outside the trading book when the inventory of the risk-weighted items for capital holdings outside the trading book shall be made on the basis of simple risk weights or after the more advanced ; method based on the calculation of the risk parameters (PD/LGD method), cf. § 143, paragraph 1. 1, no. 7.

6) The amount corresponding to the value of transferred payments, securities, currency and raw materials in the case of supply risk and addendum for any positive value of the contract when the shipment or payment of the party has not taken place 5 days ; after falling.

Paragraph 2. In addition to the provisions of paragraph 1, Paragraph 1 of the said deduction shall be deductible :

1) Direct and indirect ownership of holdings in subsidiaries and affiliated undertakings, which are credit institutions, brokers, investment management companies and financial institutions in accordance with the rules of the financial institutions. Two. Act. and paragraph Seven and eight. Capital shares in financial institutions whose main business is to acquire capital shares or transferable pawn letters or to conduct business on their own account with one or more of the instruments mentioned in Annex 5 shall not be deducused. Indirect Owned Capital shares deducted by a subsidiary insurance undertaking, credit institution, fund-broker or investment management company or an affiliated insurance undertaking, credit institution, fund brokerers, or an investment management company pursuant to paragraph 1. 1, no. 2, or § 131, paragraph 1. 4, no. 2, and indirectly owned holdings which have been deducted or exempted by a subsidiary insurance undertaking or an associated insurance undertaking in accordance with section 131 (1). 7, do not be dedudiable.

2) The amount equivalent to the sum of shares of capital in another company or undertakings in the same group, and mortle shares in another company not covered by No 2. Paragraph 1 and paragraph. 1, no. 1-3, that's more than 15%. by the base capitale, after deduction after no. Paragraph 1 and paragraph. 1, cf. however, paragraph 1 Amendments Nos 8 and 9, and without amendment pursuant to Article 135 (5). 1, no. 4, and deduction pursuant to paragraph 1. 1, no. 4 and 5.

3) The amount equivalent to the sum of eligible units in other undertakings not covered by No 2. Paragraph 1 and 2 and paragraph 1. 1, no. 1-3, and which exceeds 60%. by the base capitale, after deduction after no. Paragraph 1 and paragraph. 1, cf. however, paragraph 1 Amendments Nos 8 and 9, and without amendment pursuant to Article 135 (5). 1, no. 4, and deduction pursuant to paragraph 1. 1, no. 4 and 5.

Paragraph 3. The reduction in deduction in paragraph 1. 1, no. However, 1 may not exceed the deduction carried out in accordance with paragraph 1. 1, no. ONE, ONE. Act.

Paragraph 4. The amount referred to in paragraph 1. 1, no. Paragraph 1 (a) shall be made before deduction of direct and indirect ownership of assets in accordance with section 131 (1). 4, no. 3, to the extent that these assets are already covered by this provision in the calculation of the base capitle in the owling company. Where the subsidiary insurance undertaking or the associated insurance undertaking is to be discharged in the calculation of paragraph 1. 1, no. 1 (a) and (b) itself possesses subsidiaries or affiliated insurance undertakings, the base capitale shall be set up in section 130 (3). 1, no. 5 (a) before deduction of the capital requirements of these companies when the companies ' capital requirements have already been deducted after paragraph 131 (1). 4, no. First, the amount referred to in paragraph 1. 1, no. Paragraph 1 (a) shall also be discharged before deduction after paragraph 131 (1). 4, no. 2 if the undertakings concerned are included in the consolidation in accordance with Chapter 12.

Paragraph 5. The people in paragraph 3. 1, no. The amount of the items 4 and 5 shall be included only in the case of assets and obligations where the risk-weighted outposts outside the trading book shall be discharged by means of an internal method, cf. § 143, paragraph 1. 3.

Paragraph 6. If the deductions are provided for in paragraph 1 1 is greater than the additional capital, the excess part of the main capital shall be deduct;.

Paragraph 7. Participation in credit and financial institutions shall not be deductable from the base capitle when the capital shares are provisionally acquired and acquired as part of a reenactment. The proportion of the capital requirement in a subsidiary insurance undertaking or an affiliated insurance undertaking, cf. paragraph 1, no. Furthermore, if the undertaking is acquired temporarily and the acquisition has taken place as part of a reconstruction, it shall not be deduction.

Paragraph 8. Capital shares in credit and financial institutions, together with the financial institution, the real credit institution, the Fund Broker or the investment management company, are covered by consolidation, cf. Chapter 12, shall not be deduditized in the base capitale. This shall also apply to trailing capital deposits in credit and financial institutions covered by the consolidation.

Niner. 9. In the calculation of the amounts in paragraph 1, 2, no. In addition, two and three (3) are also included in stock-and stock business and so on.

§ 140. In the case of a credit institution, the requirement of the base capsule in a series of remittance obligations opened before 1 of the first paragraph is given. In 1 January 1973, it is fulfilled in section 135 (5). 1, no. Five, mentioned capital.

Paragraph 2. In a series of remittance obligations that have been opened before the first 1. 1 January 1973, it may in section 129 (4). 1, no. Article 9 (9), which does not include coverage of the requirements of the base capital capital, is taken into account as core capital by the fulfilment of the base capital requirement for the mortgage credit institution, by the way.

§ 141. For the investment management company portfolio, cf. § 125, paragraph 1. 3, the asset ' s assets shall be counted in associations approved by the investment management company to administer.

Paragraph 2. Portfolio, which the investment management company has been granted to manage by the delegation rules, shall not be included in the company ' s portfolio, cf. § 125, paragraph 1. 3.

§ 142. The risk-weighted posts for financial institutions, real credit institutions, fund brokers and investment management companies shall be the objective of the overall risk of losses associated with the undertaking ' s activities. This target shall be used by the use of risk weights for the calculation of credit risk items, stock risk, interest risk, risk risk, risk risk, risk risk, operational risk and material assets, etc.

Paragraph 2. For the risk-weighted outlines for insurance undertakings and horizontal pension funds, items corrected for insurance, maturity, special circumstances in reinsurance, average premium bases, administrative costs and the cost of compensation and other items of the risk sum.

§ 143. Financial supervision shall lay down rules for :

1) the assessment of the risk-weighted items ;

2) statements in accordance with section 124 (4). One and four, paragraph 125, paragraph 1. One and seven, and section 126, paragraph 1. 1 and 8,

3) the reporting of the risk-weighted items, capital requirement, the solvency requirements and the base capital,

4) stocktaking of stock-and stock business, etc.,

5) the inventory of the firm ' s fixed costs, cf. § 125, paragraph 1. 5,

6) the conditions for the reduction of the minimum capital requirement, cf. § 126, paragraph 1. 5,

7) the difference between the anticipated losses and the valuation adjustments and provisions, cf. § 135, paragraph 1. 1, no. 4, and section 139 (4). 1, no. 4, and the expected losses after paragraph 139 (3). 1, no. 5, and

8) information commitments relating to capital.

Paragraph 2. The SEC may lay down detailed rules for financial institutions, real credit institutions, fund brokers and investment management companies to inform customers of their rating agencies.

Paragraph 3. For financial institutions, real credit institutions, fund brokers and investment management companies, the risk-weighted items shall be subject to the risk-weighted items. paragraph 1, no. 1, shall also be done by using internal methods for the assessment of risk-weighted items. The use of internal methods requires the authorisation of the Financial supervision. The SEC shall lay down detailed rules for the authorisation to use internal methods.

Special rules concerning the coercion for monetary institutions

§ 144. In a financial institution that does not comply with the solvency requirement in section 124 (4). 2, no. Paragraph 1 and paragraph 1. 5, and where the Financial supervision has set a time limit after paragraph 225 (1). 1 and 3, the board may, at the request of a shareholder who own 70%. or more of the shares of the monetary institution, decide by universal majority to incorporate the shares of the other shareholders into the monetary institution. The same applies to cases where the request is made by a shareholder, which, following a transfer of capital, which is part of a redesign plan, will own 70%. or more of the shares in the financial institution, even though the financial institution as a result of the capital supply is once again satisfying the solvency requirement of section 124 (4). 2, no. Paragraph 1 and paragraph 1. 5. The decision to approve the shares of the Management Board shall be approved by the Financial supervision. Restock solution must be made within 30 days of the request after 1. Act.

Paragraph 2. At the same time, the Management Board shall invite the shareholders to an informational meeting concerning the compulsive solution. This meeting shall be held within eight days of the decision and shall be borne by the costs incurred by it after the application of the coercion shall be carried out.

Paragraph 3. 10) The minority shareholders who are covered by a resolution on the settlement of shares, cf. paragraph 1, in writing no later than three days after receipt of the request, their shares shall be transferred to the shareholder referred to in paragraph 1. 1. The request must contain information about the conditions of the solution and assessment basis for the solution rate. The value of the stock of the financial institution shall be based on the commercial value of the shareholdings of the auditor elected by the general assembly of the financial institution.

Paragraph 4. The buying-in shall be either laid down or deposited within three days of the submission of the solution in force to shareholders. This also applies to the purchase price of the shares referred to in the State of State, cf. the provisions of the company law on this subject.

Paragraph 5. The solution and transfer of shares shall be deemed to be final at the time of the buying-in or deposit of the buying-in, cf. paragraph 4. In the event of a disagreement on the price fixing of shares, it is decided subsequently on one of the parties ' request of two of the United States Revisors appointed accountants. The decision may be brought to justice within two weeks of receipt of the decision of the auditors.

Chapter 11

Temporary placement and liquidity

Rules for the money and real credit institutions as well as fund brokers and investment management companies on the allocation and liquidity of the funds ;

§ 145. A commitment, cf. Section 5 (5). 1, no. 16, with a customer or group of interconnected customers, may not exceed 25% by deduction, in particular to the safe requirements. of the base capitalen, cf. § 128. The base capitale shall be discharged in accordance with section 135 (3). 1, no. 4, and deduction pursuant to section 139 (4). 1, no. 4 and 5.

Paragraph 2. The sum of the engagements that, after deduction of particular safeguard requirements, make up 10%. or more of the base capitalen, must not be combined to exceed 800%. of the base capitale.

Paragraph 3. Engagements that make up 10%. or more of the base chapter, shall be reported to the Financial supervision each quarter.

Paragraph 4. Where the exposures are increased, the limits laid down in paragraph 1 shall be increased. 1 or 2, the Financial supervision shall immediately be informed. In exceptional circumstances, the Financial supervision may permit the limit laid down in paragraph 1. 1 is temporarily exceeded.

Paragraph 5. The people in paragraph 3. The limits laid down by 1 and 2 shall not apply to exposures to undertakings which are fully included in the consolidation.

Paragraph 6. Amount from the base capitale after paragraph 139 (3). 1, no. 1, do not include in Engagement with subsidiaries or affiliated companies operating insurance.

Paragraph 7. Amount from which the base capitale is deducted according to section 139 (3). 1, no. 2, and paragraph 1. 2, no. 1 and 2 shall not be included in the engagement with the issuer of the capital shares.

§ 146. The capital shares of the pension institutions, real credit institutions and investment management companies in other undertakings shall not exceed 100%. of the base capitale. The capital shares acquired for powders are not part of the calculation after 1. Act.

Paragraph 2. Asset-sale and stock sales must be included in the balance of the limit laid down in paragraph 1. 1.

Paragraph 3. The capital chapter to be deduct in the base chapter and capital shares in undertakings forming part of the consolidation shall not be included in the border in accordance with paragraph 1. 1.

Paragraph 4. The financial supervision may be dispensers from the border in paragraph 1. 1.

147. Penalty institutes, real-estate credit institutions, fund brokers and investment management companies must not own property or have equity holdings in property companies for more than 20%. of the base capitale. The flat-rate property of the financial institutions and the real estate of real credit institutions shall be taken into account and guarantees to subsidiaries which are property companies. However, the property of a financial institution, a credit institution, a fund-broiler company or an investment management company has acquired the industry to operate or ancillary activities, is not covered by the provision.

Paragraph 2. The financial supervision may be dispensers from the provision in paragraph 1. ONE, ONE. Act.

148. Financial supervision shall lay down rules for :

1) the uptake of a commitment,

2) the statement of exposures to the counterparts where the total or partial guarantee has been lodged,

3) the reporting of exposures exceeding 10%. of the base capitale,

4) deductions in exposures to particularly secure requirements ; and

5) account, reporting and limits for the overall currency and other market risks.

Special rules applicable to financial institutions on the placement and liquidity of the funds

§ 149. A financial institution must not have a restriction on lease agreements, cf. paragraph 2, the value of which is fixed with real estate and shareholdings of section 147 represents more than 25%. of the base capitale.

Paragraph 2. In the restriction of a lease agreement, the difference between the purchase price of the lease asset and the present value of the leasing ' s obligation to the financial institution after the lease agreement is the present value.

Paragraph 3. If a third party is liable for part of the restriction, this part may be deduct from the decision to be taken by the restriction of the restriction. The commitment of the third party must be attached to the commitment of the Member State in accordance with section 145.

Paragraph 4. The financial supervision may be dispensers from paragraph 1. 1.

§ 150. The loans for the drawing of stock, shares or guarantee capital of a financial institution other than 5%. the total share of shares in shares, shares or guarantees of guarantee may be granted only if the excess amount is guaranteed. The minimum security must be of the same nature as particularly safe requirements.

§ 151. A savings bank may not acquire or as a pant to receive their own guarantee certificates.

Paragraph 2. An Andelmolasses shall not acquire or as a pant to receive own cooperatives.

§ 152. A financial institution shall have a responsible liquidity, cf. paragraph 2. Liquidity shall not be less than :

1) 15%. of the debt obligations which, regardless of the payment of payment, the institution of the financial institution shall be responsible for the payment of claims or on a shorter notice than one month ; and

2) 10%. by the total debt and guarantee obligations of the financial institution, deducted from the capital deposits which may be included in the calculation of the base capital.

Paragraph 2. The cash flow can be counted as follows :

1) Point of mass.

2) Completed safe and liquid claims receivable by credit institutions and insurance undertakings.

3) Degraviing of secure, easily saluted, unbelated securities and credit funds.

Paragraph 3. Are the requirements of paragraph 1, 1 may not be fulfilled and will not be taken in order no later than eight days after the institution of the Financial Institute fails to comply with the requirements, the institution of the financial institution shall immediately report this to the Financial supervision. The SEC shall set a time limit for the fulfilment of the requirements.

§ 152 A. Penal institutions authorised to issue in particular covered bonds shall establish and maintain a group of assets to be kept separate from the other assets of the financial institution. The total value of the shares must be at least equal to the value of the special covered bonds issued, and the mortgage security of each loan shall at all times comply with the loan limit for this.

Paragraph 2. Where the value of the assets referred to in paragraph 1 shall be : 1, not at least equivalent to the value of the issued special covered debt securities or are not in compliance with the loan limits which were in force at the time the loan has been granted, the institution of the monetary institution shall immediately provide additional security to ensure compliance with ; the requirement and give the Financial supervision thereof. The obligation to provide additional security as well as the costs for that loan may not be imposed on borrowers in Denmark, where the decreasing property values have triggered the additional collateral.

Paragraph 3. Where the financial institution does not provide additional security in accordance with paragraph 1. 2, shall lose all securities issued in the register in question, cf. section 152 g, paragraph 1. 1, the description of the special covered debt securities. If the debt securities subsequently meet the requirements for specially covered bonds, the Financial supervision may allow the bonds to be redeemed special debt securities.

Paragraph 4. Safety has been lodged in accordance with paragraph 1. 2 cannot be reversed after § 70 or § 72 in the bankruptcy slop. However, this may be carried out in accordance with the provisions laid down in the said provisions, where the security has specifically not been presented as ordinary ordinary.

§ 152 b. Penal institutes authorised to issue a special covered debt securities may be subject to the granting of loans to meet requirements to provide additional security.

Paragraph 2. It must be stated in the loan agreement, which register, cf. section 152 g, paragraph 1. The loans referred to in paragraph 1 shall be 1. 1 shall be used as additional security for.

Paragraph 3. Loans recorded in accordance with paragraph 1. 1 shall be placed in the stock types referred to in section 152 c. The assets shall be placed on a separate account at the time when the loan is recorded, in a separate depot, or in any other way, in the case of the loan concerned.

§ 152 c. The following asset types may be included as security for the issue of special covered debt securities :

1) Loans secured at the end of immoveable property, cf. § 152 d. In the case of loans made by means of immovable property, loans shall be granted where the pantheon has been reported for this if the necessary security is provided for the final state of the panthebank and without undue delay the institution shall definitively provide the necessary security ; tingly pawn, cf. 1. Act.

2) Borrow secured by pant in ships registered in the Danish Ship Register, Danish International Ship Register or in any other internationally recognised ship register, which provides similar security, cf. Section 152, and the buildings loans for the financing of new or rebuilding ships that are provided without a ship ' s ship.

3) The bonds or debt securities issued by or guaranteed by central governments, central banks, public entities and regional or local authorities of a country within the European Union or a country with which the Community has concluded agreement ; financial area.

4) bonds or debt securities issued by or guaranteed by central governments, central banks, public entities, regional or local authorities of a country outside the European Union which the Community has not contracted in the financial context ; territory, multilateral development banks or international organisations if the non-indebted and unsecured debts of the issuers concerned are weipled by 0%. for the assessment of the risk-weighted items, cf. Annex VI of the Directive on access to the recording and undertaking of credit institutions.

5) Obligation or debt letters issued by units listed in paragraph 1 3 and 4, where issuer ' s non-retracted and insured debts are weighted by 20%. for the assessment of the risk-weighted items, cf. Annex VI of the Directive on access to the recording and undertaking of credit institutions. It is a condition that the value in which these assets are included does not exceed 20%. of the nominal value of issuer ' s outstanding debt securities.

6) The bonds or debt securities issued by credit institutions, provided that the non-indebted debts and unsecured debts of the credit institutions concerned are weipled by 20%. for the assessment of the risk-weighted items, cf. Annex VI of the Directive on access to the recording and undertaking of credit institutions. The bonds or debt securities issued by a credit institution in a country within the European Union or a country with which the Community has concluded an agreement in the financial field of the age of 100 days or less may conclude, where the credit institution ' s non-retracted and unsecured debt is weighted with a maximum of 50%. for the assessment of the risk-weighted items, cf. Annex VI of the Directive on access to the recording and undertaking of credit institutions. The value that was mentioned in 1. and 2. Act. included, shall not exceed 15%. of the nominal value of issuer ' s outstanding debt securities. The 15th Pct limit. applies to the total commitment to credit institutions after this number and number (s), 7. Amounts arising in connection with mortgage payments and the deposits of loans secured by furant are not covered by 15% of the mortgage.

7) Other non-deposited receivaes and guarantees provided by credit institutions as mentioned in paragraph 1 shall be made. 6. This is a condition that the value that these receivees and guarantees are included does not exceed 15%. of the nominal value of issuer ' s outstanding debt securities. The 15th Pct limit. applies to the total commitment to credit institutions after no. 6 and this number. Debts arising in connection with mortgage payments and the deposits of loans secured by furant are not covered by 15% of the mortgage.

Paragraph 2. A special covered bond must not be issued with security in both regular property and ships.

Paragraph 3. The financial supervision may allow other assets to be used for the issue of special protection securities than those referred to in paragraph 1. 1 and may set other limits on the size of the security of the issue of the debt securities concerned, if such authorisation is in conformity with the Directive on access to the recording and operation of the activities of the securities ; credit institution.

§ 152 d. In the case of loans secured by way of immovable property and provided on the basis of the issue of special covered bonds, the maturity, decoy profiles and loan limits laid down in section 3-5 of the mortgage and mortgage bonds and so on, cf. however, paragraph 1 2-4.

Paragraph 2. The loan limit for the properties referred to in section 5 (5). 1, no. 7, in the case of mortgage credit and mortgage bonds, etc. shall not apply to loans guaranteed by the amount of solid property on the basis of the issue of special covered bonds. The gate limit is for these properties 60%. of the property value. Borrowing line of 60%. may be increased to 70 pct., if additional security is lodged at least 10%. for the part of the loan that exceeds 60%. of the property value.

Paragraph 3. In the case of loans secured by way of immovable property and provided on the basis of the issue of special covered bonds for property covered by Section 5 (5). 1, on mortgages and mortgage bonds etc., section 3 and 4 of the mortgage and mortgage bonds are applicable, and so on not if the loan limit does not exceed 75%. 11)

Paragraph 4. In the case of loans secured by way of immovable property and provided on the basis of the issue of special covered bonds for business outdoors covered by section 5 (4). 3, no. 2-4, on mortgages and mortgage bonds, etc. apply that the loan threshold of 60% is valid. may be increased to 70 pct., if additional security is lodged at least 10%. for the part of the loan that exceeds 60%. of the property value. For loans to the properties covered by section 5 (5), 2, in the area of mortgage credit and mortgage bonds, etc. may be able to use 70% of the credit line. be used only if additional security shall be lodged at a minimum of 10%. for the part of the loan that exceeds 60%. of the property value.

Paragraph 5. Accessories covered by Section 38 of the sound Act may be included in the valuation of the real estate.

Paragraph 6. Insertions in a commercial voyage to use for their operations may form part of the valuation of the valuation. In the case of agricultural land, the herd belonging to the property may, in the extent to which the crew is included in the continuous production, are also included in the valuation of the valuation. In the case of agricultural restoities, the value of the herd which is part of the continuous production of a maximum of 30% shall be the maximum amount of the herd. of the value of land and buildings.

§ 152 e. loans with furant fixed on the basis of the issue of special covered debt securities must be guaranteed by separate pawn letters and may not be granted against the securities in the form of owning letters and indemtees in accordance with the rules of the non-free-free-free-free card. however, paragraph 1 Two and three. It must be stated in the mortgage letter that it may be safe for a loan financed by the issue of special covered bonds.

Paragraph 2. Mortgage letters in real estate, which are things that are things before 1. In July 2007, loans may be guaranteed for loans financed by the issue of special covered bonds.

Paragraph 3. The financial supervision may be dispensers from paragraph 1. 1 on loans granted to immovable property located outside Denmark, the Faroe Islands and Greenland.

§ 152 f. For loans secured by pant in ships, the financial institution can lend loans within 70%. of the value to which the ship required for the security is set. The amount of the loans granted may not exceed 15 years on the date of payment of the loan. In the case of a construction loan, the duration may not exceed four years from the date of the first payment. The provision of the maturity of loans shall take into account the average life of the ship ' s ship and the age and condition of the specific ship, etc. ;

§ 152 g. In financial institutions, registers of assets shall be subject to section 152 (a) and 152 (b) and over financial instruments which satisfy the conditions laid down in paragraph 1. 2. A financial institution may carry one or more registers. A register must not contain assets that have security in both regular property and ships.

Paragraph 2. Financial instruments must be included in a register of assets only if they are used to cover risks between assets in the register on the one hand and the special covered bonds on the other side, and where the financial instrument was covered by the agreement on the financial year ; instrument is determined that the financial institution ' s payee of payment, bankruptcy or failure to comply with the obligation to provide additional security after Article 152 (a) (1). 2 is not default.

Paragraph 3. Assets, including financial instruments, in a register serve to the satisfaction of the holders of the special covered bonds and the counterparts with whom the financial instruments have been concluded, and then the loans granted after they have been taken, § 152 b, paragraph. 1.

Paragraph 4. The Financial Institute shall report to the Financial supervision, which assets, etc., are included in the Register. The SEC or the Financial supervision authoritages this, control the presence of these assets.

§ 152 h. Financial supervision shall lay down rules for :

1) the valuation of the special covered debt securities and the continuous inventory of the assets of the assets in relation to the debt securities,

2) the valuation of assets located to the safety of the issuance of special covered debt securities, cf. § 152 c (3) 1,

3) under which conditions may be provided for the construction of a new or conversion of ships, cf. § 152 c (3) 1, no. 2,

4) the listing, registration and control of the presence of assets in the registers, cf. § 152 g,

5) the granting of loans financed by the financial institutions by issuing a special covered debt securities, in cases where there is no definitive pantheon, as well as to the extent to which alternative security should be provided ; and security shall be provided in the form of a guarantee from a financial institution, to which extent this should not be included in the 15%-limit, cf. § 152 c (3) 1, no. 6 and 7, and

6) the restriction of the risks associated with the issue of special covered debt securities, including the interest-rate risks, currency risks and the risks of recovery.

Special rules applicable to mortgage-credit institutions concerning the placement and liquidity of the funds

§ 153. A mortgage credit institution shall be at least positioned in the following assets, corresponding to 60%. the basic capital of the mortgage credit institution with a supplement to the amount of the repayment obligations which are not included in the base capital :

1) Deposits in central banks in Zone A.

2) bonds and debt securities issued by or guaranteed by governments or regional authorities in Zone A.

3) Credit credits and other bonds issued by a credit institution in a country within the European Union or a country with which the Community has concluded an agreement in the financial field, which shall provide equivalent security.

4) Obligations engaged in trade in a regulated market issued by international organisations which, as a Member, have at least one of the Member States of the European Union.

Paragraph 2. The Financial supervision may, in particular cases, permit the limit as referred to in paragraph 1. 1 may be devised if the mortgage credit institution is related to another mortgage credit institution.

§ 154. In the other series or in the real credit institution, the funds in series must not be deposited as hybrid core or responsible pawn capital.

Paragraph 2. Remedies in the real credit institution shall not, incidentally, be deposited in series such as hybrid core capital or responsible loan capital unless at least included hybrid core capital or responsible loan capital for a corresponding amount in the mortgage credit institution ; By the way

§ 155. (Aphat)

Special rules for fund brokers and investment management companies on the allocation and liquidity of funds

§ 156. The liquidity, cf. § 152, paragraph 1 2, in Fund brokerers and investment management companies, must be responsible.

Paragraph 2. The SEC may call for an increase in liquidity if it is not deemed to be justifiable.

Paragraph 3. The SEC shall set a deadline for the fulfilment of the requirement laid down in paragraph 1. 2.

§ 157. Fund Brokerers who do not have permission to perform acts on their own account, cf. in Annex 4, section A, no. 3, and investment management companies can place the company ' s basic capital of stocks and bonds engaged in trade in a regulated market, and shares in investment associations, specialised associations, sheep ' s associations and professionals ; associations, apart from professional training organisations, cf. Article 109 of the Law on investment associations and special associations as well as other collective investment schemes, etc.

Special rules for insurance undertakings and pension funds for the placement and liquidity of the funds

§ 158. The funds available to an insurance undertaking or a pension fund must be invested in an appropriate and insured manner so that there is reassuring certainty that the company may, at all times, meet its obligations.

§ 159. The insurance companies and pension funds must have a group of assets whose total value at all times corresponds to the value of the total amount of the undertaking ' s total technical provisions.

Paragraph 2. The assets covered by paragraph 1. Paragraph 1 shall be chosen in such a way as to ensure that, in terms of safety, return and liquidity, they are such that they are suitable for ensuring that the insured can be made safe. There must not be a disproportionate dependency on a particular category of assets, a particular investment market or a particular investment.

§ 160. In accordance with the provisions of this Chapter, the assets shall be remade according to the following rules :

1) The assets shall be made up and regulated continuously in accordance with the rules laid down for annual reports after Article 196.

2) Deduction must be deductible for any adhesion part, and loans can only be made to a value that will be obtained after deduction of commitments which may be offset by the borrower.

3) Financial contracts which reduce the risk that the assets cannot cover the insurance obligations should be included in the value of such contracts in the value of assets.

4) Accounts owed unpaid interest on assets covered by Section 162 (1). 1, no. 1-4, 6, 7, 9 and 11-14, are included in the value of the assets.

§ 161. In accordance with the provisions of this Chapter, the technical provisions shall be subject to the following rules :

1) The provisions shall be made up and regulated continuously in accordance with the rules laid down for annual reports after paragraph 196.

2) Determination shall be gross for direct-subscribed insurance.

3) The proportion of insurance provisions for indirect insurance which are matched by reinsurance deposits with disclosing insurance undertakings shall be deducted.

4) Until half of the debunted premiums are dedushunted.

§ 162. The following stock types may be included among the assets covered by section 159 (4). 1 :

1) The bonds or debt securities issued by or guaranteed by governments or regional authorities in Zone A.

2) securities admitted to trade in a regulated market in a country within the European Union or in a country concluded by the Community in the area of the financial area or similar markets in other countries, which are issued by : international organisations, as a Member, have at least one member of the European Union's Member States.

3) Realaccreditation bonds, in particular covered mortgage bonds and in particular covered bonds issued by mortgage institutions, financial institutions or the shipping finance institute and other bonds issued in a country within the European Union or a country to which the Community has concluded an agreement on the financial area offering equivalent security.

4) Accounts receivable, however, not receivable claims other creditors are left with credit institutions and insurance undertakings under public supervision in countries covered by Zone A and other loans guaranteed by credit institutions, or other, guaranteed by credit institutions ; insurance undertakings under public supervision in countries covered by Zone A.

5) Round, housing, office and business end, and other properties whose value is independent of a special vocational training.

6) Loans secured at the end of the pawn in estates which are covered by no. 5, for an amount of up to 80%. of the most recent real estate assessment for housing and 60%. for other properties.

7) Loans to security in their own life insurance policies in the field of their re-purchase value.

8) Parts in

a) UCITS covered by Community law, monetary union associations, investment institutions ' associations and approved sheep ' s associations or departments, cf. the law on investment associations and special associations, as well as other collective investment schemes, etc.,

b) locations associations and professional associations or departments in the Staff Regulations relating to instruments and risk-spreading, similar to those applied to investment associations, pension funds, and ' investment institutions ' organizations or the risk-dispersal provisions corresponding to the rules laid down in section 106 (4). 3 and 4, in the Law on investment associations and special associations, as well as other collective investment schemes, etc., and

c) other associations or departments, if these associations in their statutes have provisions relating to instruments and risk-spreading, which correspond to those applying to investment associations, pension funds and investment institutions, or provisions on risk-spreading, which correspond to the rules in section 106 (1). 3 and 4, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.

9) Other bonds and loans admitted to trading in a regulated market in a country within the European Union or in a country concluded by the Community in the area of the financial area or similar markets in other countries covered by Zone A.

10) Chapter shares recorded in the territory of a regulated market within the European Union or in a country concluded by the Community in the area of the financial area, or similar markets in other countries covered by Zone A.

11) Property that is not covered by No 2 5, and loans secured by way of the pawn in estates which are not covered by No 1. 6.

12) Chapters and other securities admitted to trade in a market in non-Zone A markets where the market is equivalent to a regulated market within the European Union, as well as other securities admitted to trade in a regulated market in a country before for the European Union or in a country with which the Community has concluded an agreement in the financial sphere or in other countries covered by Zone A, in other countries, the same markets.

13) Other loans and securities which are not covered by no. 1-12.

14) Reinsurance contracts and receifts of reinsurance undertakings and special risk-covering establishments in public surveillance in countries covered by Zone A or reinsurance undertakings under public supervision which has obtained a rating of a recognized rating company corresponding to at least one of the investment grade.

Paragraph 2. In a subsidiary whose activity is limited to performing and managing investments in assets covered by paragraph 1. 1, the subsidiary of the subsidiary of the value of the capital shares in and any loans to the subsidiary may be treated as assets under paragraph 1. 1. the subsidiary is not a proprieable asset, its assets to a proportionate value equal to the share of the own funds.

Paragraph 3. If the insurance undertaking has a subsidiary undertaking a direct life assurance undertaking with a permit under this law, the subsidiary of the subsidiary may be treated as assets under paragraph 1. 1. the part of the subsidiary assets that do not cover the subsidiary provisions of its subsidiary provisions, and an amount corresponding to the subsidiary capital requirements, must, in such cases, be of such a nature and composition that they may be included, the parent undertaking ' s assets to cover technical provisions in accordance with the provisions of this Chapter. The data company ' s assets may add up to a maximum of the assets covering technical provisions, to a value corresponding to the value of the parent company ' s shares and any loans to the subsidiary undertaking, with deduction of the subsidiary the subsidiary company is not wholly owned, its assets to the proportionate value equivalent to the owned share of the own funds.

Paragraph 4. The provisions of paragraph 3 may be applied to other subsidiaries which are insurance undertakings authorised under this law ; however, such subsidiary assets may be included among the assets of a value equivalent to 5%. of the parent undertaking's technical provisions.

§ 163. The following limits with regard to technical provisions are applicable to the co-expense of assets covered by section 159 (4). 1 :

1) Assets covered by Section 162 (1). 1, no. 8-14, must be at a maximum of 70%.

2) Assets covered by Section 162 (1). 1, no. 12, may not exceed 10%.

3) Borrow covered by Section 162 (1). 1, no. 13, may not aggregate up to 2%.

4) Assets covered by Section 162 (1). 1, no. 4, 6, 8, 10, 12 and 13, issued or guaranteed by money and mortgage institutions, insurance undertakings, departments of UCITS and locations associations, investment institutions, sheep ' s associations and Professional associations, which for each company and the division of an association, represent more than 5%. the maximum amount of the technical provisions shall comprise a maximum of 40%.

Paragraph 2. Other loans and securities covered by Section 162 (1). 1, no. 13 may not exceed 10%. for the technical provisions. In the case of reinsurance operations, the limit is 30%.

§ 164. Assets which present a risk to a single undertaking or a group of interconnected undertakings may be included in the sections of section 159 (3). 1, mentioned assets within the following limits established in relation to the technical provisions :

1) Assets covered by Section 162 (1). 1, no. 3 shall not exceed 40%.

2) Assets covered by Section 162 (1). 1, no. 4 shall not exceed 10%.

3) Assets covered by Section 162 (1). 1, no. 8, cf. however, paragraph 1 4 shall not exceed 10%.

4) Assets covered by Section 162 (1). 1, no. 14 shall not exceed 10%.

5) Assets covered by Section 162 (1). 1, no. 6, 7, 9, 10, 12 and 13 must not be more than 4%. in insurance undertakings which do not run the direct life assurance business, cf. however, paragraph 1 2.

6) Assets covered by Section 162 (1). 1, no. 6, 7, 9, 10, 12 and 13 must not be less than 2%. in pension funds and insurance undertakings which operate directly life-assurance business, cf. however, paragraph 1 2. The limit is 3 pct;, if the own funds in the company relating to the asset exceed 250 million. when the establishment is resident in a country covered by Zone A and the asset is engaged in trade in a regulated market within the territory of a country within the European Union or in a country concluded by the Community in the financial sphere, or equivalent markets in other countries covered by Zone A.

7) Assets covered by Section 162 (1). 1, no. 5 to 7 and 9 to 13 may not exceed 5%.

8) Borrow covered by Section 162 (1). 1, no. 13 may not exceed 1%.

Paragraph 2. Investment in capital and loans to a company or group of interconnected undertakings whose activities alone consist of investing in assets covered by section 162 (s). 1, no. 5 and 11, the total investment may not exceed 5%. for the technical provisions, cf. section 159 (4). 1.

Paragraph 3. Paragraph 1, no. 3 and 5-7, and paragraph 1. 2 and 5 shall not apply to investments in a subsidiary which is subject to section 162 (1). 2-4.

Paragraph 4. Paragraph 1, no. 3 and 5-7, and paragraph 1. 2 and 5 shall not apply to investments in undertakings, investment undertakings and associations covered by Article 162 (1). 1, no. 8 if the activity of the statutes is limited to investment in assets covered by section 162 (1). 1, no. 1-3. Such investments may, in relation to the limits, set out in paragraph 1. 1, no. 5-8, and paragraph. 2 as well as section 163 (3). 1, no. 1 3, shall be regarded as assets covered by Section 162 (1). 1, no. 1-3.

Paragraph 5. For assets covered by section 162 (1). 1, no. 6, 7, 9, 10, 12 and 13 are the limit 5%. for investments in a single undertaking and 10%. for investment in a group of interconnected undertakings in relation to an insurance undertaking to cover its reinsurance business.

§ 165. In the assets covered by section 159 (4), 1, a sum of at least 80%. be denominated in the currency of congruent currencies. For reinsurance operations, the limit shall constitute a minimum of 70%.

Paragraph 2. Assets denominated in euro may be used to meet half of the requirement laid down in paragraph 1. 1 for the technical provisions of a currency other than the euro.

Paragraph 3. The requirement of paragraph 1. Paragraph 1 shall not apply where the technical provisions of the currency in question comprise less than 7%. the technical provisions of other currencies.

§ 166. For technical provisions in insurance class III, where the insurance undertaking or the pension fund has not taken on any investment risk, section 159 (4). 2, and section 163, 164 and 165 shall not apply.

Paragraph 2. For funds which have been taken over as separate SP accounts, where each account holder has an influence on the choice of investment pool or investment risk, section 159 (4). 2, and section 163-165 not applicable.

Paragraph 3. Funds taken over as separate SP accounts, where each account holder does not have an impact on the choice of investment pool or investment risk, must be affixed in accordance with section 158-169, cf. however, paragraph 1 4 and 5.

Paragraph 4. § 163 (4) 1, no. 4, and section 164 (4). 1, no. 4, does not apply to funds located in investment associations, specialised associations, professional associations and approved sheep ' s associations in section 162 (1). 1, no. 8.

Paragraph 5. § 163 (4) 1, no. Paragraph 1 shall not apply to funds located in investment associations, specialised associations, professional associations and approved sheep ' s associations in section 162 (1). 1, no. Article 8 (8), provided that the inventory of the assets of these associations is included in the calculation of the location of the funds covered by paragraph 1. 3, and that the provisions of section 158-169 with those referred to in paragraph 1 shall be 169. 4 mentioned exceptions in this inventory have been complied with.

§ 167. In the insurance undertakings and the pension funds, a register must be kept on the assets covered by section 159 (4). 1, as well as financial contracts after paragraph 160 (1). 1, no. 3. In addition, in the case of injury undertakings, a register containing assets corresponding to the award of premiums where the period of insurance is first started at the end of the accounting year shall be kept. The registered assets and contracts shall serve solely to the satisfaction of the insured.

Paragraph 2. The requirement for registration shall not apply to the provisions of section 162 (1). 1, no. Seven, mentioned policeline.

Paragraph 3. If property is entered into the assets of the assets, a tingly-note-mail is recorded.

Paragraph 4. For subsidiaries covered by Section 162 (1). 2, and subsidiaries covered by Section 162 (1). The participation of the subsidiary shall be recorded in the subsidiary undertaking and, where appropriate, to the subsidiary undertaking.

Paragraph 5. The insurance undertaking and the pension fund shall provide the Finance-SEC notification of the assets included in the Register. The SEC or the Financial Control Authority shall authorize such assets to control the presence of these assets in accordance with the procedure laid down by the Financial supervision.

Paragraph 6. The SEC may require the register to be deposited if the supervision decides to restrict or prohibit the company's disposal of its assets. Where the register of the register is to be deposited, the SEC of the Financial Authority shall be registered as eligible in a securities centre in terms of securities. With regard to the other assets and contracts which serve to cover the technical provisions, these hand-panels shall be to the benefit of the Financial supervision.

Paragraph 7. Any change in a landfill register must be approved by the Financial supervision and notes in the register.

§ 168. The Financial supervision may, for a time-limited period, dispensers from § 162, section 163, paragraph 1. 1, no. 4 and section 164 (4), 1, no. 2-8, and paragraph 1. 2-5.

§ 169. Financial supervision shall lay down rules for :

1) the demarcation of transferable securities covered by several of the securities referred to in section 162 (1). 1, mentioned asset groups ;

2) the localization and congruent currencies of the assets in respect of the technical provisions,

3) coverage of technical provisions for insurance covered by Section 166, and

4) the reporting, recording and checking of the presence of assets in the registers after paragraph 167.

Chapter 12

Corporate rules, consolidation, etc.

Corporate Rules

§ 170. In groups where the parent company is a financial holding company or a financial institution, the rules for financial institutions in section 124 (4) are applicable. 2, no. 1, apply to the financial holding company and the group, cf. however, paragraph 1 2-4. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. In groups where the parent company is a real-credit holding company or a real credit institution, the rules on mortgage credit institutions in section 124 (4) are applicable. 2, no. 1, apply to the holding company and the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 3. In groups where the parent company is a foundation broker or a foundation broker company, the rules for brokers ' companies in section 125 (5) shall be found. 2, no. 1, apply to the holding company and the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 4. In groups where the parent company is an investment management holding company or an investment management company, the rules on investment management companies in section 125 (5) shall be found. 2, no. 1, apply to the holding company and the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

§ 171. In group, where the parent company is a financial institution or a financial institution, section 124 (4) shall be found. 1 and 4-6, section 145-147, 149, 150, 152 and 182 are also applied to the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. A consolidated statement shall be made in accordance with the rules laid down in paragraph 1. Paragraph 1 and 170 (1). 1, between a financial institution itself, a subsidiary of a financial institution, a real credit institution or a financial holding company, and the subsidiary of the financial institution, which is a credit institution, an administration undertaking, one an investment firm or a financial institution which is not subject to the law of a country within the European Union or in a country concluded by the Community in the area of the financial area.

Paragraph 3. The financial supervision may decide that paragraph shall be set. Paragraph 1 and 170 (1). Paragraph 1 shall apply in other cases where financial institutions alone or jointly have such a direct or indirect attachment to a company that it must be regarded as required to apply the said rules.

§ 172. In groups where the parent company is a real-credit institution or a mortgage-holding company, section 124 (4) shall be found. 1 and 4-6, and § 14-147 and 182 apply to the group, cf. however, paragraph 1 3. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. A consolidated statement shall be made in accordance with the rules laid down in paragraph 1. Paragraph 1 and 170 (1). 2, between a real credit institution which is a subsidiary of a financial institution, a real credit institution or a financial holding company, and the subsidiary of a credit institution which is a credit institution, an administration undertaking, one an investment firm or a financial institution which is not subject to the law of a country within the European Union or in a country concluded by the Community in the area of the financial area.

Paragraph 3. The financial supervision may decide that paragraph shall be set. Paragraph 1 and 170 (1). 2, applicable in other cases where real credit institutions alone or jointly have such a direct or indirect association with a company that it must be deemed necessary to apply the said rules.

§ 173. In groups where the parent company is a foundation broker company or a phonebroker ' s holding company, section 125 (5) shall be found. 1 and 7-9, section 145-147, 156 and 182, moreover, the application to the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. A consolidated statement shall be made in accordance with the rules laid down in paragraph 1. Paragraph 1 and 170 (1). 3, between a fund-broiler company, which is a subsidiary of a financial institution, a real credit institution, a fund-broiler company or a financial holding company, and the subsidiary of the fund-broker undertaking, which is not an investment firm which is not : have been subject to the legislation of a country within the European Union or in a country concluded by the Community in the area of the financial sphere.

Paragraph 3. The financial supervision may decide that paragraph shall be set. Paragraph 1 and 170 (1). 3, applicable in other cases where the fund intermediaries by themselves or jointly have such a direct or indirect association with a company that it must be deemed necessary to apply the said rules.

§ 174. In groups where the parent company is an investment management holding company or an investment management company, section 125 (5) shall be found. 1 and 7-9, section 145-147, 156 and 182, moreover, the application to the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. A consolidated statement shall be made in accordance with the rules laid down in paragraph 1. Paragraph 1 and 170 (1). 4, between an investment management company which is itself a subsidiary of a financial institution, a real credit institution, an investment management company or a financial holding company, and the subsidiary undertaking of the investment management undertaking, which : is a management company which is not subject to the law of a country within the European Union or in a country concluded by the Community in the area of the financial area.

Paragraph 3. The financial supervision may decide that paragraph shall be set. Paragraph 1 and 170 (1). 4, applicable in other cases where the investment management companies alone or jointly have such a direct or indirect association with a company that it must be deemed necessary to apply the said rules.

§ 175. The Financial supervision may decide that Section 145 applies to groups where the parent company is a financial holding company that is not a fund-broker, investment management, financial institution or mortgage-keeping company.

§ 175 a. Concerns where the parent company is a financial holding company or a financial undertaking must once annually report all exposures, cf. Section 5 (5). 1, no. Sixteen, which represents more than 10%. the basic capital of the group.

Paragraph 2. The SEC shall lay down detailed rules for reporting in accordance with paragraph 1. 1.

Consolidation

§ 176. If a fund broiler company, an investment management company, a financial institution, a credit institution or a financial holding company alone or in conjunction with other undertakings in the group, have vested interests in a credit-or the financial institution which is not a subsidiary, and the credit or financial institution is operated jointly with other undertakings not included in the group, a pro rata consolidation must be carried out in accordance with section. 170 to 174 as compared to corporate enterprises ' share of own funds and the result of the group establishment in which the capital interest is held.

Paragraph 2. If the responsibility of the phonebroker, the financial institution, the financial institution, the credit institution or the financial holding company ' s liability for the company is not limited to the owner's share or the voting rights, then one must be carried out ; full consolidation in accordance with section 170-174.

SECTION 177. The subsidiary undertakings and undertakings temporarily powered by insurance undertakings and undertakings temporarily powered by financial undertakings shall not be included in the consolidation in accordance with section 170-174. The Financial supervision may, however, provide for these undertakings to be included.

Paragraph 2. Credits or financial institutions that are subsidiary undertakings of insurance undertakings shall be included in the consolidation in accordance with section 170-172 if the parent undertaking is a financial institution, a real credit institution or a phonebroker, UCITS, UCITS, or Realpolitik.

Exemption provisions

§ 178. The Financial supervision may, in exceptional cases, exempt from the requirements of section 170-174.

Paragraph 2. The financial supervision may allow other groups other than those referred to in section 170 (5). 2, may include serial reserves for the base chapter in accordance with the rules in § § 129 and 135.

Disposal, Disposal and Corporate Transactions

§ 179. The financial supervision of a parent undertaking which owns the capital shares in financial undertakings is to separate the financial undertakings and financial institutions of a financial holding company under a financial holding company, provided that :

1) The group is structured in such a way that the parent company should not comply with the solvency requirement in section 170,

2) a member of the parent undertaking ' s management board or management shall be subject to one of the conditions laid down in section 64 (4). 2, no. 1, 2 and 4, or

3) the structure, moreover, hinders the taking of the tasks of the intended service.

§ 180. The financial supervision may provide that a financial holding company disposes of capital shares in a financial undertaking, provided that :

1) the parent undertaking or the group shall not comply with the solvency requirement of section 170,

2) a member of the management board of the holding or management board does not have adequate experience to exercise the profession or the position or is covered by one of the conditions in section 64 (4). 2, no. 1-2 and 4, or

3) the parent undertaking contradies a sound and sound management of the financial undertaking.

§ 181. The SEC shall lay down detailed rules for transactions concluded between a financial undertaking and

1) any undertaking which directly or indirectly relates to the financial undertaking of subsidiary undertakings, affiliates or parent undertakings or of the affiliated undertakings and other subsidiaries ;

2) undertakings or persons connected with the financial undertaking through close connections, cf. Section 5 (5). 1, no. 17, or

3) undertakings which are not covered by no. 1 and 2, where the persons in the corporate governance of the majority are the same or where undertakings are subject to joint management pursuant to an Agreement or Statutes thereof.

Paragraph 2. Corporate internal transactions carried out in breach of the provisions laid down in paragraph 1. The rules shall be repealed in such a way as to allow the services to be returned, including the termination of a possible guarantee of collateral. Deposits from the financial undertaking that has been carried out in the context of intra-group transactions in breach of the provisions of paragraph 1. The rules laid down shall be returned, together with an annual interest rate of interest rate equivalent to the rate laid down in section 5 (5). 1 and 2, in the interest of interest in late payment, etc.

§ 182. A financial undertaking may not without the authorisation of the Financial supervision, have engagements with other companies within the same group, except for exposures to subsidiary undertakings.

Paragraph 2. Moreover, a financial undertaking must not have an engagement with undertakings or persons who directly or indirectly have a decisive influence on the financial establishment or are dominated by undertakings or persons with such a influence.

Paragraph 3. The financial supervision may exempt from paragraph 1. 2.

Paragraph 4. In the case of undertakings with a national capital deposit pursuant to the law on sovereign capital deposits in credit institutions, authorisation shall be subject to authorisation pursuant to paragraph 1. 1 that the company can demonstrate that the commitment is not a consequence of the state capital intake and is not in breach of Article 8 (3). 2, no. 7, in the law of state capital deposits in credit institutions.

TITLE VI

Annual report, revision and use of the annual profit

Chapter 13

Annual report, revision and use of the annual profit

General rules for annual report and review

§ 183. Financial enterprises and financial holding companies must prepare an annual report consisting of a management report, a management drawing and an annual accounts consisting of a balance sheet, a profit and loss account, notes, including the statement of the use, the accounting practices and a summary of the movements in the own funds. When an annual accounts are audited, the audit shall be included in the annual report.

Paragraph 2. The annual report shall be drawn up in accordance with the rules laid down in this Chapter and rules laid down in accordance with section 196, cf. however, paragraph 1 3-6.

Paragraph 3. Where provisions of this Chapter or rules adopted pursuant to this Regulation govern the same conditions as the Council Regulation applicable to the application of international accounting standards regulating, cf. The provisions of this Chapter or the rules laid down in Article 4 of the Regulation shall not be valid for the corporate accounts of the Regulation to be covered by the provisions of Article 4 of the Regulation.

Paragraph 4. Financial undertakings and financial holding companies whose transferable securities are not available for trade in a regulated market in this country or in another country within the European Union or in a country to which the Community has concluded agreement ; the financial area, irrespective of paragraph, may be : 2 choosing to apply the standards referred to in paragraph 1. Three, on their annual report. Financial undertakings and financial holding companies whose transferable securities are included in trade in a regulated market here in the country or in another country within the European Union or in a country with which the Community has concluded it ; Financial matters may, notwithstanding paragraph 1, 2 choosing to apply the standards referred to in paragraph 1. 3, on the parts of their annual report which are not covered by Article 4 of that Regulation.

Paragraph 5. Financial undertakings which, pursuant to paragraph 1, 4 shall be followed in paragraph 1. 3 those standards shall apply all approved standards in their annual report. Where provisions of this Act or provisions adopted pursuant to section 196 govern the same conditions as the standards, establishments which, pursuant to paragraph 1, shall apply. 4 apply the standards, applying the standards instead of the relevant provisions. If companies apply the standards to their group accounts and not on the annual accounts, then 1. and 2. Act. Just the corporate accounts.

Paragraph 6. The financial supervision may lay down information requirements for undertakings which comply with the requirements referred to in paragraph 1. 3 mentioned standards.

§ 184. The Management Board and the Governing Board shall report to the undertaking an annual report.

Paragraph 2. Each Member State shall have the responsibility for the annual report to be drawn up in accordance with the legislation and any additional requirements to be laid down in the statutes or agreements. Furthermore, each Member shall be responsible for reviewing the annual accounts and a possible group accounting account in time and for the annual report to be approved in good time. Finally, each Member of the Board shall be responsible for the annual report to be submitted to the Financial supervision within the time limits laid down in legislation.

§ 185. When the annual report is drawn up, all members of the Management Board and the Governing Board shall sign it and date the signature. They must give their signature in relation to a leaflet drawing where each member's name and function in relation to the company is clearly indicated and in which they declare whether :

1) the annual report shall be made in accordance with the requirements of the legislation and any requirements of the statutes or agreements,

2) the annual accounts and any group accounts provide a true image of the company ' s and, where there are group accounts, assets and liabilities, financial position and the outcome and

3) the management report provides a true explanation of the developments in the establishment and, where the group accounts, the activities and the economic conditions of the group, together with a description of the principal risks and non-safety factors, the company must be affected by the group.

Paragraph 2. If management has added additional reports to the annual report, the members of the Management Board and the Governing Board of the Management Board shall declare whether the report gives a true statement within the framework of generally accepted guidelines ; for such reports.

Paragraph 3. Although a management member is wholly or partly in disagreement with the annual report or objections to the approval of the content decided by the Member, the Member may not fail to sign the report. However, the Executive member may express his objections with a specific and comprehensive justification in relation to its signature and the drawing-up of the Leadership.

§ 186. The annual accounts and any group accounts shall give a true image of the assets and liabilities, financial position of the company and the group, as well as the result. The Management Report shall provide a true explanation of the conditions in which the report relates.

Paragraph 2. If the application of the provisions of this Act or the rules issued in accordance with section 196 is not sufficient to give a true picture as referred to in paragraph 1. 1, further information shall be provided in the annual accounts respectively of the group ' s accounts.

Paragraph 3. If the application of the provisions of this Chapter or rules issued in accordance with section 196 in exceptional cases will be stride against the requirement set out in paragraph 1. ONE, ONE. and must be deviated from this requirement in such a way that this requirement is met. Such a derogation shall be informed in the notes on the notes on the accounts and the precise and conclusive evidence of which, where possible, the amount of the monetary impact of the group, respectively, of the group ' s activities, assets and liabilities, financial position and the outcome.

§ 187. The annual accounts and the group accounts can give a true picture and that the management report may contain a true and fair statement, cf. Section 186 must be required in paragraph 1. 2 and 3 are fulfilled.

Paragraph 2. The annual report must be drawn up in such a way as to support the accounts of the accounts users in their economic decisions. Accounting users referred to as persons, undertakings, organisations and public authorities, etc., whose economic decisions are normally expected to be influenced by an annual report, including current or future undertakings, creditors, employees, customers, alliances, and forgiving and fiscal authorities. The decisions referred to shall, at least, relate to :

1) the location of the accounts ' s own resources,

2) management of the management of the undertaking, and

3) distribution of company resources.

Paragraph 3. The annual report shall be drawn up in such a way that it shall indicate conditions normally relevant to the accounting users, cf. paragraph 2. The information must also be reliable in relation to what the accounting users usually expect.

§ 188. The annual report shall be drawn up in accordance with the following basic conditions :

1) It must be prepared in a clear and overly way (clarity).

2) The facts must be taken into account and not for formalities without real substance (substance).

3) All relevant matters must be included in the annual report, unless they are insignificant (materiality). However, to be considerable, they must be considered to be significant.

4) The operation of an activity is assumed to continue (going-concern) unless it is not intended to continue or not be assumed to continue. If any activity is to be carried out, classification and setting up and the calculation and measurement shall be adapted to this phasing.

5) Any value change is to be displayed, regardless of the impact on own funds and profit and loss account (neutrality).

6) Transactions, events and value changes must be taken into account when they occur, regardless of the time of payment (accrual).

7) Conversion methods and measuring base shall be applied uniformly to the same category of conditions (consistency).

8) Each transaction, event and value change shall be calculated and measured separately, as well as individual conditions must not be contradict each other (the gross value).

9) The balance of prices for the accounting year shall correspond to the balance of the previous financial year (formal continuity).

Paragraph 2. The setting and classification, consolidation method, method of administration and measuring base and the monetary unit used must not be changed from year to year (real continuity). However, change can be achieved if a true-fair picture is obtained, or if the change is necessary as a result of legislative change or new rules issued in accordance with section 196.

Paragraph 3. The provisions of paragraph 1. 1, no. 6-9, and paragraph 3. 2 may be deviated in exceptional cases. In that case, section 186 (4) shall be found. THREE, TWO. ptangle, equivalent use.

§ 189. The assets and obligations of financial undertakings shall, unless otherwise specified in accordance with section 196, shall be measured to a daily value. Assets and Obligations and Depreciation in accordance with this, and up and down-writing shall be included in the profit and loss account unless otherwise specified in accordance with section 196.

Paragraph 2. The value of the daily value shall be measured to the market value that can be established for the asset or the obligation on a functioning market. If the asset or obligation is not traded in a properly functioning market, a recognized method of calculating the value of the day value of the asset or undertaking concerned is used.

§ 190. Supplementary reports, such as reports on knowledge and employee relations (knowledge accounting), environmental conditions (green accounts), the social responsibility of the company (social accounts) and the ethical objectives and follow-up of the company ; (ethical accounts) must give a true statement within the framework of generally accepted guidelines for such reports. They have to meet the quality requirements in section 187 (4). 3, and with the relaxations resulting from the nature of the forum, the basic conditions laid down in section 188 (3). One and two.

Paragraph 2. The additional reports shall show the methods and measurement basis according to which the reports have been drawn up.

§ 191. The financial year shall follow the calendar year.

Paragraph 2. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

Paragraph 3. Companies and subsidiaries shall ensure that the subsidiary undertaking has the same financial year as the parent undertaking, unless it is not possible because of the circumstances that are out of the control of the parent undertaking and its subsidiaries.

Paragraph 4. The Financial supervision may, in specific cases, dispense from the requirement laid down in paragraph 1. 1.

§ 192. The calculation, measurement and information in monetary units shall be carried out in Danish kroner or in euros. In accordance with section 196, the Financial supervision may stipulate that the amounts are stated in other foreign currencies that are relevant to the company ' s corporate group.

§ 193. The annual report must be reviewed by the company's external auditors, cf. § 199. The review does not include the management report and the additional reports that are included in the annual report, cf. § 190. However, the auditor shall give an opinion on the conformity of the information in the Management Report in accordance with the annual accounts and any group accounting.

§ 194. The annual report shall, in the form in which it is submitted and approved by the Administrative Board, shall be submitted in two copies to the Financial supervision without any undue delay after the board meeting in which the annual report is finally approved.

Paragraph 2. The audit records of the auditor audit protocol relating to the annual report, as well as for companies with an internal auditor, shall also include the audit record of the annual report on the annual report, at the same time as the submission of the annual report ; by paragraph 1.

§ 195. The revised and approved annual report shall be submitted to the Financial surveillance in triplicate, without undue delay after final approval. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year.

Paragraph 2. The submitted annual report must at least contain the mandatory components as well as the full review of the certificate of auditing. If the company wishes to have additional reports published as mentioned in paragraph 190, these shall be submitted together with the mandatory components of the annual report, so that the compulsory components and the additional accounts combined shall be submitted as : one document the "annual report" document.

Paragraph 3. A copy of the annual report for all the subsidiaries of the undertaking which are not financial undertakings subject to the supervision of the Financial supervision shall be submitted to the Financial supervision at the same time as the submission of the annual report pursuant to paragraph 1. 1.

Paragraph 4. The financial supervision shall transmit one of the copies referred to in paragraph 1. 1, to the Corporate and Corporate Authority, where the annual report is publicly available under the rules laid down by the Management Board.

§ 196. The SEC shall lay down detailed rules for the annual report, including rules on the calculation of assets, commitments, revenue and costs, balancing of results and balance, and notes and notes and management reports.

Paragraph 2. The SEC also lays down rules for group accounts, including rules governing when a year's annual report is to include a group count and the companies involved in it.

Paragraph 3. The Financial supervision may lay down rules for the completion and publication of accounting reports covering shorter periods than the annual report.

SECTION 197. In order to ensure that the annual reports of financial undertakings and financial holding companies comply with the rules laid down in this Chapter and the rules adopted pursuant to section 196 and financial undertakings ' corporate accounts, Whereas, in accordance with the provisions of Article 4 of the Council Regulation on the application of international accounting standards, in accordance with international accounting standards, the Financial supervision may be granted,

1) providing guidance ;

2) to address infringements and

3) ensure that errors are to be corrected and that infringements must be brought to an end.

§ 198. Financial enterprises and financial holding companies shall make regular accounting reports for the Financial supervision in accordance with schemas and guides to this purpose by the Financial supervision. The reports are to be submitted to the Financial supervision in electronic form.

Paragraph 2. The financial supervision can be dispensers from Section 198 (1). ONE, TWO. Act.

§ 199. Financial companies and financial holding companies must have at least one state-owned auditor. Select more than one auditor or a member of the auditor shall be appointed after 3. pkt., the additional selected or designated auditors shall be a state sautorised or registered. The Financial supervision may, in exceptional cases, appoint an additional auditor. This auditor shall act on the same terms and in accordance with the same rules as the auditors elected by the general assembly.

Paragraph 2. The auditors of a financial undertaking or in a financial holding company must also be accountants in the undertaking ' s subsidiaries.

Paragraph 3. Paragraph 2 shall not apply to parent undertakings or subsidiaries that are not indigenous to Denmark.

Paragraph 4. The SEC may dismiss an auditor who appears to be unfit for his duties and, instead, appoint another auditor who works in accordance with the operation of the auditor. paragraph ONE, THREE. PC until a new selection can be made.

Paragraph 5. In the case of auditors, the establishment and the outgoing auditor shall no later than 1 month after the departure of the Financial Regulation, each of its accounts, if the change is due to special circumstances.

Paragraph 6. Financial supervision may impose an auditor on auditor and internal auditor for companies with an internal auditor, to provide information on the situation of a financial undertaking, a financial holding company or subsidiary undertakings of such undertakings.

Paragraph 7. The SEC may arrange an exceptional audit in a financial undertaking, in a financial holding company or by subsidiary undertakings of such undertakings. The financial undertaking may be charged to pay for the performance of the audit. The SEC approves the size of the honorarel.

Paragraph 8. section 141414-149 in the corporate law on audits, the necessary adaptations shall apply to financial undertakings and financial holding companies which are not limited to limited liability companies.

Niner. 9. The Management Board may not allow it, cf. § 80, paragraph. 1 that internal auditing and vicerevic efers perform auditing tasks within companies outside the group. The Management Board shall also not allow internal audit and temporary agency managers to perform other work than audit tasks within the group or in companies within the same management community. The SEC may, in specific cases, dispose from 1. Act.

Paragraph 10. The Management Board may not allow it, cf. § 80, paragraph. 1 that the internal audit and temporary producer group assumes that they are in breach of habilis equivalent to those applicable to external auditors under the law of state sautorised and registered accountants.

Paragraph 11. The SEC shall lay down provisions for the implementation of the audit in financial undertakings, in financial holding undertakings and in the subsidiary of such undertakings. The Financial Control Board may lay down provisions for internal audit and on the implementation of the system audit in joint data centers.

$200. An external auditor and an internal audit manager shall immediately notify to the Financial supervision of matters of vital importance to the company ' s continued activity, including conditions to which auditors may have been made aware of the operation of the undertaking ; as an auditor in companies with which the company has tight connections.

Special rules for the use of the year ' s surplus in financial institutions

§ 201. A financial institution shall make the provisions necessary for the financial position of the institution. The revenues may require a duty to be committed.

202. The annual surpluses shall be added to own funds aside from sums conferred on the staff of the bank ' s staff as part of contracts for profit-sharing.

Paragraph 2. However, the representative may decide that amounts are to be used for non-profit or charitable purposes. Such amounts may, where appropriate, be added to a special fund for subsequent payment.

Paragraph 3. Defer the solvency rate of the savings, cf. Section 124, less than 15 pct;, for non-profit or charitable purposes may not be more than 10% or more charitable purposes. of the proceeds.

Paragraph 4. The transfer to guarantee capital of the other own funds of the savings bank is prohibited.

§ 203. Decision on the allocation of the surplus amount, an Andelmolasses at the disposal of the annual accounts, shall be taken by the general assembly. The General Assembly must not decide on the distribution of higher returns than proposed or acceding to the Administrative Board. However, if a molasses connected to an association by section 89-96, the payment of the yield shall be subject to the approval of the operation of the association.

Paragraph 2. The General Assembly may decide that, as regards the purpose of the present, the economic position of the andelassis shall be given to the financial position of the andelskas, and shall also be considered to be considered as intended for the purpose of the present, the economic position of the financial position and the circumstances. too reasonable. The Management Board may, for the purposes referred to in 1, of the Commission. ..............

TITLE VII

Inclu-or Termination of the Financial Company

Chapter 14

Aggregation and transformation

Aggregation

204. A financial undertaking must not, without the authorisation of the economy and the Minister of Economic Affairs, be combined with another financial undertaking or a specific business part of another financial undertaking. The same applies when the continuation of the business is a foreign business.

Paragraph 2. Decision pursuant to paragraph 1. 1 shall be notified to the applicant within two months of receipt of the application. Where the application is incomplete, the decision shall be notified within two months of the applicant ' s submission of the information required to make the decision. In any case, a decision shall be taken within six months of receipt of the application. The time limit shall be extended by 3 months, when the decision shall await notification of objections, cf. paragraph Six and seven.

Paragraph 3. Authorisation pursuant to paragraph 1. One may be refused, among other things, if the merger conflicts with major social reasons. 12)

Paragraph 4. § 242, 2. pkt., $256, 3. pkt., section 257, paragraph 2, § 260, 2. Pkt., section 277, 2. pkt., section 294 (4). 2, and § 297, 2. ............... 1.

Paragraph 5. 13) An insurance undertaking which conforms a whole or part of its insurer to another insurance undertaking, without the association falling within the scope of Chapter 15 or 16 of the company law, shall be released in accordance with paragraph 1. 1 for liability in the policyholders.

Paragraph 6. Unless the Economic and Industry Minister considers that the transfer of an insurer should be refused, the SEC shall publish a statement on the proposed transfer in Statess; and in a country-wide daily basis. The deposition must include an appeal to the policyholders whose assurances were entrusted to the insurance, no later than three months after the publication of its publication, in writing to the Financial supervision, provided they have objections to the transfer. The company must at the same time send a notice of the transfer and the financial statement of the financial services to the policyholders whose address is familiar to the company.

Paragraph 7. After the end of the item in paragraph 1. The period referred to in paragraph 6 shall take the economic and business minister concerned, taking into account the objections raised by the Member State concerned as to whether the insurance stock can be transferred in accordance with the proposed proposal. The transfer may not be invoked as a basis for raising the insurance contract.

Paragraph 8. If the transfer of an insurer in the context of a merger of insurance undertakings, the merger of any section 27 of the law on insurance contracts may not be invoked by the policyholders as a basis for lifting the insurance contract.

Niner. 9. In the case of life assurance undertakings, such changes may only be made in the case of the transferable undertaking ' s insurance terms, including the bonus rules, which are deemed necessary by the Financial supervision to be a necessary consequence of : the handover.

Paragraph 10. 14) Fusion plans, division plans and the statement by the rating men under section 242 and 243 of the company law shall be sent for insurance undertakings within four weeks of the signature of the Financial supervision which shall publish the receipt of the merger plan ; the division plan and the statement of the judgment by the judgment.

205. 15) The Minister for Economic and Business Affairs may lay down rules whereby provisions in section 237-253 and 271-290 in the company law applicable to the necessary adjustments shall apply to austerity crates, other coffers and mutual insurance companies in mergers.

Paragraph 2. Section 236 of the company law shall apply to mutual insurance undertakings in which the merger occurs in accordance with paragraph 1. 1 established rules.

206. 16) The Minister for Economic and Business Affairs may lay down rules, then sections 237-253 and 271-290 in the company law with the necessary adjustments shall apply to the takeover of a public limited liability company which is authorised to operate the financial institution.

Paragraph 2. Section 236 of the company law shall apply by over-taking part of the provisions pursuant to paragraph 1. 1 established rules.

Transitions of the Sparekases and Andelskassers to limited liability companies

207. In austerity crates, which have been running the company since the 1 1. of January 1989, and in the Andelskasser or associations thereof, which have been operating since the 1. In January 1995, the representative or general assembly may decide, in accordance with the rules laid down in this chapter, that the savings bank, the sandbox or the association shall be disbanded without winding-up proceedings, by the transfer of the savings, the other coffers or, the assets and debts of the members and debt as a whole to one of the savings funds, the shareholder or the association of owned or created, limited to the undertaking to operate the financial institution (savings cash stock companies / andelskasseaktieselcompany). shares corresponding to the value of the assets deposited after deduction of the savings of the savings or debt debt, cf. however, section 208 (3). 2, transferred in austerity crates to a fund, in the Andelskasser to a fund or association or association of a fund or association established for the individual Member State molasses. The fund shall be regarded as economic operators. The members of the United States must be shareholders in the stock company.

Paragraph 2. Decision pursuant to paragraph 1. 1 shall be taken by the majority required for the savings of the savings, the sands of the sands or the composite of the solution.

Paragraph 3. In the case of a dissolution of one in accordance with paragraph 1. 1 established association, which owns shares in an shareholder company, self-capital may not be endubbed to the members of the association.

208. 17) section 236-251 and 271-290 in corporate law shall make use of the necessary changes to the merger, cf. § 207, paragraph 1. 1, between the stock company as the consecutive company and the savings bank, the shareholder or the association as the company. § 327, paragraph. 2, section 328 (3). 2, and § 331, 2. Pkton, in the corporate law does not apply. 18)

Paragraph 2. The guardians of the savings bank and the Andelshaves in the shareholder shall be offered by their choice, either exchange rates for the market of their guarantee and cooperatives to shares in shares in the public or in cash. Moreover, the bank can offer the guarantors that the guarantee capital will be standing in the company for a period of up to five years. In the event of the solution of the company ' s solution, guarantee deposits shall be made before the share capital.

Paragraph 3. (19) The one in section 237, paragraph 1. In the case of a merger plan, 1, 3 and 4, the company law referred to above shall include information and provision relating to the rights conferred on the guarantors and the Andelshaves.

Paragraph 4. The Minister for Economic and Business Affairs must approve the merger in accordance with Article 204 (1). 1.

209. You, in accordance with paragraph 207, paragraph 1. 1, created funds or associations which own shares in an austerity, or an shareholder company, are led by a board of at least 3 members.

Paragraph 2. A majority of the Administrative Board referred to in paragraph 1. 1 shall be designated by the management board of the savings bank stock company, cf. § 207, paragraph 1. One, among the members of the board.

Paragraph 3. A majority of the board of funds and associations holding more than 25%. of the shareholder ' s share capital, designated by the Board of Directors of the AndelskasseaktieselCompany, cf. § 207, paragraph 1. One, among the members of the board. The chairman of the savings bank stock company and the cooperative asset shall always be a member of the Board of the Fund or of the association.

Paragraph 4. For the management board of the provisions of paragraph 1 The members of the Community or the shareholder company ' s representatives of the funds or associations shall be designated by 1 and 2, unless the rules on corporate representation in the law on operators in the law of business operators are applicable. The rules of company law on group representation shall apply by analogs to the member concerned.

Paragraph 5. In associations that possess less than the one in paragraph 1. 3 that part of the share capital of an shareholder company shall be selected by the board of members of the association.

Paragraph 6. Paragk 1 to 5 shall not apply if the cash register or the andelskasset stock company is settled according to section 226 and 227 and the austerity company or the shareholder company is not considered to be continued. When the cash register or the cooperative asset is settled and cannot be deemed to be continued, the Fund shall continue to be considered as an entrepreneur fund, cf. 207. The Office shall permit, as a Fund authority, the amendments to the Fund ' s statutes, which are necessary in accordance with the law of commercial operators.

-210. The cash register of the bank company and the shareholder company ' s statutes shall contain rules on the right to vote in favour of shareholders ensuring that the future guarantor of the guarantor, and coercion and cooperative democracy are maintained.

Paragraph 2. The requirement of paragraph 1. One lapses five years after the conversion to limited liability company.

§ 211. In austerity crates, which have been running the company since the 1 1. In January 1989, the Board of Representatives may decide that the savings fund will be dissolved without winding-up proceedings by handing over the assets and liabilities of the savings bank as a whole to one of the savings or created limited liability company, which is authorised to operate ; the institution of financial institution and the establishment of a bottling reserve corresponding to the value of the assets deposited after deduction of the debt savings debt.

Paragraph 2. Section 7 (2). 7, 208 and 210. 208 and 210 shall apply mutatis muth.

§ 212. The bottomless savings reserve, cf. Section 211 may be used to cover deficits that are not covered by sums available for profit in the stock company.

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

Paragraph 3. In the concentration of a second financial institution, the consecutive company shall reserve the savings reserve on the same terms as until the merger was in effect.

Paragraph 4. In the event of an end of the financial institution, the savings reserve shall be used for non-profit or charitable purposes, in accordance with detailed rules laid down in the decision after Article 211.

§ 213. In addition to the provisions laid down in paragraph 201, the provisions of the year of the year which do not include the deficit of previous years shall be added 10%. to the bottomless savings reserve, cf. § 211. However, if the execution of the reserve will exceed the amount of the savings income which corresponds to the minimum rate of deduction fixed by the tax minister, an amount equal to this instalment shall be subject to a proportionate share of the year ' s corporation tax.

Credit funds and mortgage-credit associations which have been mortgage credit institutions

§ 214. Evil that has been real credit institutions, and funds created in the context of conversion of real credit institutions to limited liability companies, are subject to the rule of law on operators.

Paragraph 2. Without prejudice to section 226 and 227 a mortgage company, the Fund shall be deemed to be maintained as provided for in Article 226 and 227. paragraph 1, continued to be an entrepreneur fund. Changes to the Fund ' s statutes, which are necessary in accordance with the law of economic operators, must be approved in the Errecruitment and Corporate Office, which is the Fund authority.

§ 215. Changes in the memorandum of association of a society which has been a credit institution can only take place with the approval of the economy and the Minister for Economic Affairs.

Paragraph 2. The Minister for Economic and Business Affairs accepts the statutes, if the amendments are not in breach of sections 218 and 219, and in any case do not conflict with the interests of the Members.

§ 216. A fund or association which has been a real credit institution and a fund created in the context of conversion of a real credit institution to a company should be led by a board of at least five members whose fund or association owns the mortgage-credit company.

Paragraph 2. The mortgage bonds in the mortgage credit company and the proprietor of mortgage bonds and other securities issued by the mortgage creditors shall select each one or more members of the Management Board. These members shall comprise more than half of the Management Board. Members elected by the proprietor of mortgage bonds and other securities cannot be more than half of the board.

Paragraph 3. The fund or association referred to in paragraph 1. Paragraph 1 shall lay down in the Staff Regulations and in the election measures, the detailed rules of choice and composition of the management board. The rules are to be approved by the SEC.

§ 217. The FEvil and Associations covered by Section 216 shall notify the SEC in advance of the direct or indirect influence of a business activity and the Disposal of such Influence.

§ 218. A fund or association which has been a real credit institution and a fund established in the context of the conversion of a real credit institution to a stock company shall submit the audited and approved annual report to the Financial supervision of three copies. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year. The financial supervision shall forward a copy to the Corporate and Corporate Management Board, where the annual report is publicly available in accordance with the rules applicable to the Errecruitment and Corporate Management Board.

Paragraph 2. The SEC shall lay down detailed rules for the clearance of accounts.

§ 219. In the case of the dismantling of an association which has been a credit institution, the own funds may not be endubbed to the members of the association.

§ 220. Real-credit institutions which have been converted into limited liability companies after the encapsulate model may use the bottom-up fund reserve to cover deficits that are not covered by amounts to be used for profit in the stock company.

Paragraph 2. In the refurbation of the mortgage credit institution, after section 204, the consecutive company reserve shall take over the same terms and conditions as applicable until the merge.

Paragraph 3. In the case of termination of the mortgage credit institution, the fund reserve shall be used for non-profit or non-profit-making purposes, in accordance with the procedure laid down in the conversion decision. The encoding for shareholders may only take place where the obligations of 1 are the obligations of the obligations. Act. are met.

§ 221. Real-credit institutions which have been converted into limited liability companies in accordance with the encapsulation model shall be required to recommend 10%. of the year's surplus which does not include the deficit of losses from previous years, to the fund reserve. However, if the execution of the contribution of the phoneal reserve corresponding to the minimum rate of deduction fixed by the tax minister shall be subject to a proportionate share of the year ' s corporation tax, shall be subject to the same amount equal to this instalment.

Transformation of insurance undertakings

§ 222. Shape, content and implementation of a transformation of an insurance undertaking shall be subject to the approval of the Financial supervision. The devatory insurance undertaking shall enter into the rights and obligations of the related insurance undertaking.

Chapter 15

Termination

Withdrawal of authorisation

§ 223. The SEC may suspend the authorisation to operate as a financial institution, a credit institution, a fund-broiler company, investment management company and insurance companies, and securities trading, if requested by the undertaking.

§ 224. The financial supervision may also involve the authorisation to operate as a financial institution, a credit institution, a fund-broiler company, investment management company and insurance company,

1) if the financial undertaking is guilty of crude or repeated infringements of this law, the law on securities trading, etc., or the law on mortgage and mortgage bonds, etc., or rules issued under these laws,

2) if the financial undertaking fails to comply with the requirements of Chapter 3, cf. however, section 124 (4). 2, no. 2, and paragraph 1. Article 125 (3) and Article 125 (1). 2, no. 2-4,

3) where an undertaking such as a financial undertaking is not commended within 12 months of the granting of the Financial supervision, the undertaking has issued a licence, or

4) where financial activities are not carried out for a period of over six months.

Paragraph 2. Has a financial institution, a credit institution or an investment management company an authorization such as securities trades in accordance with section 9 (4). 1, the authorisation of securities trades may be withdrawn if the conditions laid down in paragraph 1 are concerned. 1, no. 1-4, have been met.

Paragraph 3. If a credit institution or a credit institution has permission to issue a special covered debt securities, the permission may be withdrawn where :

1) the financial institution shall be responsible for serious or repeated infringements of section 152 a-152 g or rules laid down in accordance with section 16 (a) (1). 4, or § 152 h,

2) The mortgage credit institution shall be responsible for serious or repeated infringements of section 33 a-33 e in the Act on mortgage and mortgage bonds, etc. or rules laid down in accordance with section 16 (a) (1). 4, in this Act or Section 33 f in the Act on mortgage and mortgage credit bonds, etc., or

3) the issue of special covered debt securities has not been initiated within 12 months of the granting of the Financial supervision granted to the Foundation ' s authorisation.

Paragraph 4. Has a financial institution or a credit institution ' s licence as securities trades in accordance with section 9 (4). Paragraph 1 may be withdrawn if the conditions set out in paragraph 1 are to be used for the financial institution or to the credit institution. 1, no. 1-4, have been met.

Paragraph 5. If an insurance undertaking does not have the time limits laid down by the Financial Protection Agency, the measures identified in the recovery plans referred to in Section 248 (2) shall be implemented. 1 and 2, the permission of the insurance undertaking may be withdrawn.

Paragraph 6. Has an operator of a regulated market is authorised to operate multilateral trade facilities in accordance with section 9 (4). 9 may be withdrawn if the conditions laid down in paragraph 1 are to be included. 1, no. Paragraph 1, 3 or 4, or capital requirements in section 9 (4) ; 9, and § 125 (1). 1 and 4-6 are not fulfilled.

§ 225. Populating a financial institution, the real credit institution, the fund-brokerage or investment management company, shall not be the capital requirements of section 124 (4). 2, 3, 5, 7 and 8, and section 125 (5). The financial supervision must involve the granting of the authorisation by the financial supervision of the financial services provided for in the Financial Authority within the period of one of the Financial Persito.

Paragraph 2. If the provision of capital requires that the financial institution, the institution of the real credit institution, the Fund or the investment management company is convened, the Financial Control may decide that summons may be reduced by a shorter period than provided in the statutes.

Paragraph 3. In the case of a group covered by Section 171-174 not the solvency requirement of the relevant provisions and has not provided the amount of capital required within the time limit for one of the Financial Regulations, the Financial Authority may include the financial institution, the authorisation of the real credit institution, the authorised intermediaries of the Fund or the investment management undertaking.

Redevelopment

§ 226. When the Financial supervision involves a financial institution, real credit institution, fund-broker or investment management company ' s permit in accordance with section 223, section 224, paragraph 1. 1, 2, 4 and 5, and section 225, you must run, and other business must not commence until completion of the execution.

Paragraph 2. When the Financial supervision includes the permission in accordance with section 224 (4), 2 and 4, the institution of the financial institution, the real credit institution, the fund broker or the investment management company, shall no longer be permitted to be liquidating. The SEC may fix a time limit within which the execution must be carried out.

Paragraph 3. When the Financial supervision involves an insurance undertaking, the Financial Decision shall decide whether the insurance undertaking should seek the insurance stock from one or more insurance undertakings operating in the insurance undertaking here in : the country, or whether the company shall in any other way apply to the recovery of the insurer. In the case of life assurance undertakings, the Finance Board may decide that the insurance stock is taken under administration in accordance with section 253-258.

Paragraph 4. In the context of the withdrawal of an insurance undertaking, the assurance undertaking may prohibit the insurance undertaking from the disposal of its assets or limiting its availability. Section 167 (4). 6 and 7 shall apply mutatis mutis.

Paragraph 5. When the Financial supervision involves an operator of the authorisation of a regulated market to operate multilateral trading facilities in accordance with section 224 (4). 6, the multilateral trade facilities must be phased out in a manner and within a time limit set by the Financial supervision. The SEC may lay down detailed rules for the execution.

§ 227. Redevelopment, cf. Section 226 shall be carried out by winding-up proceedings or bankruptcy or by aggregation under section 204. If the conduct is carried out in the other way, the SEC must approve the form, content and implementation of the deviation.

§ 228. The SEC may set a time limit for the adoption of a decision on winding-up proceedings, in accordance with section 217 of the company law. If the deadline has been overextended, the Financial Authority may decide that the financial business must enter liquidation.

Paragraph 2. The decision to conduct a financial undertaking must be notified immediately to the Financial supervision.

§ 229. A company that operates life assurance cannot without the consent of each insurance claim unless it has transferred the entire insurance stock to another company in accordance with the rules laid down in Article 204, or its insurer has been taken under administration.

§ 230. An insurance undertaking operating at work accident insurance cannot be dissolved unless it has transferred the entire occupational accident insurer to another company in accordance with the rules laid down in Article 204 or its own occupational accident insurer has been taken under the management of the Agency for Health and Safety Management in Section 54 of the Work Management Board.

Specific rules on winding-up proceedings and bankruptcy

§ 231. A financial institution, a credit institution, a fund-broiler company or investment management company shall be liquidated by one or more liquidators appointed by the Finance and Business Minister. One of the liquidators has to be a lawyer.

Paragraph 2. Therefore, in the case of the winding-up of an insurance undertaking, the economic and commercial minister shall be able to appoint an undertaking, the guarantors, guarantors, or creditors, following the opinion of the Financial supervision, to appoint a liquidator, together with the by the General Assembly to make the liquidation.

Paragraph 3. Trees the Financial supervision pursuant to section 249 or 250 provision for an insurance undertaking to enter winding-up proceedings, by means of negotiation with the Finance-sighted one or more liquidators of which a law must be a lawyer.

§ 232. The SEC may suspend a financial undertaking ' s statutes during the liquidation.

Paragraph 2. Accounts drawn up in connection with winding-up proceedings shall be submitted to the Finance-SEC.

§ 233. Motion for bankruptcy of a financial undertaking which is under winding-up may be submitted only by the liquidators or the Financial supervision.

§ 234. The financial supervision may submit bankruptcy proceedings when a financial company becomes insolvent. The decision of the financial system for the filing of bankruptcy proceedings shall not be claimed after Section 372.

Paragraph 2. Regardless of the bankruptcy of Section 17 (5) of the bankruptcy. 2, a financial undertaking that cannot fulfil its obligations in respect of post-capital capital accepted as hybrid core or responsible loan capital is considered not to be insolvent.

Paragraph 3. After the signing of the bankruptcy decree, the disc shall be discarding after negotiation with the Finance-sighted one or more couriers. One of the curators must be a lawyer.

Paragraph 4. In the case of an insurance undertaking which does not run life assurance business, Section 253 shall apply mutatis mutias.

Paragraph 5. If a life assurance company is bankrupted, the insurance stock shall be taken under the administration under section 253-258.

§ 235. The financial supervision shall be entitled to participate in meetings of the creditor committees and in a change of assemblies. Draft final accounts and final claims in the estate of the bankruptcy estate shall be submitted by the curator of the Financial supervision to the opinion before the curator submit it to the probate.

§ 236. In the case of an austerity crate, an agricultural box or a mutual insurance company, the curator shall communicate to the Enterprise and the Danish Agency for the beginning and end of the bankruptcy and the Financial supervision of the Danish Agency for the Bankruptings and the Financial Protection Agency.

SECTION 237. The Minister for Economic and Economic Affairs may decide that the liquidator or the liquidator of the settlement shall inform the insurance holders of the settlement of the insurance undertaking and the consequences for them.

Paragraph 2. The Economic and Economic Affairs Minister may lay down detailed rules on the form and content of the notification.

Remit Reviews

§ 238. The financial supervision of the financial undertakings may be notified of the interests of depositors, debt securities, investors or policyholders to be attributed to it.

Paragraph 2. Notification of payment condition in accordance with paragraph 1. 1 shall be accompanied by the proposal of the Financial Regulation to whom to be appointed as the supervision of the payeing, and a statement by the person concerned that they are willing to do so and fulfil the conditions of the bankruptcy of the bankruptcy slots.

Paragraph 3. Notification of payment condition may not be revoked by the financial undertaking without the consent of the Finance allowance.

Forvanken words

§ 239. The rules on obsessive-compulsions shall apply to insurance undertakings with the exception of life assurance undertakings by the Danish Convention on the enforced consent of the Financial Authority. In the case of foreclosure of reinsurance undertakings, the consent of the financial services shall be subject to the accession declarations referred to in Section 166 (2) of the bankruptcy law. 1, no. 2. The financial supervision undertaking shall ensure that the reinsurance undertaking has addressed all the known creditors of the opening of foreclosing negotiations and at least 40% of the case. of the disclosed feedback accesses that such negotiations are opened.

Paragraph 2. For the status summary to be drawn up when opening a debate on foreclosure, cf. in the case of bankruptcy for bankruptcy of Article 165, the court shall be able to appoint an unwilling actuar to carry out a statement of the value of the claims notified by the Danish Agency for the bankruptcy of reinsurance undertakings by the Danish Agency for the Agency.

Paragraph 3. In the case of foreclosure of reinsurance undertakings, the requirements shall be made in accordance with the Clause Section 176 of the adoption of a foreclosure word relative to the meeting and notified requirements.

§ 240. The provisions of this Act on the powers of the Economic and Financial Affairs and Financial undertakings with regard to the duties of the economy and the Finance and Finance companies, with the necessary adaptations, shall apply to such adaptations. undertakings which have stopped their payments or are being dissolved.

§ 241. 20) Chapter 14 of the corporate law shall consider the necessary restraints to be applied to savings boxes, other customs crates and mutual insurance undertakings.

§ 242. The Economic and Economic Affairs Minister lays down rules for the fulfilment of Community law concerning the reorganisation and winding-up of credit institutions and insurance undertakings.

§ 243. The Financial supervision may, in accordance with the procedures laid down in Community law, prohibit a foreign credit institution, financial institution, investment company, investment management company or insurance company subject to section 30 (3). Paragraph 1, and section 31 (1). 1, based in another country within the European Union or in a country concluded by the Community in the financial sphere, to conduct business in this country through a branch or by providing services here in the country. Financial supervision may be prohibited in 1. Act. shall be as referred to in 1 by the undertakings referred to in 1. pkton, if the company grossly or repeatedly infringes provisions of this law, rules issued under the law or other legislation which is directed against the credit institution, the financial institution, the investment firm, the investment management company or the insurance undertaking, and it shall not be possible to terminate the infringement or any sanction at the end of the proceedings or any sanctions under the conditions of this law.

Chapter 16

Crisis Management

Special rules for financial institutions

§ 244. The Minister for Economic and Business Affairs has to set up a value-hire name, cf. Article 245, which in connection with a tax-free merger or the transfer of assets between financial institutions as a result of the fact that a financial institution is no longer in the solvency requirement of section 124 or are in the near-risk of it, fix the tax value, on the date of the loans and guarantees, etc., in the emergency financial institution. Similarly, in the case of a grant of a taxable transfer, the granting of a decision on the fiscal value of loans and guarantees, etc., may be decided at the time of transfer, where the transfer takes place as part of the dismantling of an emergency financial institution. The Board shall be able to take a decision only at the request of one of the financial institutions involved.

§ 245. The function board shall consist of 3 members. The Economic and Economic Affairs Minister shall appoint the members and the members of the Danish Ministry of Economic and Monetary Affairs. The members and the alternates shall be appointed for four years.

Paragraph 2. The chairman shall represent a legal, economic or accounting expertise, and the other members shall have a special expertise in the valuation of assets and liabilities.

Paragraph 3. The Economic and Economic Affairs Minister shall lay down detailed rules for payment for the decisions of the jury.

Paragraph 4. The Board shall take a decision within five days of the fact that the Board has received an adequate basis for a position.

Paragraph 5. The decisions of the jury may not be brought to a higher administrative authority and shall be subject to the equation of the tax authorities.

Paragraph 6. The Economic and Economic Affairs Minister may, by agreement with the tax minister, set rules for the activity of the jury.

§ 246. In section 124 (4), the institution of a financial institution shall not be provided for. A time limit of the financial supervision of the capital has been set, cf. 2, 3, 5, 7 and 8. § 225, paragraph 1. 1, the Management Board shall convene the highest authority of the financial institution with three days ' notice of the necessary measures to comply with the requirements of the law in accordance with section 124 (4). Two, three, five, seven and eight. However, for financial institutions which are limited to limited liability companies, and whose shares are available for trade in a regulated market, the call shall, however, be made subject to the provisions of the Staff Regulations, subject to at least three weeks notice.

Paragraph 2. The Board of the Pension Foundation may in the Management Board in the first paragraph. the situation referred to in the case of the financial institution shall be handed over, or partly to, to another financial institution, cf. however, section 204 (4). 1, on the approval of the Minister for Economic and Economic Affairs. The agreement on the transfer must be subject to this approval. At the same time, the Administrative Board shall convene the top authority of the financial institution, cf. paragraph 1. The Management Board shall, at the meeting of the general or in a bank of savings, account for the situation of the financial institution, as well as the agreement reached. If, in the case of the general assembly or in savings boxes in the representative, other measures shall be taken, which shall mean that the financial institution meets the capital requirement in section 124 (4). 2, 3, 5, 7 and 8, or whether winding-up proceedings under the Financial supervision may be approved, it shall be cancelled by 2. Act. referred to the transfer of the contract.

Paragraph 3. Invocation shall be forwarded to all known shareholders, cooperatives or, in saving cases, of the members of the representative. At the same time, public call for public call in accordance with section 67 shall be made.

Paragraph 4. No later than 24 hours prior to the holding of the meeting of the General Assembly or in the austerity coffers meeting the agenda and the complete proposals shall be submitted for review of shareholders, the shares or in the bank of representative members of the representative ; the head office of the financial institution. In the case of concision to the general assembly of financial institutions, which are limited to limited liability companies, and whose shares are available for trade in a regulated market, cf. paragraph ONE, TWO. pkt., section 95-98 of corporate law will apply.

Paragraph 5. Decisions on measures pursuant to paragraph 1. 1 may always be taken by two thirds of the sections 105 and 106 of the company law. If half of the share capital is represented at the General Assembly, decision on measures shall be taken by a simple majority. In savings boxes and andelskboxes, decisions may be taken in accordance with paragraph 1. 1 shall always be taken by two thirds of the attunners, in austerity crates of rep, and in andelass; andi andelass; andeldelsmergers

Paragraph 6. The people in paragraph 3. The procedures referred to in 1-5 shall apply regardless of the provisions of the Staff Regulations.

§ 247. If the financial institution has lost the own funds, the Management Board may delegate the institution of the financial institution in whole or in part to a different financial institution, cf. however, section 204 (4). 1, on the approval of the Minister for Economic and Economic Affairs.

Paragraph 2. At the same time, the Management Board shall invite the shareholders, the Andelshaves or in austerity cases, representatives of the members of the Board of Representatives to an informational meeting on the enacting arrangements. This meeting must be held no later than eight days after the decision, and the necessary costs shall be borne by the acquiring financial institution entitled to participate in the meeting.

Paragraph 3. The people in paragraph 3. The procedures laid down by 1 and 2 shall apply regardless of the provisions of the Staff Regulations.

§ 247 a. Inserts the Financial supervision of a financial institution as referred to in section 224 (2). 1, no. 1 or 2, the Financial supervision referred to in section 234 (2) shall be submitted. 1, or at the request of the financial institution for bankruptcy, or declare the financial institution at the request of other bankruptcy, the Financial Decision shall take the decision that the financial institution's repayment to the holders of special covered securities issued by the financial institution shall be taken under administration. The financial supervision of the financial supervision may be subject to section 224 (2). 3, no. Paragraph 1 shall also decide that the financial institution's repayment to the holders of the special covered securities issued by the financial institution shall be taken under administration. At the same time, the SEC is appointed by an administrator, together with any administrators, to manage the administration of the repayment to the holders of special covered bonds.

Paragraph 2. When a financial institution's repayment to the holders of special covered bonds issued by the financial institution is taken under administration, the Financial supervision must be given that the decisions on the implementation and administration of the administration shall be required, the appointment shall be recorded or otherwise published in the Enterprise and the Corporate Protection Agency. The administration estate shall also inform the borrowers that future payments relating to the loan benefits of the individual borrowers can only be made to the administration estate with a free-making effect.

Paragraph 3. Administrator can designate one or more co-administrators with insight into matters that are relevant to the administration.

Paragraph 4. The fees for administrators and other expenses related to the administration shall be made by the administration estate. The fees are fixed after negotiation with the Financial supervision.

Paragraph 5. The Administrative Board shall be subject to the supervision of the Finance Supply.

§ 247 b. At the beginning of the administration, the registered assets must, cf. section 152 g, paragraph 1. 1, immediately left to the administration estate. The administrative estate of the administrator must be entitled to possess these assets. In the case of fondors, this shall be recorded in a securities centre in respect of rights of immovable property, this thing in the register and, as far as ships are concerned, this must be recorded in a register register.

Paragraph 2. If a financial institution is bankrupted, the liquidator shall immediately leave the assets referred to in paragraph 1. 1, to Administrator.

Paragraph 3. The Administrator must allow the registered assets to assess in accordance with rules laid down in section 152 h, nr. 2.

Paragraph 4. The administration estate cannot be completed until all of the debt securities which the assets in the register are for are the deposits and the financial instruments.

Paragraph 5. Addressing a financial institution, after the administration has begun, will not have any effect on the administration estate.

Paragraph 6. Administrator must manage the assets received from the financial institution and may, where appropriate by the financial institution, if necessary, require all for the administration, necessary material.

§ 247 c. Declaring a financial institution or does not comply with a financial institution the obligation to provide additional security after Article 152 (a) (1). 2, this may not be by the holders of the special covered debt securities or lenders of section 152 b (b). 1, shall apply as a cause of early payment of payment obligations. It shall not be deprived of the borrowers whose loans have been granted on the basis of the special covered bonds, their right to make complete or partial release of the loan in accordance with the conditions laid down in respect of the loan.

§ 247 d. Addressing a financial institution, the assets in the register, including financial instruments, discharged after deduction of expenditure for the custodian, to the payment of claims by the holders of the special covered bonds and counterparts of the parties concerned ; financial instruments to which the registered assets and contracts are located. The loans granted to the financial institution shall be covered by the financial institution in order to provide additional security, cf. § 152 b, paragraph. 1. Overshading means are included in the bankruptcy case, cf. Section 32 of the bankruptcy slop.

Paragraph 2. The individual holders of special covered bonds, counterparts of the financial instruments, and lenders of section 152 b (b). 1, may not claim the estate. On the other hand, the administrator of the Administration residence may, on behalf of the administration, lodge a claim to the estate on what, after the assessment is missing, to make the holders of the special covered bonds, counterparties on the financial instruments and lenders of Article 152 ; b, as well as the claims of interest which have been imposed on the claims referred to in the bankruptcy decree, to the debt holders, counterparts of the financial instruments, and lenders of section 152 b may be done in the hands of the debt holders.

Paragraph 3. Where the funds provided for in the register are insufficient for the account of the holders of the special covered bonds and the counterparts of the registered financial instruments, as well as to cover debt owed to the financial institution for the use of the institution of the financial institution additional security, cf. § 152 b, paragraph. 1, the administrator at the administration booth ' s closure, may notify the unclaimed residual requirements of the financial institution ' s bankruptcy as simple requirements.

Paragraph 4. Any excess funds in a register cannot be transferred to other registers, but must be transferred to the bankruptcy estate.

Paragraph 5. The receipt from a creditor as referred to in Section 42 of the bankruptcy law may not take place for a claim which is attributable to the monetary institution and which relates to loans granted on the basis of particularly covered securities issued by the financial institution.

§ 247 e. The Provenu of loans to which financial institutions have been included in the need to provide additional security, cf. § 152 A, paragraph 2 not included in a register shall in the event of the bankrupt service of the financial institution to cover the holders of the special covered bonds and the counterparts of the financial instruments of the register to which the loan is in use, additional security. Any surplus funds must be paid out to the lender.

§ 247 f. The proprietors of debt securities which have lost the description of the description of the debt securities, cf. § 152 A, paragraph THREE, ONE. and counterparty to the registered agreements on financial instruments to which the registered assets and agreements lie for the purpose of maintaining the bankruptcy law, which is assigned to holders of special covered bonds and financial counterparts ; cf. § 247 d, paragraph ONE, ONE. Act. The same applies to loans granted to the institution of the financial institution in order to provide additional security, cf. § 152 b.

Paragraph 2. Any residual claims are reported by the administrator in the institution ' s bankruptcy estate as simple requirements.

Paragraph 3. The rules in section 152 (a) (1). ONE, ONE. pkt., section 152 b-152 h and § § 247 a-247 e shall apply mutatis muthisis to debt securities which have lost the description of special covered debt securities, cf. § 152 A, paragraph 3, as well as financial instruments associated with it.

Special rules for insurance undertakings on re-establishment and other measures

§ 248. If the basic capital of an insurance undertaking is less than the capital requirement, cf. Section 127 shall require the company to draw up a plan for the restoration of its economic position and submit the plan of the Financial supervision plan to assess whether the plan contains the measures necessary.

Paragraph 2. The SEC shall lay down detailed rules on the information provided for in the re-establishment plan and the period from which the plan is to be drawn up.

Paragraph 3. The Community ' s plan must provide for the restoration of its economic position over a shorter period of time fixed by the Financial supervision, when :

1) the base capitale of an insurance undertaking is less than one third of the solvency requirement ; or

2) the base capitale of an insurance undertaking is less than the minimum capital requirement.

Paragraph 4. Where, under the law, the company has submitted an operational plan for the Financial supervision, the supervision in the event of a deterioration of the company ' s economic position in relation to this plan shall determine the necessary measures and can be used ; in particular, require a new operating schedule to be drawn up for the three following financial years.

§ 249. Whereas the SEC is required to carry out a life assurance undertaking within a time limit to take the measures necessary if :

1) The company is not complying with this law,

2) the company differs from it for its business ;

3) the one in number 2 the basis or the manner in which the company ' s funds are located is not reassuring ;

4) it appears that the provision of the funds provided for in the non-reassuring provisions is not reassuring or

5) The economic position of the company has thus been abated, that the interests of the safe are exposed to danger.

Paragraph 2. Are the measures required to be taken not prior to the provisions laid down in paragraph 1. The time limit laid down by 1 and estimated to be a hazard to the insured may be taken under the management of the insurance undertaking under section 253-258.

Paragraph 3. An insurer shall be taken in the administration, provided that it proves that within the meaning of paragraph 1, it shall be carried out ; The time limit laid down shall not be obtained to cover the technical provisions necessary for the provision of insurance.

Paragraph 4. If there is a company in winding-up proceedings, the Financial supervision may take the decision that the company ' s insurer is taken under administration.

Paragraph 5. If the Financial supervision is found that, when the insurer has been taken under administration, the company will also be required to dissolve the company, make the decision on the subject.

$250. The SEC shall offer an insurance undertaking which does not carry out life assurance within the time limit for one of the Financial supervision to take the measures necessary if :

1) the company does not have sufficient amount to cover insurance obligations,

2) The financial supervision does not find the way in which the company ' s funds are stowed, reassuring, or

3) The company is not complying with this law.

Paragraph 2. If the necessary measures have not been taken before the time limit set and the failure to present a danger to the insured, the Danish Financial Authority may decide that the company should enter winding-up proceedings. If the company operates the occupational accident insurance undertaking, the SEC may revoke the undertaking ' s licence to operate the occupational accident insurance undertaking, after which the insurance stock is taken under the management of the Management Board of the Management Board ; According to section 54, in the law on work-keeping.

§ 251. As part of the section 248 (4). 3, section 249 (4). 1, and § 250 (3). Paragraph 1, the Financial Regulation may prohibit the company from having its assets or limited availability over. Section 167 shall apply mutatis mutis.

§ 252. The SEC must, as soon as possible, after winding-up proceedings under Clause 250 have entered, in consultation with the liquidators, whether it would be appropriate to apply to one or more of the insurance stocks in whole or in part, insurance undertakings. If such takeovers are made available, the Financial supervision of the Financial Authority shall, where appropriate, submit a statement on the transfer and a proposal for a contract with the person concerned.

Paragraph 2. The statement and the proposal are to be published in the Statessings and in the newspapers. The decision must include an invitation to the policyholders before one of the Financial supervision stipulates that no less than 1 month, in writing, if they have objections to the transfer, they shall grant the Financial supervision of the Financial Authority. The company must, at the same time, to the policyholders whose address is familiar, the statement and the proposal.

Paragraph 3. After the end of the item in paragraph 1. The time limit for the period referred to in paragraph 2 shall take into account the economic and economic minister concerned, taking into account the objections raised by the decision on whether the insurance stock may be transferred in accordance with the proposed proposal.

Paragraph 4. The financial supervision of the Commission may, in the context of the presentation of the debate with the acquiring company, decide that assurances which have been drawn for a period of more than one year of both parties may be terminated in accordance with the rules laid down in that Regulation, the insurance agreement is in force if the multiannual period of the agreement contained in the Agreement was expired. The rules on this access to termination shall be rendered in the financial statement of the Financial Authority.

Paragraph 5. § 27, paragraph. Paragraph 2 of the Law on Insurance Agreements shall apply mutatis mutis, until the Finance and Business Affairs Minister has taken a decision pursuant to paragraph 1. 3. Finding a transfer in accordance with the economic and economic minister's decision, the liquidation and transfer may not be invoked as a basis for the withdrawal of the insurance contract.

Special rules for insurance undertakings for the management of a life assurance condition

§ 253. Trees Finance-sighted decision that a life assurance insurer is taken under administration under section 224, paragraph 1. 1, no. Paragraph 1 and 2, and paragraph 1. 5, section 226, paragraph. 3 and 4, section 234 (4). At the same time, 5 or section 249, the Finance Board names an administrator to join together with any administrators to manage the administration of the insurance.

Paragraph 2. Where an insurer is taken in administration, the SEC must revoke the life assurance undertaking ' s permit and the decisions concerning the administration ' s implementation, the administration shall be appointed and the withdrawal of the authorization ; registered in the Corporate and Corporate Management Board.

Paragraph 3. In order to ensure the management of the administration, the administrator can appoint one or more co-administrators with insight into the administration's relevant conditions. section 108 shall apply mutatis muties to the administration boes.

Paragraph 4. Expenditure payable by the management inhabited by the management inhabited by the administrator shall be the expenditure of the management inhabited by the management inhabited.

Paragraph 5. Honorars for administrators and other expenses related to the administration have been appointed by the administration estate. The fees are fixed after negotiating with the Financial supervision.

Paragraph 6. The Administrative Board shall be subject to the supervision of the Finance Supply.

§ 254. At the beginning of the administration, they must in section 167 (4). 1, the registered registered assets are immediately left to the administration estate. The administrative estate of the administrator must be entitled to possess these assets. In the case of stock assets, this must be recorded in a security-central and, in the case of real estate, in the register.

Paragraph 2. If a life insurance company is bankrupted, the court will immediately send the court immediately to the first paragraph. 1 mentioned assets to administrator.

Paragraph 3. The Administrator must allow the registered assets to assess in accordance with the applicable value employment rules.

Paragraph 4. Each insured person may not claim any claim against the company. On behalf of the administration, the administrator may, however, call on the company as to the assessment of the inherited assets in accordance with the assessment of the assets. paragraph 3, deficiencies to the technical provisions and reported and overdue insurance claims after the calculation referred to in Section 256 is covered. On behalf of the administration, the administrator may require an amount corresponding to the company ' s capital requirements, at the beginning of the administration.

Paragraph 5. Addressing a life assurance undertaking after the administration has begun will not have any effect on the administration estate.

Paragraph 6. The administrator must manage the assets received from the company and may, where appropriate by the assistance of the feed, require all necessary material to the administration.

§ 255. When the insurance stock has been taken under administration, repurchasing of assurances cannot take place. However, the repurchase value may be used in whole or in part to cover the sections 162 (2). 1, no. Seven, mentioned policeline.

§ 256. The Administrator must calculate the technical provisions and make the size of the notified and overdue claim by the insurance agreements at the beginning of the administration.

Paragraph 2. Insurance requirements, which prior to the beginning of the administration were due or reported, must be determined in accordance with the rules in force before this point. The benefits which are due later are to be paid for the time being paid only with such a large amount of money which the administrator considers shall be responsible. Lists the final determination of the insurance amounts, cf. paragraph 4, that too much has been paid out, and the refund may not be required.

Paragraph 3. The technical provisions shall be calculated taking into account the calculation basis for the company, cf. Article 20, unless an administrator considers it necessary to lay down another calculation basis to be notified to the Financial supervision.

Paragraph 4. Determination of the insurance amounts, including any reduction in the amount of the insurance, cf. Section 257 (4). ONE, FOUR. pkt., or § 259 (4). ONE, ONE. pkt., shall be carried out in accordance with the provisions of paragraph 1. 3 applicable calculation basis and after a distribution of the company ' s assets, which in the individual case may be considered reasonable in the case of the situation in the insurance population, including the content of the insurance agreements.

§ 257. Administrator must as soon as possible follow that assessment and calculation in accordance with section 254 (4). 3, and paragraph 256 has taken place, the whole of the insurance stock taken over by one or more insurance undertakings. If an acceptance of such inheritance is made available, the administrator must apply for the grant of the Finance and Business Minister to the transfer. The application for the transfer shall be accompanied by the agreement concluded between the management estate and the acquiring company, and such information on this company, which the Economic and Business Minister considers necessary in order to be able to assess, whether the transfer is justifiable to the policyholders. If the contractual reduction of the insurance amounts or modification of the insurance terms and conditions, including of the bonus rules, must be stated.

Paragraph 2. Unless the Economic and Economic Affairs Minister considers that authorisation for the transfer should be refused, the SEC shall publish a statement on the proposed transfer in Statess; and in daily magazines. The deposition must include an invitation to the policyholders before one of the Financial supervision stipulates that no less than 1 month, in writing to grant the Financial supervision, if they have objections to the transfer. The company must, at the same time, to the policyholders whose address is familiar, the statement and the proposal.

Paragraph 3. After the end of the item in paragraph 1. The Economic and Business Minister shall take account of the objections referred to in paragraph 2, taking into account the objections raised by the Member State concerned as to whether the insurance stock can be transferred in accordance with the proposed proposal. The transfer may not be invoked as a basis for raising the insurance contract.

Paragraph 4. Where the transfer has been made in such a way that not all the asset ' s assets have been co-conferred, the administrator shall submit the excess amount to the company or its estate.

§ 258. If the insurance stock cannot be transferred under section 257, the administrator must make the final determination of the insurance amounts in accordance with the statement made as well as possible changes to the insurance terms, including the bonus rules, and convene a general assembly of the policyholders for the foundation of a mutual company with the administration estate as the founder, cf. § 23 and § § 21 and 22 in corporate law. The General Assembly shall be given two months ' notice. The summons and a statement of the content of the instrument document and the amount of the insurance payments calculated shall be made known on the content of the document in section 257 (4). 2, specified mode.

Paragraph 2. Upon registration, the reciprocal party in the section shall be entered in section 254 (4). 4, mentioned rights to the former company.

Paragraph 3. If a new company is not established, the administration will continue, and the administrator takes a position on whether further attempts to transfer the insurance to a new or other company must be carried out.

Chapter 17

(lifted)

TITLE VIII

Special rules for insurance undertakings

Chapter 18

Special rules for insurance undertakings

The members of the reinsurance undertakings and their liability for the undertaking ' s obligations

§ 284. Members of a reciprocal insurance company shall be the company ' s policyholders and only these.

Paragraph 2. If the members are to be liable for the company ' s obligations, the extent of this shall be laid down in the Staff Regulations.

Paragraph 3. The liability of the members of the company ' s obligations may be applied only by the company.

Paragraph 4. The company ' s claim against members to fulfill the liability of the company ' s obligations may not be transferable or pawdered.

§ 285. The SEC may lay down rules for the mutual insurance undertakings for liability for members and guarantors, the repayment of guarantee capital and the conditions for distribution to the members of the company ' s funds.

§ 286. If an insurance undertaking is to be an insurance undertaking in a mutual company of reinsurance, it may be agreed to be exempted from membership of the Staff Regulations. However, the total amount of such reassurance for their own account may not exceed 10% of life insurance. of the total amount of the undertaking ' s overall insurance. In the case of life interest insurance, this calculation shall be considered to be equal to 10 times the annual interest rate. In the case of damage insurance, the premium of such reinsurance shall not exceed 10% of the financial system without the consent of the financial system. of the company ' s total premium income.

Payment of guarantees and other guarantees in mutual insurance undertakings

§ 287. A mutual assurance undertaking shall not be free from remuneration to own or to acquire its own guarantee shares.

Paragraph 2. The subsidiaries of a reciprocal insurance undertaking shall not be free from remuneration for ownership or deposit of guarantee shares in the parent company.

§ 288. In the case of mutual insurance undertakings, a book shall be provided on the guarantees of guarantees.

Paragraph 2. The guarantee shares shall be recorded in the book, stating the name, position and place of the guarantee.

Paragraph 3. The company shall provide the guarantee share for the listing, cf. paragraph 2.

General Assembly of mutual insurance undertakings

§ 289. The subject of a general assembly decision, which has not been legally in legal or contrary to this law or the company ' s statutes, may be considered by a voting man, a member of the Management Board or by a director.

Paragraph 2. The Case must be laid down no later than three months after the decision. Otherwise, the decision shall be deemed valid.

Paragraph 3. The period after paragraph shall be : 2 shall not apply where :

1) the decision shall not be legally allowed to be taken even with the consent of all the voting warrants,

2) which, according to the company ' s statutes, require consent to the decision of all or some members, the guarantors or voting parties, and that consent is not provided,

3) the invocation of the general meeting has not been achieved or, for the company, the rules in force for call for invocation are significantly overridor ;

4) the one who has raised the matter at the end of the date referred to in paragraph 1. However, two specified time, but no later than two years after the decision, the reasons for the delay and the right of their due date and, taking into account the circumstances, consider that the application of the provisions of paragraph 1 shall apply. Two would lead to a blunty unbeetle.

Paragraph 4. If the court finds that the General Assembly resolution has not become legally or is warring against this law or company's statutes, cf. paragraph 1, the judgment shall be known to be invalid or altered. However, a change to the General Assembly Decision can only be made if the assertion and the right are in a position to determine the substance of which the decision should have been. The decision of the court shall be valid for all members and guarantors.

Exhater distribution, security fund, etc.

§ 290. As a result of shareholders, interest rates for guarantors or disbursements to members in mutual companies, only the result of the year (profit) in accordance with the approved annual report for the last financial year, transferred profits from previous years and others reserves which are not tied under the law or company ' s statutes, on the one hand, by deductible deficits, and on the one hand, by the amounts due under the law or company ' s statutes to be subject to a security fund or for other purposes.

Paragraph 2. The amount of money which is subject to paragraph 1 shall be eligible for use. 1 and surpluses during the current financial year above the balance sheet date, cf. § 183, paragraph 1. 2, in company law, if the amount is not distributed, used or bound. Free reserves, which have arisen or been released during the current financial year, may also be used for extraordinarily dividend.

§ 291. As long as the basic capital of the company does not comply with the capital requirements pursuant to that law, yield or extraordinarily dividendment may not be paid to shareholders, interest to the guarantee or amount of members in mutual companies.

§ 292. In insurance companies, the distribution of the company ' s funds to the shareholders in addition to sections 290 and 291 can only take place as a result of the reduction in the stock market or the solution of the company, including by winding-up proceedings. In the case of mutual companies, the distribution of members may, in addition, be carried out in accordance with the rules laid down in the Staff Regulations.

Paragraph 2. The yield or special yield to shareholders, interest to the guarantee or payment to members of mutual undertakings shall not exceed what is justifiable in the interests of the company and in the parent companies ' s economic position.

§ 293. An insurance undertaking may, provided that the statutes contain provisions, make provision for a security fund.

Paragraph 2. Funds placed on the security fund cannot be dropped on this. No amendment may be made with the effect of the means by which the funds referred to in paragraph 1 shall not be made. 1 already has been placed on the security fund, it may be dropped on this. However, the resources of the security fund may be used to cover losses in the dismantling of insurance commitments or in other ways to the benefit of the insured.

Special rules for mutual insurance undertakings with limited uses

§ 294. The provisions of section 295-303 include mutual claims for insurance undertakings whose statutes contain an indication of :

1) that the company ' s purpose is limited to design insurance against accident and disease, so as to ensure that they are also insured by policyholders, or to provide insurance for livestock,

2) the company is operating only here in the country,

3) that the company does not draw insurance for longer than one year at a time ;

4) the company only draws direct assurances,

5) the maximum amount to which the company without reinsurance may take over on a single risk, or to determine that rules on this subject are laid down by the Financial supervision in connection with the granting of authorisation, and

6) the possibility of collection of additional contributions or reductions in services.

Paragraph 2. A mutual non-insurer company shall not be subject to the provisions of this Chapter, if :

1) the annual premium income exceeds one of the financial supervision provided for, or

2) less than half of the annual premium income stems from natural persons who are members of the company.

§ 295. The provisions of section 112, no. 2, section 126 (4). 2 shall not apply to the formation of companies covered by this chapter.

Paragraph 2. In the bylaws, it may be decided that no management is to be put into question.

§ 296. The drawing of members or guarantors may not take place before draft statutes are drawn up. The draft must be presented at the drawing-up.

§ 297. (lifted)

$298. (lifted)

$299. If the company has no management, the duties which may or are to be taken into consideration by the Board of Governing Board shall be performed by the Management Board.

$300. (lifted)

§ 301. Mutual damage insurance undertakings covered by Article 294 (4). 1 and which operate only within a restricted area of land only operate within the scope of this law, without prejudice to the provisions of this law. however, paragraph 1 2 and 3, provided that the insurance combined does not exceed 3 million. DKK

Paragraph 2. Companies which are covered by paragraph 1. One must, however, describe as reciprocal. Section 11 (1). 4, shall apply mutatis mutis.

Paragraph 3. Where a reciprocal insurance undertaking is subject to the supervision pursuant to this law, the company shall remain under supervision, even if it satisfies the conditions for exemption under paragraph 1. 1. The SEC may, however, exempt the company from oversight, provided that the company makes a request to this effect pursuant to a general-assembly decision.

§ 302. The SEC may exempt a reciprocal insurance undertaking which is covered by Article 294 (4). 1, from the provisions of this law, if :

1) the reassured reassurance does not exceed 6 million. DKK and the company's risk of a single insurance does not exceed 3%. of the total annual premium income of the company, or

2) The company only draws assurances within a limited land area and only for a single insurance branch.

Paragraph 2. For the application of paragraph 1. 1, no. Paragraph 1 shall not be taken into account in the extent to which the company has uncovered its risk in reinsurance.

Paragraph 3. The financial supervision may apply the provision in paragraph 1. 1, no. 2, even though the company draws assurances which are not covered by Article 294 (4). 1, no. 1, when the company does not, however, draw up liability insurance, health insurance, motor insurance, insurance, insurance or credit insurance.

Paragraph 4. A company ' s request for exemption pursuant to paragraph 1. 1 shall be approved by the general assembly.

§ 303. If a reciprocal insurance undertaking is subject to the rules laid down in this Chapter in accordance with the General Assembly Decision, the Finance Board may decide that the company must be subject to this law. However, the provisions of this chapter may be re-used if the Financial supervision allows it.

Special rules for cross-boarding pension funds

§ 304. Interdisciplinary pension funds shall mean associations or associations,

1) whose members are either trained in specific fields of training or are employed in companies of a particular species and which have the purpose of the conditions of employment or as part of another association with a company to ensure pensions ; uniform rules for all members, or

2) whose members are self-employed in the same business and which are intended to ensure pensions according to uniform rules for all members.

§ 305. The provisions for reciprocal life assurance undertakings shall be subject to the provisions of paragraph 1. The above derogation shall apply mutatis mucous to the transverse pension funds.

Paragraph 2. Section 284 (4). Two-four, does not apply to cross-retirement funds.

§ 306. The SEC may lay down detailed rules for the demarcation of the members and activities of the cross-party pension funds.

Specific rules concerning labor-related life insurance companies

§ 307. In the case of a labor-related life insurance company, a life assurance undertaking, which

1) directly or indirectly owned by the professional organizations of the policyholders, including, where appropriate, jointly with the employers ' organizations ' employers ' organizations ;

2) is established as a result of a contractual agreement and

3) According to the bylaws, they don't pay dividends to owners.

Paragraph 2. The Staff Regulations must, in addition to the provisions of paragraph 1 of this paragraph, 1, no. The third paragraph is indicated that the company is a 'occupational life insurance company'.

Paragraph 3. Confession of shares in the company to others other than the one in paragraph 1. 1, no. 1, the circle or amendment of the company ' s statutes relating to the rules referred to in paragraph 1. 1, no. 3, and paragraph 1. 2 the said conditions cannot be carried out without the approval of the financial system. The approval of the financial system may be granted only if, in the interests of the foresiding, the amendment is deemed to be in the interests of the foresiding.

Paragraph 4. The company ' s statutes shall also show how it is to be kept on the company ' s assets when there is no longer insurance claims against the company. The rule of law must show that the tax-free-made part of the own funds must be used for non-profit or charitable purposes.

Paragraph 5. If the company relies on its insurer, the company shall use the tax-free-made part of the own funds for the benefit of the insured. In the case of a transfer of a certain proportion of the insurer, it is solely the proportional share of the tax-free-made part of the own funds to be used for the benefit of the insured.

TITLE IX

Electronic money providers

Chapter 19

Electronic money providers

Preliminary provisions

§ 308. Companies engaged in the establishment of means of payment in the form of electronic money must be given permission as issuers of electronic money. Electronic money means a monetary value represented by a requirement of the issuer stored on an electronic medium. Electronic money shall not be issued on a course and must be recognised as a means of payment of other undertakings other than the issuer.

Paragraph 2. Examinies of electronic money may, with the exception of the issuance of electronic money, carry out a business undertaking which includes :

1) the provision of closely connected services of a financial or other nature ; and

2) storing on the electronic medium on behalf of other companies or public institutions.

Paragraph 3. The issuers of electronic money and financial institutions have the sole right to issue electronic money.

Paragraph 4. A company seeking authorization pursuant to paragraph 1. 1, shall have an equity capital, which shall at least amount to EUR 1 million ; Euro.

Paragraph 5. Except for paragraph 1. 7, the provisions of this Chapter shall not apply to establishments issuing electronic money if a maximum of 150 euros is to be stored on the electronic medium and one of the following conditions is met :

1) in the case of the undertaking ' s overall financial commitments in the case of unpaid electronic money, no amount of money may not exceed 6 million ; The euro, cf. paragraph The non-depositing electronic monies shall not be averaged over 5 million. The euro, cf. paragraph 6.

2) the electronic money issued by the undertaking shall be recognised only as a means of payment of group-connected undertakings, or

3) the electronic money issued by the undertaking shall be recognised only as a means of payment of a limited number of companies which may be clearly identified at the location of the same site or in another restricted area or in their close ; financial or business relationship to the business, cf. however, paragraph 1 7.

Paragraph 6. For the calculation of the unsubmitted electronic money amount, cf. paragraph 5, no. Paragraph 1 shall be included in the amount of non-deposits which the issuer receives as a means of payment, not by the calculation of the amounts. The average, cf. paragraph 5, no. 1 shall be calculated as the weighted average of the last six months of unpaid electronic money at the end of the month. The sum of the sum of the last month's electronic payments to other undertakings other than the issuer divided by the sum of the total use of the last month's total use as a means of payment of the pre-paid funds.

Paragraph 7. Companies not covered by this chapter, cf. paragraph 5, shall provide an annual account of their activities, including the size of the total financial commitments in respect of undeposiable electronic money. The statement shall be received in the Financial supervision at the latest by 1. April.

$309. Electronic money providers must not be allowed to issue electronic money with a higher value than EUR 300.

§ 310. Extents of electronic money shall not be shareholdings in other companies unless these companies carry out operational or other ancillary functions in electronic money issued or distributed by the person concerned ; issuer.

§ 311. The holder of electronic money may, in the period of validity and up to a period of up to 1 years after the expiry of the period, ask the issuer or the issuing financial institution to have the balance redeemed in coins and notes or by transfer to one account in a financial institution without any cost other than those required to carry out the transaction.

Paragraph 2. The conditions for the resolubility referred to in paragraph 1. 1 shall be clearly stated in the agreement between the issuer and the holder of the incident. The agreement may be fixed at a rate of 25 kr. cannot be reloaded.

Permission and so on.

§ 312. ~ § 13-15 for permission and section 30 (3)) 1, 4, 5, 9 and 10, section 31 (1). 1, Section 38 (3). 1, no. 1-4, paragraph 1. 2 (3). THREE, ONE. pkt., and paragraph. 4-7, section 39, paragraph. ONE, ONE. Pkt., section 39, paragraph. TWO, ONE. ...................

Paragraph 2. An application for authorisation to issue electronic money shall include information on the expected objectives of the financial commitments relating to the non-deposiable electronic money amount after six months.

§ 313. A foreign issuer of electronic money which wants to conduct business through a branch or service provision in this country in accordance with section 312, cf. ~ 30 (5)) 1, 4, 5, 9 and 10, and section 31 (1). 1, may issue electronic money alone.

Paragraph 2. A issuer of electronic money wishing to conduct business through a branch, by means of provision of services or by the establishment of subsidiary activities in accordance with section 312, cf. § 38, paragraph. 1, no. 1-4, paragraph 1. 2 (3). THREE, ONE. pkt., and paragraph. 4-7, section 39, paragraph. ONE, ONE. Pkt., section 39, paragraph. TWO, ONE. pkt., and 40 can issue electronic money alone.

§ 314. This Chapter shall apply to branches of issuers of electronic money which are situated in a non-EU country which the Community has not signed up to in the financial sphere, with the deviations which the branch of the branch ; necessitates or which are laid down in or pursuant to an international agreement.

Paragraph 2. The provisions of the company law relating to branches of foreign shareholdings shall apply to the provisions of paragraph 1. 1 mentioned branches.

Ownerconditions

§ 315. Section 5 (5). 3, section 61-62 on the acquisition and possession of eligible units in financial undertakings shall apply mutatis mueses to issuers of electronic money.

Leadership

§ 316. section 70 and 71 on written guidelines for the main areas of activity of a financial undertaking, etc. shall apply mutatis mutie-made use to issuers of electronic money.

Paragraph 2. Section 5 (5). 1, no. 22-25, and section 72 a on the outsourcing of financial undertakings shall apply mutatis mutes to issuers of electronic money.

Solvency

§ 317. The basic capital of a issuer of electronic money must at all times be at least 2%. of the highest of the following amounts : the current value or the preceding 6 months of the total financial commitments in respect of undeposiable electronic money. The average will be calculated as the simple average of the outstanding electronic money amount of the last six months at the end of the month.

Paragraph 2. Where the use of electronic money has not yet been operational for six months, including the day at which the operation is started, the base capital shall be at least 2%. of the highest of the following amounts : the current value or the amount determined as the objectives of the financial commitments for the non-depositable electronic monies after six months, cf. § 312, paragraph 1. 2.

Paragraph 3. If a member of an issuer's board of directors, management or audit, must assume that the establishment does not comply with the solvency requirement, cf. paragraph 1 and 2 shall notify them immediately to the Financial supervision. The SEC may fix a time limit within which the solvency requirement must be fulfilled.

§ 318. The basic capital of a issuer of electronic money is calculated as the sum of paid share capital, stock exchange rates and reserves.

Paragraph 2. The capital is reduced by the company's holdings of own shares, intangible assets and tax assets, as well as the current deficit of the year.

§ 319. The issuing of electronic money shall at the end of each six-month period reported to the Finance-SEC solvency statement. The SEC shall lay down detailed rules for this.

Temporary placement

$320. The issuer of electronic money must at least be affixed to the company ' s financial commitments in respect of unpaid electronic money, in the following assets :

1) Point of mass stock ;

2) receipts of or guaranteed by central governments or central banks in Zone A,

3) debts owed by, or guaranteed by, of the European Communities ;

4) debts owed by or guaranteed by Danish regions, Danish municipalities, the Self-Government of Greenland and the Faroese government, or secured by securities issued by Danish regions, Danish municipalities, the Self-Government of Greenland and the Faroese national government within 90%. of the market value of the value papiet,

5) debts owed by regional and local authorities in the EEA, or guaranteed by securities issued by these regional and local authorities, where the competent authorities have given zero weight within 90% of the securities. of the market value of the value papiet,

6) mortgage bonds and bonds issued by Denmark's Skibcredit fund, and

7) receivable receivable receivable by financial institutions in Zone A.

Paragraph 2. The SEC may lay down detailed rules for the placement of funds in assets other than those referred to in paragraph 1. One mentioned.

Paragraph 3. For the purposes of the inventory of the funds referred to in : paragraph 1 and 2 include the value of the assets at the smallest value of the purchase price or the market price.

Paragraph 4. Where the value of the total funds is placed in the products referred to in paragraph 1. 1 and 2 of these assets shall be lower than the financial commitments in respect of unpaid electronic money amounts, the Financial Regulation shall ensure that the issuer takes the necessary measures to remedy this situation immediately. In these cases, the financial supervision of the undertaking may temporarily allow the company ' s financial obligations to be fulfilled in respect of unsubmitted electronic sums of money to be fulfilled by means of assets other than those referred to in paragraph 1. 1 and 2 up to a maximum of 5%. such undertakings or the basic capital of the undertaking, so that it is the lowest of these two amounts applicable.

§ 321. A issuer of electronic money shall be affixed by the funds placed in assets covered by section 320 (3). 1, no. 6 and 7 shall not exceed the base capital of the company by more than 20 times.

Paragraph 2. A issuer ' s inventory of funds placed in assets covered by section 320 (3). 1, no. 6, must constitute a maximum of 250%. of the basic capital of the undertaking, emittent.

Paragraph 3. A issuer ' s inventory of funds placed in assets covered by section 320 (3). 1, no. 7, must be a maximum of 125%. by the base capital of the issuer ; institute. However, it may not be more than 25%. the basic capital of the financial institution.

§ 322. If a issuer of electronic money is issued by electronic money, the rate of purification must be greater than 10%. of the base capitale or value dictator 1 is greater than 10%. by the base capitalen, the Financial supervision rules shall be defined as to the weighting of market risks. Renterisiko and valutaindikator 1 shall be calculated as for financial institutions.

Paragraph 2. Electronic money providers can use derivative financial instruments alone with a view to reducing market risks.

$323. Expires of electronic money shall at the end of each six-month period report the inventory of the funds for the financial supervision of the funds. The SEC shall lay down detailed rules for this.

Accounting and auditing

§ 324. The annual accounts bill shall apply to the issuers of electronic money with the deviations referred to in section 75, section 199 (4). 1-7, and § 200 on the accounting year, accountants and accountability.

Paragraph 2. The financial year shall follow the calendar year. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

$325. Expires of electronic money shall at the end of each half of the year carry out accounting reports for the Financial supervision. The SEC shall lay down detailed rules for this.

$326. The SEC shall lay down detailed rules on the review of the audit of electronic money by issuers. The Financial Control Board may lay down detailed rules on internal audits and on the implementation of the system audit in common data centers.

Withdrawal of authorisation and termination

$327. The SEC may involve the authorisation to operate as a issuer of electronic money if the undertaking so requests.

Paragraph 2. The SEC may involve a issuer of electronic money ' s authorisation ;

1) if the establishment does not commence within 12 months of the notification of the authorisation,

2) if the establishment is not exercised for a period of over six months,

3) if the issuer is guilty of a serious or repeated infringement of provisions of this Chapter or of rules issued under the law, or

4) in the sections referred to in section 14 (1). 1, no. Two-seven, mentioned cases.

Paragraph 3. If the issuer is not provided in section 317, the issuer shall not provide the required capital within it under Section 317 (3). The time limit laid down shall be the financial supervision of the financial supervision. The SEC may decide that, within a specified period, irrespective of the provision of the Staff Regulations, the Management Board shall convene the General Assembly and account for the economic conditions of the undertaking.

$328. In accordance with section 308 (2), the issuer of an electronic money shall not be issued in the basic capital of the permit. 4, the Financial Control Committee may either set a time limit to bring the base chapter up to this minimum or to withdraw the authorisation immediately.

$329. If the authorisation of a issuer of electronic money is drawn up, the establishment must be phased out. The operation of the second undertaking shall not be recorded until completion of the execution.

Paragraph 2. If the conduct is otherwise than by winding-up or bankruptcy or pursuant to section 331, the form, content and implementation of the deviation shall be approved by the SEC.

$330. § 228, section 231, paragraph. Paragraph 1, section 234, paragraph 1. 1 3, and section 238 and 243 concerning the withdrawal of authorisation and termination shall apply mutatis mutes to issuers of electronic money.

Fusion, etc.

$331. A financial institution or issuer of electronic money shall not be combined with an electronic money issuer without the licence of the Finance allowance.

Dissemination of information

$332. § 117 shall apply mutatis mutes to issuers of electronic money.

Other provisions

§ 333. Chapter 21 on the supervision, Chapter 22 on the levies and chapters of Chapter 23 on the provisions of the delegation and of the provisions of Chapter 23 of the provisions of the delegation shall apply the necessary adjustments to the issuers of electronic money.

TITLE IX a

Money and Pension panel

Chapter 19 a

Money and Pension panel

§ 333 a. The Minister for Economic and Business Affairs has put the money and the Pension Board, which consists of a President and 8 members. The President must have particular knowledge of consumer behaviour.

Paragraph 2. The panel shall be designated by the following setting :

1) 1 member shall be set by the Finance Council and the Realtor Society in Denmark.

2) 1 member is set by Insurance & Pension.

3) 1 member is set by the Realcreditn and RealCredit Association, or each for himself.

4) 1 member is nominated by the Investment Association Council.

5) 1 member shall be set by the country organisation in Denmark, the Central Organization of the Akademics and the Joint Council of the Functional Officials and the Services.

6) 1 member is nominated by the Danish Actionary Association.

7) Two members are nominated by the Consumer Council.

Paragraph 3. The Minister for Economic and Business Affairs will appoint the members of the Money and Pensioners for up to four years at a time. The chairman of the panel and the members of the panel may be reappointed.

Paragraph 4. A suppleant shall be appointed for each member. In the case of a member's decline, the alternate shall participate in the Member's behalf.

Paragraph 5. The Economic and Economic Affairs Minister sets out the Rules of Procedure of the Money and Pensioners.

§ 333 b. The purpose of the money and Pension panel is to promote the interests of consumers in an objective way of and knowledge of financial products and services.

Paragraph 2. The panel must be

1) develop objective consumer information on financial products and services ;

2) make and publish the test of financial products and services, including testing by the use of anonymous information collection, and

3) initiate and publish studies on consumer relations in the financial sphere.

Paragraph 3. The secretarial assistance of the money and Pensioners shall be made available to the Ministry of Economic and Business Affairs.

TITLE X

Spareenterprises

Chapter 20

Spareenterprises

Allowance for savings

§ 334. Entities operating on a business which is made up in business or as a significant part of their operation to receive deposits or other funds to be repaid from the public and thus put the funds received in a different way to when pasting in a financial institution, the undertaking must be allowed to be austerity if the undertaking is not ;

1) covered by section 7 (4). 1,

2) covered by Section 8 (3). 1,

3) covered by Section 11 (3). 1, or

4) created under special law, or if the establishment has not been approved under special law.

Paragraph 2. Companies searching for the authorisation of paragraph 1. 1, shall have an equity capital, which shall at least amount to EUR 1 million ; Euro.

$335. sections 13 and 14 shall apply mutatis mutis to savings undertakings.

§ 336. Section 15 shall apply mutatis muth to savings to savings.

Paragraph 2. For austerity companies which are not limited to limited liability companies, company law shall apply to notification and registration of the company law accordingly.

Leadership

$337. sections 70, 71 and 75 shall apply mutatis mutis to savings undertakings.

Paragraph 2. Section 5 (5). 1, no. 22-25, and paragraph 72 a on the outsourcing of financial undertakings shall apply by analogy to austerity undertakings.

§ 338. These revenues must indicate the rights and obligations of the deposits and contain rules concerning the organisation and the management of the establishment and the means of retailer.

Capital

§ 339. Sparefirms must have own funds, which are at least equivalent to one million. Euro.

Accounting

§ 340. The financial year shall follow the calendar year. The initial financial period may cover a shorter or longer period of time, however, not more than 18 months.

§ 341. The auditee ' s audited and approved annual report shall be submitted to the Financial supervision in two copies without undue delay after final approval. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year.

Paragraph 2. Spareenterprises must have at least one state-owned auditor.

Paragraph 3. A copy of the audit records of the external auditor on the annual report shall be submitted to the Financial supervision at the same time as the submission of the annual report pursuant to paragraph 1. 1.

Paragraph 4. The financial supervision may lay down detailed rules for savings accounts and audits.

Withdrawal of authorisation and termination

$342. Where the Financial supervision is concerned, the continuation of one of the austerity measures on the basis of this law will be undue to the interests of depositors, the financial supervision of the Financial Authority may include the authorisation.

Paragraph 2. The relevant provisions concerning withdrawal of authorisation and termination shall apply with the necessary adaptations to austerity undertakings.

Other provisions

§ 343. Chapter 21 on supervision, Chapter 22 on the levies and chapters of Chapter 23 on the provisions of the delegation and of the provisions of Chapter 23 concerning the necessary adjustments shall be made in the case of savings to save companies.

Paragraph 2. The SEC shall lay down detailed rules for the minimum requirements for the content of contracts for special risk-covering establishments.

TITLE X a

Investment advisers

Chapter 20 a

Investment advisers

Scope of application

§ 343 a. Businesses providing investment advice, cf. Section 343 b, must be given permission as an investment banker.

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

1) Financial enterprises, cf. Section 5 (5). 1, no. 1.

2) Collective investment schemes regulated by law on investment associations and special associations, as well as other collective investment schemes and investment institutions and pension funds, whether coordinated at Community level or not, and Deposits and executives of such institutes.

3) Consulting services provided to a parent undertaking, a subsidiary or one of the subsidiary undertakings of the parent undertaking.

4) Consulting only occasional in the case of commercial activities where this other undertaking is regulated by law or other professional provisions and these provisions do not exclude the provision of advice.

5) Consulting that only relates to employee schemes.

6) Counseling that is not paid separately.

7) The Managing Company in an Insurance Management Community.

Paragraph 3. Investment advice in accordance with paragraph 1 1 may be exercised by companies, partners, partners, companies, partnerships, interested parties, and individual undertakings.

§ 343 b. For investment advice, personal references to a customer either on request or on the investment advisever's own initiative of one or more transactions relating to financial instruments, cf. in Annex 4, section A, no. 5.

Permission

§ 343 c. The SEC must permit the training of investment advice when :

1) members of the company ' s management board and management comply with the requirements of section 64,

2) the undertaking has drawn up a liability insurance covering the entire Community, or the other equivalent guarantee against compensation claims resulting from malpractice with a cover of at least 1 million. However, the euro for each compensation claim shall be at least 1.5 million. In total a year for all requirements,

3) the business and administrative matters of the establishment are defensiable ;

4) the establishment has head office and registered office in Denmark,

5) the owners of eligible units meet the requirements of section 61-62 and

6) the conditions of section 14 (1). 1, no. 4 and 5 are fulfilled.

Paragraph 2. An application for authorization pursuant to paragraph 1. 1 shall include :

1) all information necessary for the assessment of the financial system of the conditions laid down in paragraph 1. 1 have been met

2) information on which Member States within the European Union or countries concluded by the Community in the area of the financial area are to be practising the activity ; and

3) information on the size of the qualifying units and the organization of the undertaking.

Paragraph 3. Section 14, paragraph 14. 3, shall apply mutatis mutis.

Paragraph 4. Where the Financial supervision has been granted in accordance with paragraph 1, 1, the Errecruvs and Corporate Management Board shall carry out the necessary registrations.

Paragraph 5. The SEC may lay down detailed rules on the rules laid down in paragraph 1. 1, no. 2, mentioned liability insurance.

§ 343 d. Investment advisers can exercise investment advice and business that is ancillary to this, cf. in Annex 4, section B, no. THREE, ONE. joints.

Foreign investment advisers

§ 343 e. ~ 30 (5)) 1, 4 and 10, and section 31 (1). Paragraph 1 shall apply mutatis mutes to investment advisers from another country within the European Union or from a country to which the Community has concluded an agreement in the financial sphere.

Danske investment advisers abroad

§ 343 f. § 38, paragraph. 1, no. 1-4, paragraph 1. 2, 4, 5 and 6, and section 39 (4). The same applies to investment advisers in this country, which wish to exercise investment advice in another country within the European Union or in a country with which the Community has concluded the financial area.

Paragraph 2. At the same time as the transmission of information pursuant to section 38 (3). 2, the Financial supervision of the Financial Authority shall be informed that the investment advisory giver is not covered by a guarantee scheme here in the country and the background to this.

Paragraph 3. An investment banker is obliged to grant the Financial supervision and the host country any amendment to the in section 39, paragraph 1. 1 and 2, mentioned within 1 month before the change is made. If the Financial Regulation is not able to notify the Financial Regulation, no later than 1 month before the change is made, the notification shall be made as soon as possible.

Good practice.

§ 343 g. § 43, paragraph. The same applies to investment advisers. 1 and 2 shall apply.

Leadership and Ownership

§ 343 h. Section 61 to 63 shall apply mutatis muctis to investment advisers.

§ 343 in. ~ 64, paragraph. 1 3, the corresponding use of investment advisers shall apply.

Paragraph 2. Paragraph 1 shall apply mutatis muctis when investment advice is not operated in company form.

§ 343 j. An investment manager must organise and decorate in a way that ensures that the risk of conflicts of interest between the advisor and the customer is limited as far as possible.

Withdrawal of authorisation

§ 343 k. § 223 and § 224 (4) 1, no. The same applies to investment advisers. 1, 3 and 4.

Paragraph 2. The SEC must withdraw the authorization if no liability insurance has been drawn up, cf. § 343 c (3) 1, no. 2.

§ 343 l. An investment adviser ' s authorisation shall lapse when the investment adviser is declared bankrupt or the investment business ends in a different way.

Paragraph 2. Drives investment advice in single-man activities, the authorisation shall lapse when the investment manager dies.

Supervision

§ 343 m. § 344, paragraph. 1, section 345, § 346, § 348 (3). 2, and § § 351, 352 and 354-356 shall apply mutatis mutants to investment advisers.

Paragraph 2. The Financial Company Council shall be included in the supervision of paragraph 1. 1 with the competence laid down by the Council pursuant to section 345 (1). 2.

§ 343 n. Businesses providing investment advice shall, once a year submit a statement that the establishment complies with the conditions for the authorisation of section 343 c.

Paragraph 2. The one in paragraph 1. 1 the declaration referred to shall be signed by the company ' s management board and management board. If the company is not operating in company form, the declaration must be signed by the day-to-day administration.

TITLE X B

Credit rating agencies

Chapter 20 b

Credit rating agencies

§ 343 o. By means of a credit rating agency, this Act is a credit rating agency as defined in Article 3 of the regulation of the European Parliament and of the Council on credit rating agencies.

§ 343 p. The SEC is taking a decision on the registration of credit rating agencies, the inclusion of registration and other measures, in accordance with the rules laid down by the European Parliament and Council regulation on credit rating agencies. Furthermore, the Financial Regulation is observance of compliance with the regulation. § 344, paragraph. 1, and section 347 shall apply mutatis muth.

Paragraph 2. § 355 shall apply mutatis mutations to credit rating agencies with the limits resulting from the application referred to in paragraph 1. Paragraph 1 of this Regulation.

Paragraph 3. The financial undertaking shall be included in the supervision of credit rating agencies with the competence laid down by the Council pursuant to section 345 (1). 2, with the restrictions resulting from the provisions referred to in paragraph 1. Paragraph 1 of this Regulation.

TITLE XI

Supervision and Charges

Chapter 21

Supervision, etc.

General rules on supervision

§ 344. The SEC shall ensure compliance with this law and of the rules adopted pursuant to the law, except for section 77 (5). However, Article 1 (1) and (2) shall ensure that Article 15 (1) of the Management Board shall comply with Section 15 (1). One, two, and four, and section 83, 87, 91, and 112. The Fund Council shall check with the Financial Authority as a secretariat that the rules of financial information in annual reports and sub-annual reports in section 183-193 and in accordance with rules issued under Article 196 have been complied with for financial undertakings which have issued transferable securities admitted to trade in a regulated market, cf. law on securities trading, etc. § 83, paragraph. Two and three, and section 83 b. The Fund shall exercise the powers in respect of the powers pursuant to Article 197. The SEC shall also ensure compliance with the rules adopted pursuant to section 31 (1). 8, in the Law on approved auditors and auditing companies.

Paragraph 2. In the case of branches of credit institutions authorised in another country within the European Union or in a country concluded by the Community in the financial sphere, the financial supervision of the Financial Authority shall be in accordance with the provisions of the provisions of the financial rules governing the use of the financial services of the Community, laid down in Directives oversight of the liquidity of the branches.

Paragraph 3. The Financial Supervisors shall participate in the work of the European Supervisors Committee and shall apply as a basis to the standards and guides to be drawn up by the supervisory committees.

Paragraph 4. If any money or mortgage broker or a fund broker or investment management company is subsidiary of a credit institution, investment company or administration company, established in another country in the European Union, or in a the country concluded by the Community in the financial sphere, the Financial Authority may, by contract, assign responsibility for the supervision of the funds or the real credit institutions, the Fund or the investment management company or the solvency of the group, and large exposures to the authority which is responsible for the supervision of consolidated supervision, with the company ' s foreign parent company.

Paragraph 5. The SEC must organise the normal supervisory activities in such a way as to make the supervisory work in relation to the risk or damage of infringements of the financial legislation. The SEC shall examine the solvency requirements of the money and mortgage institutions which have a working capital of more than EUR 250 million in the financial supervision of the financial institutions. DKK The Executive Board of the Financial Supervisory Board shall be responsible for organising the organization of the supervisory organization.

Paragraph 6. The SEC must consider the potential consequences for financial stability in other countries within the European Union or a country to which the Community has concluded agreement on the financial stability of other countries within the European Union or a country to which the Community has concluded the financial stability ; area. This is particularly true in the case of crisis situations. For branches situated here in the country of foreign undertakings authorised to exercise it in section 7 to 11 a country referred to in a country within the European Union or a country to which the Community has concluded agreement on the financial market ; territory, the Financial Supervisory Authority shall monitor the branches and assist the competent supervisory authorities in the supervision of the branches. The SEC must take account of important branches and subsidiaries of foreign companies authorised to exercise it in section 7-11 that referred to in a country within the European Union or a country of which the Community has concluded ; Agreement with the financial area, participate in any cooperation fora on the supervision of the overall group.

Paragraph 7. In exceptional cases, financial supervision may use foreign aid.

Paragraph 8. The Economic and Economic Affairs Minister may lay down detailed rules for the procedures relating to the Financial Regulations, in accordance with the provisions laid down in Community law.

$345. The Minister for Economic and Business Affairs is putting down the Financial Business Councils, which consists of 8 members. The Council shall :

1) A foreman of legal or financial insights.

2) A vice-president of legal insights.

3) A member of financial financial insights, which is set by the Danmark National Bank.

4) A consumer representative who is nominated by the Consumer Council.

5) A representative of the business community, which is nominated by DI, Denmark's Rederivatives, Danish Erstice, the Crafts Council and the Agriculture and Food of Foods.

6) A representative of the real credit institutions who are nominated by the Realcreditn and Realds Association or separately.

7) A representative of the financial institutions, etc., which are set by the Financial Council, the Danish Realtors Association, the Danish Foundation for the Danish Foundation for the Association of the Danish Foundation for the Association of the Danish Realtors Association Council.

8) A representative of the insurance companies, etc., which are set by Insurance & Pension, United Company pension funds, Danish Insurance and Pensioners, the Labor Market's Supplementary Pension and the Expense Fund of the Salary recipients.

Paragraph 2. Financial Business Councils

1) take, except for section 43 and other than cases relating to respect for section 183-193 and rules issued in accordance with section 196 for financial undertakings, which have issued securities which have been admitted to trade in a regulated market, decisions in : supervisory matters of a fundamental nature and in supervisory matters which have a significant impact on financial undertakings and financial holding companies ;

2) advises financial supervision in relation to its issuance of rules and in matters of principle of good business practice and good practice and price information, as well as in supervisory matters of decent business practices and good practices and price information that has : Higher significant consequences for financial undertakings and financial holding companies pursuant to section 43, as well as :

3) shall assist the Financial supervision of its information company.

Paragraph 3. The Minister for Economic and Business Affairs will appoint members of the Council for up to four years at a time. Members may be reappointed.

Paragraph 4. The Economic and Economic Affairs Minister shall appoint an alternate member. In the case of a member's decline, the alternate shall participate in the Member's behalf.

Paragraph 5. The Economic and Economic Affairs Minister shall appoint two special experts for each member appointed in accordance with paragraph 1. 1, no. 4 to 6, and up to four particular experts for each member appointed in accordance with paragraph 1. 1, no. Seven and eight. The Economic and Economic Affairs Minister shall draw up in connection with the establishment of the Rules of Procedure, cf. paragraph 12, a list of organisations that have the right to set a special case. The competent experts may, following the decision of the President, take part in the meetings of the Council without voting rights. However, a maximum of two special experts for each Member will be involved in the processing of individual cases at the Council meetings.

Paragraph 6. The government of the ferry and Greenland national government appoints each individual expert, who will be able to take part in the Council's meetings without voting rights.

Paragraph 7. Supplementers and in particular the experts appointed in accordance with paragraph 1. 4 or 5 shall be designated for a period corresponding to the period for the member of the Council to which the person concerned has been appointed. Special experts appointed in accordance with paragraph 1. 6 shall be designated for up to four years at a time. Supplecils and particularly experts may be re-appointed.

Paragraph 8. In the case of the Council's handling of cases of good business practices and good practices and price information, cf. paragraph 2, no. 2, referred to as the consumer ombudsman to participate in the item on the agenda. The Consumer Ombudsman has in cases of good practice and good practice and price information the same powers as the members of the Council.

Niner. 9. In cases where part shat is to be made after the administrative act, access to the part shbe shall include the entire draft decision. The release of the opinion shall be a minimum of three weeks, unless the case has already been submitted to the Financial Business Council or the decision is of a particularly urgent nature.

Paragraph 10. § 354 (4)) 1 shall apply to the members and the alternates of the Council, as well as the experts in particular. 1. Act. does not, however, apply when handling cases concerning the issuing of rules of refine business practices and good practice.

Paragraph 11. The Council shall act by a simple majority. In voting, the President's voice is crucial.

Nock. 12. The Economic and Economic Affairs Minister shall lay down the Rules of Procedure, including rules on the possibility of taking place on the Council.

§ 345 a. The Economic and Business Minister approves rates for fees, deposits and consecutive contribution to administration and reserve fund-building etc. for loans financed with mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities and for which State aid is granted, except for loans in the area of land use.

§ 346. The financial supervision shall examine the conditions of financial business and financial holding companies, including in the case of review of ongoing reports and by inspections in the individual company. The financial supervision may also make inspection visits to austerity.

Paragraph 2. After inspection in a financial undertaking or a financial holding company, a meeting of the management board of directors, management of the company, the external auditor and the internal audit manager shall be held in accordance with the inspection in a financial undertaking or a financial holding company, unless : the inspection alone shall relate to defined areas of activity in the establishment. In the meeting, the Finance Board must notify its conclusions concerning the inspection.

Paragraph 3. Signature of the conclusions shall be sent following an inspection visit in the form of a written report to the company ' s management board, management, the responsible actuarial, external auditor and the internal audit manager.

Paragraph 4. The supervisory authorities of another country within the European Union or in a country to which the Community has concluded agreements in the financial sphere may be inspectorily inspecting these in the country in accordance with the following information ; situated branches of foreign financial undertakings situated in the country concerned. In the case of insurance undertakings, the Financial supervision of the Commission shall participate in the one in 1. Act. the inspection or may, at the request of the supervisory authority in the Member State of the branch, on behalf of the branch in particular, to carry out inspection of the branch alone in particular. In the case of investment firms and management companies, the Financial Supervisory Authority may, at the request of the supervisory authority in the Member State of the branch, carry out the one in 1. Act. said inspection in the branch.

Paragraph 5. The supervisory authorities of another country within the European Union or in a country to which the Community has concluded agreements in the financial sphere may carry out verification of information supplied by the Financial Authority in this country, the financial holding firms, financial undertakings, financial institutions or undertakings engaged in ancillary financial activities subject to the supplementary supervision of the supervisory authority in accordance with the provisions of the provisions of the regulatory authority concerned, laid down in directives in the financial sphere.

§ 347. Financial undertakings, financial holding companies, suppliers and subcontractors shall provide the Financial supervision of the information required for the activities of the acidity. In accordance with the provisions laid down in Directives, this shall apply to foreign credit institutions, management societies and investment firms operating in this country through the establishment of branch or supply of goods ; financial services.

Paragraph 2. The SEC may, at any time, against appropriate credentials, without a court order, access to a financial undertaking and its branches or a financial holding company for the purpose of the provision of information, including those on inspections.

Paragraph 3. To the extent necessary to assess the financial position of a financial undertaking or a financial holding company, the Finance Board may obtain information and any time against appropriate credentials without a court order of access to them ; undertakings with which the financial company or the financial holding company have a special direct or indirect connection.

Paragraph 4. The Financial supervision may require all information, including accounts and accounting documents, printout of books, other business documents and electronic stored data, which are deemed necessary for the Financial activities ' s activities or for determining whether or not a physical ; or legal person shall be subject to the provisions of this Act.

Paragraph 5. The SEC may, at any time, against appropriate credentials, without a court order, access a supplier or subcontractor for the purposes of the information on the output of outsourced activity.

Paragraph 6. The financial supervision may obtain information in accordance with paragraph 1. 1-4 for use in the section 354 (4). 6, no. Eighteen and twenty-two, mentioned authorities.

§ 347 a. The Minister for Economic and Business Affairs may lay down detailed rules on the duty of the financial institutions and the real credit institutions to publish information on the Financial Institute's assessment of the Institute.

§ 348. The consumer ombudsman may initiate proceedings relating to acts that are contrary to the conduct of business and good practice, cf. § 43, paragraph. 1 and 2, including the prohibition, injunction, compensation and restitution of unduly collected amounts. Section 20 of the market in section 20, section 22 (2). 2, section 23, paragraph. Paragraph 1, section 27, paragraph. Paragraph 28 shall apply mutatis mulitis to cases which the Consumer Ombudsman wishes to adopt after this provision. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 of the Court of Justice Chapter 11.

Paragraph 2. The financial supervision may provide an injunction on the correction of conditions in violation of sections 43, 57 and 72. The SEC may, in this context, make inspection visits to branches of management companies and investment firms.

§ 348 a. The SEC shall inform the Consumer Ombudsman if the Financial supervision is known that a company ' s customers may have suffered losses caused by the undertaking to have infringed section 43 (2). 1 or provisions adopted pursuant to Article 43 (3). 2.

Paragraph 2. In any case, the consumer ombudsman shall have access to all information in the Financial Protection cases covered by paragraph 354. 1.

§ 349. The Financial Authority may provide a financial undertaking to draw up a statement of the undertaking ' s economic position and future prospects. The company ' s management board, management board, external auditor and the internal auditor shall be informed by the signature of the Provision of the FL, confirmant to be aware of the content of the communication.

Paragraph 2. The deposition must be

1) be accompanied by a statement from the company ' s external auditor, unless the statement as a whole is drawn up by this,

2) to be submitted to the company ' s management board

3) shall be submitted in copy to the Financial supervision.

$350. The financial supervision may provide for a financial undertaking within one of the Commission to take the necessary measures if necessary, if :

1) the economic position of the establishment has thus been abated, that the depositors, the ancients, the debt securities, investment associations, specialist associations, approved sheep associations, hedge associations, other collective investment schemes ; the interests of other investors are at risk, or

2) there is a significant risk that the company ' s economic position develops so that the Institute will lose its permit.

Paragraph 2. If the required measures have not been carried out within the time limit laid down, the Financial supervision may involve the undertaking ' s authorisation.

Paragraph 3. In addition, for insurance undertakings, section 248-252 is applicable.

Paragraph 4. Paragk 1 and 2 shall apply mutatis mutable to a group where the parent undertaking is a financial holding company or a financial undertaking if there is a significant risk that the group's economic position develops in such a way that the group does not : will comply with the capital requirement for the group.

§ 351. The SEC may provide a financial undertaking to allocate a financial undertaking to the financial undertaking within one of the Financial Business Act, if this is provided for in section 64 (4). Two, can't fight the score.

Paragraph 2. The SEC may offer a member of the Management Board in a financial undertaking to lay down its duties within one of the Financial Commissions, if this is provided for in section 64 (1). Two, can't fight the recruits.

Paragraph 3. The SEC may provide a financial undertaking to set up a director in the case of an indictment against the Director of a criminal offence against the criminal code or financial legislation until the criminal proceedings are decided, where the conviction of the criminal proceedings will be determined ; means that they do not comply with the requirements of section 64 (4). 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. provide a member of the Management Board in a financial undertaking to lay down its duties ; the financial supervision of the Financial Authority shall set a time limit for compliance with the tender.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 64 (4). 2, no. 2, 3 or 4 shall appear on the supply.

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

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

Paragraph 7. If the financial undertaking does not have the Director under the limit set by the time limit, the Financial supervision may involve the undertaking ' s authorisation, cf. section 224, paragraph 1. 1, no. 2. Financial supervision may also involve the undertaking ' s permit, cf. section 224, paragraph 1. 1, no. 2 if a member of the board does not comply with an injunction in accordance with paragraph 1. Two and three.

§ 352. The Financial supervision may, independently or in cooperation with other authorities, carry out studies suitable to promote transparency in the financial market and to publish the results of these.

§ 352 a. Where a financial undertaking is declared bankrupt and the State has provided a guarantee or a means available to the State, the Finance Board shall prepare a statement of the course of the business up to the bankruptcy. The decision must, inter alia, describe the role of the financial system during this course of action.

Paragraph 2. The financial supervision shall publish the information referred to in paragraph 1. 1 said statement. For the publication, Section 354 shall not apply, unless the information relates to customer relations or third parties who are or have been involved in the attempt to save the financial undertaking in question.

§ 353. In cooperation with the Danish Agency for Finance, the Financial Affairs Minister shall submit a report on the status of rules concerning good practices and rules on price information and on experience with the rules for the use of the rules in accordance with the Economic and Business Affairs Minister. § 43, paragraph. Two and three.

§ 354. The employee of the financial system shall be under the responsibility of Article 152-152 of the penal code, to keep confidential information that they are aware of through the supervisory establishment. The same applies to persons performing service tasks in the context of the Financial Services operations, as well as experts acting on behalf of the Office. This also applies to the termination or termination of the contract of employment.

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

Paragraph 3. Paragraph 1 shall not, however, apply to information in matters relating to :

1) Good practice and price information, cf. section 43 and notices issued in accordance with this provision,

2) hybrid core capital or responsible loan capital in the form of mass debt letters, cf. § 45,

3) drawing of capital deposits, cf. § 46,

4) Consumer protection, cf. the amount of the cash pension and the placing of funds in transferable securities issued under section 50 (3). 2,

5) coverage of the Guarantee Fund for Ingunders and Investors, cf. § 51,

6) independence of depots, cf. § 52,

7) the reduction of mortgage credit granted in contravention of the law on mortgage and mortgage credit bonds, cf. Section 53 (3). 1,

8) agreement on the placement of customers ' portfolios, cf. Section 54 (1). 2,

9) prohibitions on the conclusion of certain life-insurance agreements, cf. § 55, paragraph 1. 1,

10) information on the conclusion of insurance contracts and under the current customer relationship, cf. notices issued in accordance with section 56 ;

11) notice notice for consumer insurance, cf. § 57, paragraph. 1,

12) the obligation to take over a building insurance, cf. § 59, paragraph. 1, and

13) prohibitions from the termination of a structural fire policy, cf. § 60, paragraph. 1.

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of the Financial supervision of its own operation in summary or aggregated form, where neither the individual company nor its customers can be identified.

Paragraph 5. Confidential information may be disclosed during a civil trial when a financial undertaking is declared bankrupt, and if the information does not relate to customer relations or third parties, who are or have been involved in trying to save the company.

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

1) The Fund for the Fund and the Financial Business Council.

2) Other public authorities, including the prosecution and police force, in connection with investigations and prosecution of criminal offences covered by criminal law or supervisory law.

3) The next minister as part of his supervised oversight.

4) Administrative authorities and courts, which deal with decisions taken by the Financial supervision.

5) The Ombudsman's office.

6) A parliamentary commission set up by Parliament.

7) Examination commissions reduced by law or under the law of investigation commissions.

8) The Standing Committee of the People's Committee on the financial market of a financial undertaking, with regard to the crisis management of financial undertakings, where a decision is taken on whether or not the State should provide a guarantee or a means of making available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

9) The state auditors and the Rigsaudit.

10) Stakeholders, including authorities, are involved in attempts to rescue a crisis-based financial undertaking, provided that the recipients of information need to do so.

11) Those of the Unionized Revisors appointed accountants in accordance with section 144 (4). FIVE, TWO. Act.

12) The court and other authorities involved in the winding-up proceedings of the financial undertaking, insolvency proceedings or similar procedures, together with persons responsible for the statutory auditing of the accounts of a financial undertaking, provided that the recipients of information are required to carry out their duties.

13) Institutions which administer the depositing, investor or insurance guarantee schemes provided that they are required to carry out their duties.

14) Financial Stability A/S, cf. Chapter 2 of the law on financial stability.

15) The Ministry of Economic and Business Affairs in cases concerning the treatment of applications for state capital deposits, as set out in the case of the State Department. State capital deposits in credit institutions.

16) Denmark's National Bank, foreign central banks, the European System of Central Banks and the European Central Bank in their capacity as monetary authority, provided the information is necessary for them to be fulfilled ; statutory tasks, including the execution of monetary policy, the monitoring of payment and securities handling systems, and the handling of the stability of the financial system.

17) An institution responsible for clearing up securities or money where necessary to ensure that the institution responds to non-compliance or potential non-compliance in the market in which the institution is responsible ; clearing.

18) Financial regulators in other countries of the European Union or in countries which the Community has concluded in the financial area responsible for the supervision of financial undertakings, financial institutions, UCITS, credit rating agencies or capital markets and bodies involved in the liquidation of financial undertakings, insolvency proceedings or similar procedures, together with persons responsible for the statutory audit ; the accounts of the financial undertaking, provided that the beneficiaries of the financial undertaking are to : the information needs to be provided for the taking of their duties.

(19) Organs in countries within the European Union or in countries concluded by the Community in the financial area responsible for checking compliance with the rules on financial information from issuers of securities which are subject to securities, which are engaged in a regulated market.

20) Ministers responsible for financial legislation in other countries within the European Union or in countries concluded by the Community in the financial sphere, in the context of crisis management of a financial undertaking.

21) The Commission, if it is required to carry out its duties in accordance with the regulation of the European Parliament and of the Council on credit rating agencies, or the European Banking Supervisory Committee, the Bank Supervisory Committee in the European Central Bank, European Supervisory Committee for Insurance and Occupankets Committees and the European Securities Regulators Committees and bodies established by these committees, provided that the recipients of information need it for the taking of their goods ; tasks.

(22) Financial supervisory authorities in non-EU countries which the Community has not signed up to in the financial area responsible for the supervision of financial undertakings, financial institutions, UCITS ; credit rating agencies or the capital markets and bodies involved in the winding-up proceedings of financial undertakings, insolvency proceedings or similar procedures, and persons responsible for the statutory auditing of the financial services ; company ' s accounts, cf. however, paragraph 1 10 and 11.

23) Tax management and tax administration in cases covered by the tax control Act, Section 6 (1) (2). 2.

24) The auditor supervision and the auditing board for the taking of their duties.

25) The Faroese regime for financial matters in the context of the financial stability of the Faroe Islands and for the need for crisis management of the Faroe Islands.

26) The Greenland National Labour Member and the Labour Market, as part of the responsibility for the economic stability of Greenland, and for the crisis management of financial companies in Greenland.

27) Farm Salvation's Standing Committee on the general economic conditions of a financial undertaking as regards the crisis management of the financial undertakings, where decisions are taken on whether or not to grant the country ' s country-regime contribution ; guarantee or make available means. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

28) Greenland Landsstand Committee on the general economic conditions of a Greenland financial undertaking, with regard to the crisis management of Greenland financial undertakings when deciding on the country of Greenland to : provide guarantees or make available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

Paragraph 7. All those in accordance with paragraph 1. The information provided for in paragraph 1 shall be subject to the information referred to in paragraph 1 (5) and (6) of the Financial supervision of the Financial Commission. This shall be subject to professional secrecy.

Paragraph 8. Confidential information received by the Financial Supervisors may only be used in respect of the surveillance authorities, to the imposition of sanctions, or if the decision of the acidity shall be subject to higher administrative authority or be brought before the courts.

Niner. 9. Access to the provision of confidential information to the Standing Committee of the People's Committee pursuant to paragraph 1. 6, no. 8, is limited to documents in cases created in the Financial supervision after the 16th. September 1995. In the case of mortgage credit institutions, the limitation of documents in cases created in the Financial supervision of the 1. June 1995. Access to the handing over of confidential information to the Standing Committee of the Ferry Watch in accordance with paragraph 1. 6, no. 27, and the Standing Committee of Greenland Landstanding in accordance with paragraph 1. 6, no. 28, is limited to documents in cases created in the Financial supervision after the 1. January 2006.

Paragraph 10. Dissemination in accordance with paragraph 1. 6, no. 22, may be done

1) on the basis of an international cooperation agreement ; and

2) provided that the beneficiaries are subject to a statutory professional secrecy which corresponds to the confidentiality of paragraph 1. 1 and need the information to be provided for the taking of their duties.

Paragraph 11. Dissemination in accordance with paragraph 1. 6, no. Whereas 22, of confidential information originating from countries within the European Union or countries concluded by the Community in the financial sphere, may also be done if the authorities which have supplied the information have provided the information ; express consent and shall be used exclusively for the purposes of which the authorisation is to be granted.

Nock. 12. If a debtor, bail bondsman or investor has significant commitments to a number of financial undertakings, the Financial Authority may be subject to information on this subject.

§ 354 a. Decisions taken pursuant to section 344 (3). ONE, THREE. pkt., and section 345 (3). 2, no. 1 shall be published. 1. Act. also applies to decisions to surrender cases to police investigation, cf. however, paragraph 1 2. The publication shall include the company name.

Paragraph 2. Publication under paragraph 1. However, 1 cannot be done if it would result in a disproportionate amount of damage to the company or the investigation of its publication. The publication shall not contain confidential information on customer relations or information covered by section 12 (3). One, in the law of public opinion in the administration. The publication shall not contain confidential information arising from the financial supervisory authorities of other countries within or outside the European Union, unless the authorities which have supplied the information have given express express ; Permission.

Paragraph 3. If publication is not in accordance with paragraph 1, TWO, ONE. .. shall be published in accordance with paragraph 1. 1, when the reasons required for the rescue are no longer applicable. However, this shall apply only to two years after the decision has been taken.

§ 354 b. The SEC must inform the public about cases dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of relevance to the understanding of the following provisions :

1) Good practice and price information, cf. section 43 and notices issued in accordance with them,

2) hybrid core capital or responsible loan capital in the form of mass debt letters, cf. § 45,

3) drawing of capital deposits, cf. § 46,

4) Consumer protection, cf. the amount of the cash pension and the placing of funds in transferable securities issued under section 50 (3). 2,

5) coverage of the Guarantee Fund for Ingunders and Investors, cf. § 51,

6) independence of depots, cf. § 52,

7) the reduction of mortgage credit granted in contravention of the law on mortgage and mortgage credit bonds, cf. Section 53 (3). 1,

8) agreement on the placement of customers ' portfolios, cf. Section 54 (1). 2,

9) prohibitions on the conclusion of certain life-insurance agreements, cf. § 55, paragraph 1. 1,

10) information on the conclusion of insurance contracts and under the current customer relationship, cf. notices issued in accordance with section 56 ;

11) notice notice for consumer insurance, cf. § 57, paragraph. 1,

12) the obligation to take over a building insurance, cf. § 59, paragraph. 1, and

13) prohibitions from the termination of a structural fire policy, cf. § 60, paragraph. 1.

Paragraph 2. The financial supervision must also inform the public about the name of a company that violates the prohibition on the pursuit of financial activities without authorisation, cf. sections 7-11, 308 and 334.

§ 354 c. The SEC must publish information on sanctions imposed on a credit rating agency after Article 373 (1). 1 and 2, in violation of the regulation of the European Parliament and of the Council on credit rating agencies, unless such publication would be a serious danger to the financial markets or will cause the parties involved to have a disproportionate amount of damage.

Paragraph 2. The financial supervision shall also publish information on measures taken in accordance with Article 24 (2). Paragraph 1 (a) (c) or Article 25 (1). Paragraph 1 (c) of the regulation of the European Parliament and of the Council on credit rating agencies, unless such publication would be a serious risk to the financial markets or will cause the parties involved to have a disproportionate amount of damage.

Paragraph 3. In addition, the SEC may publish information about claims and claims that the Financial supervision informer for a credit rating agency for the violation of the European Parliament and Council regulation on credit rating agencies. The publication may include the company name.

§ 355. As a party to the Financial supervision, the financial undertaking, the financial holding company, the foreign financial company or the foreign financial holding company decided on by the Financial Decision pursuant to this Directive, law or regulations laid down in accordance with this law, having regard to, cf. however, paragraph 1 Two and three.

Paragraph 2. In the case of the following cases, another other than the undertaking shall also be considered as a Party to the Financial Decision of the Financial Regulation in respect of the part of the proceedings relating to the person concerned :

1) The parent company, where this is a financial holding company or a financial undertaking.

2) Companies with which a financial enterprise has a special direct or indirect connection and where the monitoring can obtain information and make inspection visits, cf. § 347, paragraph. 3.

3) A natural or legal person to whom the Financial supervision requires the information to be taken to decide whether this is subject to the provisions of this Act, cf. § 347, paragraph. 4.

4) A person such as the Financial supervision receives information about the approval pursuant to section 64 (4). One and two.

5) The proposed acquiring or holder of a qualified share when the SEC is handling cases of approval of the acquisition in accordance with the Financial Authority. section 61, 61 a and 61 (b), and when the FL is reacting as a result of a lack of notification of a share or the right to the right to vote, which is linked to the share of the owner in question, cf. § 62 (2) 1-3.

6) Accountant in a financial company when the SEC provides this or provides information about the company's relationship, as well as in cases of prohibition of the fact that an auditor has loans and so on in the financial undertaking auditing, cf. Section 199 (4). 4-6 and 8.

7) Companies to which a financial institution, fund brokerage, investment management company or real credit institutions have such an association that the decision of the Financial Decision must be included in the consolidation in accordance with the Financial Decision. Section 177, paragraph 1. 1.

8) An undertaking applying for the authorisation to operate financial institution, fund brokerage, investment management, securities handlers, mortgage, insurance or life assurance business, cf. Section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, paragraph 9, paragraph 9. Paragraph 1, section 10, paragraph 10. One and two, section 11, paragraph 1. 1, section 14 or if the application is suspended, cf. Section 14, paragraph 14. 4.

9) A member of a financial management board or board of directors or a capital owner, where the supervision refuses a financial undertaking or includes this whole or part of the undertaking, cf. Section 14, paragraph 14. 1, no. 1-3, and paragraph 1. 2, section 224 and § 225 (3). 1.

10) Undertakings which the supervision of the Commission considers tight connections to a financial undertaking when permission is refused or withdrawn in accordance with section 14 (4). 1, no. 4 and 5, and section 224.

11) The person who violates the law in the name or name of a company to use words covered by the exclusive name of the financial undertakings, cf. Section 7 (2). 5, section 8, paragraph. 5, section 9, paragraph. FIVE, TWO. pkt., and paragraph. SIX, TWO. pkt., and section 11 (3). 3.

12) The person who violates the law prohibiting the operation of Article 7 (2). 1, 3 and 4, section 8 (3). 1 and 3, section 9 (4). One and three, section 10, paragraph 10. One and three, and paragraph 11, paragraph 11. 1, without permission.

13) It shall decide on the question of whether the person concerned can offer investment services without authorisation, in accordance with the conditions laid down in the Financial Authority. Section 9 (1). 11.

14) Investment associations, specialised associations, team associations and other collective investment schemes where the Finance-SEC takes a decision on a case concerning the investment management company which administers the investment association, the Association, the FUD or the collective investment scheme.

15) The responsible actuar when this has not fulfilled its information obligation to the Financial supervision referred to in the case of the Financial Commission. § 108, paragraph. FIVE, ONE. Act.

Paragraph 3. By the way, as a party is considered a member of the board, an actuarial officer, an accountant, a CEO or other executive staff of a financial undertaking, a financial holding company, a foreign financial undertaking or a foreign financial undertaking ; holding a holding business where the Financial Decision is directed directly at the person concerned. The same is true of a liquidator and an administrator of a life assurance condition.

Paragraph 4. As a party to the decisions of the Financial Regulation, in the context of the supervision of accounts, in accordance with the rules laid down in Chapter 13 of this Act, in accordance with the rules laid down in section 196 and of the group accounts referred to in Article 4 of the Committee, Furthermore, the Regulation of the European Parliament and of the Council on the application of international accounting standards shall be considered to be any party to the Financial Authority as a party to the case.

Paragraph 5. Partsstatus and share powers in accordance with paragraph 1. 2 and 3 are limited to conditions in which the decisions taken by the seven are taken after the 8. However, in October 1998, mortgage credit institutions shall be subject to the 20th. October 1998. With regard to the disclosure of confidential information, cf. in Chapter 9, the Party ' s Party ' s Party ' s Party ' s Party ' s Party shall be limited to conditions in which the decisions taken pursuant to the January 2004. In the case of investment management companies, the share status and share powers are limited to conditions in which the decisions taken by the seven are taken after the 1. January 2004. Partsstatus and share powers in accordance with paragraph 1. 4 is limited to conditions in which the decision taken by the synet has been taken after the 1. July, 2009.

Paragraph 6. The SEC may, where the supervision takes up a case, on the disclosure of confidential information, cf. Chapter 9, grant certain parties powers to other natural or legal persons other than those referred to in paragraph 1. 2 and 3 mentioned. Parties may be granted only as far as the relevant part of the case is concerned with a direct and significant role for the person concerned. The rights of the Parties shall be given, taking into account the protection of confidential information concerning the undertakings under supervision. Parliament ' s powers shall be limited to conditions in which the decisions taken by the seven are taken after the 1. January 2004.

§ 356. Employees of the Financial Supervisors shall not be members of management, board or board members, or be employed in undertakings under the supervision of the SEC or in the organisations of the Financial Authority. They shall not, either without the authorisation of the economy and the business minister, own or operate self-employment, or to participate in the management or operation of a business enterprise. However, they can own, drive and participate in the administration of real estate.

Paragraph 2. Employees in the Financial supervision must not, on their own account, perform or participate in speculative transactions, cf. § 77, paragraph. 1. The Executive Committee on Economic and Business Affairs is the CEO of the GL, Vice-President, and thus on the subject of a report on the reporting of assets and assets.

Paragraph 3. The Director of the Financial supervision may not, without the authorisation of the economy and the Minister of Economic Affairs, engage or provide security with financial undertakings. For other employees in the Financial supervision, the Economic and Business Minister will prepare guidelines for the approval of engagements and securities with regard to financial undertakings. The guidelines can prescribe different approval procedures for each employee category.

Deadlines

§ 357. The time limits laid down in or pursuant to this law shall begin to run from and with the day following the day on which the event that triggers the deadline is taking place. This is true for the calculation of both the day and the week, the month and the year.

Paragraph 2. If the deadline is set in weeks, the deadline is out, cf. paragraph 1, on the day of the day of the week of the day on which the event that triggered the deadline occurred.

Paragraph 3. If the deadline is set in months, the deadline is due, cf. paragraph 1 on the month of the month for the day on which the event that triggered the deadline took place. If the day at which the event that triggered the deadline occurred is the last day of a month, or if the deadline expires on a month date that does not exist, the period shall always expire on the last day of the month regardless of its length.

Paragraph 4. If the deadline is set this year, the deadline is out, cf. paragraph 1, on the anniversary of the day on which the event that triggered the deadline occurred.

Paragraph 5. Expires a deadline for a weekend or on a holiday, on Christmas Day or New Year's Day or New Year's Day, the deadline for the next day is extended.

Special rules for the supervision of insurance undertakings

§ 358. Decision that new shares should be able to be paid in the conversion of debts pursuant to section 161 of the company law must be approved by the Financial supervision.

$359. Insurance companies, branches of foreign companies, which have been granted the financial supervision, and the pension funds included in this Act shall be registered in the Corporate and Corporate Management Board.

Chapter 22

Charges

$360. The grant of the financial system from the sale of goods and services and interest income shall be covered by taxes from the establishments which are subject to the supervision of the financial supervision referred to in the Financial supervision. § § 361-370.

Paragraph 2. The grant of the financial system as set up in accordance with paragraph 1. 1 shall also be covered by taxes from the non-profit organisations, which are covered by Article 16 (3). 4, in the Act of Preventive Action against the laundering of the proceeds and the financing of terrorism, have asked for registration in the Finance-SEC, cf. Section 361 (1). 1, no. 21.

§ 361. The following companies are paying a yearly basis in the Tax for the Financial supervision :

1) The occupational health insurance of the working market will pay a total of $510,000.

2) The ATP fund (supplementary pension, temporary pension savings and pension savings) pays 1,180,000 kr.

3) Operators of regulated markets and alternative market places pay a basic amount of 12 000 kr. per company whose transferable securities are included in trade at the end of the previous year.

4) The Guarantee Fund for depositors and investors will pay 95,000 kr.

5) Each financial holding company will pay 5,000 kroner.

6) Each issuer of the collateralized mortgage and similar establishments shall pay 10,000 kr. per series.

7) Each issuer of electronic money pays 10,000 kroner.

8) The Payback Payback Fund is paying $670 000.

9) The VRs pay US$ 1,840.

10) The Guarantee Fund for non-insurance undertakings shall pay 50,000 kr.

11) Financial companies and financial holding companies whose transferable securities are included in trade in a regulated market and the market value of the securities traded is USD 1 billion. DKK or by the end of the year, 40 000 DKK. a year. If the market value of the securities traded is 250 million. DKK and over there, but under 1 billion. DKK at the end of the year, 20 000 kroner is paid. an annual basis, and the market value of the securities concerned is less than 250 million. DKK at the end of the year, DKK 10,000. a year. Departments of investment associations and special associations, which have issued securities which are engaged in trade in a regulated market, pay 5 000 DKK a year.

12) Reinsurance brokers pay $15,000.

13) Physical or legal persons requesting the approval of the financial system of a prospectus pursuant to Chapter 6 of the securities trade law, etc., shall pay 25 000 DKK. per charge per request.

14) Physical or legal persons requesting admission to a register of eligible investors, cf. law on securities trading, etc. Section 23, paragraph 1. Eight, pay $1,000. per request.

15) Companies and persons covered by Section 1 (1). 1, no. Twelve, in the Act of Preventive Preventive Action against the laundering of the yield and financing of terrorism, pay DKK 2 000.

16) Exaders that are required to send information to the Financial supervision in accordance with section 27 (a) (a). 2 and 3, in the Act on securities trading, etc., pays 6.800 kr. a year.

17) Issuers requesting the official listing of shares, stock certificates or bonds, shall pay 12.400 kr. per charge per request. The issuers concerned shall pay 1 650 kr. annually, as long as the value paper is officially recorded.

18) Each operator of a regulated market authorised to operate multilateral trade facilities shall pay 12.400 kr. a year.

(19) Investment advisors will pay you $8.50. a year.

20) Professional associations pay $8.50. per reconciliation and DKK 2,450. per Department.

21) Organizations with an almenable purpose, requesting admission to a register of non-profit-making organisations, which may receive cash transfers of up to EUR 150 without providing information requirements in respect of transfers of money, cf. law on preventive measures against the laundering of the yield and financing of terrorism, Section 16, paragraph 16. Four, pay 750 kroner. per request.

(22) Value traders who are obliged to report transactions with securities admitted to trade in a regulated market for the Financial Supervising of Section 33 (3). 2, in the Act of securities trading, etc., pays yearly

a) $1,650. in the case of up to 10,000 transactions,

b) $8.50. for between 10 000 and 100 000 transactions,

c) 53.750 kr. for between 100 000 and 1 million. transactions and

d) $227.500. for more than one million. transactions.

23) Approved foreign clearings, cf. § 8 A, in the Act of securities trading, etc., pays $100,000 per year.

24) Paying institutions, cf. law on payment services, DKK 60 000. a year.

25) Businesses with limited permission to offer payment services, cf. Bill of payment services, DKK 6,000 kr. a year.

Paragraph 2. Basic amount, cf. paragraph 1, as specified in 2004-level and regulated annually corresponding to the development of the Finance-synet appropriation of the Finance Bill.

§ 362. Fund-broker companies pay annually 10.5% of their pay, commission and tantieme costs. There is always a minimum levy of DKK 15,000.

Paragraph 2. Investment management companies pay a year 10.5 per year of their pay, commission and tantieme costs. There is always a minimum levy of DKK 15,000.

Paragraph 3. Insurance intermediaries pay annually 4.0 per year of their commissions and other charges. There is always a minimum levy of 2 000 kr.

Paragraph 4. Hedgefoundations pay $25,000 a year. per association or per. Section plus 0,02 per alcohol of their total balance.

§ 363. Financial institutions, establishments covered by the law of a shipbuilding financial institution, other savings undertakings other than those referred to in section 361 (2). 1, no. 6, referred to and the Management Institute for Local Pension institutions pay annually 49.4%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The levy shall be allocated according to the individual company ' s share of the provisions of paragraph 1. 1 covered the total debt and guarantee obligations of undertakings. There is always a minimum levy of 2 000 kr.

§ 363 a. Filials in this country of foreign companies authorised to exercise it in section 7-11 that referred to in a country within the European Union or a country concluded by the Community in the area of the financial area, yearly 15%. by what undertakings of the corresponding nature and the size of the Danish licence shall pay, cf. § § 363-366. However, if a parole legion is established, 20% shall be paid. of the undertakings of a similar nature and the size of Danish licence shall pay according to section 363 and 364-366. There is always a minimum levy of 2 000 kr.

§ 364. Realcredit institutions pay annually 13,2%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The levy shall be allocated according to the individual company ' s share of the provisions of paragraph 1. 1 the total book-held accounts of the undertakings concerned were accounted for. There is always a minimum levy of 2 000 kr.

§ 365. Insurance companies engaged in life-assurance, transverse pension funds and company pension funds annually pay 18.3% of the difference between the Finance allowance expenses and the tax paid after § § 361 and 362.

Paragraph 2. The tax will be divided into two equally large parts. One part of the levy shall be allocated to the individual company ' s share of the amount of the market in those of paragraph 1. 1 the total gross premiums and membership contributions of the undertakings concerned. The second part of the levy shall be allocated to the individual company ' s share of the amount of the products referred to in paragraph 1. 1 the total balance of the undertakings concerned has been reduced by base capital. There is always a minimum levy of 2 000 kr.

§ 366. Insurance companies that do not carry out life-assurance activities pay annually 14.7%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The levy shall be allocated according to the individual company ' s share of the provisions of paragraph 1. 1 covered undertakings ' total direct and indirect gross premiums, plus gross substitutes, disregarded from negative premium revenue. There is always a minimum levy of 2 000 kr. However, the insurance undertakings covered by Article 294 shall pay a minimum levy of 800 kr.

SECTION 367. Investment associations, specialised associations and sheep ' s associations pay annually 4.4%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The tax shall be distributed among the companies by DKK 10,000. per It's $3,000. per Department. The remainder of the levy shall be allocated to the individual company ' s share of the provisions of paragraph 1. 1 covered the overall balance of undertakings.

§ 368. Calculation of taxes from establishments covered by Section 362-367 shall be made on the basis of information in the annual report of the last financial year or in the absence of any such recently submitted accounting report. In the case of insurance brokers, the calculation shall be carried out on the basis of the latest revenue-making.

Paragraph 2. Full charge shall be borne by any undertaking which has been under the supervision of a part of the calendar year concerned.

Paragraph 3. If two or more undertakings under the supervision of the Financial Supplies are groused, the business of the undertaking shall be paid for the charge collected by the company.

Paragraph 4. If a company ceased to be under supervision in a different way than by aggregation, the levy shall be fixed for the calendar year in which the company terminates, as follows :

1) Companies covered by Section 361 pay the basic amount.

2) Businesses covered by Section 362 pay the specified blood alcohol level in relation to the tax base in the previous year's annual report or revenue specification. If the previous year ' s annual accounts or revenue specification has not been submitted to the Financial supervision at the time of termination, the levy shall be calculated in relation to the tax base in the latest accounting reporting or income specification.

3) Companies covered by Section 363-367 pay the percentage from the last tax collection in relation to the tax base in the last year's annual report. If the last year's annual report has not been submitted to the Financial supervision at the time of the hearing, the levy shall be calculated in relation to the tax base in the latest accounting report. The SEC may, in exceptional cases, approve payment of charges pending the total tax calculation.

Paragraph 5. The financial supervision may, in particular cases, reduce the tax.

§ 369. The charges for the year in question shall be charged at the end of the year at the end of the year.

§ 370. Deposits and deficits are regulated over a savings account.

Paragraph 2. Any difference between the levy charged and the actual paid-up fee shall be transferred as a total amount for tax collection in the following financial year.

TITLE XII

Entry into force and transitional provisions

Chapter 23

Delegation and Clapping

§ 371. The Minister shall lay down rules on appeal to the Ministry of Finance and the business minister after the Danish Ministry of Finance, including that complaints cannot be brought to the second administrative authority.

§ 372. Decisions taken by the SEC or the Corporate and Corporate Management Board pursuant to the law or rules issued under the law may be submitted to the Agency for the Agency no later than 4 weeks after the decision is made ; notified the person concerned, cf. however, paragraph 1 2.

Paragraph 2. Decisions taken on the Financial Affairs Council after Section 343 p, as provided for by the European Parliament and Council regulation on credit rating agencies, cannot be brought to the second administrative authority.

Paragraph 3. Decisions taken in relation to the financial supervision of section 246 intended for appeal shall be submitted to the Board of Acquisities within 24 hours of the decision to be notified to the person concerned.

Paragraph 4. Where an insurance undertaking is to enter winding-up proceedings or that its life insurer be taken under administration, the Agency shall immediately register this in winding-up proceedings, or that its life assurance is taken under administration. The SEC must, provided that the company owns fixed properties, ensure that such information is taken.

Chapter 24

Penalty provisions

§ 373. The withdrawal of section 7 (2). 1-6, section 8, paragraph 8. 1 and 3-6, section 9 (4). 1-3 and 5-7, section 10 (4). 1-4, section 11, paragraph 11. 1-4, section 16 a, paragraph. 2, section 16 (b) (b). 2, section 24, paragraph ONE, TWO. Pkt., section 25, 2. pkt., sections 27 and 28, section 31 (1). 7, 8 and 10, section 33 (3). 1, sections 36 and 38, section 39 (3). paragraphs 1, 3, 4 and 6, sections 40 and 44-46, section 49 (4). 1 and 2, sections 52 and 53, section 61 (3). 1, section 61 (b) and 61 c, section 63, paragraph 1. 1, 2 and 4, section 64 (4). 3, cf. paragraph 2, no. 1 and 2, section 65-67, section 74 (4), 1 and 3, sections 75, 76 and 78, § 92, § 101 (3). 1, 2 and 4, section 102, paragraph 1. 2 and 3, sections 103-106 and 117, § 118 (3). 4, section 119, section 120 (4). ONE, TWO. pkt., and paragraph. 2, section 124 (4). One-four, seven and eight, paragraph 125, paragraph 1. 1-3, 5 and 7, section 126, paragraph 1. 1, 2 and 8, section 129 (4). 9, § 134, nr. 7, § 138, nr. 8, section 145, paragraph. Paragraph 1-3 and paragraph 1. FOUR, ONE. pkt., section 146, paragraph 1. Paragraph 1, section 147, paragraph 1. Paragraph 1, section 149, paragraph 1. One and three, section 150-152, section 153, paragraph 1. 1, section 154 and 170-175, section 182, paragraph 1. 1 and 2, section 194, section 195 (5), 1-3, section 200-203, section 204, paragraph 1. 1, section 217, section 218 (2). ONE, ONE. and 2. pkt., section 226, paragraph. 1, 2, and 5, section 227, section 308 (3). 1, 2, and 7, sections 309 and 310, section 317 (3). Paragraph 1 and paragraph. THREE, ONE. pkt., section 320 (1). Paragraph 1, section 321, section 322, paragraph 3. 2, section 329, 331 and 334, section 343 a (3). Paragraph 1, section 343 (f). 3, section 343 j, section 377, 379, and 381, section 404 (4). Articles 1, 2, 4 and 5, and Articles 14 and 24 (4), Paragraph 1 (b) of the regulation of the European Parliament and of the Council on credit rating agencies is punished with fine or imprisonment up to four months, unless higher penalties are inflited on the other legislation.

Paragraph 2. Violation of section 16 c, section 16 d, paragraph 1. Paragraph 1, section 16 (f). One-three, section 46 a, section 50, paragraph 50. 1, Section 54 (1). 2, section 57, paragraph. 1, Section 57 (a) (a) 1, section 70, section 71, paragraph 1. 1, section 72, paragraph. Paragraph 1 and 2 and paragraph 1. 3, 3. Pkt., section 73, paragraph ONE, ONE. pkt., and paragraph. 2, section 77, 77 a and 77 b, section 80 (5), Paragraph 1 (1). TWO, ONE. pkt., and paragraph. 3, 7 and 8, section 108, paragraph 1. 1-6, section 121, paragraph 1. 1, sections 122 and 123, section 152 (a) (1). ONE, ONE. pkt., section 152 c (3), 2, section 152 d, paragraph 1. One and two, section 152 e, paragraph 1. Paragraph 1, section 152 g, paragraph 1. ONE, ONE. and 3. pkt., and paragraph. 2 and 4, section 158, 159 and 167, section 183, paragraph 1. ONE, ONE. pkt., section 183, paragraph 1. 5, section 184, paragraph 1. Paragraph 1, section 185, paragraph 1. Paragraph 1 and 2 and paragraph 1. THREE, ONE. pkt., sections 186 and 187, section 188, paragraph 1. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. THREE, TWO. pkt., section 189-191, § 192, 1. pkt., section 193, 1. pkt., section 198, paragraph. Paragraph 1, section 199 (1). However, 2 and 5, Article 4 of the Council Regulation on the application of international accounting standards, as well as the regulation of the European Parliament and of the Council on the rating agencies, do not, however, Article 14 and Article 24 (4) 1 (b) 21) is punished by fine. In the same way, violation of the notification requirement in section 152 (a) (1) shall be punished. TWO, ONE. Act.

Paragraph 3. The penalty shall be penalised by a financial undertaking or a financial holding company that is not issued an injunction pursuant to section 348 (3). TWO, ONE. pkt., or § 350 (3). 1, and infringements of paragraph 112 (2). 1, in the corporate law. In addition, the penalty shall be penalised, which shall not comply with an injunction given in accordance with section 351 (1). 2 and paragraph 1. 3, 3. Act.

Paragraph 4. In rules issued under the law, penalties may be imposed on penalties for infringements of the rules laid down in the rules.

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

Paragraph 6. If a member of a financial undertaking or a financial holding company ' s management board or management is to take the necessary measures in the event of a loss or immediate danger of significant losses, the person shall be punished by fine ; or the maximum sentence of four months, in the case of insofar as a higher penalty is not inflited on the other legislation. Similarly, a member of the Management Board or the Governing Board of an austerity or issuer of electronic money shall apply.

Paragraph 7. Persons associated with a financial undertaking providing false or misleading information about the company to public authorities to the public, to some company body or to depositors, insured or debt securities or other investors in the financial undertaking or are guilty of negligence or negligence of repeated negligence or negligence which may result in loss of the company or depositors, the assured or bond owners ; or other investors in the financial undertaking shall be punished by fine or The maximum sentence of four months until such time as a higher penalty is not inflited on the other legislation. The same applies to persons associated with an austerity or issuer of electronic money.

Paragraph 8. The limitation period for infringement of the law or rules issued under the law shall be five years.

§ 374. Avoiding a financial management board, management, external auditor, internal audit manager, financial controller, liquidator, general agent, branch manager or representative at the right time, to comply with the obligations which, in accordance with the law or the rules, In accordance with the law, they are incumbersome to the Financial supervision or the Corporate and Corporate Authority, the Danish Financial Authority and the Corporate and Corporate Management Board may impose penalties on the daily or weekly fines of the Danish Agency for the Agency.

Paragraph 2. To avoid a business as mentioned in section 347 (s). 3 and 4, in accordance with the duties of the undertaking, the SEC may, as a means of force, impose daily or weekly fines of the company liable to the company responsible for the company responsible for daily or weekly fines.

Paragraph 3. Avoiying a financial undertaking to comply with an injunction pursuant to section 351 (1). Paragraph 1 and paragraph. THREE, ONE. PC, the business may be subject to daily or weekly periodic penalty payments.

Paragraph 4. Where a financial undertaking or a financial holding company which has issued securities admitted to trade in a regulated market does not comply with its obligations under the provisions of section 183-193 or provisions laid down in pursuits of section 196, the Fund Council may provide the company concerned with an opening of the relationship, including the disclosure of the amended or supplementary information. If it is appropriate, the Fund Council itself may publish the information in question, publish or suspend or delete the relevant securities from trade in a regulated market.

Paragraph 5. The financial undertaking or financial holding company which does not comply with an injunction from the Fund or emitting false or misleading information to the Fund shall be punished by penalty for so far greater penalties are not inflited on the other ; legislation.

Paragraph 6. The provisions of paragraph 1. 1-3 shall apply by analoging to the Fund Council at the Council of the Fund for checks on section 344 (3). ONE, THREE. Act.

Chapter 25

Entry into force, transitional provisions, changes to other legislation, the Faroe Islands and Greenland

Entry into force

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

Paragraph 2. Law of the law, section 167, section 169, paragraph 4. 1, no. 4, section 271, section 278 (8). 4, section 373, paragraph 1. 2, section 380 and § 425, nr. On 31, enter into force the day following the announcement in the law. The Section 57 of the Law shall enter into force on 1. July 2004.

Paragraph 3. The Economic and Industry Minister shall determine the date of entry into force of the Act of Title 183-198.

Paragraph 4. Regardless of section 199, paragraph 1. 1, and section 376 remains the requirement that certain financial establishments must have at least two accountants, cf. § 34, paragraph. 1, in the law of banks and savings boxes, etc., section 23, paragraph 1. 2, in the Law on Fund Broker Companies, Section 179 (1). 1, in the Act of Life Insurance, and Article 90 (1). 1, in the case of the mortgage credit law, in force for the financial year, commencing on 1. January 2004.

Paragraph 5. § 430, nr. 6, have effect on conversions which take place on 1. January 2004 or later.

§ 376. The following laws and regulations are hereby repealed :

1) Promise of financial undertaking, cf. Law Order no. 660 of seven. August 2002.

2) Law on banks and savings boxes, etc., cf. Law Order no. 214 of 25. March 2003, cf. However, sections 377 and 378.

3) Law on Fund Broker Companies, cf. Law Order no. 787 of 19. September 2002.

4) Insurance business law, cf. Law Order no. 147 by 7. March 2003, cf. However, sections 379 and 380.

5) Section 1 (1). 1-3, sections 2, 4-20, 46, 50, 51, 53-53 in, 60 to 95 and 98 a, section 100, paragraph 100. 1-3, section 100 a and 101 and § 102, paragraph 1. 1, in the mortgage credit law, cf. Law Order no. 57 of 20. January 2003, cf. however, section 381 and 382.

6) Promise of electronic money issuers, cf. Law Order no. 661 of 7. August 2002.

7) The promise of austerity, cf. Law Order no. 655 of 7. August 2002.

8) Section 6 of law no. 1090 of 17. In December 2002, the promotion of private rental-building.

Paragraph 2. statements issued pursuant to the provisions of paragraph 5 of this Article. Paragraph 1 shall remain in force until they are repealed or replaced by notices issued pursuant to that law.

Transitional provisions

§ 377. (Excluded)

§ 378. (Excluded)

§ 379. (Excluded)

$380. (Excluded)

SECTION 381. (Excluded)

§ 382. (Excluded)

§ 383. (Excluded)

SECTION 384. Until the first one. In January 2006, section 123 applies only to customer relations established in accordance with the 1. of January 2002, or if the Customer concludes new agreements with the financial company.

§ 385. For customer relationships established before the 1. In January 2002, the usual information on customer relations is available until 1. January 2006 shall be forwarded to corporate financial undertakings, unless the Customer makes new agreements with the financial undertaking or the customer is subject to objections. The Client must be informed in connection with the release of the annual notifications of section 123 on the right to object to 1. Act.

SECTION 386. Section 7 (2). 5 and 6 shall not apply to the Finance Institute for Industry and Craft.

Paragraph 2. The Finance Institute for Industry and Craft shall be the first of 1. July 2004 shall comply with the liquidity requirement in section 152.

SECTION 387. Regardless of the provision in paragraph 13 (1). 1, if share capital of the entry into force of the law had been divided into shareholders with different voting rights, banks may retain the provisions of the Staff Regulations applicable in this respect.

SECTION 388. Banking and savings banks that have lawfully started business before the 28th. May 1980 may continue the operation without authorisation. Submission of the continuation of the business must be treated as equivalent to the withdrawal of consent under section 225.

SECTION 389. Companies that before 1. In May 1985, section 13 (3) was covered by paragraph 13. Two, in Law No 156 of 2. May 1934, which has driven business before 1. In January 1983, proceed without authorization, provided that they were notified to the Financial supervision before 1. October 1985 as

1) andelskasser, cf. § § 9-13, or

2) save and loan companies, cf. ~ § 17 and 18. ~

Paragraph 2. Regardless of section 341, paragraph 1. 2, undertakings which until the removal of the law is repealed. 156 of 2. In May 1934, with subsequent amendments, this law has at least one state sautorised or registered auditor.

§ 390. It's an andmolasses whose share capital is lower than 25 million. Cryer, unable to reduce the andeleel capital without a permit from the supervision.

§ 391. The provision of funds in assets not covered by sections 50 and 51 does not cause the assets to be disposed of if the assets were in the inventory of 31. December 1992.

§ 392. Regardless of section 26, financial institutions, which are 1. In June 2000, other business activities, together with financial institutions, insurance undertakings, fund-brokered companies or real credit institutions, are involved in the financial institution, shall continue this operation if the institution of the 30 is entered. June 2000 has informed the financial supervision of the Financial Authority.

$393. Section 234 (4) 2 clarifying that capital is not included in the assessment of whether a financial institution, a real credit institution, a fund-broiler company or an investment management company is insolvent, shall apply only to the capital issued after 1. July 2001.

$394. § 48, paragraph. Four-six, shall apply to guarantee contracts concluded on 1. July 2002 or later.

Paragraph 2. § 48, paragraph. 4-7, do not apply to guarantee contracts entered into before 1. July 2002. § 48, paragraph. 1 3, shall apply only if the services concerned are due to the entry into force of the law.

$395. Guidelines agreed pursuant to section 17 of the marketing law before the entry into force of this law shall continue to apply to financial undertakings until they are repealed or replaced by rules issued by the Economic and Business Minister under section 43 (3). Two, in this law.

$396. The provisions of the provisions of the Staff Regulations, which are affixed or put into force before the 18. In December 1980, which deviates from the rules in section 111 or from § 59 (3). 1-3, in the company law, cf. Law Order no. 649 of 15. June 2006 preserves its validity.

§ 397. Mutual damage insurance undertakings covered by Article 294 (4). 1, but as 1. October 1981 was subject to supervision in accordance with section 120, paragraph 1. 1 and 3, in the Law on Insurance, cf. Law Order no. 544 of 27. October 1975 can only be exempable from supervision in accordance with the rules laid down in section 301 (1). 3.

$398. The provisions relating to the transferability of shares in force before 1. October 1981, retains their validity.

$399. This law's section 13, paragraph 1. 2 shall not apply to shares drawn by the 1. Oct 1981 and which at this point do not have an attachment to the vote.

Paragraph 2. This law's section 13, paragraph 1. 2, do not apply to shares drawn before the 1. Oct 1981 and if the voting value exceeds 10 times the voice value of any other share or amount of the same size.

$400. Insurance companies that are on the 1. In October 1981 did not have a fully-paid company capital, it can maintain this system.

Paragraph 2. in those of paragraph 1. 1 included insurers may a shareholder or guarantor shall not be liable for the payment of shares or guarantees shares for a greater total amount than 5%. of the stock or guarantee capital or of greater amounts than 50,000 krin; unless one of the Financial supervision has been granted for the security of amounts in addition to the same amount.

Paragraph 3. The financial supervision may exempt from the rule set out in paragraph 1. 2.

Paragraph 4. The transfer of a non-fully-paid share or guarantee shares in insurance undertakings covered by paragraph 1. One can only take place with the board's approval. Such approval shall not be granted unless it is assumed that the transferee will be able to provide the future payments or, unless reassuring security is lodged, the transferee shall be lodged. Any reassuring security may not be refused unless the requested transfer is contrary to other valid rules for the reduction of the transferability of the shares or guarantees.

Paragraph 5. Once the Management Board has approved the transfer and the transferee has issued a write-off for the amount unpaid, the transferee ' s obligations shall be discredit;.

Paragraph 6. Where a shareholder or guarantor is referred to in the insurance undertakings covered by paragraph 1. the shareholder or the guarantor shall not be in the right time for payment, the shareholder or the guarantor shall be the shareholder or the guarantor, provided that the statutes are not to determine otherwise, to pay an annual interest rate in respect of the amount due, corresponding to the interest rate, fixed in accordance with section 5 (5). 1 and 2, in the interest of late payment, etc.

Paragraph 7. The company shall, where payment in accordance with paragraph 1, 7 do not occur in due time without undue delay for the amount due, either by a lawsuit or by the shareholder or the guarantee of the shareholder and, as far as possible, after 4 weeks notice to the shareholder or the guarantor, to seek the stock ; or the guarantee ratio dispose of the obligation on the transferee to provide the missing payments with accrued interest. The incident must be carried out through a stockbroker, a credit institution that has a special permit, or a financial institution or by public auction. If the issue of Disposal is issued by a new stock letter or an interim certificate, the asset or an interim certificate must, in addition to its purpose, reproduce the contents of the old stock letter or the interim certificate and signed by the Administrative Board. However, the interim evidence may be signed by one of the Administrative Board.

Paragraph 8. If the amount of the amount due is not recovered in any of the ways listed, the amount of the share or the guarantee share shall be cancelled, and the capital shall be deemed to have been reduced by an equal amount of the share or warranty. The amount paid shall be added to a fund which is not to be reduced without the consent of the Finance-synet.

Niner. 9. The reduction in the capital of the Fund shall be notified to the Corporate and Corporate Management Board. In addition, proof must be sent to the Financial Authority to show that the conditions for the cancellation of the share or the guarantee share have been present.

§ 401. The engagements and securities which are on the 1. in January 1998, between the audited audit or an internal audit or temporary agency or vice-principal or employee of the labour market ' s Pension Fund or the Fund for the Fund and the insurance undertaking, financial institution, or a credit institution, the securities trader, the fund-brokerage party or the occupational pension where the person is employed may continue to the original agreed expiration date.

Paragraph 2. Internal auditing and vicerevider schefer can inemploy the ban in section 77, paragraph 1. 10, maintain and exploit economic interests as they own in the entry into force of the law.

§ 402. Rules laid down in accordance with the provisions of Article 72 (2). 5 whether the placing on the customer's funds and the investment firms of customers on a particular account shall be equivalent to the resources received before the 1. June 2000.

Paragraph 2. The exchange rate rules for conversion shall apply by analoging to customers ' means by virtue of paragraph 1. 1 is transferred to a special account.

§ 403. Financial institutions and real credit institutions which, in the event of the entry into force of the law, carry out activities or expect to perform activities which require authorisation pursuant to Article 9 (1). 1, cf. Section 7 (2). Article 8 (2) and Article 8 (2). 2, may continue these activities if they are before 1. July 2004, the activities of the Financial Authority shall be notified. Financial supervision shall notify in accordance with section 9 (3). 1, permit the notified activities.

Paragraph 2. The institution may, during the period following the notification and, up to the fact that the Financial supervision has granted authorisation pursuant to Article 9 (1). 1, continue to carry out the reported activities.

Paragraph 3. Financial institutes covered by section 124 (4). 2, which shall be notified in accordance with paragraph 1. Paragraph 1 shall comply with the capital requirements applicable to the money department at the time of entry into force of the law.

§ 404. Administrative undertakings which, at the time of the entry into force of the law, have been approved for the management company of one or more investment associations and special associations must, within six months of the entry into force of the law, have submitted an application, on the authorisation to manage investment associations and special associations for the Financial supervision. The Administration Company may then continue to carry out its operations in this country without authorization until the Finance Board has decided on the application.

Paragraph 2. The people in paragraph 3. 1 mentioned management companies which, at the time of the entry into force of the law, do not comply with it in section 10 (4). 5, mentioned requirements for the share capital, shall not later than 13. February 2007 shall comply with the capital requirements as laid down in section 127.

Paragraph 3. The people in paragraph 3. 1 and 2 of these management companies shall have a basic capital, which shall always constitute an amount equal to the administration company at the time the law entered into force, but at least 500 000 kroner. or the amount that the management company should have had with respect to section 127 if this amount is less than the own funds of the administration undertaking at the time of the entry into force of the law. Fage the base capitle of these management companies to under it in 1. Act. the amount of the financial aid referred to may set a time limit to bring the base chapter up to the aforementioned minimum amount, or to withdraw the authorisation.

Paragraph 4. Take control of an investment management company covered by paragraph 1. 3, by a different natural or legal person, the base capital of the investment management company must comply with the capital requirement under section 127 by the date of acceptance of the investment management company.

Paragraph 5. In the concentration of the provisions referred to in paragraph In the case of investment management companies, the new investment management company shall, at all times, comply with the capital requirement equivalent to the sum of the equity capital of the investment management companies. The new investment management company shall be at the latest on 13. February 2007 shall comply with the capital requirement pursuant to section 127.

Paragraph 6. Administrative companies which only administer special associations at the entry into force of the law may continue to do so. The laws of the law relating to investment management companies shall, with the exception of section 10 (4), 2, corresponding application to the 1. Act. mentioned management companies. If an administration company wishes to manage investment associations, the company must be transformed into an investment management company.

§ 404 a. (Excluded)

§ 405. Entities authorised by the law to operate as a pre-paid payment card issuer and which comply with the provisions of this law may drive business as a issuer of electronic money.

§ 406. The capital requirements referred to in section 339 shall not apply to austerity establishments authorised before 1. January 2004, and whose own funds at this time do not meet the capital requirement in section 339.

Paragraph 2. If they are in paragraph 3. 1 the own funds of the savings bank shall fall below the amount reached on the first 1. In January 2004, the Financial Authority may either set a time limit to bring the own funds up to this minimum or to withdraw the authorisation immediately.

Paragraph 3. Consider the control of an austerity undertaking covered by paragraph 1. 1, by a different natural or legal person, selfused capital must, within three months of the date of acceptance, meet the capital requirement pursuant to section 339.

§ 407. Capital of capital issued under bank and savings on the part of the bank. 1 and 2, section 53 of the mortgage and section 53 of the mortgage. 1 and 2, and the Fund Broker Law, section 18 (3). 1 and 2 before 1. In January 2004, however, paragraph 132 (1) can be specified 1, no. Twelve and 13, and section 136, paragraph 1. 1, 3 and 5 shall be included in the base capital.

Paragraph 2. For financial institutions which have issued capital pursuant to Article 22 (5) of the Bank and the savings bank. Two, before 1. In January 2004, the Financial Authority may, where the monetary institution does not comply with the solvency requirement in section 124 (4) ; 1, no. 1, the Council shall determine that, within a specified period of time, notwithstanding the provisions of the Staff Regulations, to the top authority of the Staff Regulations and shall state the financial conditions of the financial institution.

§ 408. For the classes of insurance which an insurance undertaking or a cross-cutting pension fund has received concessions at the time of the date of publication of the notice. 84 of 6. In February 2003 on the capital adequacy and operational plans for the entry into force of the insurance undertakings, the provision is entered in section 126 (2). 1, no. 6-8, on the minimum capital requirement for insurance undertakings and cross-pension funds first in force on 1. January, 2007.

Paragraph 2. Before the end of the period referred to in paragraph 1 may permit the Financial supervision of the period referred to in paragraph 1 to the Financial Commission. 1 shall be extended to 1. January, 2009.

Paragraph 3. Until the provision is in section 126 (4). 1, no. 6 8, enter into force, the minimum capital requirement shall be as follows :

1) for insurance undertakings which operate life-assurance activity : 0,8 million ; Euro for limited liability companies and EUR 0.6 million. Euro for mutual societies and transverse pension funds ; and

2) for insurance undertakings which operate the harmful insurance undertaking :

a) for insurance classes 14 and 15 : 1,4 million ; Euro for limited liability companies and EUR 1.05 million. Euro for mutual societies,

b) for insurance class 10-13 : 0,4 million. Euro for limited liability companies and EUR 0.3 million. Euro for mutual societies,

c) for insurance classes 1-8, 16 and 18 : 0,3 million. Euro for limited liability companies and EUR 0.225 million. Euro for mutual societies, and

d) for insurance class 9 and 17 : 0,2 million, Euro for limited liability companies and EUR 0.15 million. Euro for mutual societies.

§ 409. Until the first one. In January 2007, mutual insurance companies may include additional premium premiums for possible additional premium, cf. § 135, paragraph 1. 1, no. 6, without application to the Financial supervision.

Paragraph 2. The optional additional premium may be included in the amount corresponding to the amount with which it was included in the base capital at the end of 2001.

Paragraph 3. The additional premium may be included in the Attachment for possible additional premium and 2008.

§ 410. section 147, paragraph 1. 1, in this Act, shall not apply to fund brokers, if all the holdings and shares in property companies are acquired before the 8. October 1998.

Paragraph 2. Assets covered by paragraph 1. 1 cannot be rewritten to a higher book value than the value entered, the assets had the 8. October 1998.

§ 411. section 147, paragraph 1. Paragraph 1 of this law does not apply to investment management companies if all the holdings and shares of property companies are acquired before the date of the bill of the bill for the parliament of the 12-year statute. March 2003.

Paragraph 2. Assets covered by paragraph 1. 1 may not be written to a higher book value than the value entered on the date of the date of the bill to be submitted to the parliament of the 12. March 2003.

§ 412. Banks, as in the entry into force of the law, have schemes whereby shareholders exercise their right to vote at the General Assembly through the Delegates, pursuant to section 8 (a) in the law of banks and savings boxes, cf. Law Order no. 654 of 7. August 2002, may continue.

§ 413. (Excluded)

§ 414. Persons who, at the entry into force of the law, are not covered by the prohibition in section 19 (3). 1, in Law No 1. 660 of seven. In August 2002, however, paragraph 77 may be referred to in paragraph 77. 3, section 425, nr. 15, and section 426, no. 9, maintain the arrangements prior to 1. January 2004.

§ 415. Persons covered by Section 80 (3). Paragraph 1 of the entry into force of the law in accordance with section 24 of the Act of Law, 660 of seven. In August 2002, without authorization, the Board of Directors may continue, provided that the task in question is notified to the Financial supervision before 30 of the date of the financial year. June 2004. Has the financial company on 1. In January 2004, commitment to the company in which the industry is disputed can be made by 1. In January 2004, commitment is committed, regardless of section 80, paragraph 1. 4, proceed to the originally agreed expiration date.

Paragraph 2. Persons covered by Section 80 (3). 2, as provided for in the entry into force of the law, the duties of section 24 of the Act of Title 660 of seven. August 2002, or as in the entry into force of the law, was not covered by Section 24 of Law No 2. 660 of seven. In August 2002, the authorisation of the Executive Board may continue, provided that the task in question is notified to the Financial supervision before the 30. June 2004. Has the financial company on 1. In January 2004, commitment to the company in which the industry is disputed can be made by 1. In January 2004, commitment is committed, regardless of section 80, paragraph 1. 4, proceed to the originally agreed expiration date.

Paragraph 3. With undertakings in which a person referred to in section 80 (5), 1 and 2, at the entry into force of the law, the duties of sections 28, 29, 34 and 35 of the Act of Law, had to be entered into. 660 of seven. August 2002, which is the financial undertaking on 1. In January 2004, it was possible to do so by one of these. 1. In January 2004, commitment is committed, regardless of section 80, paragraph 1. 4, proceed to the originally agreed expiration date.

Paragraph 4. Paragraph 1-3 shall apply mutatis muth to persons covered by section 425. 5, section 426, no. 11.

§ 416. In the case of assets acquired prior to the date of the proposal of the bill, the parliament of the 12-year-old. (March 2003), section 163 (1). 1, no. Four, not use.

§ 417. (Excluded)

Changes to other legislation

§ 418. (Excluded)

§ 419. (Excluded)

§ 420. (Excluded)

§ 421. (Excluded)

§ 422. (Excluded)

§ 423. (Excluded)

§ 424. (Excluded)

§ 425. (Excluded)

§ 426. (Excluded)

§ 427. (Excluded)

§ 428. (Excluded)

§ 429. (Excluded)

§ 430. (Excluded)

§ 431. (Excluded)

§ 432. (Excluded)

§ 433. (Excluded)

§ 434. (Excluded)

§ 435. (Excluded)

§ 436. (Excluded)

§ 437. (Excluded)

§ 437 a. (Excluded)

§ 437 b. (Excluded)

Faeroes and Greenland

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

Paragraph 2. The law cannot be put into force for the Faroe Islands as regards the insurance business and mortgage business.

Paragraph 3. Similarly, section 420 and 421 are applicable.

Paragraph 4. Section 419 cannot be put into force for the Faeroe Islands and Greenland.

Law No 903 of 17. November 2003 shall include the following entry into force :

§ 5

The law shall enter into force on the day following the announcement in the law. (22)

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

Law No 1171 of 19. In December 2003 the following entry into force and transitional provisions shall include :

§ 6

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

Paragraph 2. (Excluded)

Paragraph 3. § 3, nr. 6, 20-23, 27 and 29, enter into force on 1. January 2005.

§ 7

(Excluded)

§ 8

(Excluded)

§ 9

The members of the Board of Directors who, at the entry into force of the law, shall have the duties or provisions covered by the prohibitions in section 98 as drawn up by the section 3 of this Act. 13 may proceed as the management board members of the investment management company until the end of the period in which they are selected, after which they cannot be re-elected.

Paragraph 2. The directors and other senior staff who, at the entry into force of the law, have board items covered by the prohibitions in section 99 (5). 2, as drawn up by the section 3 of this law. 15, may proceed as a trustees until the end of the period in which they are selected and cannot be re-elected.

Paragraph 3. The directors and other senior staff who, at the entry into force of the law, legally have an employment relationship which is subject to the prohibitionist provisions of section 99 (3). 2, as drawn up by the section 3 of this law. 15, following notification to the Financial supervision, continue to be employed.

§ 10

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

Paragraph 2. Section 3 cannot be put into effect on the Faroe Islands as regards the insurance business and mortgage business.

Law No 365 of 19. In May 2004, the entry into force and transitional provisions shall include :

§ 6

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

Paragraph 2. (Excluded)

Paragraph 3. § 1, no. 5, enter into force on the eighth. October 2004.

§ 7

(Excluded)

§ 8

The section 1 and 5 of the law shall not apply to the Faeroe Islands and Greenland but may, by means of a royal device, be applied in full or in part to these parts of the parts of the deviations which the special ferry and Greenland conditions are attributable to, cf. however, paragraph 1 2.

Paragraph 2. Section 1 cannot be put into effect on the Faroe Islands as regards the insurance business and mortgage business.

Paragraph 3. (Excluded)

Law No 490 of 9. June 2004 includes the following entry into force and transitional provisions :

§ 6

The Act shall enter into force on the day following the announcement in the law. 23) , cf. however, paragraph 1 2.

Paragraph 2. (Excluded)

§ 7

(Excluded)

Law No 491 of 9. June 2004 includes the following entry into force and transitional provisions :

§ 6

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

Paragraph 2. (Excluded)

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

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

Law No 1383 of 20. In December 2004, the following entry into force and transitional provisions shall include :

§ 17

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

Paragraph 2. Regardless of section 1, no 17, could an insurance company until 1. July 2005, maintain insurance contracts concluded before the first 1. January 2005.

Paragraph 3. Regardless of section 1, no 50 24) , a person who, in the legal force of the law, is legally selected as an accountant for a financial undertaking and is not a state certified or registered auditor, may continue to be recruited as an auditor until the end of the period for which the person concerned may be granted. An auditor is selected.

Paragraph 4. (Excluded)

§ 18

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

Paragraph 2. However, in the case of Greenland and the Faroe Islands, sections 1, 3 and 4 may be implemented in full or in part to Greenland and the Faroe Islands with the deviations from which the special Greenland and ferry conditions are attributable.

Paragraph 3. (Excluded)

Law No 1460 of 22. In December 2004, the following entry into force and transitional provisions shall include :

§ 3

(Excluded)

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

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

§ 4

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

Law No 387 of 30. In May 2005, the following entry into force and transitional provisions shall include :

§ 6

The timing of the entry into force of the law is set by the Minister for Economic and Industry The Minister may, in particular, provide for the entry into force of the law at different times. 25)

§ 7

The law does not apply to Greenland and Faroe Islands, but sections 1, 2 and 6 of this kind may be brought into force for these parts of the village, with the deviations from which the special Greenland and ferry conditions are attributable.

Law No 411 of 1. In June 2005 the following entry into force and transitional provisions shall include :

§ 6

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

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

Paragraph 4. Number 2, number 2. 12 26) , has effect from 1. January 2005.

§ 7

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

Law No 431 of 6. In June 2005 the following entry into force and transitional provisions shall include :

§ 85

The law shall enter into force on 1. Nov 2005, cf. however, paragraph 1 2.

Paragraph 2. (Excluded)

§ 86

(Excluded)

Law No 1428 of 21. In December 2005 the following entry into force and transitional provisions shall include :

§ 6

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

§ 7

(Excluded)

§ 8

(Excluded)

§ 9

(Excluded)

§ 10

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

Law No 116 of 27. February 2006 includes the following entry into force and transitional provisions :

§ 5

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

§ 6

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

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

Law No 527 of 7. June 2006 has the following entry into force and transitional provisions :

§ 4

The law shall enter into force on 1. January, 2007, cf. however, paragraph 1 2.

Paragraph 2. § 1, no. 43, and § § 2 and 3 shall enter into force on 1. July 2006.

§ 5

The financial institutions, real credit institutions, fund brokers and investment management companies shall first be able to use the more advanced internal method of taking out risk-weighted outlines outside the trading book and the internal methods of inventory ; of operational risks, cf. § 1, no. 23, from 1. January 2008.

Paragraph 2. Financial institutes, real-estate credit institutions, fund brokers and investment management companies may be able to be made to the 1. In January 2008, instead of the standard method for making risk-weighted outsiders, the use of the risk-weighted outsiders shall apply the method of taking into account risk-weighted outlines which were permitted by the rules applicable to the 31 st. in December 2006, with the changes resulting from the rules laid down in accordance with paragraph 1. 4.

Paragraph 3. Financial institutes, real-estate credit institutions, brokers and investment management societies using internal methods for the taking up of risk-weighted items outside of trading book or internal methods of making operational risks, cf. § 1, no. In 2007, 2008, and 2009, in 2007, have a basic capital, which is at least 95 pct., 90%. and 80%. by the solvency requirement, in accordance with the rules applicable on 31 December. In December 2006, or rules laid down in pursuits of paragraph 1. 4.

Paragraph 4. The SEC shall lay down detailed rules for the procedure laid down in paragraph 1. 2 the inventory and the statement referred to in paragraph 1. 3 the inventory of the solvency requirement, respectively, of 95 pct;, 90%. and 80%.

Paragraph 5. Fund brokers authorised to the activities referred to in Annex 4 (A) no. 2-4, in the law of financial operations, may, upon approval from the Financial Authority, up to 31. In December 2011, risk-weighted risk-weighted risk-weighted items for operational risk, if the trading book does not exceed 50 million. the euro, and if the average number of employees does not exceed 100 during the financial year. Instead, the solvency requirement can be made up as the lowest value of :

1) the solvency requirement of an operational risk ; or

2) the highest of the following amounts :

a) The solvency requirement, cf. § 125, paragraph 1. 2, no. 1, excluding the solvency requirement of operational risk.

b) The solvency requirement, cf. § 125, paragraph 1. 5.

§ 6

Law No 108 of 7. February 2007 has the following entry into force and transitional provisions :

§ 21

(Excluded)

Paragraph 2. (Excluded)

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

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

Paragraph 5. (Excluded)

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

Paragraph 7. (Excluded)

§ 22

(Excluded)

§ 23

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

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

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

Law No 397 of 30. April 2007 has the following entry into force and transitional provisions :

§ 6

The law shall enter into force on 1. July 2007, cf. however, paragraph 1 2.

Paragraph 2. (Excluded)

§ 7

In the case of the entry into force of the law, a general meeting may not later than 30 of the general assembly. June 2008 will decide to transform the Fog Society to an already set-up professional association. A decision on conversion shall be taken by the majority required for the amendment of the Staff Regulations.

Paragraph 2. When the transformation is transferred, the assets of the creatmen and the undertakings as a whole shall be assigned to the association of the professional association. The transfer may be carried out without the consent of the creditors.

Paragraph 3. The section 134-134 of the Asset Association Act 134, in the case of the necessary adjustments, shall apply mutatis mutandis when the annual meeting of the Joint Assembly has taken a decision on conversion to professional unification.

Paragraph 4. The transformation shall be deemed to have been changed once the statutes have been changed and the conversion is registered and announced in the computerised information system of the Commervices and Corporate Management Information System.

§ 8

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

Paragraph 2. sections 1 and 2 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations from which the special ferry and Greenland conditions are attributed.

Paragraph 3. Section 5 may, in the case of Greenland, be implemented in full or in part by virtue of the deviations from which the special Greenland conditions are attributed.

Law No 576 of 6. June 2007 has the following entry into force and transitional provisions :

§ 12

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

Paragraph 2. (Excluded)

Paragraph 3. § 1, no. 18, 20-24 and 42, section 6, nr. 1 and 6 8, section 7, no. One, six and seven, and eight, number. 5 and 6, enter into force on 1. November, 2007.

§ 13

§ 126, paragraph 1. 1, no. 9, in the case of financial activities, as drawn up by this Act, section 1, no. 13, do not apply to insurance undertakings engaged in reinsurance activities and which are 1. July 2007 has been concluded to conclude new reinsurance contracts and only manage their existing portfolio for the purpose of setting their activities.

Paragraph 2. The provision of section 69 (b) of the limited liability company in section 4 of this law. 1, however, will only have an impact on the individual company from the next general assembly taking place after the entry into force of the law.

§ 14

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

Paragraph 2. Section 1-4 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations from which the special movement and Greenland conditions are attributed.

Paragraph 3. (Excluded)

Law No 577 of 6. June 2007 includes the following entry into force and transitional provisions :

§ 12

The law shall enter into force on 1. July 2007, cf. however, paragraph 1 2-4.

Paragraph 2. (Excluded)

Paragraph 3. (Excluded)

Paragraph 4. (Excluded)

§ 13

For loans covered by section 152 d, paragraph 1. 2, in the Act of Finance, as drawn up by this law's section 1, no. 4, the loan limit is 70 pct., if the loan is offered before the 1. July, 2009.

§ 14

(Excluded)

§ 15

(Excluded)

§ 16

(Excluded)

§ 17

(Excluded)

§ 18

The sections 1 and 3-11 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (Excluded)

Paragraph 3. sections 1, 3, 4 and 8 may, in the case of the Faeroe Islands and Greenland, be in force in full or in part, in the case of the Faeroe Islands and Greenland, with the deviations from which the special ferry or Greenland conditions are attributed.

Paragraph 4. (Excluded)

Law No 219 of 5. April 2008 includes the following entry into force :

§ 5

The law shall enter into force on the seventh. April 2008.

§ 6

(Excluded)

Law No 515 of 17. June 2008 shall include the following entry into force and transitional provisions :

§ 10

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

Paragraph 2. Number 2, number 2. 3 and 4, and section 6 shall enter into force on the day following the announcement in the Statthers of Law.

§ 11

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

Paragraph 2. (subtly).

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

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

Law No 517 of 17. June 2008, as amended by Section 14 of law no. 392 of 25. In May 2009, the following entry into force and transitional provisions shall include :

§ 13

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

Paragraph 2. (subtly).

Paragraph 3. § 1, no. 17 and 20-30, section 4, no. 3-12, section 6, no. 6-14, section 7, no. 3-11, section 8, no. 3-11, and section 9, no. 3 to 11 shall take effect for the financial year which begins on 1. January, 2009, or later.

Paragraph 4. (subtly).

Paragraph 5. (subtly).

§ 14

Paragraph 1. sections 1, 2 and 4-12 do not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. Section 3 does not apply to the Faroe Islands.

Paragraph 3. sections 1, 2, 6 and 10 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 4. sections 4, 5 and 9 may, by means of a royal contraption, be fully or partially set in force for Greenland with the deviations from which the special Greenland conditions are attributed.

Law No 1336 of 19. In December 2008, the following entry into force and transitional provisions shall include :

§ 167

Paragraph 1. The law shall enter into force on 1. January, 2009, cf. however, paragraph 1 2. Section 11 shall apply only to decisions on the retention of pay, which shall be taken after the entry into force of the law.

Paragraph 2. (subtly).

Law No 67 of 3. In February 2009, the following entry into force and transitional provisions shall include :

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

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

Paragraph 3. (subtly).

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

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

Law No 133 of 24. In February 2009, the following entry into force and transitional provisions shall include :

§ 7

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

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

Paragraph 3. (subtly).

§ 8

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

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

Paragraph 3. (subtly).

Law No 392 of 25. In May 2009, the following entry into force and transitional provisions shall include :

§ 15

Paragraph 1. The law shall enter into force on 1. July 2009, cf. however, paragraph 1 2-7.

Paragraph 2. Section 1 of the law. 1, 2, 4, 30, 37-52, and § 3, nr. 7 and 8, enter into force on 1. January, 2010.

Paragraph 3. (subtly).

Paragraph 4. (subtly).

Paragraph 5. (subtly).

Paragraph 6. (subtly).

Paragraph 7. (subtly).

§ 16

Paragraph 1. The section sections 1 to 7 and 9-13 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (subtly).

Paragraph 3. sections 1 to 4, 9, 10 and 13, by means of a royal contraption, in full or in part, to Greenland, with the deviations from which the special Greenland conditions are worded.

Paragraph 4. Section 1-4 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands, with the deviations which the particular ferotable conditions are attributable.

Promise 385 of 25. In May 2009, the following entry into force and transitional provisions shall include :

-109. The law shall enter into force on 1. November, 2009.

Paragraph 2. (subtly).

Paragraph 3. (subtly).

Paragraph 4. (subtly).

Paragraph 5. (subtly).

Paragraph 6. (subtly).

Paragraph 7. (subtly).

Paragraph 8. (subtly).

§ 110. (subtly).

§ 111. (subtly).

§ 112. (subtly).

§ 113. (subtly).

§ 114. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal contraption, be fully or partially put into force for these parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

Law No 518 of 12. In June 2009, the following entry into force and transitional provisions shall include :

§ 3

The law shall enter into force on 1. January, 2010.

§ 4

Law No 1273 of 16. In December 2009, the following entry into force and transitional provisions shall include :

§ 11

Paragraph 1. The law shall enter into force on 1. January, 2010, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 20, enter into force on 2. January, 2010.

Paragraph 3. (subtly).

§ 12

(Excluded)

§ 13

Paragraph 1. sections 1, 2, 4 to 6, 8 and 10 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1, 2, 4, 5 and 8, by means of a royal appliance, in full or in part, may be set in force for the Faeroe Islands with the deviations which the ferotable conditions are attributable.

Paragraph 3. sections 1, 2, 4 to 6 and 8, by means of a royal contraption, may be set in full or in part to Greenland with the deviations from which the Greenland conditions are attributed.

The Ministry of Economic and Business, the 29th. April 2010

Brian Mikkelsen

/ Ulrik Nutgaard

Appendix 1



Monetary institution ' s institution

1)	Acceptance of deposits and other repayable funds.
2)	lending activities including inter alia
	-WHAT?	Consumer Credits,
	-WHAT?	mortgage credit,
	-WHAT?	factoring and discounting,
	-WHAT?	commercial credit (incl. constituting),
	-WHAT?	financial leasing.
3)	Payment services as covered by Annex 1 in the Act on payment services.
4)	Issue and administration of other means of payment (for example, travellers ' cheques and bank bills) to the extent that this activity is not covered by No 1. 3.
5)	Guarantees and guarantees.
6)	Conspiracy on the emission of securities and services in connection with this.
7)	Consulting to companies related to the capital structure, industry strategy, related issues and advice, as well as services relating to the association and the acquisition of undertakings.
8)	Pengemediation (money broking).
9)	Credit information.
10)	Codetency.
11)	The directions for their own account with any of the instruments mentioned in Annex 5.
12)	Storage and management in connection with one or more of the instruments mentioned in Annex 5 and pawn notes.
13)	Other business in the business of spending money and credit.
14)	Eaters of electronic money.

Appendix 2



Credit institution ' s institution

1)	Acceptance of deposits and other repayable funds.
2)	lending activities including inter alia
	-WHAT?	Consumer Credits,
	-WHAT?	mortgage credit,
	-WHAT?	factoring and discounting,
	-WHAT?	commercial credit (incl. constituting).
3)	Financial leasing.
4)	Payment services as covered by Annex 1 in the Act on payment services.
5)	Issue and administration of other means of payment (for example, travellers ' cheques and bank bills) to the extent that this activity is not covered by No 1. 4.
6)	Guarantees and guarantees.
7)	Transactions for own or Customer's behalf related to
	a)	cash-arcing instruments (cheques, bills, deposit certificates etc.),
	b)	the currency market,
	c)	financial futures and options,
	d)	currency and interest-rate instruments,
	(e)	securities.
8)	Conspiracy on the emission of securities and services in connection with this.
9)	Consulting to companies related to the capital structure, industry strategy, related issues and advice, as well as services relating to the association and the acquisition of undertakings.
10)	Pengemediation (money broking).
11)	Portfolio Management and Consulting.
12)	Storage and management of securities.
13)	Credit information.
14)	Codetency.

Appendix 3



RealCredit Company

1)	Benefit of loans against the registered mortgage on solid property on the basis of issuance of mortgage bonds or other securities.
2)	Benefit of loans with no mortgage on public authorities or against the self-indebtor bail of a public authority.
3)	The directions for their own account with any of the instruments mentioned in Annex 5.
4)	The preservation and management of own mortgage bonds and own other securities.

Appendix 4



Investment services

SECTION A
1)	Receipt and dissemination of investors ' orders for one or more of the instruments listed in Annex 5.
2)	Execution of orders with one or more of the instruments set out in Annex 5 for investor account.
3)	The directions for their own account with any of the instruments mentioned in Annex 5.
4)	The commercial portfolio of the individual investor ' s securities shall be based on instructions provided by investors, provided that inventory includes one or more of the instruments listed in Annex 5.
5)	Investment advice.
6)	The sales guarantee in respect of emissions of one or more of the instruments referred to in Annex 5 or the placing on the market of such instruments on the basis of a fixed commitment.
7)	Location of financial instruments without a fixed obligation.
8)	The operation of multilateral trade facilities.
9)	Storage and management for investors in connection with one or more of the instruments listed in Annex 5, including its deposits, and services linked to one or more of the instruments listed in paragraph 1. 1-8 activities referred to.

SECTION B
1)	Codetency.
2)	Credit or borrowing to an investor so that this can carry out a transaction with one or more of the instruments listed in Annex 5, provided that the undertaking providing the credit or loan is involved in the transaction.
3)	Consulting to undertakings with regard to capital structures, industrial strategy, related issues, and consultancy and services related to mergers and acquisitions.
4)	ValutatTransactions when the transactions in question are part of the provision of investment services.
5)	Investment analyses and financial analyses or other general recommendations relating to one or more of the instruments listed in Annex 5.
6)	Services in the context of sales guarantees.
7)	Investment services and investment activities and ancillary services of the type referred to in this Annex concerning the underlying instrument of the derivatives covered by Annex 5 (s). 5-7 and 10 when these are linked to the investment service or ancillary services.
8)	Dissemination and advice on loans and credits for low-cost investments.

Appendix 5



Instruments

1)	Translable securities (excluding payment instruments) which can be traded on the capital market, including
	a)	shares in companies and other securities which may be equated with shares in companies, partnerships and other undertakings, together with the stock certificates,
	b)	debt securities and other debt instruments, including evidence of such securities, and
	c)	any other securities with which securities referred to in (a) or (b) may be acquired or sold, or which are paid in cash by an amount whose size is fixed with securities, currencies, interest rates or return, commodity index, and other index, and objectives as a reference,
2)	cash-deposit instruments, including treasuame certificates, deposit certificates and commercial documents, excluding payment instruments ;
3)	participation in collective investment schemes subject to the law on investment associations and special associations as well as other collective investment schemes, etc. and units in other collective investment undertakings,
4)	options, futures, swaps, future interest rates (FROM ' s) and any other derivative contract for securities, currencies, interest or return, or other derivatives, financial indices or financial objectives which may be physically or settled in cash,
5)	options, futures, swaps, future interest rates (FROM ' s) and any other derivatives for raw materials which are to be settled in cash or which may be settled in cash if any of the parties wish to do so (for reasons other than non-compliance or other reason) ; to an end),
6)	options, futures, swaps, and any other derivative agreement on raw materials which may be physically executed if they are traded on a regulated market or multilateral trading facility ;
7)	options, futures, swaps, termination contracts, and any other derivative agreement on raw materials not covered by No 1. 6 and which may be physically executed and have no commercial purpose, which have characteristics as other derivative financial instruments, taking into account, inter alia, whether they are cleared and run through recognised clearing houses or are covered by : regular fixing of the margin,
8)	credit derivatives,
9)	financial differential contracts (CFD ' s),
10)	options, futures, swaps, future interest rates (FROM ' s) and any other derivative agreement related to climatic variables, cargo rates, emission permits or inflationary rates or other official economic statistics to be settled in cash, or which may be taken in cash if any of the parties wish to do so (for reasons other than breach or other reason for termination) and any other derivative of the assets, rights, obligations, indices, indices and objectives which are not subject to them ; other numbers, and which have characteristics as other derivatives, instruments, taking into account, inter alia, whether they are traded on a regulated market or a multilateral trading facility, to be cleared and run through recognised clearing houses or are subject to regular fixing of the margin, and
11)	currency spotlight business in investment purposes in order to make profit by exchange rate change.

Appendix 6



Investment management activities

1)	Management of UCITS approved in accordance with the Law on investment associations and special associations and other collective investment schemes, etc.
2)	Administration of special associations approved by law on investment associations and special associations, as well as other collective investment schemes, etc.
3)	Administration of professional associations registered under the law on investment associations and special associations and other collective investment schemes, etc.
4)	Administration of sheep's associations approved under the Law on investment associations and special associations and other collective investment schemes, etc.
5)	Management of hedge funds approved by law on investment associations and special associations as well as other collective investment schemes, etc.
6)	Administration of other collective investment schemes subject to the law on investment associations and special associations, as well as other collective investment schemes, etc.

Appendix 7



Insurance Inharm

Classification of risks by insurance classes.
1)	Accidents (including accidents at work and occupational diseases) : summa insurance, compensation of financial losses, combinations of them and passenger transport.
2)	Sickness : sum insurance, compensation of financial losses and combinations thereof.
3)	Vehicles ' insurance for land vehicles (other than rail vehicles) : all the damage to motor vehicles and motor vehicles and non-motor vehicles.
4)	Railway insurance for railway vehicles : all damage to railway vehicles.
5)	Aircraft Kasko Insurance : all damage to aircraft.
6)	Casko insurance for vessels for sea, sea and rivers : all damage to river vessels, sea vessels and sea vessels.
7)	Freight transport (including goods, baggage and all other goods) : all damage to goods carried goods or baggage, irrespective of the nature of the means of transport.
8)	Fire and natural forces : all damage to property (except for property covered by classes 3, 4, 5, 6 and 7) when caused by a fire, explosion, storm, natural forces (other than storm), nuclear energy and landslides.
9)	Other damage to property : all damage to property (except for property covered by classes 3, 4, 5, 6 and 7) where these damage are caused by hail or frost or have other causes of any kind, such as theft, except those listed under no. 8.
10)	Limitation insurance for motor vehicles : any liability arising from the use of motor vehicles (including the driver ' s responsibility).
11)	Liability for aircraft : any responsibility associated from the use of aircraft (including the driver ' s responsibility).
12)	Limitation insurance for vessels for sea, sea and rivers : all responsibility from the use of river, sea and sea vessels (including the driver ' s responsibility).
13)	General liability insurance : any liability that is not listed under the numbers 10, 11 and 12.
14)	Credit : general insolvency, export credit, sale on payment, mortgage insurance and agricultural insurance.
15)	Bail, direct bail and collateral.
16)	Miscellaneous economic losses : unemployment risks, discards (ordinary), bad weather, loss of profit, continuing high-cost, unforeseen trading expenses, loss of sales value, rent or loss of income, indirect trading losses, excluding those that have been incurred ; above, non-business economic losses and other financial losses.
17)	Legal expenses insurance : legal expenses insurance.
18)	Assistance : assistance to persons who are experiencing difficulties in the carriage of passengers or in the absence of the place of residence or the permanent residence.

Appendix 8



Insurance Company Life

Classification of risks by insurance classes.

I. Regular life insurance policy :
a)	Life insurance (in particular to life-related capital insurance, associated life insurance, life insurance, life insurance with the payment in live live life and life insurance, with the repayment of premiums),
b)	interest insurance,
c)	complementary insurance designed for life insurance (in particular insurance against body damage, including occupational invalidity, and insurance against death as a result of accident or invalidity insurance due to the invalidity of the invalidity of the case ; accident cases or sickness).

II. Marriage and birth insurance :
a)	Insurance coming into payment by marriage ;
b)	insurance that comes to payment upon birth.

III. Insurance that is associated with investment funds :
a)	Life insurance (in particular to life-related capital insurance, associated life insurance, life insurance, life insurance with the payment in live life, life insurance, with the repayment of premiums, insurance payable by marriage ; and insurance intended for payment upon birth),
b)	Interest insurance.

LV. Permanent health insurance (long-term health insurance) : health insurance, which is concluded for a long period and is insolent from the company for the whole period.

' TTTTN : activities involving the establishment of member associations for the purposes of joint capitalisation of contributions and disbursement of the assets of the survivors, either to the survivors or to the beneficiary ' s heirs or the beneficiary.

WE. Capitalization : activities based on actuarial calculations and which include the commitments of a specified duration and amount to be determined against the eruptions of a one-time fee or a periodic payment of regular payments.

Official notes

1) The law provides for the implementation of the Council ' s first Directive 73 /239/EEC of 24. July 1973 (1. Insurance Insurance Directive), (EC Official Journal) : L 228, s. 3), Council Directive 76 /580/EEC of 29. June 1976 (amendment of 1. Insurance Directive (s), nr. In 189, s. The fourth Council Directive 78 /660/EEC of 25 shall be part of the fourth Directive, July 1978 (4. company Directive), (EC Official Journal of 1978) L 222, s. 11), parts of the seventh Council Directive 83 /349/EEC of 13. June 1983 (7. company directive), (EC Official Journal of 1983, no. In 193, s.1), parts of the Council Eighth Directive 84 /253/EEC of 10. April 1984 (8. company directive), (EC Official Journal) No L 126, s. Directive 20), Council Directive 84 /641/EEC of 10. December 1984 (amendment of 1. Insurance Insurance Directive), (EC Official Journal No 1) L 339, s. Directive 21), parts of Council Directive 85 /611/EEC of 20. December 1985 (UCITS Directive), (Official Journal of the European Communities) L 375, s. 3), Council Directive 86 /635/EEC of 8. December 1986 (the Banking Accounting Directive), (EC Official Journal # L 372, s. 1), Council Second Directive 88 /357/EEC of 22. June 1988 (2. Insurance Insurance Directive (s), In 172, s. 1), Council Directive 89 /117/EEC of 13. February 1989 (publication of annual accounting documents for branches from non-member countries), (EC Official Journal of 1989) L 44, s. EUR 40), parts of Council Directive 90 /618/EEC of 8. of November 1990 (amendment of 1. and 2. the harmful insurance directive), (EC Official Journal) No L 330, s. 44), Council Directive 91 /674/EEC of 19. December 1991 (the Insurance Accounting Directive), (EC Official Journal of 1991) L 374, s. 7), Council Directive 92 /49/EEC of 18. June 1992 (3. Insurance Directive (s), L 228, s. Regulation (1), Directive 95 /26/EC of the European Parliament and of the Council of 29. June 1995, (BCCI-Directive), (EC Official Journal of 1995) L 168, s. 7), Directive 98 /31/EC of the European Parliament and of the Council of 22. June 1998 (amendment of the Capital Requirements Directive), (EC Official Journal 1998) L 204, s. 13), Directive 98 /33/EC of the European Parliament and of the Council of 22. June 1998, the Official Journal of the European Communities. L 204, s. 29), Council Directive 98 /49/EC of 29. June 1998, (EC tiding 1998 no. L 209, s. Directive 46 (46), Directive 98 /78/EC of the European Parliament and of the Council of 27. In October 1998 (the Insurance Group Directive), L 330, s. Directive 2000 /26/EC of the European Parliament and of the Council of 16 shall be part of the Directive. May 2000 (4. the motor vehicle insurance Directive), (EC Official Journal 2000 No 2 ; In 181, s. Regulation 65), Directive 2000 /46/EC of the European Parliament and of the Council of 18. September 2000 (e-Money), (EC Official Journal 2000 # L 275, s. Directive 339, Directive 2000 /64/EC of the European Parliament and of the Council of 7. November 2000 (exchange of information), (EC Official Journal 2000 # L 290, s. Directive 27), Directive 2001 /17/EC of the European Parliament and of the Council of 19. This March 2001 (the liquidation directive on insurance), (EC Official Journal of 2001, no. L 110, s. Directive 28), Directive 2001 /24/EC of the European Parliament and of the Council of 4. April 2001 (the liquidation Directive for credit institutions), (EC Official Journal 2001 No, L 125, s. Directive 15), Directive 2001 /107/EC of the European Parliament and of the Council of 21. January 2002 (the service provider), (EC Official Journal of 2002) no. L 41, s. Directive 20), Directive 2002/13/EC of the European Parliament and of the Council of 5. of March 2002 (the solvency 1 Directive), (EC Official Journal of 2002) L 77, s. 17) and Directives 7 9 / 2 6 7, 90/619, 92/96 and 2002/12, which are now contragned in Directive 2002 /83/EC of the European Parliament and of the Council of 5. of the life insurance Directive of November 2002 (the Life Insurance Directive) (2002/2002. L345, p. 1), Directive 2002/87/EC of the European Parliament and of the Council of 16. December 2002 (the Conglomerate Directive), (EC Official Journal 2003 No L 35, s. Directive 2002/92/EC of the European Parliament and of the Council of 9. December 2002 (Directive on Insurance intermediaries), (EC Official Journal 2003 No L 9, s. Directive 2004 /39/EC of the European Parliament and of the Council of 21 shall be part of the Directive 2004. April 2004 on financial instruments, amending Council Directive 85 /611/EEC and 93 /6/EEC and Council Directive 93 /12/EC and repealing Council Directive 93 /22/EEC (MiFID Directive), (EU-Official Journal 2004). L 145, s. Directive (1), parts of Directive 2005 /14/EC of the European Parliament and of the Council of 11. May 2005 (5. the motor insurance directive (s) of the motor vehicle sector (EU Official Journal), I'm in 149, s. Directive 14, parts of Directive 2005 /68/EC of the European Parliament and of the Council of 16. November 2005 on reinsurance and amending Council Directive 73 /239/EEC and 92 /49/EEC, as well as Directive 98 /78/EC and 2002 /83/EC (reinsurance directive), (EU Official Journal 2005 # L 323, s. Directive (1), parts of the Directive 2006 /31/EC of the European Parliament and of the Council April 2006 amending Directive 2004 /39/EC on the markets for financial instruments in respect of certain time limits (Translation Directive), (EU Official Journal of the European Official Journal (EU Official Journal). L 114, s. EUR 60), parts of the Directive 2006 /48/EC of the European Parliament and of the Council of 14. June 2006, on the admission and pursuit of business as a credit institution (recast), (EU Official Journal of the European Official Journal), (EU Official Journal of the European Official Journal (EU Official Journal). In 177, s. 1), the provisions of the European Parliament and of the Council Directive 2006 /49/EC of 14. June 2006 on the capital adequacy of investment firms and credit institutions (the Capital Requirements Directive), (EU Official Journal of the European Official Journal (EU Official Journal) (EU Official Journal). In 177, s. Directive 201), Directive 2007 /44/EC of the European Parliament and of the Council of 5. September 2007 amending Council Directive 92 /49/EEC and Directives 2 0 0 2 / 8 3 / 8 3 / EC, 2004 /39/EC, 2005 /68/EC and 2006 /48/EC in respect of procedural rules and the criteria for the prudential assessment of the acquisition and increase of capital shares in the financial services sector (Capital AndelsDirective), (EU Official Journal) No L 247, s. 1) and parts of Directive 2007 /64/EC of the European Parliament and of the Council November 2007 on payment services in the internal market and amending Directive 97 / 7 / EC, 2002 /65/EC, 2005 /60/EC, and repealing Directive 97 /5/EC (Payment Services Directive), (EU Official Journal 2007), L 319, s. 1).

2) § 8 # 2 in Law No 516 of 12. June 2009, Newsway Section 1 (1). 14th Before Law No 516 of 12. The entry into force of June 2009 was a force of law. 1273 of 16. In December 2009, a new paragraph was inserted. 13, and paragraph 13. 14 has become paragraph 1. The wording is therefore not having an effect, and is not included in this legislative statement. In the case of the first amendment of the Act of Financial Company, Section 1 (1). 15 will be rewritten so that it can be provided with proper wording.

3) § 8, nr. 3 in Law No 516 of 12. June 2009, paragraph 1, paragraph 1. 15th Before Law No 516 of 12. The entry into force of June 2009 was a force of law. 1273 of 16. In December 2009, a new paragraph was inserted. 13, and paragraph 13. 15 has become paragraph 1. Amendment No 16, therefore, cannot have any effect and is not included in this legislative statement. In the case of the first amendment of the Act of Financial Company, Section 1 (1). 16 will be rewritten so that it can be provided with proper wording.

4) The amendment of paragraph 7 (2). 6, as of paragraph 8, no. 10 in law no. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

5) The word 'activities' have been misguided as 'assets' in the two previous legislative resolutions. This has led, amongst other things, to the adoption of a amendment to the relevant sentence of law. 392 of 25. May 2009 is not applicable.

6) The amendment to Article 11 (2). 4, as follows : 8, no. 10 in law no. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

7) The amendment of paragraph 23, paragraph 1. ONE, ONE. pkt., as follows. 8, nr. Amendment No 16. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

8) The change to section 112, which is the result of Article 8 (2). 31 in Law No 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

9) The amendment to Article 113 (1). 1, as follows : 8, no. 32 in law no. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

10) § 8, nr. 37 of the law. 516 of 12. June 2009, section 144, paragraph 4. Amendment No 3, however, should have been made in section 144 (4). 4. The change therefore cannot have effect and is not included in this notice. At the earliest convenience, section 144, paragraph 1. 4 be amended so that the opt-out will be given to the intended wording.

11) The loan limit is 70 pct., if the loan is offered before the 1. July 2009, cf. § 13, Act 13. 577 of 6. June 2007.

12) The new paragraph. 4 in § 204, as follows : 8. 40 in law no. 516 of 12. In June 2009, however, it has been included, despite the fact that the amendment has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

13) The amendment to section 204 (4). 4, as follows : 8, no. Amendment No 41. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

14) The amendment to section 204 (4). 9, as follows : 8, no. Forty-three in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

15) The amendment to Article 205 (2). 1, as follows : 8, no. Forty-four in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

16) The amendment to section 206 (2). 1, as follows : 8, no. Forty-four in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

17) The amendment to Article 208 (3). 1, as follows : 8, no. Forty-six in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

18) The insertion of a second. Act. in § 208, as follows : 8. Forty-seven in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

(19) The amendment to Article 208 (3). 3, as follows : 8, no. Forty-eight in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

20) The change to section 241, which is a part of paragraph 8, no. Fifty-one in law. 516 of 12. In June 2009, it has been included, in spite of the fact that it has not yet been put into force. Reference is made to Notice No 172 of 22. Feb 2009 and guidance. 9068 of 24. February, 2010.

21) This comma is at a typo passed as a dot ifm. the modification of Article 373 (3). Two, in Law No 1273 of 16. In December 2009, cf. this law's § 1, no. 24. The fault is corrected at the first amendment law.

(22) The law was announced in Lawering A on the 18teenth. November 2003.

23) The law was announced in Lawering A on the 10th. June 2004.

24) § 1, no. 50 in law no. 1383 of 20. In December 2004, the Act of Clause of Article 199 (4) is concerned. ONE, TWO. Act.

25) The Economic and Economic Affairs Minister shall be appointed by the date of publication. 391 of 30. May 2005 on the entry into force of Law No 387 of 30. May 2005 on the amendment of the law of a ship ' s financial institution, the Act of Financial Company, Act on fusion, fission, and the transfer of assets, etc. (Merger tax law), on fiscal treatment of profit and loss of debts, debts and financial contracts (the exchange rate law), and the low-income taxation of limited liability companies and so on. (company tax law) that the law entered into force on 1. June 2005.

26) § 2, nr. 12 in law no. 411 of 1. June 2005 deals with the Act of Section 384 and 385 of the financial undertaking.

Act On Financial Business

Original Language Title: Bekendtgørelse af lov om finansiel virksomhed

Subscribe to a Global-Regulation Premium Membership Today!

Search Translated Laws of Denmark