Act On Financial Business

Original Language Title: Bekendtgørelse af lov om finansiel virksomhed

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=131171

Overview (table of contents)
Chapter 1 Scope
Part 2 Definitions
Chapter 3 license, exclusivity etc.
Chapter 4 Other activities permitted
Chapter 5 Foreign companies
Chapter 6 Good practice, price information and contract
Chapter 7 Ownership
Chapter 8 Management and organization of the undertaking
Chapter 9 Disclosure of confidential information
Chapter 10 Solvency
Chapter 11 Investment of funds and liquidity
Chapter 12 Consolidated Rules, consolidation, etc.
Chapter 13 The annual report, audit and application of the profit
Chapter 14 Merger and conversion
Chapter 15 Termination
Chapter 16 Crisis management
Chapter 17 (repealed)
Chapter 18 Special rules for insurance
Chapter 19 Electronic money
Chapter 19 a Money and Pension Panel
Chapter 20 Savings institutions
Chapter 20 a Investment Advisors
Chapter 20 b Credit rating agencies
Chapter 21 Supervision etc.
Chapter 22 Charges
Chapter 23 concerning delegation and redress provisions
Chapter 24 Penalties
Chapter 25 Entry into force, transitional arrangements, changes in other legislation, the Faroe Islands and Greenland
Appendix 1
Appendix 2
Appendix 3
Appendix 4
Appendix 5
Appendix 6
Appendix 7
Appendix 8
The full text
Act on financial company1)
This is to promulgate the Act on Financial Business Act. Act no. 793 of 20 August 2009, with the changes imposed by § 110 of the Act no. 385 of 25 May 2009, § 1, no. 1, 2, 4, 30 and 37-52 of the Act no. 392 of 25 May 2009, § 8 of Act no. 516 of 12 June 2009, § 2 of the law no. 518 of 12 June 2009, § 1 of law no. 1273 of 16 december 2009.
The changes imposed by § 8, no. 10, 16, 31-32, 40-41, 43-44, 46-48 and 51 of Law no. 516 of 12 June 2009 amending the Danish Financial Statements Act, the Danish Financial business and various other acts (changes due to the companies Act), are also included, while noting that these changes have not been put into force in accordance. Order no. 186 of 24 February 2010. the lack of entry into force is a result of these modifications result in references to the provisions of law no. 470 of 12 June 2009 (the companies Act), have not been put into force. These provisions of the Companies Act, have not been put into effect, however, is replaced by transitional provisions of Executive Order no. 172 of 22 February 2010. Please refer to this order and instruction no. 9068 of 24 February 2010, which juxtaposes the Companies Act and transitional provisions .
The changes imposed by § 2 of Law no. 512 of 17 June 2008 amending the Act on preventive measures against money laundering and terrorist financing and the Financial Business Act (Transfer of funds between Denmark and the Faroe Islands), are not included in this Decree, since the effective date of these changes determined by the Minister referred. § 3 of law no. 512 of 17 June 2008.
Title I
General provisions
Chapter 1
scope
General rules on scope
§ 1. This law applies to financial companies, see. § 5, paragraph. 1 pt. 1, as well as the activities covered by paragraph. 2-13.
PCS. 2. For financial holding companies will § 43 paragraph. 1, Chapter 7, § 64 paragraph. 4, § 117, § 124, paragraph. 2, no. 1, § 125, paragraph. 2, no. 1, Chapter 13, §§ 344-348 and 357, § 361, paragraph. 1, no. 5 and paragraph. 2, § 368, paragraph. 2 and 3, paragraph. 4, no. 1, and paragraphs. 5, and §§ 369 and 370 apply.
PCS. 3. This Act applies to branches in Denmark of credit institutions, investment firms, management companies and insurance companies that are authorized in a country outside the European Union, the Community has not concluded an agreement for the financial area, with such modifications as branch relationship necessitate or provided in or by international agreement. FSA shall lay down specific rules. Companies Act provisions on branches of foreign limited companies shall apply to the first section. such branches.
PCS. 4. branches in Denmark of foreign companies authorized to carry on in §§ 7-11 mentioned the company in a country within the European Union or a country with which the Community has concluded an agreement for the financial area, find §§ 30, 32, 34-36, 43, 44, 47, 48, 50-60, 344 and 345, § 347, paragraph. 1, 2, 4 and 6, as well as §§ 348, 354 a, 360, 363 a, 368-370, 373 and 374 apply. For branches in Denmark of credit institutions will § 152a paragraph. 2, point 2., And § 347 a further application. For branches in Denmark of credit institutions and investment firms authorized to provide investment services in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, engaged in such activity here country, the §§ 30, 32 and 43, § 72 paragraph. 2, no. 5, §§ 344 and 345, § 347, paragraph. 1, 2, 4 and 6, and §§ 348 and 354 a use.
PCS. 5. For services in Denmark granted by credit institutions, management companies and insurance companies that are authorized in another country within the European Union or a country with which the Community has concluded an agreement for the financial area §§ 31, 36, 43, 44 and 46-60, § 347, paragraph. 1 and § 348 paragraph. 1 shall apply. For services in Denmark granted by credit institutions and investment firms authorized to provide investment services in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area § 31, § 347 , PCS. 1 and § 348 paragraph. 1 shall apply.
PCS. 6. For services with securities trading granted in Denmark of credit institutions and investment firms authorized in a country outside the European Union, the Community has not concluded an agreement for the financial area §§ 33 and 43, § 347, PCS. 1 and § 348 apply.
PCS. 7. For services rendered in the country of insurers authorized in a country outside the European Union, the Community has not concluded an agreement for the financial area § 37 applies.
PCS. 8. Cooperative Banks, members of the Association of Danish Cooperative Banks, may jointly meet the statutory requirements. The association is considered one bank in relation to the provisions of this Act.
PCS. 9. affiliated cooperative banks will §§ 5 and 6, § 7, paragraph. 1-6, § 12, § 15 paragraph. 2 and 4, §§ 16, 17, 24-26, 43, 45-48, 50-52, 64-67, 69, 73, 74, 76-80, 85-88 and 92, § 151, paragraph. 2, §§ 176 and 177, § 178, paragraph. 1, §§ 183-198, § 199, first paragraph. 2-4, 8 and 11, §§ 203 and 204, § 231, paragraph. 1, and §§ 232, 235 and 241-244, 344-357 and 372, see. §§ 373 and 374 shall apply.
PCS. 10. Chapter 19 applies to issuers of electronic money. Companies authorized under § 7 paragraph. 1 is apart from § 311 not covered by Chapter 19
PCS. 11. Chapter 20 shall apply to save companies.
PCS. 12. Chapter 20 a applies to investment advisers.
PCS. 13. Chapter 20 b applicable to credit rating agencies.
PCS. 14. Provisions on the Board and its members, in § 5, paragraph. 1 pt. 7, point b, § 76, § 77 paragraph. 1 and 3, § 78 paragraph. 1, § 90 paragraph. 2, § 98, § 108, paragraph. 2 and 3, § 115, § 144, paragraph. 1, § 199, first paragraph. 9 and 10, §§ 203, 209, 247 and 296 and § 327, paragraph. 3 used in SEs with a two-tier management system apply only to the supervisory board or its members and with the necessary adaptations.
PCS. 15 2) Provisions on the Board and its members, as well as provisions on the management of § 14 paragraph. 1, point 2., §§ 64, 65, 73-75, 80, 83, 87, 94, 110 and 117, § 179, no. 2, § 180, no. 2, §§ 184 and 185, § 233, § 289, paragraph. 1, § 299, § 317, paragraph. 3, § 346, paragraph. 2 and 3, § 349, paragraph. 2, no. 2, § 355, paragraph. 2, no. 9 and paragraph. 3, and §§ 356, 373 and 374 must SEs with a two-tier management system in addition to the management body and its members, see. § 8 paragraph. 1 of the Act on the European Company (SE Act), also apply to the supervisory board or its members and with the necessary adaptations.
PCS. 16. 3) For operators of regulated markets domiciled in the country, in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area which are permitted under this Act to operate Multilateral Trading Facilities , see. § 5, paragraph. 1, no. 20, see § 9 paragraph. 9, § 14 paragraph. 1 pt. 1, 3-6 and 8 and paragraph. 2-5, § 39 paragraph. 6, Chapter 7, §§ 70-72, Chapter 9, § 125, paragraph. 1 piece. 2, no. 1 and 2. 5 and 7-9, §§ 127-129, § 131, paragraph. 1-3 and 5, § 132, § 135, paragraph. 1 and 2, § 136, § 139, § 142, paragraph. 1, § 143, § 204, paragraph. 1, § 223, § 224, paragraph. 6, § 226, paragraph. 5, §§ 344-352, § 355, § 361, paragraph. 1, no. 18, §§ 368-371, § 372, paragraph. 1, § 373 and Annex 4, part A, no. 8, applied with the deviations as necessary by the circumstances. For operators of regulated markets located in another country within The European Union or in a country with which the Community has concluded an agreement for the financial area, operating multilateral trading facilities from that country, the § 31 paragraph. 11, § 32 shall apply. For operators of regulated markets domiciled in a country outside the European Union, the Community has not concluded an agreement for the financial area, operating multilateral trading facilities from that country, the § 32 shall apply.
PCS. 17. For suppliers and subcontractors to outsourcing companies, see. § 5, paragraph. 1 pt. 24 and 25, see § 347, paragraph. 1 and 5 shall apply.
Special rules on scope for investment management companies
§ 1 a. §§ 38 and 39 shall not apply to investment management companies, which alone is authorized to exercise the Annex. 6, No. 2-6, said operations.
Special rules on scope for insurers
§ 2. §§ 61, 61 ac, 62 and 170 to 178 shall not apply to pension funds and covered by the law mutuals.
§ 3. For reinsurance and coinsurance Danish FSA may lay down specific rules or deviations.
§ 4. This Act rules for corporations apply where the parent undertaking is an insurance company.
PCS. 2. Financial Supervisory Authority may decide that this Act or the Act on limited liability companies (the Companies Act) regulations on corporations, except § 141 of the Companies Act, should likewise wholly or partly apply to groups of insurance companies that do not constitute a group under § 5 pieces. 1, no. 9, but which have such a linkage that application of those rules may be deemed necessary. The companies concerned shall appoint one of § 12 3rd clause., Covered and in this country resident company to be regarded as the parent company. Failing this, appoints the FSA company.
Chapter 2
definitions
§ 5. For the purposes of this Act:








1)


Financial companies:





a)


Banks.





b)


Mortgage banks.





c)


Investment companies.





d)


Investment management companies.





e)


Insurance companies.



2)



Credit institution:





A company whose business is to receive deposits or other repayable funds from the public, repayable, and to grant credits for their own account.



3)


Investment:





A legal or natural person whose business is to provide investment services.



4)


Investment Services:





In Annex 4, Section A, no. 1-8, the activities described in connection with Annex 5, nos. 1-10, listed instruments.



5)


Management company:





A company whose business include the management of undertakings for collective investment in transferable securities (UCITS).



6)


Financial institution:





A company that is not a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of those listed in Annex 2, no. 2-12, specified activities.



7)


Parent company:





A company that has one or more subsidiaries.



8)


Subsidiary:





A company that is under the control of a parent.



9)


Group:





A parent and its subsidiaries, see. § 5 a.



10)


Financial holding company:





a)


A parent who is not a financial company in a group where at least one of the subsidiaries of the Group is a financial services company, and where at least 40 per cent. of the balance sheet total for the Group and parent company associates relates to the financial sector, see. However paragraph. 8, or





b)


a parent undertaking whose activity exclusively or mainly consists of ownership interests in subsidiaries that are financial institutions or financial institutions, and at least one subsidiary is a financial services company.



11)


Banks Holding Company:





A parent whose activity exclusively or mainly consists of ownership interests in subsidiaries that are credit institutions or financial institutions, and where the main business is to operate as a bank.



12)


Mortgage Holding Company:





A parent whose activity exclusively or mainly consists of ownership interests in subsidiaries that are credit institutions or financial institutions, and where the main business is to conduct mortgage business.



13)


Investment Holding Company:





A parent whose activity exclusively or mainly consists of ownership interests in subsidiaries that are credit institutions or financial institutions, and where the main business is to carry out investment business.



14)


Investment Management Holding Company:





A parent whose activity exclusively or mainly consists of ownership interests in subsidiaries that are credit institutions or financial institutions, and where the Group main business is to drive investment management company.



15)


Associate:





A company in which a financial services company and its subsidiaries hold investments and exercises a significant influence on its operational and financial management, but that is not a subsidiary of the financial undertaking. A financial undertaking and its subsidiaries are supposed to exercise significant influence, together they hold 20 per cent. or more of the voting rights.



16)


Engagement:





The sum of balances involving a credit risk for the company.



17)


Close links:





a)


direct or indirect links to in no. 9 kind specified





b)


participation, which shall mean a company's direct or indirect ownership of 20 per cent. or more of the voting rights or capital of an undertaking, or





c)


more undertakings or persons shared connection, see. point a, with a company.



18)


Zone A:





The 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 which have concluded special lending arrangements with the International Monetary Fund (IMF) associated with the General Arrangements to Borrow. A country that as a result of inability to pay reschedules its external sovereign debt is excluded from Zone A for a period of 5 years.



19)


Branch:





A department which forms a legally dependent part of a credit institution, investment firm, management company or insurance company, and the practicing of the kind to which the company is authorized.



20)


Multilateral trading facility:





A multilateral trading system (with the exception of regulated markets) within the system and under the mandatory rules set multiple third-party interest in buying and selling in Annex 5, nos. 1-10, instruments mentioned in connection with each other in such a way, to conclude an agreement for the transfer.



21)


Captive:





An insurance company whose business is limited to reinsure insurance risks in the group of which it is a part of when the group does not include other insurance companies.



22)


Outsourcing:





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



23)


Outsourcing Company:





A financial company that outsources activities to a supplier.



24)


Supplier:





A company that handles outsourced tasks for outsourcing business.



25)


Forward Outsourcing:





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







PCS. 2. participation means a company directly or indirectly, of 20 per cent. or more of the voting rights or capital of an undertaking.
PCS. 3. The qualified share means direct or indirect holding of at least 10 per cent. of the capital or voting rights or a share that allows you to exercise a significant influence over the management of the financial undertaking or the financial holding company.
PCS. 4. For equity purposes shares in limited companies (shares) in limited companies (shares) and in other companies' equity.
PCS. 5. The calculation of the voting rights and rights to appoint or dismiss members of the management bodies included rights held by both parent as its subsidiaries.
PCS. 6. purposes of this Act:
1) Solvency requirements, minimum capital and solvency requirements in accordance with §§ 124-126.
2) Capital requirement in accordance with § 127.
3) Basic Capital in accordance with § 128.
4) Core capital in accordance with §§ 129-131.
5) Supplementary capital in accordance with § 135.
6) Hybrid capital in accordance with § 132.
7) Subordinated loan capital in accordance with § 136.
8) Special bonus provisions in accordance with §§ 134 and 138.
9) Member Accounts in accordance with § 133.
10) Risk-weighted assets in accordance with § 142.
PCS. 7. A parent who has been subject to paragraph. 1, no. 10, point a, is still regarded as a financial holding company if at least 35 per cent. of the balance sheet total for the Group and parent company associates relates to the financial sector. 1st clause. shall not apply if the total balance sheet listed in the first section. has been under 40 per cent. 3 years in a row.
groups
§ 5 a. A parent, together with one or more subsidiaries a group. A company can have only one direct parent. If several undertakings meet any of the criteria in § 5 b, is the only company that actually exercises the controlling influence over its financial and operating decisions that are considered to be parent.
§ 5 b. Control is the power to control a subsidiary's financial and operating policies.
PCS. 2. A dominant influence over a subsidiary exists when the parent company directly or indirectly through a subsidiary owns more than half the voting rights in a company, except in special cases can be clearly demonstrated that such ownership does not constitute control.
PCS. 3. Do a parent not more than half the voting rights in a company, there is a controlling influence, the parent company has
1) power over more than half the voting rights by virtue of an agreement with other investors
2) power to govern the financial and operating policies of the entity under a statute or agreement
3) the power to appoint or remove a majority of the members of the supreme governing body and this body has control over the entity or
4) power over the actual majority of votes or similar body and thereby holds the actual controlling influence over the company.
PCS. 4. The existence and effect of potential voting rights, including warrants and call options on securities that are currently exercisable or convertible are taken into account when assessing whether an entity has control.
PCS. 5. The calculation of the voting rights in a subsidiary disregarded the voting rights attached to shares held by the subsidiary itself or its subsidiaries.
§ 6. Economic and Business Affairs shall lay down rules on the use of digital communication, including electronic signature, by the exchange of information under this Act between citizens and businesses on the one hand and the government on the other side as well as storage of information.
Section II
The license, exclusivity, business area and foreign institutions
Chapter 3
License, exclusivity etc.
Permission to banks, mortgage banks, investment companies, investment management companies and insurance companies
§ 7. Companies that conduct business, consisting of the public to receive deposits or other funds to be repaid and to grant credits for its own account, but not on the basis of the issuance of mortgage bonds. See § 8 paragraph. 3, shall be licensed as a bank. Banks may not engage in activities mentioned in Annex 1 as well as company under §§ 24-26.
PCS. 2. Banks may be authorized in accordance with § 9 paragraph. 1 to perform in Annex 4, Section A, no. 1, 2, 4 and 8, said operations.
PCS. 3. Banks, State, Danmarks Nationalbank, foreign credit institutions which meet the conditions of § 1. 3, and §§ 30 or 31, issuers of electronic money as well as saving companies the exclusive right of the public to receive deposits or other funds to be repaid. Mortgage banks, DSF and Kommunekredit may receive other funds to be repaid. Companies that do not take deposits from the public, can receive other funds to be repaid if the company or lending is not an essential part of business operations.
PCS. 4. Financial institutions, state and foreign credit institutions which meet the conditions of § 1. 3, and §§ 30 or 31 has the exclusive right from the public offering themselves as recipients of deposits.
PCS. 5. Banks have exclusive right to use, respectively, the term 'bank', 'savings bank' or 'cooperative' in their name. Other companies, except banks, which are established by law, may not use names or descriptions for their activities that are suitable to create the impression that they are banks. A bank may not denote its business in a way that is suitable to create the impression that it is the country's central bank.
PCS. 6. 4) A bank will respectively use the term 'bank', 'savings bank' or 'cooperative' in their name, see. However paragraph. 7. Companies Act § 27 paragraph. 2, §§ 28-30 and § 347 shall apply accordingly to savings banks and cooperative banks.
PCS. 7. A limited company which, under the rules in §§ 207-213 acquires a cooperative, an association of cooperative banks or savings bank is entitled to describe himself as a cooperative savings bank, respectively, except that the word 'limited company' or formed therefrom abbreviations must added to the name.
PCS. 8. A company seeking a license under paragraph. 1, must have a share capital of no less than an amount equal to 8 million. euro.
§ 8. Companies that provide loans against registered mortgages on the basis of the issuance of mortgage bonds shall be licensed as mortgage. Mortgage banks may not engage in activities mentioned in Annex 3 as well as company under §§ 24-26.
PCS. 2. Mortgage banks may be authorized in accordance with § 9 paragraph. 1 to perform the activities listed in Annex 4, Section A, no. 1, in respect of mortgage bonds, mortgage bonds, mortgage bonds and derivative instruments.
PCS. 3. Mortgage banks and financial institutions which fulfill the conditions of the Act on Credit Bonds etc., has the exclusive right to issue mortgage bonds.
PCS. 4. Other securities than mortgage bonds shall not wear that name or names which are liable to create the impression that they are mortgage bonds.
PCS. 5. Mortgage banks have the exclusive right to use terms such as "Mortgage", "mortgage Public Companies", "credit union" or "mortgage securities" in their name. KommuneKredit may continue to use the word Kreditforeningen of Municipalities in Denmark. Other undertakings may not use names or descriptions of their business which is suitable to create the impression that they are mortgage banks.
PCS. 6. Mortgage companies, transformed into joint stock companies, which previously used terms such as "mortgage", "mortgage securities" or "real loan fund" in their name, add the word 'limited company' or formed therefrom abbreviations surname.
PCS. 7. A company applying for a license under paragraph. 1, must have a share capital of no less than an amount equal to 8 million. euro.
§ 9. Companies that third parties carrying out activities listed in Annex 4, section A, securities dealers and shall be licensed as securities dealers see. However, § 7, paragraph. 1 and § 8 paragraph. 1. Securities dealers may exercise one or more of those listed in Annex 4, Section B, those activities. Permission to engage in one or more of those listed in Annex 4, Section B, these activities can only be granted in connection with a license for Annex 4, Section A, those activities. The authorization shall specify the activities listed in Annex 4 it includes.
PCS. 2. Securities Dealers, which are not permitted under § 7 paragraph. 1, § 8 paragraph. 1 or § 10 paragraph. 1, are investment companies. Investment companies may perform the activities listed in Annex 4.
PCS. 3. Securities dealers, Danmarks Nationalbank, Economy Agency and foreign credit institutions and investment firms that fulfill the conditions of § 1. 3, and §§ 30, 31 or 33, has exclusive rights to engage in Annex 4, Section A, the activities referred to in Annex 5, the instruments (securities) and with the Danish Securities Trading Act § 2, no. 12 mentioned securities on a professional basis to third parties, see. however, § 7, paragraph. 1 and § 8 paragraph. 1. Securities dealers and foreign credit institutions and investment firms covered by § 1. 3, and satisfies the requirements of §§ 30, 31 or 33, also has the exclusive right to negotiate and execute currency spot transactions for investment purposes in order that investors Profits fluctuation of currency on a professional basis to third parties.
PCS. 4. Paragraph. 3 shall not apply to a company's execution of trades and brokering of securities by the company itself awards.
PCS. 5. Securities Dealers, which are not permitted under § 7 paragraph. 1, § 8 paragraph. 1 or § 10 paragraph. 1, has the exclusive right to use the word "investment company" in their name. Other undertakings may not use names or descriptions of their business which is suitable to create the impression that they are investment companies.
PCS. 6. Investment companies which are members of a regulated market, have the exclusive right to use the word "broker" and in their name use that name instead of "investment company". Other undertakings may not use names or descriptions for their activities that are suitable to create the impression that they are brokerages.
PCS. 7. Investment companies must use the words "investment company" or "broker" in their name.
PCS. 8. A company seeking a license under paragraph. 1, and which are not permitted under § 7 paragraph. 1, § 8 paragraph. 1 or § 10 paragraph. 1 must have a share capital equal to at least the equivalent of 1 million. euro if the investment company wants to become a member of a regulated market, a central securities depository or clearing center, which the company participates in clearing and settlement, or want to perform one or more of those listed in Annex 4, Section A, no. 3, 6, 8 and 9 and section B, no. 2, those services. Other companies seeking a license under paragraph. 1 must have a share capital equal to at least the equivalent of 0.3 million. euro.
PCS. 9. Operators of regulated markets in this country, in other countries within the European Union or in countries with which the Community has concluded an agreement for the financial area, may be authorized to operate multilateral trading facilities. Operators of regulated markets operating multilateral trading facilities shall have a share capital of 1 million. euro.
PCS. 10. Securities dealers and operators of regulated markets who want to operate a multilateral trading facility as an alternative market must notify the Financial Supervisory Authority before the commencement of operation of the alternative market. Multilateral trading facilities that have been in operation before such notice may not subsequently be operated as alternative markets.
PCS. 11 FSA shall lay down rules on the natural and legal persons in addition to the paragraph. 2 and 3 included that can offer services covered by Annex 4.
§ 10. Companies engaged in activities listed in Annex 6, are investment management companies and shall be licensed as investment management companies.
PCS. 2. Investment management companies may be authorized in accordance with § 9 paragraph. 1 to perform in Annex 4, Section A, no. 4, 5 and 9 above and in the section B, no. 4, those activities. In Annex 4, Section A, Nos. 4 and 5, those activities can be carried out in Annex 5, Nos. 1-3, above instruments and financial futures and similar instruments settled in cash, forward rate agreements (FRAs ), interest rate and currency swaps and swaps on equities and equity indices, options to acquire or dispose of any instruments referred to in this paragraph, and options on equity and bond indices as well as foreign exchange and interest rate options. The Annex 4, part A, no. 9, issue activity can only be performed with the Annex 5, no. 3, those instruments. Permission to carry out the activities listed in Annex 4, Section A, Nos. 5 and 9, to be issued in connection with a license for it in Annex 4, part A, no. 4, issue activity. The authorization shall specify the activities listed in Annex 4 it includes.
PCS. 3. The following paragraphs. 2 permitted activities does not include permission to perform these with funds belonging to companies other than mutual funds, special funds, professional associations, approved restricted associations or hedge funds that are consolidated with the investment management company.
PCS. 4. Investment management companies have the exclusive right to manage investment associations, special associations, professional associations, restricted associations and hedge funds, which are approved or registered under the Act on investment funds and special funds and other collective investment schemes, etc.
PCS. 5. An investment management company must have a share capital of no less than an amount equal to the value of 0.3 million. euro. However, an investment management company that will be a member of a regulated market or store and manage in Annex 5, no. 3, mentioned instruments, including being a member of a central securities depository or clearing center, which the company participates in clearing and settlement, have a share capital no less than an amount equal to the value of 1 million. euro.
§ 11. Undertakings engaged in the insurance business, including reinsurance, shall be licensed as insurance or captive, see. However, §§ 30 and 31. The authorization shall specify the activities5) of Annex 7 and 8 which authorization. Insurance companies may not engage in activities mentioned in Annex 7 and 8 as well as company under §§ 24-26 and 29. The same applies to foreign insurance companies covered by § 1. 3, and satisfies the requirements of §§ 30 or 31
PCS. 2. Paragraph. 1 shall not apply to the following types of businesses:
1) Institutions, which aims to ensure pension by appointment in a private company, including insurance, or employment in such companies within the same group.
2) Burial Boxes and ligbrændingsforeninger.
3) The under state supervision belonging recognized unemployment funds, etc.
4) War Insurance Institute under the Act on war insurance of ships.
5) War Risks Association, covered by the law on war insurance of immovable and movable property.
6) Companies whose purpose is limited to providing roadside assistance in connection with an accident or injury happened in this country or abroad, provided assistance abroad is provided by a corresponding foreign company under a reciprocal agreement.
7) Companies provide only assistance within a restricted area and whose annual premium income does not exceed one of the FSA set amount.
8) Falck Denmark A / S.
9) Reinsurance pursuant to the Act on the Danish Export Credit Fund of extraordinary risks for exports.
10) Labour Market Supplementary Pension and Labour Market Occupational Diseases.
11) Maternity Funds.
12) Travel Guarantee Fund.
PCS. 3. Companies authorized as an insurance company, has the exclusive right to use the word 'insurance', 'mutual society', 'captive' or 'retirement' in their name. Other undertakings may not use names or descriptions of their business which is suitable to create the impression that they are insurance companies or pension funds.
PCS. 4. 6) Insurance companies are obliged to use a name that clearly indicates its capacity as insurer. Mutual insurance companies are obliged in their name using the term 'mutual society' or formed therefrom abbreviations or other clear way indicate their capacity as mutual company. Captives are obliged to use the word "captive". Pension funds are obliged in their name clearly indicating that they are a pension fund. Companies Act § 27 paragraph. 2, §§ 28-30 and § 347 apply correspondingly to mutual insurance companies and pension funds.
PCS. 5. A company seeking a license under paragraph. 1, must have a capital base that is at least an amount equal to the in § 126 above.
PCS. 6. A company authorized to class 10 (liability insurance for motor vehicles) other than carrier's liability shall at all times have a claims representative in each of the other countries in the European Union and in countries which the Community has concluded an agreement for the financial area.
§ 12. Banks, mortgage companies, investment companies and investment management companies must be public limited companies. Cooperative Banks must be cooperatives, see. However, § 207. Banks must be independent institutions, see. However, § 207. Insurance companies must be public limited companies, mutual companies or pension funds. Captive must be public limited companies.
PCS. 2. The financial companies mentioned in paragraph. 1, must have a board and management.
§ 13. The share capital of financial firms must be paid in full. Intangible assets can not be used for payment of the share capital.
PCS. 2. In banks, investment companies, investment management companies, mortgage lenders and insurers can share stake in share classes with different voting power does not take place.
PCS. 3. A financial undertaking should not be remunerated for ownership or mortgage to acquire own shares if the nominal value of the Company's and its subsidiaries' total holding of shares in the company following the acquisition will exceed 10 per cent. In the allowed holding of treasury shares, shares acquired by a third party in its own name but for the company's expense.
§ 14 FSA authorizes when
1) the requirements of §§ 7, 8, 9, 10 or 11 are fulfilled,
2) members of the applicant's board and management meeting the requirements of § 64
3) Owners of qualifying holdings referred to. § 5, paragraph. 3, meet the criteria of § 61a paragraph. 1
4) absence of close links, see. § 5, paragraph. 1, no. 17, between the applicant and other companies or persons that could impede the performance of supervision tasks
5) The law of a country outside the European Union, which the Community has concluded an agreement on financial matters relating to a company or a person, the applicant has close links are not likely to impede the performance of the FSA tasks
6) the procedures and administrative conditions are sound,
7) the applicant has its head office in Denmark and
8 pcs. 2 or §§ 18-21 and paragraphs. 2, first sentence. Are met.
PCS. 2. An application for a license under §§ 7-11 shall contain the information necessary for the use of the FSA's assessment of whether the conditions of paragraphs. 1 are fulfilled, including information on the amount of the qualifying holdings and the company's organization. The application must also contain information on the type of business envisaged.
PCS. 3. In the event the Financial Supervisory Authority an application for authorization must be justified and communicated to the applicant within 6 months after receipt of the application, or if the application is incomplete, within six months after the applicant's sending the information necessary for taking the decision. There must always be decided within 12 months of receipt of the application. Have FSA not later than 6 months after receipt of a complete application for a permit decision, the company may refer the matter to the courts.
PCS. 4. In order to comply with a suspension from the Commission in accordance with the directives in the financial area the Danish FSA may suspend the processing of applications for authorization under §§ 7-11 and 16 from candidates who directly or indirectly owned by companies domiciled in a country outside the European Union, the Community has not concluded an agreement for the financial area.
PCS. 5. FSA may refuse authorization under subsection. 1, if the purpose of placing its head office in Denmark only to avoid being subject to the legislation of the country where the majority of clients of the applicant is resident.
PCS. 6. For financial companies covered by §§ 7-9 and § 10 paragraph. 2 is license conditional on the company connected to the Guarantee Fund for Depositors and Investors.
§ 15. When the FSA has authorized under § 14, the DCCA make the necessary registrations.
PCS. 2. The application for registration, see. Paragraph. 1, and the notification of amendments the financial undertaking shall submit a dated copy of the Articles of Association with the complete new version of the Commerce and Companies Agency, which shall forward a copy to the FSA.
PCS. 3. When granting licenses or changes in the authorization for insurance companies shall submit FSA simultaneous copy to the Danish Commerce and Companies Agency. DCCA shall register the date of authorization.
PCS. 4. For savings banks and cooperative banks apply the Companies Act provisions on notification and registration etc. accordingly.
§ 16 FSA may allow banks, mortgage banks, investment companies and investment management companies can provide services with instruments and contracts, which are subject to FSA's decision pursuant to § 2. 2 of the Act on Securities Trading Act
§ 16 a. FSA may allow banks and mortgage credit institutions to issue covered bonds.
PCS. 2. Banks and mortgage institutions authorized by paragraph. 1 and ship financing institution with a license under § 2 c of the Act on a Ship Finance Institute has the exclusive right to issue covered bonds. Mortgage banks permitted under paragraph. 1 also has exclusive rights to issue mortgage bonds.
PCS. 3. Bonds issued by credit institutions authorized in another country within the European Union or a country with which the Community has concluded an agreement for the financial area, may also be called covered bonds, if they satisfy the requirements of Annex VI, part 1, paragraphs 68-71 of the Directive on the taking up and pursuit of the business of credit institutions.
PCS. 4. Financial Supervisory Authority shall lay down rules on
1) the conditions under which authorization may be granted under paragraph. 1 and
2) the conditions for bonds issued by banks and mortgage companies can achieve and maintain the designation covered bonds or covered mortgage bonds.
§ 16 b. A bank or a mortgage bank can finance loans with mortgage by covered bonds or covered mortgage bonds issued by another bank or mortgage.
PCS. 2. Issuance of covered bonds or covered mortgage bonds pursuant to paragraph. 1 must be approved by the FSA.
§ 16 c. If a loan be financed by another bank or mortgage bank issuing covered bonds or covered mortgage bonds, must be stipulated in the loan agreement between the lending bank or mortgage bank and the borrower. It should also be stated in the loan agreement that may be disclosed information about the borrower between the lending institution and the issuing institution as referred to. § 120 b.
§ 16 d. If a bank or a mortgage bank grants a loan secured by a mortgage on the basis of another bank or mortgage bank issuing covered bonds or covered mortgage bonds, the loan and related mortgage is transferred to the ownership of the issuing institution.
PCS. 2. Transfer in accordance with paragraph. 1 can not be reversed under the Bankruptcy Act §§ 67, 70 or 72. Annulment may be effected by the aforementioned provisions, the transfer concrete not appeared as ordinary.
§ 16 e. If a bank or a mortgage bank grants a loan secured by a mortgage on the basis of another bank or mortgage bank issuing covered bonds or covered mortgage bonds, the borrower can pay in full discharge to the lending bank or mortgage, unless the borrower receives separate notice of a change from the issuing bank or mortgage.
§ 16 f. The lending bank or mortgage bank must keep incoming payments relating to loans secured by real property on the basis of another bank or mortgage bank issuing covered bonds or covered mortgage bonds, separated from the bank's other funds.
PCS. 2. The lending bank or mortgage institution must carry out regular monitoring of the separation.
PCS. 3. The lending bank or mortgage must be a predetermined level settle payments received to the issuing institution.
PCS. 4. Financial Supervisory Authority shall lay down rules on
1) the assets of the lending bank or mortgage can place incoming payments until settlement takes place and
2) the lending bank or mortgage bank checking of separation and settlement with the issuing bank or mortgage.
§ 16 g. By the lending bank or mortgage bank bankruptcy accrue payments subject to § 16 f, see. § 16 b paragraph. 1, as the lending bank or mortgage institution receives, and which have not yet been settled, the issuing bank or mortgage without the bankruptcy estate.
§ 17 FSA shall lay down rules on the instruments and contracts in addition to the instruments and contracts mentioned in Annex 5, financial companies authorized under § 7 paragraph. 1, or § 9 paragraph. 1, may perform services.
Special rules for insurance companies regarding notification to the FSA
§ 18. Applications for permits must contain one of the insurance company prepared operating plan for the business that the insurer intends to operate. FSA lays down rules on the information that the business plan should contain, on requirements for reporting the shape and layout and the number of years for which the plan must be prepared.
PCS. 2. Applications for authorization for class 10 (liability insurance for motor vehicles) must be accompanied by details of who the company will appoint the claims representative in each of the other countries in the European Union and in countries which the Community has concluded an agreement for the financial area. FSA shall lay down rules on claims representatives and their powers.
PCS. 3. A license shall contain information about the insurance business, the company may undertake. FSA specifies a period for the permit application and content in general.
§ 19. Life Insurance Company shall not be in the same company combined with insurance services. Life insurance may be beyond the life business practice in classes 1 and 2, see. Annex 7. In addition, reinsurance of life insurance and other insurance carried by the same company.
PCS. 2. FSA shall lay down rules on the extent to which life insurance companies' risks classified under classes 1 and 2. See Annex 7, subject to this Act, special rules for life insurance business.
PCS. 3. FSA may permit that an insurer, through a branch office operating in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, may carry out insurance forms, which conform by applying the law of that country, even if this is not allowed in Denmark.
§ 20. The technical basis etc. for life insurance, reported to the FSA later while foundations etc. are used. The same applies to any subsequent change in those conditions. The notification shall state
1) the types of insurance that the company intends to apply
2) the basis for calculating insurance premiums, surrender values ​​and paid-up policies,
3) rules for the calculation and distribution of realized results to policyholders and other beneficiaries for insurance contracts
4) the company's principles of reinsurance, including limits
5) rules on when both the insurance seeker as policyholders to deliver health information to assess the risk conditions
6) the basis for calculation of technical provisions both for the individual insurance contract as the company as a whole and
7) rules under which pension schemes providing a regular income subscribed or agreed as compulsory schemes with an insurance company or a pension fund can be transferred from or to the company in connection with transition to other employment or transfer of businesses or business transformation.
PCS. 2. Companies not draw direct life shall not make review of the technical basis etc. for life insurance business.
PCS. 3. FSA may lay down provisions relating to in paragraph. 1 mentioned circumstances, including whether and to what extent such should be publicly available.
§ 21. The following § 20 paragraph. 1, Nos. 1-5, notified matters should be reassuring and fair to the individual policyholders and other beneficiaries for insurance contracts.
PCS. 2. The notified rules for the calculation and distribution of realized results, see. § 20 paragraph. 1, no. 3, must be precise and clear and should lead to a fair distribution.
PCS. 3. The premiums for newly subscribed insurances must be sufficient to enable the insurance company to meet all their commitments so that there will be no need for systematic and permanent supply of other means.
PCS. 4. The calculation elements (interest rates, cost rates and statistical elements), be taken into account when calculating insurance premiums, surrender values ​​and paid-up policies, should be chosen with care. If the basis for calculating insurance premiums, surrender values ​​and paid-up includes the possibility of splitting the paid insurance premium in part, for which earned a guaranteed pension, and a part that accesses either the collective bonus potential and the bonus potential of paid-up policies, it is sufficient, the foundation as a whole is based on safe conditions. The calculation criteria taken into account when calculating life insurance provisions must be such that they comply with the rules issued under § 196.
PCS. 5. Is insurance covered by paragraph. 4, 2nd sentence., The proportion of collective bonus potential and the bonus potential of paid-absorption capacity fully in the calculation of the redemption value and the transfer from one company to another, see. § 20 paragraph. 1 pt. 7
PCS. 6. FSA may lay down provisions relating to in paragraph. 1-4 mentioned requirements.
PCS. 7. If the requirements of paragraph. 1-4 or regulations issued pursuant to this Act are not met, the Danish FSA shall order the insurance company to make the necessary changes in according to § 20 reported acts within the FSA set time limit. The provisions of § 249 shall apply accordingly.
§ 22. Underwritten notwithstanding the provisions of §§ 11-14 assurances, prior authorization is given and registration is done, the persons who on the insurer's behalf has taken out insurance policies or shares responsibility for, and severally liable for performance of the contract. Recognizing the company obligations within 4 weeks after the registration lapse or her liabilities, provided that the policyholder's safety is not thereby significantly impaired. Agreements of that kind were previously the company's recognition of the commitments are not binding on the policyholder.
PCS. 2. The provisions of §§ 11-14 are not prevent that in order to establish a mutual insurance company may be plotting of members, subject to insurance liability begins to run and the prize can not be written, before the company is incorporated. Writing of a member of a mutual company in accordance with point 1. is binding only if the company reported to the Danish Commerce and Companies Agency no later than 1 year after enrollment. Where registration is refused, the agreement lapses.
Special regulations for mutual insurance companies regarding formation etc.
§ 23. 7) Chapter 3 of the Companies Act shall, with the necessary adjustments similar to mutual insurance companies and pension funds. In addition, the Companies Act provisions on notification and registration etc. shall apply.
PCS. 2. For mutual insurance companies and pension funds will find in paragraph. 1 above provisions of the Companies Act relating to shareholders apply to guarantors and rules on share capital and shares the use of guarantee capital and guarantee interests with necessary facilities.
Chapter 4
Other activities permitted
General rules on other licensed activities
§ 24. Banks, mortgage companies and insurance companies can operate ancillary to the company that has been authorized. FSA may decide that the ancillary activity shall be exercised by another company.
PCS. 2. Banks, mortgage companies and insurance companies must through subsidiaries carry on other financial business.
§ 25. Banks, mortgage companies and insurance companies can temporarily carry out other activities to secure or settle prior commitments or with a view to restructuring of businesses. The financial company must notify the FSA thereof.
§ 26. Banks, mortgage companies, investment companies and insurance companies can no matter §§ 7-9, 11, 24 and 25 jointly with other drive other company if
1) the financial undertaking, directly or indirectly exercises control over the company,
2) the financial undertaking operates the company with financial companies included in the consolidated with the financial undertaking, or, as regards insurance companies in administration jointly with the insurance company, and
3) the activity is pursued in a company other than the financial undertaking.
PCS. 2. If a financial company or group by acquisition, mergers, etc. are going to carry out other activities in violation of § 7, paragraph. 1, § 8 paragraph. 1, § 9 paragraph. 1, § 11 paragraph. 1 or § 26 paragraph. 1, the Danish FSA may set a time limit for disposal of the other company if an immediate divestiture would be associated with a financial loss.
Special rules for investment companies relating to subsidiaries
§ 27. Investment companies must not have subsidiaries, unless these are investment companies.
Special rules for investment management companies relating to subsidiaries
§ 28 Investment management companies must not have subsidiaries, unless these are investment management companies.
Special rules for insurance on other licensed activities
§ 29. In addition to the activities covered by §§ 24-26 must insurance companies operate the following business:
1) Agencies for insurance companies and for other companies that are under FSA supervision.
2) The construction, ownership and operation of real estate as a long-term placement of funds.
PCS. 2. Life insurance companies can build housing for resale when the construction is obtained commitments for a share in the allocation in accordance with § 1 c or rules laid down under § 1. 4 of the Act on the promotion of private rental housing and at least half of the residential apartments rented to permanent habitation.
PCS. 3. investments under paragraph. 2, the proportion of flats erected for resale, does not have a value in excess of 1 per cent. of the technical provisions.
PCS. 4. Life insurance companies and pension funds can create and manage personal SP accounts.
Chapter 5
Foreign companies
General rules on foreign companies
§ 30. A foreign company that is authorized to carry on in §§ 7-11 that company in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area can begin to carry on business in Denmark through a branch two months after the FSA has received notice from the supervisory authorities of the home, see. paragraph. 4-8. The branch may exercise in Annexes 2-4, 7 and 8 of those activities, if they are covered by the company authorized in its home country.
PCS. 2. Issuance of mortgage bonds. See Annex 3, can only be made by credit institutions which meet the conditions set forth in the Act on Credit Bonds etc.
PCS. 3. Is the company a management company, see. § 5, paragraph. 1, no. 5, the branch may
1) manage UCITS and other collective investment undertakings authorized in their home country, and
2) engage in Annex 4, Section A, no. 4, 5 and 9, said activities if they are covered by the management company authorized in its home country.
PCS. 4. Financial Supervisory Authority must obtain the following information from the home country supervisor:
1) A description of the branch's activities, including information on the organization and the activities planned,
2) a statement that the planned activities are covered by the company's home country authorization,
3) address of the branch and
4) the names of the branch management or general agent see. § 35.
PCS. 5. Is the company a credit institution, the Danish FSA shall obtain information on the size of the company's capital base and solvency ratios and information about a possible guarantee scheme in their home country extensive branch's depositors or investors.
PCS. 6. Is the company an investment firm or management company within. § 5, paragraph. 1, no. 5, the FSA also obtain information on a possible guarantee scheme in their home country, which includes the branch's investors.
PCS. 7. Is the company an insurance company, the Danish FSA shall obtain solvency certificate.
PCS. 8. If the branch to cover risks in class 10. See Annex 7, no. 10, other than carrier's liability, the Danish FSA from home country supervisors also require a statement that the branch is a member of the Danish Association of International Motor Vehicle Insurance. For those branches insurance to cover these risks apply Highway Code, §§ 105-108 and 110-115.
PCS. 9. The company must notify the FSA of any changes to the paragraph. 4, Nos. 1-4, and paragraph. 5-8 arisen later than 1 month before implementing the change. If it is not possible to notify the Danish FSA of the change no later than one month before the change is implemented, notification must take place as soon as possible. The company must not notify the FSA changes in companies' capital base and solvency ratios.
PCS. 10. Companies Act provisions on branches of foreign limited companies shall apply to the paragraph. 1 such branches.
PCS. 11 Branches in Denmark of credit institutions and investment firms authorized to provide investment services in any country within the European Union or in a country with which the Community has concluded an agreement for the financial area, engaged in such activity here the country can use tied agents.
§ 31. A foreign company that is authorized to carry on in §§ 7-11 that company in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area can begin providing services in the country, when the FSA has received notice from the supervisory authorities of the home. The foreign company can exercise in Annexes 2-4, 7 and 8 of those activities, whenever the supervisory authorities of the country have declared that they are covered by the company's home country authorization. If the foreign company an insurance company, the Danish FSA also receiving in paragraph. 5 and 6. The information from the supervisory authorities of the home. If the foreign company a management company, the Danish FSA from the supervisory authorities of the home receiving a program of the management company stating the activities and services referred to. Paragraphs. 3, and details of any applicable compensation scheme intended to protect investors.
PCS. 2. Issuance of mortgage bonds. See Annex 3, can be exercised only by credit institutions which meet the conditions set forth in the Act on Credit Bonds etc.
PCS. 3. Is the company a management company, the company can
1) manage UCITS and other collective investment undertakings authorized in their home country, and
2) engage in Annex 4, Section A, no. 4, 5 and 9, said activities if they are covered by the management company authorized in its home country.
PCS. 4. The procedure in paragraph. 1 shall also apply when a management company delegates the marketing of its units in the host country to a financial institution authorized by § 9 paragraph. 1 or § 10 paragraph. 1.
PCS. 5. Is the foreign company an insurance company, the Danish FSA obtain the following information from the home country supervisor:
1) A solvency certificate and
2) an indication of the classes, groups of classes and any ancillary risks the insurance company intends to cover in this country.
PCS. 6. If the insurance company to cover risks in class 10. See Annex 7, no. 10, other than carrier's liability, the Danish FSA from the insurance company require the name and address of the paragraph. 7 the representative as well as a statement that the insurer is a member of the Danish Association of International Motor Vehicle Insurance. For the insurance to cover these risks apply Highway Code, §§ 105-108 and 110-115.
PCS. 7. The insurer should also apply if the cover risks in class 10. See Annex 7, no. 10, other than carrier's liability, appoint a representative resident or established in this country. The representative shall have the power to collect all necessary information in relation to claims and to represent the insurer in relation to injured people who can make a claim, including with respect to the payment of such claims.
PCS. 8. The representative referred. Paragraphs. 7, should also have the power to represent the insurer for the authorities and during legal proceedings against the insurer in respect of the paragraph. 7 mentioned requirements.
PCS. 9. The appointment of the representative shall not in itself constitute the opening of an establishment, see. § 34.
PCS. 10th The insurer must notify the FSA of any changes to the paragraph. 5, no. 2 and paragraph. 1, point 2., Said conditions at the latest, while the change is made.
PCS. 11. An operator of a regulated market that has permission to operate multilateral trading facilities in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, allowing remote users or remote participants in this country access to participate in and apply multilateral Trading systems.
§ 32. A foreign company can use the same name, which the company uses in the home. Is there a risk of confusion with another in this country name, can DCCA require an explanatory addition.
Special rules for foreign credit institutions and investment firms
§ 33. A foreign credit institution or investment firm authorized in a country outside the European Union, the Community has not concluded an agreement for the financial area, to be authorized by the FSA to perform services with securities trading in Denmark.
PCS. 2. Financial Supervisory Authority may refuse authorization if the laws of the country where the credit institution or investment firm is authorized and supervised, will complicate the FSA's tasks.
PCS. 3. FSA shall lay down rules on the authorization procedure, including the evidence to be sent to the FSA in connection with the application.
Special rules for foreign insurers
§ 34. Establishment of an insurance business means:
1) The office, under the Staff Regulations.
2) A branch.
3) An office managed by a foreign insurance company's own staff.
4) A person who is independent but has permanent authority to act on a foreign insurance company's behalf, similar to a branch.
PCS. 2. If a foreign insurance company in this country covered by paragraph. 1, no. 3 or 4, the office or the person is also the company's present branch and shall meet the in § 30 or under § 1. 3 Regulations.
§ 35. The insurer must appoint a general agent to lead the branch, can not be drawn without general agent. General agent must have power to bind the company towards third parties and to represent the insurer in general, including the FSA and the Danish Commerce and Companies Agency and taking action against the company.
PCS. 2. If the general agent is not working in § 31 paragraph. 6, said representative of the insurance company in class 10. See Annex 7, no. 10, other than carrier's liability, subject to the rules in § 31 paragraph. 6-9.
PCS. 3. An insurance company may only have one general agent in the country.
PCS. 4. The general agent may grant power of attorney to one or more sub-agents.
PCS. 5. General Agents must be of legal persons and have either citizenship in a European Union or a country with which the Community has concluded an agreement for the financial area. FSA may, in appropriate circumstances, grant exemption from the requirement of citizenship.
PCS. 6. residing in this country limited liability company or partnership may be general agent if the general agent appoints as its representative a person who fulfills the paragraph. 5, the conditions for a general agent.
§ 35 a. The transfer of all or part of an insurance portfolio designed in this country of a foreign insurance company in accordance with §§ 30 and 31, the Financial Supervisory Authority in cooperation with the homeland authority publish a notice of the assignment in the Official Gazette and in a national newspaper. The transfer may not be invoked as basis for canceling the insurance contract.
§ 36. Foreign insurance companies covered by the rules in § 30 paragraph. 1 and § 31 paragraph. 1, which in this country covers in Annex 7 risks referred to by the FSA ordered to participate in schemes that guarantee the enforcement of claims from the insured or injured third men, to the extent such schemes shall also apply for Danish insurers.
§ 37. The FSA can for insurers establish specific rules for services performed from countries outside the European Union, the Community has not concluded an agreement for the financial area.
Danish financial companies' business abroad
§ 38. A financial company wishing to establish a branch in another country shall notify FSA along with the following information about branch:
1) In which country branch desired established
2) a description of the branch's activities, including information on the organization and the activities planned,
3) address of the branch,
4) the names of the management of the branch and
5) for insurance name of the branch general agent.
PCS. 2. The establishment of a branch in a country within the European Union or in a country with which the Community has concluded an agreement on financial matters, forwarding FSA in paragraph. 1 to the supervisory authorities of the host country. For banks and mortgage institutions will also be sent solvency ratios and insurance solvency certificate to the supervisory authorities of the host country. At the same time forwarded statement that the planned activities are covered by the financial undertaking's license.
PCS. 3. is es- tablished branch in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, and the company is a bank, mortgage bank, investment company or investment management company sends FSA further information about the investor and depositor guarantee scheme and for banks and mortgage information on the company's capital base. For investment management companies and investment companies, the FSA host supervisors, the details of the investor and depositor guarantee scheme.
PCS. 4. Information provided in accordance with paragraph. 2 and 3 shall be sent no later than 3 months after receipt of the information. When communicating inform the FSA on financial activities accordingly.
PCS. 5. FSA may fail to provide information in accordance with paragraph. 2 and 3, if there is reason to doubt that the administrative structure and financial position provide a basis for the activities envisaged. FSA shall inform the undertaking within 2 months of receipt of the paragraph. 1 that information.
PCS. 6. The company must notify the FSA of any changes in accordance with paragraph. 1 hereof. FSA must receive notification at least one month before implementing the change. If it is not possible to notify the Danish FSA of the change no later than one month before the change is implemented, notification must take place as soon as possible. The company is committed in the same way for host supervisors if the host country is another country within the European Union or countries with which the Community has concluded an agreement for the financial area.
PCS. 7. A financial undertaking must be authorized by the FSA to establish a branch in a country outside the European Union, the Community has not concluded an agreement for the financial area. If there is reason to doubt that the administrative structure and financial position provide a basis for the activities envisaged, the Danish FSA may refuse an application for authorization.
PCS. 8. If the FSA has required an insurance company to prepare a plan for the restoration, see. § 248, the Danish FSA shall not forward a solvency certificate.
§ 39. A financial company that wants to do business in the form of cross-border services in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, must notify the FSA thereof, stating, country in which it is desired begun, and what activities are desired exercised. Insurance companies must also indicate what classes, groups of classes and possible risks ancillary desired exercised. Investment management companies must also submit a program of planned activities and services, and details of any applicable compensation scheme intended to protect investors.
PCS. 2. FSA forward in paragraph. 1, forward, and a statement that the planned activities are covered by the company permission to supervisory authorities in the host country no later than 1 month after receipt by paragraph. 1, forward. Is the company an insurance company sends FSA also a solvency certificate to the supervisory authorities of the host country. Is the company an investment management company, sends FSA further information about the investor and depositor guarantee scheme.
PCS. 3. Is the company an investment company or an investment management company, the company is obliged to notify the FSA and host supervisors of any changes in accordance with paragraph. 1 arisen within one month before the changes are made. If it not possible to notify the Danish FSA of the change no later than one month before the change is implemented, notification must take place as soon as possible.
PCS. 4. An investment management company delegating the marketing of units in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, to third parties to use it in § 31 paragraph. 1, the said procedure.
PCS. 5. If the FSA has required an insurance company to prepare a plan for restoration, see. § 248, the Danish FSA shall not forward a solvency certificate.
PCS. 6. Operators of regulated markets authorized to operate multilateral trading facilities in this country, see. § 9 paragraph. 9 and want remote users or remote participants in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area will have access to participate in and apply Multilateral Trading systems must follow in paragraph. 1 that procedure.
§ 40. A financial institution that wants to set up a subsidiary (which is a credit institution, an investment firm or an insurance company) in a country outside the European Union, which the Community has concluded an agreement must have FSA authorization to do so. If there is reason to doubt that the administrative structure and financial position provide a basis for the activities envisaged, the FSA does not permit.
PCS. 2. A financial undertaking shall notify the FSA on the establishment of subsidiaries in a country outside the European Union, which the Community has concluded an agreement that is not covered by paragraph. 1.
Special rules for Danish insurance companies' business abroad
§ 41. The Danish FSA may lay down rules on Danish insurance companies into countries outside the European Union, the Community has not concluded an agreement for the financial area.
§ 42. The Danish FSA may lay down rules on transfers of portfolios designed according to the company according to § 38 paragraph. 1 and § 39 paragraph. 1.
Section III
Good practice etc.
Chapter 6
Good practice, price information and contract
General rules of good practice, price information and contract
§ 43. Financial institutions and financial holding companies will be operated in accordance with honest business principles and good practices within business area.
PCS. 2. Economic and Business Affairs shall lay down rules on honest business principles and good practice for financial firms.
PCS. 3. Economic and Business Affairs shall lay down rules on price disclosure for financial services.
§ 44. It is not allowed for commercial purposes in the country to contribute to direct insurance in this country residents, Danish ships or other risks inherent in this country, drawn from sources other than
1) Danish insurance companies and
2) foreign insurance satisfying the requirements of § 30 paragraph. 1 or § 31 paragraph. 1, as well as foreign insurers who have been authorized by the FSA.
Special rules relating to a contract for banks, mortgage lenders and insurers
§ 45. If hybrid capital, see. § 132, or subordinated debt issued in the form of debenture, the financial undertaking shall designate these subordinated notes.
§ 46. When a bank, mortgage bank or insurance subscription of capital under § 132 and § 136 paragraph. 1, the company must not also offer loan financing for the purchase of capital.
§ 46 a. Banks should not offer retail clients, professional clients in debt financing in connection with the sale of subordinated debt in the form of shares or guarantee certificates in the institution concerned. Notwithstanding the 1st clause. Do banks do offer debt financing for bank employees buy employee shares under an employee share scheme.
Special rules for banks
§ 47. If within the business conditions issued guarantees for loans granted by a financial institution, and fail to borrowers with payment of principal repayments or interest, must be within 6 months after the benefits due date written notification to any of the guarantors or the or those of them who are authorized to receive notice of all guarantors behalf. Failure to do so means that the bank loses its claim against the guarantors to the extent that their recourse against the borrower has been impaired by the failure.
§ 48. If a guarantor outside business conditions issued guarantees for loans granted by a financial institution and the borrower fails to appear in payment of principal repayments or interest, no later than 3 months after the benefits due date given written notice to the guarantor. The provision in the first section. shall apply mutatis mutandis, if the bank gives the borrower grace, without the guarantor has consented in the individual case.
PCS. 2. Whenever the deadline in paragraph. 1, can guarantee obligation only enforceable against the guarantor for the amount that the borrower's debt after the secured claim would have been if the borrower had paid all payments on time until the date which is 3 months prior to the date on which notice is given.
PCS. 3. Exceeding the limit in paragraph. 1 means that the bank loses its claim against the guarantors to the extent that their recovery against borrowers has deteriorated even though the reduction of the guarantee obligation under paragraph. 2 taken into account.
PCS. 4. A guarantor may not be liable for an amount greater than the loan principal or credit maximum on bail agreement.
PCS. 5. Guarantee agreements after paragraph. 1 must be in writing to be enforceable.
PCS. 6. A guarantee obligation under paragraph. 1 lapse after 10 years or if the guarantee contract entered into to secure a credit with variable amount or for a loan with no fixed maturity date, after 5 years, unless the obligation previously raised by the bank.
PCS. 7. surety agreements in accordance with paragraph. 1 bank must annually notify in writing the guarantor size of the mortgage, which guarantee has been provided as security for.
§ 49. If a savings bank has lost part of its guarantee capital, the Bank must give this information to people who want to join as guarantors.
PCS. 2. If a cooperative bank has lost a portion of the share capital shall Merkur give this information to people who wish to subscribe share capital.
PCS. 3. for public limited companies existing rules on the reduction of share capital shall, with the necessary adaptations consistent application of reduction of share capital in cooperative banks.
§ 50. Capital pension, installment savings, even pension, child savings and home savings in a bank can be placed in a deposit account either in cash or as pooled deposits and can also be placed in a separate account.
PCS. 2. Financial Supervisory Authority shall determine the savings in pools in a financial institution, including rules regarding the placement, administration, accounting, auditing, and customer information. FSA also lays down detailed rules for the placement of funds in securities, including registration in a central securities depository, bank statement, a statement and deposition.
§ 51. Capital pension, installment savings, even pension, child savings and home savings placed in a deposit account must be fully covered by the Guarantee Fund for Depositors and investors of a similar scheme in the credit institution's home country in case of credit institution payments and bankruptcy or a combination of both systems.
§ 52. Banks that have received approval by the FSA as a custodian of a mutual fund, special association or restricted association must, as depositary of the association act independently and solely in the interests of the association.
Special rules for mortgage
§ 53. A mortgage must be in the loan agreement inform the borrower that mortgages granted in breach of the Act on Credit Bonds etc. may be required to be reduced under this Act.
PCS. 2. If a mortgage under the Act on Credit Bonds etc. must be reduced, the mortgage bank as a replacement grant a loan on similar terms, so that the borrower made unchanged. All borrowing costs in connection with the restructuring imposed on the mortgage bank.
PCS. 3. The borrower is not entitled to a reorganization under paragraph. 2, if the mortgage bank reimbursed the borrower knew or should have known that mortgage loan was granted in breach of the provisions of the Act on Credit Bonds etc., or if the violation of those provisions also due to information provided by the borrower.
Special rules for investment management companies
§ 54. When the investment management companies of portfolio management for investment associations, special associations, professional associations, restricted associations, hedge funds and other collective investment schemes, including intermediary securities of these are associations subject to the same protection as customers in accordance with § 72.
PCS. 2. Investment management companies authorized to conduct discretionary portfolio management for clients to prior agreement with the customer, the investment management company may place the client portfolio funds or part of the investment fund, special associations, professional associations or SME associations or other collective investment schemes, investment management company administers.
Special rules for insurance
§ 55. The following insurance contract may be validly concluded by or on persons resident in Denmark:
1) Life insurance, whereby the company by the death of the insured undertakes to pay amount greater than the premium paid with interest, to the extent the policyholder is one of the insured different person and not the insured's consent.
2) Life insurance whereby a company commits to pay an amount greater than the premium paid with interest due to deaths occurring before the insured's age of 8 years.
PCS. 2. Financial Supervisory Authority may exempt from the provisions of paragraph. 1 pt. 1 and 2.
PCS. 3. FSA may lay down detailed rules on the content of the general insurance conditions for life insurance business.
§ 56. The Danish FSA shall lay down rules on the information of a life or general insurer must be in writing to customers within insurance contract is concluded and during the ongoing customer relationships.
§ 57. An insurance company providing consumer insurance must offer that the insurance can be subscribed with the condition that the insurance may be terminated by the policyholder with a notice of 30 days to the end of a calendar month.
PCS. 2. When a consumer insurance in paragraph. 1 means a contract of insurance where the policyholder (consumer) at closing acts primarily outside his profession.
PCS. 3 pieces. 1 does not apply to life insurance and change of ownership subscribed pursuant to the Consumer Protection Act on the acquisition of real estate etc. Act. 1 shall also not apply to insurance covering a particularly arisen risk extends only over a limited time when the insurance contract is concluded for an agreed period of no more than 1 month (short-term insurance) unless the insurance is part of another type of insurance.
§ 57 a. An insurance company may use a commercial activity for the dissemination of the insurer's products, if the operator is registered in the public register of insurance intermediaries, see. § 10 paragraph. 1 or § 27 paragraph. 1 of the Act on insurance mediation.
PCS. 2. An insurance company may take advantage of insurance distributors covered by § 3, paragraph. 2 of the Act on insurance mediation.
§ 58. Is a life assurance policy lost, can the assurance at the request of the person who has established its claim to the policy, with six months' notice convening the holder to sign up. The call that is made by publication in the Official Gazette in the first number in a quarter, shall contain an adequate description of the policy, including the name of the person on whose life the insurance was taken.
PCS. 2. Joins no care before the deadline, the policy invalid and the company will draw up a new policy for the person who has requested the call made. This should pay the cost of the call.
PCS. 3. Joins anyone after notice and an amicable settlement is not reached, a new policy is not issued before the reported claims mutually eligibility is decided by judgment.
PCS. 4. The provisions of paragraphs. 1-3 not carry any limitation on the right to seek a life insurance policy nullified by judgment under the law on cancellation of securities.
§ 59. An insurance company representing building fire must be with the limits imposed by its statutes or its permission, take over the insurance of any building.
PCS. 2. The Company may refuse to insure
1) buildings that are not properly equipped against fire hazards, and
2) abandoned buildings.
§ 60. An insurance company can not bring a building fire insurance because of non-payment of premium.
PCS. 2. A customer may only bring insurance to an end with the consent of the beneficiaries according to all title and encumbrances that are registered on the property, unless the property without deterioration of their legal status insured in another company which has a license to operate building fire insurance.
PCS. 3. The insurance company has a lien on premiums with interest and other costs. The company has also lien for services in the insured property after the property tax to the state and municipalities for 1 year from the due date.
PCS. 4. Financial Supervisory Authority sets minimum requirements for insurers fire insurance of buildings.
Section IV
Ownership and management, etc.
Chapter 7
ownership
§ 61. Any natural or legal person or natural and legal persons acting in concert with each other, directly or indirectly, a qualifying holding, as defined. § 5, paragraph. 3, of a financial undertaking or a financial holding company must first apply to the FSA for approval of the proposed acquisition. The same applies to the increase of the qualifying share, which means that after the acquisition, equaling or exceeding a limit of 20 per cent., 33 per cent. or 50 per cent. of the share capital or voting rights, or result in the financial undertaking or the financial holding company becomes a subsidiary.
PCS. 2. FSA confirms in writing and within two working days of receipt of the application referred to. Paragraphs. 1. The same applies to receipt of material in accordance with paragraph. 4.
PCS. 3. FSA from the date of the written acknowledgment of receipt of the application referred to. Paragraphs. 2, and receiving all the documents required to be attached to the application, an assessment period of 60 working days to make it in § 61a that assessment. While acknowledgment of receipt of the application referred to. Paragraphs. 2 shall notify the FSA the proposed acquirer of the date of the assessment period.
PCS. 4. FSA may until the 50th working day of the assessment period, request additional information necessary for the assessment. The request must be in writing. The first time such a request, the assessment period is suspended for the period between the request and receipt of a response thereto. The interruption may not exceed 20 working days, see. However paragraph. 5.
PCS. 5. Financial Supervisory Authority may extend the interruption of the assessment period referred to in paragraph. 4 with up to ten working days if
1) the proposed acquirer is resident or regulated outside the European Union, the Community has not concluded an agreement for the financial area, or
2) the proposed acquirer is a natural or legal person who is not authorized to carry on in §§ 7-11 or § 308 of the said company or in § 16 of the Danish Securities Trading Act that company in Denmark, another country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 6. Rejects Financial Supervisory Authority an application for approval of a proposed acquisition, it shall be written justified and notified to the proposed acquirer immediately after the decision. The notification shall be made within the assessment period. The proposed acquirer may request the FSA to publish the reasons for its refusal.
PCS. 7. If the Financial Supervisory Authority during the assessment period in writing refusing the application for the proposed acquisition shall be deemed the acquisition to be approved.
PCS. 8. Financial Supervisory Authority may upon approval of an acquisition or increase in accordance with paragraph. 1 set a deadline for implementation. FSA may extend such a period.
PCS. 9. Financial Supervisory Authority sets rules on when an acquisition to be included in the statement under paragraph. 1.
§ 61a. FSA must in connection with its evaluation of an application received by § 61 paragraph. 1, ensure representation of a reasonable and prudent management of the institution in which the acquisition is proposed. The assessment shall also take into account the proposed acquirer likely influence on the company, the proposed acquirer suitable and the planned acquisition financial soundness against the following criteria:
1) The proposed acquirer's reputation.
2) The reputation and experience of any person or persons who after the acquisition will lead the financial undertaking or the financial holding company.
3) The proposed acquirer economic conditions, particularly in relation to the nature of the business operated or intended to be operated in the financial company or financial holding company in which the acquisition is proposed.
4) About the company to continue to comply with the prudential requirements of the legislation, in particular on the group to which the company possibly going to become part has a structure that makes it possible to exercise effective supervision, effectively exchange information between the competent authorities and determine the allocation of responsibilities between the competent authorities.
5) Whether there in connection with the proposed acquisition is reason to suspect that money laundering or terrorist financing, see. §§ 4 and 5 of the Law on prevention of money laundering and financing of terrorism will happen.
PCS. 2. Financial Supervisory Authority may refuse an application for approval of a proposed acquisition if, in the light of the criteria referred to in paragraph. 1 are reasonable grounds to believe that the proposed acquirer will discourage prudent and sound management of the company, see. Paragraph. 1, or of the proposed acquirer information for FSA's assessment is incomplete.
PCS. 3. In the FSA's assessment in accordance with paragraph. 1 the government considers social-economic needs are not included.
§ 61 b. Any natural or legal person or natural and legal persons acting in concert with each other, directly or indirectly dispose of qualifying holdings referred to. § 5, paragraph. 3, or reduce a qualifying holding in a financial undertaking or a financial holding company so that the transfer entails that the limit of 20 per cent., 33 per cent. or 50 per cent. of the share capital or voting rights are no longer reached, or causes the company or holding company ceases to be its subsidiary, shall first notify in writing the Financial Supervisory Authority thereof, indicating the size of the intended future interest.
§ 61 c. When a financial institution or a financial holding company becomes aware of any acquisitions or disposals of holdings as referred to in § 61 paragraph. 1 and § 61 b, the undertaking or holding company immediately notify the FSA thereof.
PCS. 2. Financial institutions and financial holding companies have until February notify the FSA of the names of the shareholders who at the end of the previous year owned a qualifying holding in the financial undertaking or the financial holding company and the amount of these shares.
§ 62. If the capital owners who are in possession of one of the in § 61 paragraph. 1, issue shares in a financial institution or a financial holding company, does not meet the requirements of § 61a paragraph. 1, the Danish FSA may withdraw the voting rights attached to the owners' equity, or require the operator to follow certain guidelines.
PCS. 2. Financial Supervisory Authority may revoke the voting rights attached to the shares owned by natural or legal persons that do not comply with the obligation in § 61 paragraph. 1, a prior notification by the FSA. The shares awarded full voting rights restored if the FSA can approve the acquisition.
PCS. 3. Where a natural or legal person has acquired within the meaning of § 61 paragraph. 1, whether the FSA has refused to approve the acquisition of shareholdings, the FSA cancel the voting rights conferred by these shares.
PCS. 4. Have FSA withdrawn voting rights pursuant to paragraph. 1-3, equity investment is not included in the calculation of the general meeting voting share capital represented.
§ 63. The FSA should be informed in advance of financial firms and financial holding companies' direct or indirect acquisition of a qualifying holding in a foreign financial institution and such increases in the qualifying interest, which means that this amounts to or exceeds a limit of 20 per cent. , 33 per cent. and 50 per cent. of the voting rights, respectively the share capital or the foreign financial undertaking is a subsidiary. The notification shall contain information about the country in which they are established.
PCS. 2. Financial institutions and financial holding companies, which have a share of at least 10 per cent. by a foreign financial institution, which intends to reduce this share so that it falls under one of the in paragraph. 1 set limits shall notify the FSA thereof and indicate the size of the intended future interest.
PCS. 3. Where the foreign financial undertaking is a subsidiary undertaking shall be notified to the FSA include the following information about the subsidiary:
1) In which country subsidiary desired established
2) a description of the subsidiary's business, including information on the organization and planned activities
3) the subsidiary's address and
4) the names of the subsidiary's management.
PCS. 4. When changing a relationship that is notified in accordance with paragraph. 3, Nos. 1-4, the financial undertaking or the financial holding company shall notify the FSA thereof before the change is implemented. If the financial business or financial holding company not previously aware of the change, notification to the FSA be given immediately after the financial undertaking or the financial holding company has been notified of the change.
Chapter 8
Management and organization of the undertaking
§ 64. A member of the board and the management of a financial undertaking shall have adequate experience to perform the task or position.
PCS. 2. A member of the Board of Directors and can not occupy the position as Board member and director of a financial undertaking if
1) that imposed criminal liability for violation of the Criminal Code or financial legislation and this violation entails a risk that the duties are not handled in a safe manner
2) the person has declared bankruptcy, filed a request for judicial settlement, bankruptcy or debt restructuring, is in receivership, bankruptcy, debt restructuring or compulsory composition,
3) the person's economic situation or companies that own, or in which the participant concerned in the operation have caused the financial undertaking any loss or risk of loss or
4) the person has demonstrated behavior that there is reason to believe that the person does not perform the duties or position adequately.
PCS. 3. Members of the Board of Directors and the obligation to provide the FSA information in paragraphs. 2 prescribed conditions.
PCS. 4 pcs. 1 piece. 2, no. 1, 2 and 4 and paragraph. 3 applies equally to members of the Board of Directors and a financial holding company.
PCS. 5. Paragraphs. 1-4 apply correspondingly to general agents, see. § 35.
§ 65. The Board shall adopt specific provisions on the performance of his duties.
§ 66. The authority to sign, which according to § 135 paragraph. 2 of the Companies Act of members of the board, can only be exercised by at least two jointly.
§ 67. General Meetings of a financial undertaking, respectively Representatives in a savings bank shall be publicly available and in accordance with the Articles. The press should have access to general meetings respectively Council meetings in savings banks.
PCS. 2 pcs. 1 does not apply to companies that are 100 per cent. owned by a financial institution or financial companies in the same group.
§ 68. FSA exercises for financial companies, the powers conferred DCCA according to § 92 paragraph. 2 and 3 of the Companies Act.
§ 69. To attend to the Articles of Association specified tasks, including selection board may establish a Board. Representatives members regarding the performance of their duties subject to the same responsibilities as the Board of Directors. The provision does not apply to savings banks.
§ 70. The board of a financial undertaking shall for the financial company's main areas of activity prepare written guidelines of work between the board and management determined.
§ 71. A financial undertaking must have
1) effective governance arrangements,
2) a clear organizational structure with well defined, transparent and consistent lines of responsibility,
3) sound administrative and accounting procedures,
4) written procedures for all significant areas of activity,
5) effective procedures to identify, manage, monitor and report on the risks the company is or may be exposed,
6) the resources necessary for the proper implementation of its business, and use these appropriately,
7) procedures for the separation of functions related to the management and prevention of conflicts of interest
8) adequate internal control mechanisms and
9) adequate IT control and security measures in the IT area.
PCS. 2. FSA issued guidelines on in paragraph. 1 mentioned areas.
§ 72. A financial undertaking authorized to operate as a securities dealer must meet the requirements of § 71 paragraph. 1, and take the necessary precautions to ensure the consistency and regularity in his business as a securities dealer and use of resources, systems and procedures appropriate to do so.
PCS. 2. A financial undertaking authorized to operate as a securities dealer must
1) appropriate rules and procedures for transactions listed in Annex 5, the instruments, which include the company management and employees
2) identify conflicts of interest that may harm the interests of customers, both between the securities dealer's customers and between customers and securities dealer and limit these conflicts of interest as much as possible, and where there is a risk that customers' interest being undermined, in the specific case inform the customer about interest the general content before entering into a contract with the customer
3) ensure customer ownership of their funds and listed in Annex 5 instruments mentioned
4) protect clients' rights and shall not, without the express consent dispose of their means and instruments and
5) keep and maintain comprehensive lists of all services and transactions for at least 5 years after the service has been provided, respectively transaction.
PCS. 3. A financial undertaking authorized to operate as a securities dealer may store customers' instruments, see. Annex 5, in the same depot (omnibus account) if the financial undertaking has informed the individual customer on the legal effects and the customer has given consent thereto. FSA may in special cases permit that customer and a financial institution's own instruments stored in the same repository. A financial undertaking shall keep a register in which each customer's ownership of the registered instruments is clear. FSA may deprive a financial institution authorized to operate as a securities dealer, the right to drive an omnibus account.
PCS. 4 pcs. 2, no. 2-4, apply correspondingly to Danmarks Nationalbank and the Economy Agency with the necessary changes.
PCS. 5. FSA may lay down rules for in paragraph. 1-3 hereof.
PCS. 6. In the event of a financial institution bankruptcy, receivership or similar. can each customer on the basis of the paragraph. 3, 3rd clause., Specified registry extract its instruments of an omnibus account, if no button issue on the customer's property.
§ 72 a. Economic and Business Affairs shall lay down rules on outsourcing related
1) outsourcing company's responsibility and control of a provider, including his on outsourcing,
2) outsourcing company obliged to inform the Financial Supervisory Authority within 8 working days after the outsourcing contract was concluded
3) outsourcing company's internal guidelines on outsourcing and
4) requirements, as outsourcing company must at least ensure that the supplier meet at any time, and must be agreed in the outsourcing contract.
PCS. 2. Financial Supervisory Authority may decide that outsourcing business outsourcing must be terminated within one of the FSA specified period if outsourcing contract or its partners do not meet the rules set out under paragraph. 1.
§ 73. The office of a director of a financial company or as a member of the Board other financial institutions than the savings can not be reconciled with the position as CEO of the company. However, the board of a Director is absent or temporarily appoint one of its members or a member of the Board of Director. The question may then not vote in those bodies.
PCS. 2. The office of internal audit chief and deputy chief auditor can not be reconciled with the duties of a director.
§ 74. The Chairman shall ensure that Board meetings are held when necessary, and must ensure that all members are summoned. Any member of the Board of Directors, a director, an external auditor, the chief internal auditor and the appointed actuary of a financial undertaking can require the board convened. A director, an external auditor, the chief internal auditor and the appointed actuary is entitled to attend and speak at board meetings unless the board of directors of each case decides otherwise. External auditors and the internal audit manager always has the right to attend board meetings when matters of importance for auditing or the presentation of the annual report.
PCS. 2. External auditors, the internal audit manager and the chief actuary is obliged to participate in the Board's handling of these cases, if requested by one board member.
PCS. 3. Minutes of the board minutes shall be taken and signed by all members present. A board member, director, external auditor, the chief internal auditor or the appointed actuary who do not agree with the Board's decision, has the right to have their views included in the protocol.
§ 75. The financial undertaking shall immediately notify the Danish FSA about matters that are crucial for the financial undertaking's continued operation.
PCS. 2. Similarly each board member, a director and the chief actuary of a financial undertaking.
PCS. 3. If a member of a financial company's board of an independent auditor or the appointed actuary must assume that the financial undertaking does not meet the capital requirement under §§ 124-126 or the solvency requirement according to § 124 paragraph. 4, § 125, paragraph. 7 and § 126 paragraph. 8, that person must immediately notify the Financial Supervisory Authority.
§ 76. A director may not, without Board approval conclude agreements between the financial undertaking and himself or agreement between the financial undertaking and third parties in which the Director has a substantial interest that may be contrary to the financial undertaking.
§ 77. Persons authorized by law or the articles of association appointed by the board of a financial undertaking and employees for whom there is a significant risk of conflicts between and the financial undertaking's interests may not on their own account or through companies they control,
1) loans or draw on credit already granted for the purchase of securities if the securities purchased are used as collateral for the loan or credit
2) acquire, issue, or trade in derivative financial instruments, except to hedge risk,
3) acquire securities other than mutual fund, special funds, hedge funds and foreign investment undertakings covered by the Act on investment funds and special funds and other collective investment schemes, etc., for the sale of these earlier than 6 months after the acquisition or
4) acquire positions in foreign currencies other than the euro, when the position takes place for purposes other than payment for the purchase of securities, goods or services or the purchase or operation of real estate or for use when traveling.
PCS. 2. The paragraphs. 1 above persons may not acquire holdings in companies engaged in activities mentioned in paragraph. 1, Nos. 1-4. This does not apply to the purchase of shares in banks, insurance companies, mortgage banks or investment companies and shares in investment funds, special funds, hedge funds and foreign investment institutions covered by the Investment Associations and Special Purpose Associations and other Collective Investment Schemes etc.
PCS. 3. The Board shall decide which employees have a significant risk of conflicts between and the financial undertaking's interests, and therefore should be subject to the ban. The board must ensure that the person is aware of it. The penalty provision in § 373 paragraph. 2, shall apply from the time when the person concerned has been informed accordingly.
PCS. 4. The Board shall for persons covered by subsection. 1 develop guidelines for monitoring compliance with the prohibition in paragraph. 1 and paragraph. 2, first sentence., Including reporting investments.
PCS. 5. The external auditors shall annually review the financial undertaking's guidelines under subsection. 4 and in the audit on the annual state whether the guidelines are adequate and have functioned appropriately, and whether the company's control procedures have given rise to observations.
PCS. 6. A custodian bank has at the request of the board of the financial undertaking an obligation to provide the financial undertaking external audit access to accounts and custody accounts and to hand over transcripts from there to persons covered by paragraph. 1.
PCS. 7. The prohibition in paragraph. 1 pt. 2 shall not cover financial instruments derived from shares in the financial company or a company that is affiliated with them and he receives as part of its remuneration.
PCS. 8. The prohibition in paragraph. 1 pt. 1, does not include loans to buy employee shares and in paragraphs. 7 instruments mentioned.
PCS. 9. The prohibition in paragraph. 1, no. 3, does not include shares acquired through the exercise of the paragraph. 7 instruments mentioned.
PCS. 10. Internal auditors and deputy chief internal auditors may, notwithstanding paragraph. 1-9 does not have financial interests in the company or group to which they are employed.
§ 77 a. Compensation of senior management in financial firms may be variable pay shall not exceed 50 per cent. of the fixed basic salary including pension.
PCS. 2. The variable compensation means compensation plans, which the final remuneration is not known in advance, for example. bonuses, performance contracts and other similar arrangements.
PCS. 3. Economic and Industry may lay down rules for in paragraph. 1 and 2 hereof.
§ 77 b. In financial institutions, the President of the Board in its report for the company's top body account for the remuneration of company directors. The report shall include information on remuneration in the previous financial year and the expected payments in the current and next financial year.
§ 78. Without board approval, to be introduced in the Board's minutes, do a financial company may not grant commitment or receive collateral from
1) Board members and executives in the financial undertaking or
2) companies in which it in no. 1 above persons is a director or board member.
PCS. 2. The paragraphs. 1 shall exposures must be granted in accordance with the financial undertaking usual terms and on market terms. The financial company's external auditor must audit report on the annual declare whether the requirements in the first section. are satisfied.
PCS. 3. The Executive Board and the Supervisory Board shall in particular monitor the appropriateness and progress of the paragraph. 1 exposures mentioned.
PCS. 4. The rules in paragraphs. 1-3 also applies to exposures to persons related to directors by marriage, cohabitation for at least 2 years or kinship in ascendants or descendants or siblings, and the companies for which such persons are directors.
PCS. 5. A financial company or companies within the same group shall not grant commitment or receive collateral from an external auditor or internal audit or deputy chief auditor. This does not apply to loans granted by a life insurance company within the repurchase of one of the life insurance company issued insurance policy.
§ 79. The regulations on group representation of the Companies Act does not apply to employees of companies through which a financial institution temporarily carries out other activities under this Act.
General rules on management's other duties
§ 80. Persons authorized by law or the articles of association appointed by the board of a financial undertaking can not without the board's permission to own or operate an independent enterprise or as a director, employee, or otherwise participate in the management or operation of another enterprise than the financial undertaking, see. however, § 199, first paragraph. 9 and 10
PCS. 2. Other employees of a financial undertaking, for which there is a significant risk of conflicts between and the financial undertaking's interests, can not, without the permission own or operate self-employment or as a director, employee, or otherwise participate in the management or operation of another enterprise than the financial undertaking. The Board must be informed on authorizations granted by the Executive Board.
PCS. 3. The Board shall decide which employees have a significant risk of conflicts between and the financial undertaking's interests and therefore must obtain the authorization referred. Paragraphs. 2. The Board shall ensure that the person is aware of it. The penalty provision in § 373 paragraph. 2, shall apply from the time when the person concerned has been informed accordingly.
PCS. 4. The said. 1 and 2, the company can only be denied if the financial company or companies included in the consolidated or administration jointly with the financial business, not enter into exposures to in paragraph. 1 and 2 businesses or companies that are part of a group with these companies. Apply to exposures in the form of equity exposures to in paragraph. 5 and 6. The companies and exposures in enterprises that form part of a group with the financial enterprise or enterprises where financial companies jointly or with foundations and associations established in accordance with §§ 207, 214 and 215 hold more than 4/5 of investments.
PCS. 5. in paragraph. 4 stated commitment ban does not apply in connection with participation in the boards of Danish Ship Finance A / S, Danish Development Finance A / S, BSU Foundation, LR Realkredit A / S, Bornholm Industrial Fund, Bank of Greenland A / S, the Kingdom of Denmark Fishing Bank, regulated markets, clearing organizations, central securities depositories, OMX AB, OMX exchanges Oy, Danish Industrialization Fund for Developing countries (IFU) and the Industrialization Fund for central (IFØ).
PCS. 6. in paragraph. 4 stated commitment ban does not apply in connection with participation on the board of a company temporarily operated by a bank, mortgage bank or insurance company pursuant to § 25 to secure or settle prior commitments.
PCS. 7. All authorizations granted by the Board under paragraph. 1 shall be indicated in the Board's minutes.
PCS. 8. The financial undertaking shall at least annually publish information on the duties by the Board in accordance with paragraph. 1. Furthermore, the external audit in the audit on the annual declare whether the financial undertaking has exposures with enterprises covered by paragraph. 1 and 2.
PCS. 9. Financial Supervisory Authority may in special cases grant exemptions from. 4.
Special rules for savings banks
§ 81. The Board Bank's highest authority.
PCS. 2. The Board must have at least 21 members. Representatives shall be elected for a period of 4 years. If the Board of Governors at departure is less than 21 members, by-elections take place.
PCS. 3. Voting at elections of representatives savings bank depositors and guarantors. Each depositor can only cast one vote. A guarantor has one vote for every 1,000 kr. Paid guarantee capital with a maximum of 20 votes. Rules on the electoral system, voting rights and the implementation of election the Articles of Association.
PCS. 4. depositors and guarantors casting a vote in elections to the Board, selects such a big part of this, as the ratio between the number of votes cast and the total number of votes due to the savings bank depositors and guarantors, but at least 1/3 of representatives. The other members are elected only by the voting guarantors and the savings banks without voting guarantors of the outgoing Board. It is desirable that the Board be composed diversified both geographically as for commercial purposes.
PCS. 5. If any depositor of the Bank has the right to act as a guarantor and the number of votes that may be cast by guarantors, is at least 1,000, it may, notwithstanding paragraphs. 3 and 4, in the Bank's Articles of Association provide that the Board alone is elected by the guarantors. A guarantor has one vote for every 1,000 kr. Paid guarantee capital with a maximum of 20 votes.
§ 82. Board members elected by the Board for a maximum of 4 years at a time.
§ 83. A savings bank's articles of association shall provide for
1) Savings Bank's name and any secondary names,
2) Guarantee capital and return
3) guarantors and the liabilities that accrue upon
4) Representatives, the Board of Directors and audit
5) The convening council meetings and elections of representatives, see. § 81. 3,
6) time and place of the Annual Representatives,
7) the matters to be considered at the meeting of the council,
8) financial reporting and the use of profits
9) changing the statutes and
10) voluntary termination of the company.
§ 84. Companies Act § 86, § 88. 1 and 3, §§ 89, 90, 92 and 93, § 95 paragraph. 2, § 96 paragraph. 3, §§ 100-102, 104, 107 and 108, § 111, paragraph. 1 pt. 1 and paragraph. 2 and 4, §§ 112-119, §§ 121, 124-127, 131 and 134, § 135, paragraph. 1 and 2, §§ 136-138 and 140-143 apply with appropriate adaptations and with the derogations appearing from the provisions of this Act, also apply to savings banks.
PCS. 2. Cancellation of guarantee certificates without judgment can be made in accordance with § 66 paragraph. 3 of the Companies Act with the same notice as cancellation of share certificates that are not negotiable.
Special rules for cooperative banks
§ 85. The General Assembly is the cooperative bank's highest authority and is made up of the cooperative bank members.
PCS. 2. Any member entitled to attend the General Meeting and take the floor. Each shareholder has one vote.
§ 86. Board members elected by the general meeting. See however § 69.
§ 87. A cooperative savings statutes shall provide for
1) The cooperative bank's name and any secondary names,
2) share capital and individual unitholders share in the cooperative bank's equity
3) the conditions for membership, including the right to inclusion and access to withdrawal
4) the obligations of the shareholders,
5) General, administrative, management and audit,
6) meeting notice
7) The time and place of the Annual General Meeting
8) the matters to be considered at the Annual General Meeting
9) financial reporting and the use of profits
10) adoption of the proposal at the general meeting, including amendments to statutes
11) voluntarily termination of the company and
12) provisions for the redemption of share capital.
PCS. 2. Where a cooperative is a member of an association within the meaning of §§ 89-96, this must be stipulated by the constitution.
§ 88. Companies Act §§ 79, 80 and 86, § 88. 1 and 3, §§ 89, 90, 92 and 93, § 95 paragraph. 2, § 96 paragraph. 3, §§ 100-102, 104, 107 and 108, § 111, paragraph. 1 pt. 1 and paragraph. 2 and 4, §§ 112-119, §§ 121, 124-127, 131 and 134, § 135, paragraph. 1 and 2, §§ 136-138 and 140-143 apply with appropriate adaptations and with the deviations contained in this Act provision mutatis mutandis to cooperative banks.
PCS. 2. Cancellation of share certificates without judgment can be made in accordance with § 66 paragraph. 3 of the Companies Act with the same notice as cancellation of share certificates that are not negotiable.
Special rules of associations of cooperative banks
§ 89. The General Assembly is the association of cooperative banks is the ultimate authority. The individual cooperative banks voting rights at the general meeting by delegates appointed by each co-operative meeting.
PCS. 2. Any member of a connected cooperative bank has the right to attend the association's general meeting and take the floor.
§ 90. Board members are elected by the general meeting or, if the statutes so decides, by the Board.
PCS. 2. The Board of Directors of the Association must approve the member cooperative banks statutes and must ensure that these do not conflict with this Act or against the statutes. The Board may, if required by oversight, make changes in the connected co-operative statutes.
§ 91. The Association's statutes shall contain provisions on the matters referred to in § 87 paragraph. 1 pt. 1 and 5-12, as well as provisions for
1) that the group and its members constitute a whole
2) that the group and its members are jointly liable for the obligations of the association and its members,
3) how the association any deficit shall be distributed among the affiliated cooperative banks themselves,
4) the member cooperative banks share in the group's profit and equity and
5) rules on membership, resignation and exclusion of the association.
§ 92. Connected cooperative banks, in their name indicate the membership of the association.
§ 93. The association's management is empowered to issue instructions to the members in order to ensure that the group and its members can fulfill the Law and the Articles of Association.
§ 94. A connected cooperative savings Board of Directors and to give the association's internal and external auditors access to carry out the studies as auditors deem necessary, and shall ensure that they get the information and assistance as the auditors deem necessary for execution of their duties.
§ 95. Withdrawal or exclusion from an association require authorization from the FSA and can only be given at least 6 months' notice to the end of a financial year. Permission can at the earliest be notified when the accounts for this financial year is approved, but has effect from the end of that financial year.
§ 96. Companies Act §§ 79, 80 and 86, § 88. 1 and 3, §§ 89, 90, 92 and 93, § 95 paragraph. 2, § 96 paragraph. 3, §§ 100-102, 104, 107 and 108, § 111, paragraph. 1 pt. 1 and paragraph. 2 and 4, §§ 112-119, § 120, paragraph. 1 and 3, §§ 121, 124-127, 131 and 134, § 135, paragraph. 1 and 2, §§ 136-138 and 140-143 apply with appropriate adaptations and with the derogations appearing from the provisions of this Act shall apply mutatis mutandis to an association of cooperative banks.
Special rules for investment companies and investment management companies
§ 97. (Repealed)
Special rules for investment management companies
§ 98. The majority of the board members in an investment management company may not be members of the board of a custodian bank or another company as an association or other investment schemes managed by the investment management company, has signed significant agreements, or be an employee of the custodian bank or in another company, association or other investment schemes managed by the investment management company, has entered into significant agreements with, or be a member of the Board of Directors or employed in other companies that are affiliated with these companies.
§ 99. An investment management company The board can only grant permission according to § 80 paragraph. 1 and 2, that a person may be a director of or participate in the management or operation of a mutual fund, a custom union, a professional association or restricted association if the association is not managed by the investment management company, and if there is no overlapping of the majority of members on the board of the association and investment management company. That may not hold the office of chairman.
PCS. 2. An investment management company The board can not grant permission according to § 80 paragraph. 1 and 2, to CEOs and other executives can be board members or participate in the management or operation of the custodian bank or another company as one of the associations or investment schemes, the investment management company administers, has signed significant agreements, or in a company that is affiliated with these companies.
§ 100. An investment management company must be in possession of sufficient qualified staff and the necessary technical expertise to handle the administration of the type of funds managed by the investment management company, and to make investment decisions regarding the funds.
§ 101. Investment management companies must by administration of trusts, special purpose associations, professional associations, approved restricted associations and hedge funds act independently and solely in the interests of the association.
PCS. 2. Investment management companies must in the daily management safeguard the interests of the person or associations they manage as best they can.
PCS. 3. Investment management companies shall avoid conflicts of interest between themselves and the associations between companies which it is in the group with, and associations and between associations themselves. When such conflicts of interest can not be avoided, the management company shall explain each affected associations Board thereof.
PCS. 4. When an investment management company also has authorization to conduct discretionary portfolio management, it must maintain a strict separation of portfolio management and administration of funds. The investment management company in matters relating to management of associations, subject to the individual association board instruction authority.
PCS. 5. Financial Supervisory Authority may set rules on how investment management companies should avoid conflicts of interest.
Investment management firms access to delegate tasks
§ 102. If an investment management company delegates certain tasks as part of the administration of the association incumbent investment management company to carry out, to third parties, it must be based on a decision taken by the association's board.
PCS. 2. No decision on that investment management company may delegate investment decisions by associations or other core tasks. FSA specifies a period for the tasks that are core tasks.
PCS. 3. Investment Management Company and Depository company's obligations are not affected by the investment management company has delegated functions to third parties.
§ 103. An investment management company shall ensure that the companies, the investment management company delegates tasks are qualified and able to perform the tasks required. In cases where the delegation concerns the investment management, there may only be delegated to companies which are authorized or registered for the purpose of asset management and subject to supervision.
PCS. 2. Delegation of tasks shall not impede effective supervision of the investment management company and in particular should not prevent the investment management company from acting or association from being managed in the interests of its members.
§ 104. By delegation of tasks, an investment management company ensure that the applicable measures to allow the persons conducting investment management company's business, able at any time to monitor effectively the activities of the business that the task is delegated.
PCS. 2. Agreement on the delegation must not prevent the investment management company at any time to give further instructions to the undertaking which tasks have been delegated, and to terminate the agreement with immediate effect if it is in the managed association's interest.
§ 105. The investment management company shall, within 8 days after the conclusion of an agreement on the delegation inform the FSA on the content and conditions.
Special rules for custodians of investment funds, special funds, restricted associations and hedge funds
§ 106. A custodian will manage and store an association securities, cash and other assets separately.
PCS. 2. Custodian must ensure that
1) an association issue and redemption of members' shares shall be made in accordance with the rules of the Investment Purpose Associations and other Collective Investment Schemes Act and the statutes
2) securities and derivative financial instruments sold for the association's expense, only be supplied to the selling price (consideration) paid to the custodian,
3) payment for securities and derivative financial instruments bought expense of the association shall be restricted to the delivery of these custodial,
4) The assets of the association, which is pledged as security for the obligations of, returned to the custodian bank when the secured claim is honored
5) the payment of dividends or appropriation of profits to increase in assets is in accordance with the association's statutes, rules, in
6) valuation of a fund's portfolio of mortgage deeds done in accordance with the applicable rules,
7) an association's purchase and sale of securities and derivative financial instruments is made in accordance with § 46 of the Investment Associations and Special Purpose Associations and other Collective Investment Schemes etc. and
8) purchase and sale of other assets, including mortgages, are made at prices that are not less favorable than the fair value.
§ 107. Depot Company of the Association responsible for any damage which it might suffer as a result of failure or improper performance of its obligations. Depot is liable, even if the custodian leaves the storage of its assets or part thereof to another custodian. Depot Company can not by agreement renounce this responsibility.
Special rules for insurance
§ 108. The Executive Board shall ensure that an insurance company has sufficient expertise in the calculation of technical provisions.
PCS. 2. If the insurance company license to conduct life insurance business, the board must appoint a chief actuary to carry out the necessary technical features including calculations and studies. The position as actuary shall not be compatible with the position on the Executive Board or Board of Directors of the insurance company.
PCS. 3. When a responsible actuary resigns or is dismissed, the board and the actuary later than 1 month after the resignation each send a report to the FSA on the basis thereof.
PCS. 4. The appointed actuary shall ensure that the company complies with its technical basis, etc. The actuary shall, in this connection, review the actuarial contents of the company's activities and material and ensure that the technical basis etc., cf.. § 20, at any time in accordance with in § 21 paragraph. 1-6, those requirements.
PCS. 5. The appointed actuary shall immediately report any violation of the paragraph. 4 above to the FSA. The actuary has the right of the executive to demand all information necessary for performance of the duties. FSA may require the actuary the information necessary for assessing the company's financial position.
PCS. 6. The appointed actuary shall submit a report to the FSA.
PCS. 7. FSA may lay down provisions relating to in paragraph. 2-6 arisen, including the requirements a person must meet in order to be hired as chief actuary.
§ 109. §§ 73 and 74 apply mutatis mutandis to the insurer of Representatives.
§ 110. § 199 of the Companies Act shall not apply to an insurer's purchase of its own shares.
Special regulations for mutual insurance
§ 111. Members and guarantors the right to decide in a mutual insurance company at the general meeting. Every member must have at least 1 vote.
PCS. 2. The articles of association may, notwithstanding paragraph. 1 provides that the General Assembly is composed of delegates elected by the members and the guarantors or their representative.
§ 112. 8) Mutual insurance company statutes must keep with it in §§ 25 and 26 of the Companies Act specified provide for
1) members and guarantors responsibility for the company's obligations and the members and guarantors mutual liability, see. § 284, paragraph. 2
2) whether the company should be able to take over reinsurance without mutual responsibility, and
3) whether the guarantee capital shall be remunerated, and if so, under what rules.
§ 113. 9) Resolution on amendments to the statutes adopted at the general meeting, cf.. However, §§ 23 and 114, see. § 159 of the Companies Act. The decision is only valid if it is adopted by at least two-thirds of the votes cast. The decision must also meet the additional provisions, which the statutes may contain.
PCS. 2. Significant changes in a company's purpose, unless otherwise provided in the articles of association, be adopted only when obtained the agreement of three-quarters of the guarantors and three-quarters of the members or, if the General Assembly is composed of delegates hailing from three-quarters of these. Notice to guarantors of such changes must be given within 8 days after the decision of the General Assembly. Guarantors who oppose such changes, when the latest 1 month after the general meeting so request, require the other guarantors shall assume warranty shares.
§ 114. Companies Act §§ 86 and 87, § 88. 1 and 3, §§ 92 and 93, 95, 100-102 and 104, § 111, paragraph. 1 pt. 1 and paragraph. 2 and 4, §§ 112-122, 124-127, 128, 131, 133-141, 143 and 357 apply with appropriate adaptations and with the derogations appearing from the provisions of this Act, apply correspondingly to mutual insurance companies.
PCS. 2. In accordance with paragraph. 1 above provisions are provisions concerning shareholders apply to guarantors and rules on share capital and shares the use of guarantee capital and guarantee interests with necessary facilities.
PCS. 3. § 76 paragraph. 5, § 79 paragraph. 1-4, § 80, § 89 paragraph. 1 and 2, § 90, § 97, § 100, § 101, paragraph. 1 and 2, §§ 107, 108, 125 and 126 of the Law on limited companies shall also adapted as necessary and with the derogations appearing from the provisions of this Act, apply correspondingly to mutual insurance companies.
PCS. 4. In accordance with paragraph. 3 shall take provisions for shareholders to all the voting by the mutual insurance company's general meeting.
PCS. 5. § 180 paragraph. 1 and § 194 of the Companies Act for payment to shareholders apply correspondingly to interest to guarantors and payment to members of mutual insurance companies.
Special rules for pension funds
§ 115. Unless the Minister, taking into account the pension fund's situation allows a different composition of the Board shall consist of a chairman and an equal number of directors, of which at least half will be elected by and among the members of the pension fund.
PCS. 2. The articles of association may stipulate that the election of the Board of Directors and amendments to the statutes made by the pension fund members by ballot.
§ 116. The provisions for mutuals in §§ 23 and 114 shall apply mutatis mutandis for pension funds, see. However paragraph. 2 and § 284 paragraph. 2 and 3.
PCS. 2. § 120 paragraph. 1 and 3 of the Companies Act shall not apply to pension funds.
Chapter 9
Disclosure of confidential information
§ 117. Board members, members of local boards and the like, members of the Board of a financial services company that is not a savings bank, accountants and scrutiny men and their deputies, founders, assessment men, liquidators, directors, responsible actuaries, general agents and administrators in an insurance company and other employees may not unlawfully disclose or use confidential information obtained during the performance of their duties have been familiar with. This provision shall also apply to financial holding companies.
PCS. 2. A person who receives information pursuant to paragraph. 1, covered by paragraph. 1 shall secrecy.
§ 117 a. A bank may disclose information about a customer's name and address to the person who has transferred money to a customer's account as a result of an error the transfer of money to the customer's account, so that he may pursue any claim against the customer in connection with the transaction. A bank can similarly disclose information about a customer's name and address to a payee when the customer has used a means of payment to pay for goods or services of the payee and there has been an erroneous transaction.
PCS. 2. The bank must notify the transfer to the customer prior information about the customer's name and address can be passed.
PCS. 3. If a customer name and address protection under the Act on the Central Office, the bank can not disclose information about that, see. Paragraph. 1.
§ 118. Usual information about customer relationships may be disclosed to use for accomplishing administrative tasks.
PCS. 2. For the purpose of handling administrative tasks, the information is transmitted to a limited company, the Labour Market Supplementary wholly owned and to the Labour Market Supplementary Pension, see. Act on the Labour Market Supplementary § 26b paragraph. 3 and § 23 paragraph. 4, as well as to the managing company of an insurance administration community.
PCS. 3. Insurance companies and pension funds may need advice on life insurance and pension plans as well as personal insurance included in these schemes, disclosing information about customer relationships to insurance companies insurance company or pension fund is affiliated with, the managing company of an insurance administration Community, a public limited company the Labour market Supplementary Pension owns fully and to the Labour market Supplementary Pension, see. § 23 paragraph. 4 and § 26b paragraph. 3 of the Act on Labour Market Supplementary Pension. Information concerning health and other sensitive information can only be divulged if the disclosed information on the consent.
PCS. 4. The receiving information pursuant to paragraph. 1-3, are covered by the in § 117 paragraph. 1, said confidentiality.
PCS. 5. Financial Supervisory Authority shall lay down rules about what information is usual customer information in accordance with paragraph. 1.
§ 119. Information on purely private matters may not be disclosed without the client's consent, unless the disclosure is justified according to § 117 paragraph. 1, or § 118 paragraph. 2.
§ 120. Information may be disclosed to the financial company's parent for risk management of companies in the group if the parent company is a financial undertaking or a financial holding company. This does not apply to information on purely private matters.
PCS. 2. Information on retail customers can not be disclosed for risk management, see. Paragraph 1, except for the special case in which information about a private customer concerns obligations which have or could have a significant size.
§ 120 a. Information on commercial customers can be exchanged between the banks and mortgage companies, which are affiliated, for risk management, including credit and credit administration. The same applies to the exchange of information with these companies' financial holding companies and subsidiaries. Information exchange can only happen with subsidiaries that provide loans or carry out leasing business.
PCS. 2. The provision of paragraph 1 shall also apply when exchanging information between jointly owned banks and mortgage banks and holders of shares in the bank or mortgage when said holders are banks or mortgage companies and the jointly have more than 4 / 5 of the investments. The same applies to the exchange of information with the jointly owned subsidiary companies that provide loans or carry out leasing business.
PCS. 3. The disclosure in accordance with paragraphs 1 and 2 do not include the information specified in § 119.
PCS. 4. The receiving information pursuant to paragraph. 1 and 2, subject to the § 117 paragraph. 1, said confidentiality.
§ 120 b. A lending bank or mortgage may disclose information about a borrower to the issuing bank or mortgage if entered into a loan agreement, which states that the loan can be financed by another bank or mortgage bank issuing covered bonds or covered mortgage bonds. Exchange of information between the lending bank or mortgage and the bank or mortgage bank issuing the covered bonds or covered mortgage bonds on which the loan financed, can happen to the extent it is necessary for risk management and administration of the portfolio in the register or portfolio in a series or group of series with a series reserve fund.
§ 121. Information about a retail customer may not be disclosed for marketing purposes or advice, unless the customer has given consent in accordance. However, § 118, paragraph. 3.
PCS. 2. For group companies that are subject to confidentiality as mentioned in § 117, paragraph. 1, as well as companies where several financial institutions or investment funds, special funds, approved restricted associations and hedge associations jointly own a company that conducts business, the financial undertaking must operate through a subsidiary, or a company that is ancillary to the financial business, which is subject to confidentiality as mentioned in § 117, paragraph. 1, the disclosure under subsection. 1 place without consent if there are general customer information that forms the basis for classification in categories of customers, and if the transfer is necessary for the business which information is transmitted to pursue a legitimate interest, and respect for private customer does not exceed this interest.
PCS. 3. Usual information about corporate relationship may be disclosed for marketing and advice to a financial institution that is subject to confidentiality as mentioned in § 117, paragraph. 1.
§ 122. The financial undertaking to develop guidelines on the extent to which information is transmitted from the company. The guidelines should be publicly available.
§ 123. Consent to disclosure of information shall be submitted in written form.
PCS. 2. When an insurance contract is concluded on the basis of telephone calls, you consent to the disclosure of information for this purpose, however, cast orally. In this case, the insurance company within 14 days of conclusion of the contract in writing, inform the customer about the kinds of information communicated by the customer's verbal consent purposes for which the information is disclosed, as well as who receives information based on the customer's verbal consent.
PCS. 3. At the customer's request, the financial undertaking shall inform the customer about the kinds of information that can be passed with the customer's consent, for which purposes disclosure can happen, and who can receive information based on the customer's consent.
PCS. 4. The financial undertaking shall by obtaining written consent inform customers about the possibility of following paragraphs. 3 For information on extent of the consent.
Section V
Financial companies' capital structure
Chapter 10
solvency
General rules on solvency
§ 124. Banks 'and mortgage banks' board and management should ensure that the institution has adequate capital base and has internal procedures for risk measurement and risk management to continuously assess and maintain a capital base of the size, type and distribution which is adequate to cover the Foundation risks.
PCS. 2. The capital base of banks and mortgage institutions must be at least
1) 8 per cent. of risk-weighted assets (solvency requirement) and
2) 5 million. euro (MCR), see. However paragraph. 3.
PCS. 3. For banks whose capital base December 18, 1989 was less than 5 million. euro, the minimum capital requirement capital base per. 18 December 1989. The capital base of the bank which arises in connection with a merger of two or more banks covered by the 1st clause. Shall not be less than the combined institutions' capital base at the time of the merger, if not the combined institution satisfies the minimum capital requirement under paragraph. 2, no. 2.
PCS. 4. Banks 'and mortgage banks' board and management should be based on the assessment in accordance with paragraph. 1 calculate its individual solvency requirement. The capital need to be expressed as the adequate capital base as a percentage of risk-weighted assets. The solvency need may not be less than the solvency requirement under paragraph. 2, no. 1, and the minimum capital requirement of paragraph. 2, no. 2.
PCS. 5. Financial Supervisory Authority may set a higher individual solvency requirement than the one stipulated in subsection. 2, no. 1
PCS. 6. Financial Supervisory Authority may require the bank or mortgage bank to make write-downs of assets, etc. to be used for calculating the capital base.
PCS. 7. If control of a financial institution covered by paragraph. 3, first paragraph., By a natural or legal person, the bank's capital base up to 3 months after the acquisition meet the minimum capital requirement under paragraph. 2 referred to. However paragraph. 3, 2nd sentence.
PCS. 8. For mortgage banks, the capital adequacy requirement be met both in the individual series with series reserve funds and the institution in general.
PCS. 9. FSA may lay down rules on banks 'and mortgage banks' disclosure of their calculation of the individual solvency requirement, see. Paragraph. 4 and solvency requirements set. Paragraphs. 5.
§ 125 investment companies and investment management companies board and management must ensure that the company maintains an adequate capital base and has internal procedures for risk measurement and risk management to continuously assess and maintain a capital base of the size, type and distribution which is adequate to cover the company's risks.
PCS. 2. The capital base of investment companies and investment management companies must be at least
1) 8 per cent. of risk-weighted assets (solvency requirement), see. However paragraph. 5,
2) 1 million. euro (MCR) for investment companies that wish to become a member of a regulated market, a central securities depository or clearing center, which the company participates in clearing and settlement, or want to perform one or more of those listed in Annex 4, Section A, no. 3, 6, 8 and 9, section B, no. 2, said services
3) 1 million. euro (minimum capital requirement) for investment management companies that wish to become a member of a regulated market or who wish to hold and manage in Annex 5, no. 3, mentioned instruments, including becoming a member of a central securities depository or clearing center, where the company participates in clearing and settlement, see. however paragraph. 3 and
4) 0.3 million. euro (MCR) for other investment companies and investment management companies, see. However paragraph. 3.
PCS. 3. Investment management companies must keep with the requirement of paragraph. 2, Nos. 3 and 4, include an addition to the minimum capital requirement of 0.02 per cent. of the part of the company's portfolio, see. § 141, exceeding 250 million. euro. In paragraph. 2, no. 3, these companies will in the calculation of the supplement make an allowance of 875,000 euros, and in paragraph. 2, no. 4, these companies will receive an allowance of 175,000 euros. The supplement can not exceed 10 million. euro. Investment management companies shall annually adjust the supplementary capital based on the audited financial statements. The adjustment shall be made before 1 June the following year.
PCS. 4. FSA may allow up to 50 per cent. of the supplement in accordance with paragraph. 3 can be made in the form of a guarantee from a credit institution or an insurance company. The credit institution or insurance undertaking must be domiciled in a country within the European Union, in a country with which the Community has concluded an agreement for the financial area, or in a country with which the Community has not entered into such an agreement, but have prudential rules equivalent the rules of the European Union.
PCS. 5. An investment company and an investment management company, whatever the requirements of paragraphs. 2 and 3 have a capital base corresponding to at least a quarter of the preceding year's fixed overheads. FSA may adjust that requirement in the event of a material change in the company's business since the preceding year. Where a company has not been in operation for one year, it must have a capital base corresponding to at least a quarter of the fixed costs from the operating plan for the first year of operation, unless that plan is required by the FSA.
PCS. 6. Investment companies that do not have authorization for the activities listed in Annex 4, Section A, Nos. 3 and 6, as well as investment management companies may calculate risk-weighted assets excluding risk weighted assets for operational risk as set. § 142, paragraph. 1.
PCS. 7. investment companies and investment management companies board and management should be based on the assessment in accordance with paragraph. 1 calculate the company's individual solvency requirement. The capital need to be expressed as the capital base as a percentage of risk-weighted assets. The solvency need may not be less than the solvency requirement of paragraph. 2, no. 1, minimum capital requirement of paragraph. 2, no. 2-4 and paragraph. 3 or the capital base requirement in paragraph. 5.
PCS. 8. Financial Supervisory Authority may set a higher individual solvency requirement than the one stipulated in subsection. 2, no. 1
PCS. 9. FSA may impose investment company or investment management company to make writedowns of assets etc. for use in calculating the capital base.
§ 126. insurance companies and pension board and management should ensure that the company has an adequate capital base and has internal procedures for risk measurement and risk management to continuously assess and maintain a capital base of the size, type and distribution which is adequate to cover the company's risks.
PCS. 2. The capital base of insurance companies and pension funds must be at least
1) 4 per cent. of risk-weighted assets of life insurance provisions, plus 0.3 per cent. of risk-weighted items for the risk sum for life insurance in classes I-IV and VI, where the company has an investment risk,
2) 1 per cent. of risk-weighted assets of life insurance provisions, plus 0.3 per cent. of risk-weighted items for the risk sum for life insurance business in class V and class III, where the company has an investment risk, and where the amount intended to cover the insurance contract fixed operating costs, fixed for a period of over 5 years,
3) 25 per cent. of the last financial insurance administration costs plus 0.3 per cent. of risk-weighted items for the risk sum for life insurance business in class III, where the company has an investment risk, and where the amount intended to cover the insurance contract fixed operating expenses is not fixed for a period exceeding five years,
4) 25 per cent. of the last financial insurance administration costs for personal SP accounts
5) the largest amount in non-life business of
a) 18 per cent. of risk-weighted assets for the maximum gross premiums earned premiums up to 57.5 million. euro plus 16 per cent. the amount additionally and
b) the annual average of 26 per cent. of risk-weighted items for gross claims incurred for amounts up to 40,3mio. euro and 23 per cent. the amount also in the last 3 financial years
6) 3.5 million. euros for insurance companies and pension funds, life insurance company,
7) 2.3 million. euros for insurance companies and pension funds, engaged in the insurance classes 1-9 and 16-18,
8) 3.5 million. euros for insurance companies practicing insurance classes 10-15,
9) 3.2 million. euros for insurance companies, reinsurance business, and
10) 1.1 million. euro for captives.
PCS. 3. The solvency requirement shall be the sum of the paragraph. 2, Nos. 1-5, the said amount.
PCS. 4. Minimum capital requirement shall be the greater of the amounts in paragraph. 2, no. 6-10.
PCS. 5. For mutual insurance companies covered by paragraph. 2, no. 7 or 8, the minimum capital requirement is reduced to conditions.
PCS. 6. For mutual insurance companies covered by paragraph. 2, no. 7 or 8, as complying with paragraph. 5 and 7, the minimum capital requirement was reduced to the greatest amount of
1) 0.225 million. euro for permission for classes 1-8, 16 and 18 and
2) 0.15 million. euro for permission for classes 9 and 17
PCS. 7. In order to benefit of the reduced capital requirements in paragraph. 6, a mutual insurance company in addition to the paragraph. 5 listed conditions also meet the following conditions:
1) The statutes shall provide for calling up additional contributions or reducing their benefits
2) the last financial gross premium income must not exceed 5 million. Euro
3) the Company may not be allowed in classes 10-15, and
4) at least half of the last financial gross premium income must come from life insurance policyholders who are natural persons who are members of the company.
PCS. 8. insurance companies and pension board and management should be based on the assessment in accordance with paragraph. 1 estimate its individual solvency requirement.
PCS. 9. Financial Supervisory Authority may set a higher individual solvency requirement than the one stipulated in subsection. 3.
§ 127. The capital requirement is the largest of the solvency requirement and the minimum capital requirement in §§ 124-126 to the financial business and for investment companies and investment management companies also capital base requirement in § 125 paragraph. 5.
§ 128. The capital base is the reduced core capital,. §§ 129-131, attributed the reduced additional capital referred to. § 135, and less amounts under § 139.
PCS. 2. Core capital and revaluation reserves must be net of any tax that can be foreseen at the time of its calculation or be suitably adjusted in so far tax reduces the amount by which this capital can be used to cover risks or losses .
§ 129. The core capital in banks, mortgage banks, investment companies and investment management companies consists of
1) paid-up share or guarantee share capital,
2) share premium,
3) reserves
4) retained earnings or losses,
5) The net current profit net of any tax, expected dividends and other predictable expenses if the amount is confirmed by the company's external auditors set. Paragraphs. 3,
6) restricted savings bank reserve provided. § 211
7) paid guarantee capital referred to. § 208, paragraph. 2
8) hybrid capital, see. § 132
9) series reserve funds to mortgage lenders in series, where there is no repayment obligation to the borrowers, and the part of the serial reserve funds in series with a repayment obligation, cf.. § 25 of the Act on Credit Bonds etc. that can not be paid, and
10) tied reserve credit loans.
PCS. 2. Hybrid capital in accordance with paragraph. 1, no. 8, may be up to 50 per cent. of core capital in § 131 paragraph. 1 and paragraph. 2, no. 1, 4 and 5, that deduction, see. However paragraph. 5, if the agreement on hybrid capital
1) makes it possible to convert hybrid core capital to share or guarantee share capital if the bank, mortgage bank, investment company or investment management company does not meet the solvency requirements of §§ 124 or 125, or where the FSA's initiative can be converted to share or guarantee share capital, if the FSA concludes there is obvious risk thereof, and
2) contains no terms of a rate increase, see. However paragraph. 6
PCS. 3. Hybrid capital in accordance with paragraph. 1, no. 8, which does not meet the requirement of paragraph. 2, no. 1, can not exceed 35 per cent. of core capital in § 131 paragraph. 1 and paragraph. 2, no. 1, 4 and 5, that deduction, see. However paragraph. 5, if the agreement in connection with debt financing does not contain conditions for a rate increase, see. However paragraph. 6
PCS. 4. Hybrid core capital in accordance with paragraph. 1, no. 8, can exceed 15 percent. of core capital in § 131 paragraph. 1 and paragraph. 2, no. 1, 4 and 5, that deduction, see. However paragraph. 5, if the agreement in connection with debt financing provides for a rate increase.
PCS. 5. Hybrid core covered by paragraph. 2, 3 and 4 together must not exceed 50 per cent. of core capital in § 131 paragraph. 1 and paragraph. 2, no. 1, 4 and 5, said deductions and hybrid capital under paragraph. 3 and 4 in total shall not exceed 35 per cent. of core capital in § 131 paragraph. 1 and paragraph. 2, no. 1, 4 and 5, said deductions.
PCS. 6. The provisions of paragraphs. 2 and 3, according to which agreements of debt must not contain conditions for an increase in interest rates do not include hybrid capital issued pursuant to the Law on State investments in credit institutions where agreements in the debt includes terms of interest rate increases, provided that such interest rate increases exclusively made conditional developments in dividend payouts.
PCS. 7. Financial Supervisory Authority may under exceptional circumstances allow the establishment of reference. 2-5 temporarily exceeded.
PCS. 8. Use the possibility of recognition of net operating income of core capital prescribed in. Paragraphs. 1, no. 5, the amount shall be confirmed by the external auditors. FSA may lay down detailed rules for the external auditors' work actions in connection with the confirmation.
PCS. 9. The external auditors shall audit protocol information on the work performed in accordance with paragraph. 8. In this context, there must also be reported on the bank, mortgage bank, investment company or investment management company's capital adequacy ratio before and after recognition of net current profit.
PCS. 10. A company that has made a securitization must not in paragraphs. 1, no. 3, 4 and 6, the items include net gains from the capitalization of future income from the exposures included in the operation and providing credit enhancement of the company's accounts with the securitization. By securitization purposes of this Chapter a transaction whereby the credit risk associated with an exposure or pool of exposures is divided into segments where payments associated with the transaction will depend on developments in the exposure or pool of exposures, and the segment's relative position determines the distribution of losses in the transaction runningtime.
§ 130. The core capital in insurance companies and pension funds consists of
1) equity
2) member accounts in mutual and pension funds, see. § 133
3) special bonus provisions (type B) in life insurance companies and pension funds which meet the conditions of § 134
4) the value of tax assets as it will be in a management position, see. §§ 253-258, and
5) a positive or negative difference between
a) an amount equal to the share of the basic capital of a subsidiary or associate who is a financial services company, which corresponds to the share of the share capital, and
b) the value of the stake is included in the balance sheet plus the value of subordinated loan capital, including subordinated loans from other group entities to the subsidiary or associate when equity loan included in the subsidiary's or associate's capital base in accordance with § 135, paragraph . 1 pt. 1
PCS. 2. The capital base of paragraphs. 1, no. 5, point a, calculated before deduction of directly and indirectly owned assets in accordance with § 131 paragraph. 4, no. 3, to the extent these assets are already covered by this provision of the capital base of the owning company. If the insurance subsidiary or the associated insurance in the calculation of paragraphs. 1, no. 5, even possess subsidiary insurance or associated insurance companies, determined the capital base in the paragraph. 1, no. 5, point a, before deductions for such companies' capital when capital requirement has already been deducted in accordance with § 131 paragraph. 4, no. 1
PCS. 3. The supplement under subsection. 1, no. 5, may for each subsidiary or each associate who is a financial services company, may amount to the amount of the subsidiary or associate deducted under § 131 paragraph. 4, no. 1 or 2.
PCS. 4. Guarantee capital in insurance companies and pension funds should not be reduced without the consent of the FSA. Guarantee capital may be repaid in accordance with the articles of association rules. FSA may determine that there is corresponding provision for a reason fund or another fund that is not without FSA authorization must decrease.
§ 131. The core capital is reduced by
1) proposed dividend
2) intangible assets and
3) The tax referred to. However, § 130, paragraph. 1 pt. 4
PCS. 2. For banks, mortgage banks, investment companies and investment management companies are deducted in addition to the paragraph. 1 shall deduct
1) the current deficit,
2) half of deductions according to § 139 paragraph. 1, Nos. 1-3,
3) half of deductions according to § 139 paragraph. 1, no. 4-6,
4) the cumulative change in value of hedging instruments for hedging cash flows and
5) the cumulative change in value of liabilities at fair value due to changes in own risk less any corresponding accumulated changes in value of assets at fair value as a result of the same changes in their own risk.
PCS. 3. The adjustments under paragraph. 2, no. 4 and 5 may be positive or negative.
PCS. 4. For insurance companies and pension funds deducted in addition to the paragraph. 1 shall be granted to:
1) The share of the capital in a subsidiary insurance company or an associated insurance, which corresponds to the direct or indirect share of the insurer's equity and guarantee capital.
2) The proportion of the capital requirement of a bank, mortgage bank, investment company or investment management company that is a subsidiary or an associate, corresponding to the direct or indirect share of the share capital.
3) directly and indirectly owned assets, representing a risk on a single company or group of companies that constitute a single risk: The amount by which the assets carrying amount exceeds the weighted sum of the company's capital, its insurance subsidiaries capital and capital requirement in other subsidiaries are subject to FSA supervision. The credit shall not be granted for investments in subsidiaries and assets covered by § 162 paragraph. 1, no. 1-8. The weighted sum calculated as follows:
a) If the insurance company operates direct life assurance, weighted at 75 per cent. Other insurance companies are weighted by 100 per cent.
b) Subsidiaries operating direct life assurance, weighted at 75 per cent. of the shareholding. Other subsidiaries are weighted by ownership share.
4) An amount equal to the difference between outstanding claims net of reinsurers' share of claims provisions for class 3-18 before discounting and after discounting for damages provisions are discounted to take into account future investment returns.
PCS. 5. For a financial services company that is a subsidiary or an associate who do not have their registered office in Denmark, used in paragraphs. 4, no. 1 and 2, the capital generated by home-country rules, but at least the capital requirements that would have resulted if the company or the company had its registered office in Denmark.
PCS. 6. Financial Supervisory Authority may in special circumstances and for a limited time exemptions from deduction from the core capital in accordance with paragraph. 4, no. 3
PCS. 7. Insurance companies should be in the core capital deduct direct and indirect holdings in subsidiaries financial institutions and affiliated financial institutions as defined. However, 2nd and 3rd sentences. Investments in financial institutions are financial companies and financial institutions, whose main business acquiring shares or marketable mortgages or conducting business on their own account with one or more of those mentioned in annex 5 instruments should not be deducted. Indirectly owned capital that are deducted by insurance subsidiary or an associated insurance under the 1st clause. Or deducted by a subsidiary which is a credit institution, stockbroker or investment management company or an associated credit institution, investment company or investment management company in accordance with § 139 paragraph. 1 pt. 2 or paragraph. 2, no. 1 shall not be deducted. FSA may in special cases grant exemptions from the 1st clause. that deduction.
PCS. 8. The proportion of the capital or equity investments in subsidiaries and associates shall not be deducted, see. Paragraph. 4 and 7, when the companies acquired temporarily and was acquired as part of a reconstruction.
§ 132. Hybrid core capital included in the capital base of banks, mortgage banks, investment companies and investment management companies if the following conditions are met:
1) The amount shall be paid to the bank, mortgage bank, investment company or investment management company.
2) The debt may not mature at a prearranged time.
3) The debt may only fall due if the bank, mortgage bank, investment company or investment management company goes into liquidation or declared bankrupt.
4) The debt must be repaid only in the bank, mortgage bank, investment company or investment management company initiative with FSA authorization and earlier than 5 years after the payment, see. However paragraph. 4 and 5.
5) the lender's claims against the bank, mortgage bank, investment company or investment management company must be subordinate to all other non-subordinated debt as well as in § 136 said capital.
6) the lender's claims against the bank, mortgage bank, investment company or investment management company should not be covered by a guarantee by the bank, mortgage bank, investment company or investment management company or in § 181 paragraph. 1, said companies or otherwise be guaranteed a priority over the bank, mortgage bank, investment company or investment management company's other creditors.
7) Interest on debt lapses if the bank, mortgage bank, investment company or investment management company does not have distributable reserves compared to the latest annual report.
8) Interest shall not be modified on the basis of the creditor's assessment of the bank, mortgage bank, investment company or investment management company.
9) Payments of interest may be postponed or replaced by paid up share or guarantee share capital if the capital base at maturity does not exceed the capital requirement.
10) Not Paid interest is deferred under no. 9, may only become payable if the capital requirement is met again.
11) The company's supreme authority should be able to write down the hybrid core capital and unpaid interest, if equity is lost and share or guarantee share capital is written down to zero or if the equity in series reserve funds in the mortgage bank is lost.
12) Agreements in the debt must not provide for an increase in interest rates, see. However paragraph. 5, more than the higher of:
a) 100 basis points less the swap spread, cf.. paragraphs. 2, and
b) 50 per cent. credit spreads, see. paragraph. 3, less the swap spread.
13) Agreements in the debt may only provide for one increase in interest rates, see. However paragraph. 5. Higher interest rates may not earlier occur 10 years after issuance.
PCS. 2. The swap spread in the paragraph. 1, no. 12, point a, determined on the date of issue as the difference between the raising of interest rate basis and the issue's initial rate basis.
PCS. 3. The credit spread in the paragraph. 1, no. 12, point b, determined on the date of issue as the difference between the issue's original rate and the original rate basis.
PCS. 4. Notwithstanding paragraph. 1, no. 4, the hybrid capital issued pursuant to the Law on State investments in credit institutions and in accordance with agreements in the debt can be repaid with FSA authorization no earlier than three years after the payment, included in core capital if the debt is replaced of paid-up capital of at least the same quality, or if the core capital after redemption constitutes at least 12 per cent.
PCS. 5. Paragraphs. 1 pt. 12 and 13, do not include hybrid capital issued pursuant to the Law on State investments in credit institutions where agreements in the debt includes terms of interest rate increases, provided that such interest rate increases exclusively made conditional on progress in dividend payouts.
PCS. 6. Includes agreements in connection with debt financing provisions for a rate increase under PCS. 1 pt. 12 and 13, should the debt be repaid only at the bank, mortgage bank, investment company or investment management company initiative with FSA authorization and earlier than 10 years after the deposit, subject to FSA under special circumstances can allow repayment earlier than 5 years after issuance.
PCS. 7. Acquisition of own hybrid core capital for ownership of more than 2 per cent. of the issued capital must be approved by the Financial Supervisory Authority in accordance with paragraph. 1 pt. 4. The holding of own hybrid core capital and own hybrid core capital that serves as collateral for loans or guarantees granted by the bank, mortgage bank, investment company or investment management company, can not be included when calculating the capital base.
PCS. 8. Impairment under subsection. 1, no. 11, can only happen if the bank, mortgage bank, investment company or investment management company subsequently injected new capital, so that the capital requirement is fulfilled or terminated without losses to the non-subordinated creditors. The hybrid core capital and unpaid interest may be written down by an amount that has been approved by the external auditors and the FSA.
PCS. 9. Financial Supervisory Authority may in special cases grant exemptions from the limit in paragraph. 1, no. 12, paragraph a.
§ 133. Member Accounts can be included in accordance with § 130 paragraph. 1 pt. 2, if the following conditions are met by the statutes:
1) In the event of liquidation or bankruptcy may amount could not be repaid until all other debts are paid.
2) In other cases the amount could only be repaid if the capital base is not thereby reduced to an amount that is lower than the capital requirement.
3) Repayment caused by anything other than termination of membership, must be possible only when the FSA later than 1 month prior is informed. The reimbursement may be refused by the FSA.
4) Change in the Articles of member accounts must be approved by the FSA.
§ 134. For special bonus provisions (type B) in accordance with § 130 paragraph. 1, no. 3, which is part of the technical provisions shall apply:
1) They are for all or part of the company's insurance made up of funds from insurance 'share of the realized results, see. § 20 paragraph. 1 pt. 3
2) They are linked to the schemes individually or collectively in such a way that the individual insurance share related yields, see. No. 5, at any time can be calculated.
3) They are not included in amount as part of the portfolio of contracts by calculating the proportion of the realized result, see. § 20 paragraph. 1, no. 3, to be supplied to the stock.
4) Transfer to the individual insurance policies of the insurance related shares must be made no later while paying benefits under the insurance.
5) The assigned continuously same proportionate returns as the return equity is before tax, whether this return is negative or positive.
6) The individual and the proportionate collective holding, as defined. No. 2, can be included in the termination of the insurance and must be allocated in full for the calculation of surrender values, and by transfers from one company to another when changing jobs, see. § 20 paragraph. 1, no. 7. The share should be in proportion to the percentage which the insured has contributed to the building. Special bonus provisions can only be included if the core elements of the company constituting the paid-up share capital or initial fund, excess premium, other reserves not corresponding to underwriting liabilities, retained earnings or losses, member accounts, special bonus provisions of type B and the year's ongoing performance aggregating more than one third of the solvency requirement or together represent an amount greater than the minimum capital requirement.
7) The company must comply with the disclosure obligation on companies whose securities are admitted to trading on a regulated market in § 27 paragraph. 1 of the Act on Securities Trading Act
§ 135. The additional capital consists of
1) subordinated loan capital referred. § 136
2) revaluation reserves for banks, mortgage banks, investment companies and investment management companies,
3) hybrid capital, see. § 132 that are not included in core capital,
4) a positive amount, obtained by from the accounting value adjustments and provisions for assets and liabilities of the banking book other than investments, assets related to securitization securitisationpositioner and tangible assets without counterparties deducted from the calculation of expected losses on the assets in question and obligations. see § 143, paragraph. 1 pt. 7
5) the part of serial reserve funds in mortgage banks in series with a repayment obligation that corresponds to the requirement in § 124 paragraph. 8
6) not paid guarantee capital for DLR Kredit A / S,
7) allowance for possible additional premium in mutual life insurance companies, see. § 137, and
8) special bonus provisions (type A) in life insurance companies and pension funds which meet the conditions of § 138.
PCS. 2. Supplementary capital after paragraph. 1, no. 4, included only for assets and liabilities where the risk-weighted assets outside the trading portfolio calculated using an internal model, see. § 143 paragraph. 3, and must not exceed 0.6 per cent. of risk-weighted assets for assets and liabilities, which are subject to the internal method.
PCS. 3. The additional capital must for banks, mortgage banks, investment companies and investment management companies not included at more than 100 per cent. of core capital after deductions pursuant to § 131 paragraph. 1 and paragraph. 2, no. 1, 4 and 5.
PCS. 4. For insurance companies and pension funds, ancillary own funds included by an amount equal to the lesser of
1) 100 per cent. of core capital after deductions
2) half of the capital requirement.
PCS. 5. The equity loan with a fixed maturity in insurance companies and pension funds can not exceed an amount equal to the lesser of
1) one-third of the core capital after deductions
2) a quarter of the capital requirement.
§ 136. Subordinated debt included in the capital base if the following conditions are met:
1) Lender's claims must be subordinate to all other unsubordinated debt.
2) The amount to be paid.
3) Repayment before maturity may not happen on the lender's initiative or without FSA authorization.
4) The amount may only fall due before the agreed maturity date, if the financial company into liquidation or declared bankrupt.
5) The company's supreme authority should be able to write down the subordinated loan capital and unpaid interest, if equity is lost and share or guarantee share capital is written down to zero or if the equity in series reserve funds in mortgage is lost.
6) Payment of interest may be postponed if the base capital at maturity does not exceed the capital requirement.
7) Not Paid interest is deferred under no. 6, may only become payable if the capital requirement is met again or the due date falls.
8) For insurance companies and pension funds applies that
a) the original maturity of at least 5 years and
b) changes in the loan agreement must be approved by the FSA.
PCS. 2. Authorisation under paragraph. 1, no. 3, are subject to capital base following the repayment is less than the capital requirement.
PCS. 3. Impairment under subsection. 1, no. 5, can only happen if the financial undertaking is subsequently injected new capital, so that the capital requirement is fulfilled or terminated without any loss to subordinated creditors. The equity loan and unpaid interest may be written down by an amount that has been approved by the external auditors and the FSA.
PCS. 4. The subordinated loan capital is reduced by
1) 25 per cent. of the issued capital, when there is less than 3 years and more than or two years to decay
2) 50 per cent. of the issued capital, when there is less than 2 years and more than or 1 year to maturity,
3) 75 per cent. of the issued capital, when there is less than one year to maturity,
4) holding of own subordinate loan capital and private equity loans that are pledged as security for loans or guarantees, reduced by Nos. 1-3.
PCS. 5. Rising interest rates on subordinated loans not take place until three years after issuance. If agreed upon one or more increases in interest rates, considered the subordinated loan to become due at the time of the interest rate increase if the sum of interest rate increases in excess of 150 basis points, less the swap spread, cf.. § 132 paragraph. 2.
PCS. 6. FSA must approve the acquisition of own equity loan of more than 2 per cent. of the issued capital.
PCS. 7. Financial Supervisory Authority may in special cases grant exemptions from the limit in paragraph. 5, 2nd sentence.
§ 137. The Danish FSA may, upon application, to supplement for possible additional premium in mutual life insurance companies may be counted in accordance with § 135 paragraph. 1 pt. 7, if the premium is variable according to the insurance contract so that the premium may be increased taking into account the insurance portfolio's risk process, and if the additional premium could be charged the policyholder during the year.
PCS. 2. Amounts paragraph. 1 The earliest conclude from end the year in which the additional premium may be charged.
PCS. 3. Amounts paragraph. 1, is charged policyholder may not be counted in accordance with § 135 paragraph. 1 pt. 7
§ 138. For special bonus provisions (type A) in accordance with § 135 paragraph. 1, no. 8, which is part of the technical provisions shall apply:
1) They are for all or part of the company's insurance made up of funds from insurance 'share of the realized results, see. § 20 paragraph. 1 pt. 3
2) They are linked to the schemes individually or collectively in such a way that the individual insurance share related yields, see. No. 5, at any time can be calculated.
3) They are not included in amount as part of the portfolio of contracts by calculating the proportion of the realized result, see. § 20 paragraph. 1, no. 3, to be supplied to the stock.
4) Transfer to the individual insurance policies of the insurance related shares must be made no later while paying benefits under the insurance.
5) The assigned continuously a return based on an interest rate that the company is fixed in order that the return must match what equity loan could obtain on market terms.
6) They can be used to cover all the company's losses and any non-subordinated claims against the company when the equity is lost.
7) The individual and the proportionate collective holding, as defined. No. 2, can be included in the termination of the insurance and must be allocated in full for the calculation of surrender values, and by transfers from one company to another when changing jobs, see. § 20 paragraph. 1, no. 7. The share should be in proportion to the percentage which the insured has contributed to the building. Special bonus provisions can only be included if the core elements of the company constituting the paid-up share capital or initial fund, excess premium, other reserves not corresponding to underwriting liabilities, retained earnings or losses, member accounts, special bonus provisions of type B and the year's ongoing performance aggregating more than one third of the solvency requirement or together represent an amount greater than the minimum capital requirement.
8) The company must comply with the disclosure obligation on companies whose securities are admitted to trading on a regulated market in accordance with § 27 paragraph. 1 of the Act on Securities Trading Act
§ 139. In the statement of the capital base of banks, mortgage banks, investment companies and investment management companies deducted half of the following amounts:
1) The share of the capital in a subsidiary insurance company or an associated insurance, which corresponds to the direct or indirect share of the insurer's equity and guarantee capital. Have the insurance company not registered offices in Denmark, used in calculating the capital requirements generated by home-country rules, but at least the capital requirements that would have resulted if the insurance company had its registered office in Denmark. The deduction under the 1st clause. reduced by an amount equal to the difference between
a) an amount equal to the share of a subsidiary insurance company or an associated insurance company's capital base, which corresponds to the share of the share capital, and
b) the value of the stake is included in the balance sheet plus the value of subordinated loan capital, including subordinated loans from other group companies to subsidiaries insurance company or associate insurance when equity loan included in subsidiaries insurer or associate insurance company's capital base in accordance with § 135, paragraph . 1 pt. 1
2) Investments in other credit and financial institutions amounting to more than 10 per cent. of their share or guarantee share capital not covered by paragraph. 2, no. 1, see. However paragraph. 7 and 8. In addition deducted from the bank, mortgage bank, investment company and investment management company's subordinated debt in those institutions.
3) The amount corresponds to the sum of equity and subordinated debt in other credit and financial institutions that are not covered by no. 2 or paragraph. 2, no. 1, which exceeds 10 per cent. of basic capital prescribed. § 128 paragraph. 1, without the no. 1 and 2 and § 131 paragraph. 2, no. 2-5, that deduction, see. However paragraph. 7 and 8.
4) A negative amount, obtained by from the accounting value adjustments and provisions for assets and liabilities of the banking book other than investments, assets related to securitization securitisationpositioner and tangible assets without counterparties deducted from the calculation of expected losses on the assets and obligations. See § 143, paragraph. 1 pt. 7
5) An amount equal to the expected loss on investments outside the trading portfolio when calculating risk-weighted assets for investments outside the trading portfolio are calculated based on simple risk weights or for the more advanced approach based on the calculation of risk parameters (PD / LGD method), see. § 143 paragraph. 1 pt. 7
6) The amount corresponding to the value of the transferred payments, securities, currencies and commodities in case of transactions with delivery risk and allowance for any positive value of the contract until the counterparty's delivery or payment has not taken place five days after maturity.
PCS. 2. In addition to in paragraph. 1 mentioned deduction, deductible follows:
1) Direct and indirect holdings in subsidiaries and associates, which are credit institutions, investment companies, investment management companies and financial institutions as defined. However, the second section. and paragraphs. 7 and 8. Investments in financial institutions, whose principal activity is to acquire securities or negotiable mortgages or conducting business on their own account with one or more of those mentioned in annex 5 instruments should not be deducted. Indirectly held shares, which is the deduction of a subsidiary insurance company, credit institution, investment company or investment management company or an associated insurance, credit institution, investment company or investment management company in accordance with paragraph. 1 pt. 2, or § 131 paragraph. 4, no. 2, and indirect holdings, which are deducted or exempted by a subsidiary insurance company or an associated insurance company in accordance with § 131 paragraph. 7, should not be deducted.
2) The amount corresponds to the sum of the shares in another company or companies in the same group, and mortgaged shares in another company that is not covered by no. 1 and paragraphs. 1, Nos. 1-3, which exceeds 15 per cent. of the capital base after deductions under nos. 1 and paragraphs. 1, see. However paragraph. 8 and 9, and without charge pursuant to § 135 paragraph. 1 pt. 4 and deduction under paragraph. 1 pt. 4 and 5.
3) The amount corresponds to the sum of qualifying holdings in other companies that are not covered by no. 1 and 2 and paragraph. 1, Nos. 1-3, which exceed 60 per cent. of the capital base after deductions under nos. 1 and paragraphs. 1, see. However paragraph. 8 and 9, and without charge pursuant to § 135 paragraph. 1 pt. 4 and deduction under paragraph. 1 pt. 4 and 5.
PCS. 3. The reduction in the deduction in paragraph. 1 pt. 1 may not exceed the deductions made in accordance with paragraph. 1 pt. 1, point 1.
PCS. 4. The amount referred to in paragraph. 1 pt. 1, point a, calculated before deduction of directly and indirectly owned assets in accordance with § 131 paragraph. 4, no. 3, to the extent these assets are already covered by this provision of the capital base of the owning company. If the insurance subsidiary or the associated insurance in the calculation of paragraphs. 1 pt. 1, points a and b, even possess subsidiary insurance or affiliated insurance companies, determined the capital base of § 130 paragraph. 1, no. 5, point a, before deductions for such companies' capital when capital requirement has already been deducted in accordance with § 131 paragraph. 4, no. 1. The amount in paragraph. 1 pt. 1, point a, are stated before deduction according to § 131 paragraph. 4, no. 2, if the undertakings included in the consolidation pursuant to Chapter 12
PCS. 5. in paragraph. 1 pt. 4 and 5, that amount included only for assets and liabilities where the risk-weighted assets outside the trading portfolio calculated using an internal model, see. § 143 paragraph. 3.
PCS. 6. If the deductions under subsection. 1 is greater than the additional capital, deducted the excess part of the core capital.
PCS. 7. Investments in credit and financial institutions should not be deducted from the capital base when the acquisition of the shares temporarily and was acquired as part of a reconstruction. The proportion of the capital in a subsidiary insurance company or an associated insurance company, see. Paragraph. 1 pt. 1, must also not be deducted if the company is acquired temporarily and was acquired as part of a reconstruction.
PCS. 8. Investments in credit and financial institutions, which together with the bank, mortgage bank, investment company or investment management company is subject to consolidation, see. Chapter 12 shall not be deducted from the capital base. This also applies for subordinated debt in the credit and financial institutions subject to consolidation.
PCS. 9. The calculation of the amounts in paragraph. 2 pt. 2 and 3, also includes Share Purchase and sale of shares transactions etc.
§ 140. In mortgage banks to the capital base requirement in series with repayment obligations opened before 1 January 1973 complied with in § 135 paragraph. 1, no. 5, said capital.
PCS. 2. In the series back later opened before 1 January 1973, in § 129, paragraph. 1, no. 9, said capital not held to cover the requirement for the series's capital base will be counted as core capital by the compliance to the capital base of the mortgage bank in general.
§ 141. The investment management company's portfolio, see. § 125, paragraph. 3, included the assets in the funds, the investment management company is authorized to manage.
PCS. 2. Portfolios, the investment management company has been awarded the management under the rules on delegation should not be included in the company's portfolio, see. § 125, paragraph. 3.
§ 142. For risk-weighted assets for banks, mortgage banks, investment companies and investment management companies means a measure of the total risk of losses associated with its activities. This objective is obtained by applying risk weights for the calculation of assets with credit risk, equity risk, interest rate risk, currency risk, commodity risk, operational risk and risk of tangible assets, etc.
PCS. 2. The risk-weighted assets for insurance companies and pension funds mean items which are adjusted for insurance type, maturity, peculiarities of reinsurance, average premium basis, administrative expenses and compensation expenses and other items in risk assets.
§ 143. Financial Supervisory Authority shall determine
1) calculation of risk-weighted assets,
2) statements in accordance with § 124 paragraph. 1 and 4, § 125, paragraph. 1 and 7, and § 126 paragraph. 1 and 8
3) reporting of risk-weighted assets, capital requirements, solvency requirements and capital base
4) statement of Share Purchase and sale of shares transactions etc.,
5) calculation of the company's fixed costs, see. § 125, paragraph. 5,
6) conditions for the reduction of the minimum capital requirement, see. § 126 paragraph. 5,
7) determining the difference between expected losses and accounting value adjustments and provisions referred to. § 135, paragraph. 1 pt. 4 and § 139 paragraph. 1, no. 4, and the expected losses in accordance with § 139 paragraph. 1 pt. 5 and
8) information obligations regarding capital structure.
PCS. 2. FSA may lay down specific rules for banks, mortgage banks, investment companies and investment management companies' obligation to provide information to customers about their rating.
PCS. 3. For banks, mortgage banks, investment companies and investment management companies can risk-weighted assets, see. Paragraph. 1, no. 1, also calculated using internal methods for calculation of risk-weighted assets. The use of internal methods require authorization by the FSA. FSA shall lay down regulations for permission to use internal methods.
Special rules on compulsory redemption for banks
§ 144. In a financial institution that does not meet the solvency requirement in § 124 paragraph. 2, no. 1, and paragraphs. 5, and the FSA has set a deadline according to § 225 paragraph. 1 and 3, the Board at the request of a shareholder who owns 70 per cent. or more of shares in the bank, decide by simple majority whether to redeem the remaining shareholders in the bank. The same applies to cases where the request is made by a shareholder who, after a capital injection is part of a restructuring plan, will own 70 percent. or more of shares in the bank, although the bank as a result of the capital injection again meet the solvency requirement in § 124 paragraph. 2, no. 1, and paragraphs. 5. Board of redemption of shares must be approved by the FSA. Redemption of shares shall be made within 30 days of the request by the first section.
PCS. 2. The Board shall also invite shareholders to an informational meeting concerning redemption. This meeting shall be held within eight days of the decision and the necessary costs being met by the State under whose request the redemption occurs.
PCS. 3. 10) The minority shareholders who are subject to a decision on the redemption of shares. See paragraph. 1, the writing is requested within 3 days after receiving a request to transfer their shares to the shareholder referred to in paragraph. 1. The request shall contain information on the conditions of redemption and the assessment criteria for redemption. The value of the bank's shares is determined by shares on the auditor selected by the bank's general meeting.
PCS. 4th The purchase price shall be paid or deposited no later than 3 days after the redemption is made applicable to shareholders. This also applies to the purchase price of shares convened in accordance with the Official Gazette, in accordance. Public Companies Act.
PCS. 5. The redemption and transfer of shares shall be deemed final at the time of the purchase price payment or deposit, see. Paragraph. 4. In case of disagreement on pricing of the shares is determined that subsequent to one of the parties request of two of the Institute of Chartered Accountants appointed auditors. The decision can be appealed to the court within two weeks after receipt of the auditors' decision.
Chapter 11
Funds and liquidity
Rules for banks and mortgage credit institutions and investment companies and investment management companies of funds and liquidity
§ 145. An engagement, see. § 5, paragraph. 1, no. 16, with a customer or group of related customers, after deduction of particularly secure claims, exceed 25 per cent. of basic capital prescribed. § 128. The capital base is calculated without charge pursuant to § 135 paragraph. 1 pt. 4 and deductions under § 139 paragraph. 1 pt. 4 and 5.
PCS. 2. The sum of exposures after deduction of particularly secure claims constitute 10 per cent. or more of the capital base must not exceed 800 per cent. of the capital base.
PCS. 3. Exposures, which accounts for 10 per cent. or more of the capital base must be reported to the FSA each quarter.
PCS. 4. Where exposures to the limits laid down in paragraph. 1 or 2, the Danish FSA shall be notified immediately. FSA may in special circumstances allow the limit in paragraph. 1 temporarily exceeded.
PCS. 5. in paragraph. 1 and 2, the limits do not apply to exposures to companies that are fully included in the consolidation.
PCS. 6. Amounts deducted from the capital base according to § 139 paragraph. 1 pt. 1 are not included in exposures to subsidiaries or affiliates that carry out insurance.
PCS. 7. Amounts deducted from the capital base according to § 139 paragraph. 1 pt. 2 and paragraph. 2, no. 1 and 2 are not included in the exposure with the issuer of the shares.
§ 146. Banks', mortgage banks, investment companies and investment management companies investments in other companies may not exceed 100 per cent. of the capital base. Investments acquired for pool funds are not included in the calculation under the 1st clause.
PCS. 2. Share Purchase and sale of shares transactions to be included in the calculation of the limit under paragraph. 1.
PCS. 3. Investments to be deducted from the capital base and equity investments in companies that are fully included in the consolidation, are not counted in the limit under paragraph. 1.
PCS. 4. Financial Supervisory Authority may grant exemptions from the limit in paragraph. 1.
§ 147. Banks, mortgage companies, investment companies and investment management companies may not own property or to have investments in real estate for more than 20 per cent. of the capital base. For banks and mortgage banks' real estate included loans and guarantees to subsidiaries that are real estate companies. Properties which are a bank, a mortgage, an investment company or an investment management company has acquired from doing business or ancillary activity is not covered by the provision.
PCS. 2. FSA may allow exemptions to paragraph. 1, point 1.
§ 148. Financial Supervisory Authority shall determine
1) determining an exposure
2) measure of exposure to counterparties which are made partial or full guarantees,
3) reporting exposures exceeding 10 per cent. of the capital base
4) reduction in exposure of particularly secure claims and
5) inventory, reporting and limits for total currency and other market risks.
Special rules for banks on funds and liquidity
§ 149. A bank may not have residual risks in leases, see. Paragraph. 2, the value along with real estate and equity investments covered by § 147 represents more than 25 per cent. of the capital base.
PCS. 2. The residual risk of a lease agreement is the difference between the purchase price of the leased asset and the present value of the lessee's obligation to the bank after the lease agreement.
PCS. 3. If a third party is liable for a portion of the residual risk that part can be deducted in the calculation of residual risk. Third party liability subject to their commitment under § 145.
PCS. 4. Financial Supervisory Authority may grant exemptions from. 1.
§ 150. Loans to subscribe for shares, cooperative or guarantee capital in a financial institution other than 5 per cent. of the total share, cooperative or guarantee capital can only be given if secured for the excess amount. Safety must at least be of the same nature as particularly secure claims.
§ 151. A savings bank may not acquire or receive as collateral own guarantee certificates.
PCS. 2. A cooperative may not acquire or receive as collateral own share certificates.
§ 152. A bank must have a sound liquidity,. Paragraphs. 2. Liquidity must be at least
1) 15 percent. of the liabilities, irrespective of possible disbursement conditions, the bank must pay on demand or at shorter notice than a month, and
2) 10 per cent. of the bank's total debt and guarantee commitments less subordinated debt that may be included in the calculation of the capital base.
PCS. 2. Liquidity following included:
1) Cash.
2) Fully secure and liquid demand deposits with credit institutions and insurance companies.
3) The portfolio of secure, easily unpledged securities and credit instruments.
PCS. 3. Where the requirements of paragraph. 1 not satisfied and the ratio is not corrected within eight days after the bank does not meet the requirements, the bank must immediately report this to the FSA. FSA set a deadline for compliance.
§ 152 a. Banks which have been authorized to issue covered bonds shall establish and maintain a group of assets to be kept separate from the bank's other assets. The assets' total value at all times at least equal the value of the issued covered bonds and the collateral for each loan shall at all times comply with the LTV limits thereof.
PCS. 2. If the value of the assets referred to in paragraph. 1 no longer less than the value of the issued covered bonds or do not comply with the lending limits applicable at the time the loan is granted, the bank must immediately provide supplementary collateral to satisfy the claim and notify the FSA thereof. The obligation to provide supplementary security and the costs may be for loans provided in Denmark does not impose on borrowers whose falling property values ​​has triggered the requirement for the additional collateral.
PCS. 3. If the bank does not provide additional security by paragraph. 2, lose all bonds issued in the register provided. § 152g paragraph. 1, the designation covered bonds. If the bonds again next meet the requirements for covered bonds, the Danish FSA may allow the bonds to be given the designation covered bonds.
PCS. 4. The securities provided under paragraph. 2 can not be reversed under § 70 or § 72 of the Bankruptcy Act. Annulment may be effected by the aforementioned provisions, the collateral concrete not appeared as ordinary.
§ 152 b. Banks which have been authorized to issue covered bonds may borrow for use to meet the requirements to provide additional security.
PCS. 2. It shall be indicated in the loan agreement, which register provided. § 152g paragraph. 1, loan funds are recorded in accordance with paragraph. 1 to be used as additional security.
PCS. 3. Loans raised by paragraph. 1 to be placed in the asset types listed in § 152 c. The assets must be from the time the loan must be placed in a separate account, a separate custody account or otherwise be labeled as originating from the loan.
§ 152C. The following asset types can be used as collateral for covered bonds:
1) Loans secured by registered mortgages, see. § 152 d. With the loan secured by a mortgage on real estate equated loans where the mortgage is notified for registration, they are covered by the necessary security for the mortgage final registration and the Institute without delay provides clear registered mortgage, cf.. 1 section.
2) Loans secured by mortgages on ships registered in the Danish Shipping Register, the Danish International Register or another internationally recognized register of ships which offer equivalent security under. § 152f, as well as construction loans for financing of newbuilding or conversion of ships granted without ship mortgage.
3) Bonds or debt instruments issued or guaranteed by central governments, central banks, public sector entities and regional or local authorities in a country within the European Union or a country with which the Community has concluded an agreement for the financial area.
4) Bonds or debt instruments issued or guaranteed by central governments, central banks, public sector entities, regional or local authorities in a country outside the European Union, the Community has not concluded an agreement for the financial area, multilateral development banks, international organizations, if the issuers' non-subordinated and unsecured debt weighting of 0 percent. the calculation of risk-weighted assets, see. Annex VI of the Directive on the taking up and pursuit of the business of credit institutions.
5) Bonds or debt instruments issued by entities mentioned in Nos. 3 and 4, where the issuer's unsubordinated and unsecured debt weighting of 20 per cent. the calculation of risk-weighted assets, see. Annex VI of the Directive on the taking up and pursuit of the business of credit institutions. It is a condition that the value that these assets are included with, does not exceed 20 per cent. of the nominal value of the issuer's outstanding covered bonds.
6) Bonds or debt instruments issued by credit institutions if those credit institutions not subordinated debt and unsecured debt weighting of 20 per cent. the calculation of risk-weighted assets, see. Annex VI of the Directive on the taking up and pursuit of the business of credit institutions. Bonds or debt instruments issued by a credit institution in a country within the European Union or a country with which the Community has concluded an agreement for the financial area which have an original maturity of 100 days or less may be eligible if the credit institution's non-subordinated and unsecured debt weighted with a maximum of 50 per cent. the calculation of risk-weighted assets, see. Annex VI of the Directive on the taking up and pursuit of the business of credit institutions. The value that the assets mentioned in the 1st and 2nd clauses. included, must not exceed 15 per cent. of the nominal value of the issuer's outstanding covered bonds. The limit of 15 per cent. applies to the total exposure to credit institutions under this number and no. 7. Claims arising in connection with mortgage payments and redemptions of loans secured by real estate, is not included in the limit of 15 per cent.
7) Other non-subordinate claims against and guarantees issued by credit institutions referred to in no. 6. It is a condition that the value of these receivables and guarantees included with not more than 15 per cent. of the nominal value of the issuer's outstanding covered bonds. The limit of 15 per cent. applies to the total exposure to credit institutions under Nos. 6 and this number. Receivables arising from payments on and redemptions of loans secured by real estate are not included in the 15 per cent limit.
PCS. 2. A covered bond shall be issued with security in both real estate and ships.
PCS. 3. FSA may allow the use of other assets as collateral for the issuance of covered bonds than those referred to in paragraph. 1, and may impose other limits on how large a part of the security for the bond issue the asset types may be, if such authorization is in accordance with the Directive on the taking up and pursuit of the business of credit institutions.
§ 152 d. For loans secured by registered mortgages and granted on the basis of the issuance of covered bonds subject to the terms and repayment profiles and borrowing limits set out in §§ 3-5 of the Act on Credit Bonds etc., see. however paragraph. 2-4.
PCS. 2. The lending limit for the properties listed in § 5, paragraph. 1 pt. 7 of the Act on Credit Bonds etc. does not apply to loans secured by registered mortgages on the basis of the issuance of covered bonds. Lending limit for these properties 60 percent. of property value. The LTV of 60 per cent. may be increased to 70 per cent., if supplementary security of at least 10 per cent. for the portion of the loan that exceeds 60 per cent. of property value.
PCS. 3. For loans secured by registered mortgages and granted on the basis of the issuance of covered bonds for properties covered by § 5, paragraph. 1 of the Act on Credit Bonds etc. apply §§ 3 and 4 of the Act on Credit Bonds etc. fail if the LTV does not exceed 75 pct.11)
PCS. 4. For loans secured by registered mortgages and granted on the basis of the issuance of covered bonds to commercial properties covered by § 5, paragraph. 3, nos. 2-4 of the Act on Credit Bonds etc. applies to LTV of 60 per cent. may be increased to 70 per cent., if supplementary security of at least 10 per cent. for the portion of the loan that exceeds 60 per cent. of property value. For loans to property covered by § 5, paragraph. 2 of the Act on mortgage and Mortgage LTV may be 70 per cent. only be utilized if additional collateral of at least 10 per cent. for the portion of the loan that exceeds 60 per cent. of property value.
PCS. 5. Accessories covered by § 38 of the Land Registration Act may be included in the valuation of the property.
PCS. 6. Decorations hospitalized for a commercial property for the purposes of their operation can be included in the valuation. For agricultural properties the crew who belong to the property, to the extent that the crew is part of the continuous production, also included in the valuation. By mortgaging of agricultural property, the value of the crew involved in the continuous production, a maximum quantity of 30 per cent. the value of land and buildings.
§ 152 e. Loans secured by real estate services based on the issuance of covered bonds must be secured by a separate mortgage and may not be granted against collateral in the form of mortgage deeds and letters of indemnity, see. However paragraph. 2 and 3. It must appear from the mortgage, it can be provided as security for a loan financed by issuing covered bonds.
PCS. 2. Mortgages in real estate, which has been registered before 1 July 2007 may be provided as security for loans financed by issuing covered bonds.
PCS. 3. Financial Supervisory Authority may grant exemptions from. 1 by loans to real estate located outside Denmark, the Faroe Islands and Greenland.
§ 152 f. For loans secured by mortgages on ships, the bank can make loans within 70 per cent. of the value which the ship for use for collateral are set. The maturity of the loans can not exceed 15 years on the loan disbursement date. For construction loans to maturity more than 4 years from the date of first payment. The term of a loan must take into account the ship's average life span and the concrete ship's age and condition, etc.
§ 152 g. The banks must be kept of assets covered by §§ 152 a and 152 b as well as financial instruments complying with paragraph. 2. A bank may keep one or more registers. A register must not contain assets that have security in both real estate and ships.
PCS. 2. Financial instruments are included in a register of assets if they are used to hedge risks between assets in the register on the one hand and the issued covered bonds on the other side, where the Agreement on the financial instrument are determined that the bank's insolvency or failure to comply with the obligation to provide additional collateral in accordance with § 152 a paragraph. 2, no event of default.
PCS. 3. assets, including financial instruments, in a register serves to satisfy the claims of the holders of the covered bonds and counterparties, for which the financial instruments are entered, and then to the satisfaction of loans taken by § 152 b paragraph. 1.
PCS. 4. The bank shall report to the FSA, which assets etc. included in the register. FSA or the Financial Supervisory Authority shall check the presence of these assets.
§ 152 h. FSA shall lay down regulations
1) the valuation of the issued covered bonds and the current calculation of asset values ​​relative to the covered bonds,
2) the valuation of the assets serving as collateral for the issuance of covered bonds. See § 152c paragraph. 1
3) the conditions under which the grant loans for new or conversion of ships, see. § 152c paragraph. 1 pt. 2
4) device registration and verification of the presence of the assets of records in accordance. § 152g,
5) banks grant loans financed by issuing covered bonds secured on real property in cases where there is no clear registered mortgage, as well as the extent to which the lodging alternative security and safety is provided in the form of a guarantee from a bank to what extent this should not be included in the 15-percent ceiling set. § 152c paragraph. 1 pt. 6 and 7, and
6) reduction of risks associated with the issuance of covered bonds, including interest rate risk, currency risk and option risk.
Special rules for mortgage lenders for funds and liquidity
§ 153. A mortgage must at least have funds in the following assets corresponding to 60 per cent. the requirement for MCI's capital base with the addition of funds in series with a repayment obligation that is not included in the capital base:
1) Deposits from central banks in Zone A.
2) Bonds and debt instruments issued or guaranteed by governments or regional authorities in zone A.
3) mortgage bonds 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 for the financial area which offer equivalent safety.
4) Bonds admitted to trading on a regulated market issued by international organizations with a membership of at least one Member State of the European Union.
PCS. 2. Financial Supervisory Authority may in special cases permit that the limit referred to in paragraph. 1 waived if the mortgage bank is affiliated with another mortgage.
§ 154. Means in series should not be inserted as hybrid core capital and subordinated loan capital in other series or mortgage institution in general.
PCS. 2. Funds in mortgage institution in general should not be inserted in series such as hybrid capital or equity loan unless at least hybrid capital and subordinated loan capital for an equivalent amount in mortgage institution in general.
§ 155. (Repealed)
Special rules for investment companies and investment management companies of funds and liquidity
§ 156. Liquidity, see. § 152 paragraph. 2, in investment companies and investment management companies must be sound.
PCS. 2. Financial Supervisory Authority may require an increase in liquidity, if this is not deemed to be sound.
PCS. 3. FSA set a deadline for compliance with the requirement of paragraph. 2.
§ 157. Investment companies that do not have permission to execute trades for their own account, see. Annex 4, part A, no. 3, and investment management companies may place the company's capital base in stocks and bonds, which are admitted to trading on a regulated market, and in units of investment funds, special funds, restricted associations and professional associations apart from business associations, see. § 109 of the Act on investment funds and special funds and other collective investment schemes, etc.
Special rules for insurance companies and pension funds and liquidity
§ 158. The funds, insurance company or a pension fund has to be invested in an appropriate and for the insured suitable way, so that there is adequate security for the company at any time to meet its obligations.
§ 159. Insurance companies and pension funds must have a group of assets whose total value at any time at least equal to the value of its total technical provisions.
PCS. 2. The assets which paragraph. 1 must be selected so that, relative to the nature of the company's assurances with regard to security, return and liquidity are of such a nature and such a composition that they are appropriate to ensure that the insured can not be repaid . There must be no excessive reliance on a particular asset class, investment markets or a particular investment.
§ 160. Pursuant to the provisions of this chapter estimates the assets as follows:
1) The assets calculated and adjusted regularly in accordance with the rules laid down for annual reports in accordance with § 196.
2) There must be deducted for any encumbered, and loans can only be included at a value determined after the deduction of liabilities that can be due to the borrower.
3) Financial contracts reducing the risk that the assets can not cover insurance liabilities must be included with the value of such contracts in asset values.
4) Accrued interest on assets covered by § 162 paragraph. 1, Nos. 1-4, 6, 7, 9 and 11-14, included in asset values.
§ 161. Pursuant to the provisions of this chapter is calculated the technical provisions as follows:
1) Provisions are measured and adjusted regularly in accordance with the rules laid down for annual reports in accordance with § 196.
2) Provisions are calculated gross of direct insurance.
3) The share of technical provisions for indirect insurance offset by reinsurance deposits with ceding insurance deductible.
4) Up to half of the receivable is overdue premiums deducted.
§ 162. The following asset types can be included among the assets covered by § 159 paragraph. 1:
1) Bonds or debt instruments issued or guaranteed by governments or regional authorities in zone A.
2) Bonds admitted to trading on a regulated market in a country within the European Union or in a country which the Community has concluded an agreement for the financial area, or similar markets in other countries, which are issued by international organizations with a membership of at least one of the member countries of the European Union.
3) Mortgage bonds, mortgage bonds and covered bonds issued by mortgage banks, financial institutions or ship finance institute and other bonds issued in a country within the European Union or a country with which the Community has concluded an agreement for the financial area which offer equivalent safety.
4) Receivables, other than receivables, which are subordinated to other creditors, credit institutions and insurance companies under public supervision in countries within Zone A and other receivables are guaranteed by credit institutions or insurance companies under public supervision in countries comprised by zone A.
5) Land, residential, office and retail properties as well as other property, the value is independent of any specific commercial use.
6) Loans secured by registered, mortgaged property covered by no. 5, for an amount of up to 80 per cent. of the most recent property valuation for residential property and 60 per cent. for other properties.
7) Loans secured on own life insurance policies within their surrender.
8) Units of
a) investment undertakings covered by Community law, money market funds, funds of funds and approved restricted associations or departments see. Act on investment funds and special funds and other collective investment schemes, etc.
b) placement associations and professional associations or chambers of the statutes have provisions on instruments and risk diversification, similar to those that apply to mutual funds, money market funds and funds of funds, or rules on risk diversification, similar to the rules of § 106 paragraph. 3 and 4 of the Act on investment funds and special funds and other collective investment schemes, etc., and
c) other organizations or departments, if these associations in their statutes have provisions on instruments and risk diversification, similar to those that apply to mutual funds, money market funds and funds of funds, or rules on risk diversification, similar to the rules of § 106 paragraph. 3 and 4 of the Act on investment funds and special funds and other collective investment schemes, etc.
9) other bonds and loans admitted to trading on a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, or similar markets in other countries within Zone A. || | 10) Investments admitted to trading on a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, or similar markets in other countries within Zone A.
11) properties that are not covered by no. 5, and loans secured by registered mortgages on properties that are not covered by no. 6
12) Equity investments and other securities admitted to trading on a market in countries outside zone A, if the market is equivalent to a regulated market within the European Union, as well as other securities admitted to trading on a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, or similar markets in other countries within zone A.
13) Other loans and securities which are not covered by no. 1-12.
14) Reinsurance contracts and receivables from reinsurers and special hedging companies under public supervision in countries within Zone A or reinsurance companies under public supervision, which has achieved a rating of a recognized rating company equal to at least investment grade.
PCS. 2. In a subsidiary whose activities are limited to making and managing investments in assets covered by paragraph. 1, the subsidiary's assets in the value of holdings in and any loans to the subsidiary are treated as assets under subsection. 1. If the subsidiary is not wholly owned, part of its assets to a proportional value corresponding to the share of equity.
PCS. 3. If the insurance company has a subsidiary that operates direct life insurance company with a license under this Act may subsidiary's assets as assets under subsection. 1. The part of the subsidiary's assets not used to cover the subsidiary's insurance provisions, and an amount equivalent to the subsidiary's capital, must then be a nature and composition, to be included among the parent company's assets to cover the technical provisions in accordance with this chapter. The subsidiary's assets maximum total included among the assets covering technical provisions, to a value corresponding to the value of the equity shares and any loans to the subsidiary net of the subsidiary's capital. The subsidiary is not wholly owned, its assets to the proportionate value corresponding to the share of equity.
PCS. 4 pcs. 3 can be applied mutatis mutandis to other subsidiaries which are insurance companies authorized under this Act. Such subsidiary's assets shall not exceed included among the assets of a value equivalent to 5 per cent. of the parent company's technical provisions.
§ 163. The following limits with respect to the insurance provisions apply for including assets subject to § 159 paragraph. 1:
1) Assets covered by § 162 paragraph. 1, no. 8-14, should total no more than 70 per cent.
2) Assets covered by § 162 paragraph. 1, no. 12, should total no more than 10 per cent.
3) Loans covered by § 162 paragraph. 1, no. 13, should total no more than 2 per cent.
4) Assets covered by § 162 paragraph. 1, no. 4, 6, 8-10, 12 and 13, issued or guaranteed by banks, mortgage companies, insurance companies, funds of Ucits and placement associations, money market funds, funds of funds, restricted associations and professional associations for each business and division of a association represents more than 5 per cent. of the technical provisions must total no more than 40 per cent.
PCS. 2. Other loans and securities covered by § 162 paragraph. 1 pt. 13 may not exceed 10 per cent. of the technical provisions. For reinsurance limit of 30 per cent.
§ 164. Assets which are a risk on a single entity or a group of interconnected companies, may be part of the in § 159 paragraph. 1, mentioned assets within the following limits set in relation to the technical provisions:
1) Assets covered by § 162 paragraph. 1 pt. 3 may not exceed 40 per cent.
2) Assets covered by § 162 paragraph. 1, no. 4, may not exceed 10 per cent.
3) Assets covered by § 162 paragraph. 1, no. 8, see. However paragraph. 4, shall not exceed 10 per cent.
4) Assets covered by § 162 paragraph. 1 pt. 14 may not exceed 10 per cent.
5) Assets covered by § 162 paragraph. 1, no. 6, 7, 9, 10, 12 and 13, should total no more than 4 per cent. in insurance companies, not engaged in direct life assurance, see. However paragraph. 2.
6) Assets covered by § 162 paragraph. 1, no. 6, 7, 9, 10, 12 and 13, should total no more than 2 per cent. in pension funds and insurance companies, which operates direct life assurance, see. However paragraph. 2. The limit is 3 per cent., If the equity in the business that the asset relates, exceeds 250 million. kr., where the company is domiciled in a country within Zone A and the asset is admitted to trading on a regulated market in a country within the European Union or in a country with which the Community has concluded an agreement for the financial area, or equivalent markets in other countries within zone A.
7) Assets covered by § 162 paragraph. 1, no. 5-7 and 9-13, may total no more than 5 per cent.
8) Loans covered by § 162 paragraph. 1, no. 13, may not exceed 1 per cent.
PCS. 2. The equity investment in and loans to a company or a group of interconnected companies whose activities are limited to investing in assets covered by § 162 paragraph. 1 pt. 5 and 11, the total investment exceeds 5 per cent. of the technical provisions, see. § 159, second paragraph. 1.
PCS. 3 pieces. 1 pt. 3 and 5-7, and paragraph. 2 and 5 shall not apply to investments in a subsidiary, subject to § 162 paragraph. 2-4.
PCS. 4 pcs. 1 pt. 3 and 5-7, and paragraph. 2 and 5 shall not apply to investment companies, investment institutions and associations covered by § 162 paragraph. 1, no. 8, according to their articles is limited to investing in assets covered by § 162 paragraph. 1, Nos. 1-3. Such investments may be in relation to the limits laid down in paragraph. 1, no. 5-8 and paragraph. 2 and § 163 paragraph. 1, Nos. 1-3 are treated as assets covered by § 162 paragraph. 1, Nos. 1-3.
PCS. 5. For assets covered by § 162 paragraph. 1, no. 6, 7, 9, 10, 12 and 13 is the dividing line 5 pct. for investment in a single company and 10 per cent. for investment in a group of related companies in relation to an insurance provisions to cover its reinsurance business.
§ 165. In the assets covered of § 159 paragraph. 1, an amount of at least 80 per cent. be denominated in matching currencies. For reinsurance limit at least 70 per cent.
PCS. 2. Assets denominated in euros, can be used to meet half of the requirement of paragraph. 1 for the technical provisions in another EU currency other than the euro.
PCS. 3. The requirement in paragraph. 1 shall not apply if the technical provisions in that currency amount to less than 7 per cent. of the technical provisions in other currencies.
§ 166. For technical provisions in class III, where the insurance company or pension fund has not undertaken any investment risk, see § 159, second paragraph. 2 and §§ 163, 164 and 165 shall not apply.
PCS. 2. For funds taken over as separate SP accounts where each account holder can influence the choice of investment scheme or investment risk, see § 159, second paragraph. 2 and §§ 163-165 shall not apply.
PCS. 3. Means taken over as separate SP accounts where each account holder does not influence the choice of investment scheme or investment risk must be located in accordance with §§ 158-169, see. However paragraph. 4 and 5.
PCS. 4. § 163 paragraph. 1 pt. 4 and § 164 paragraph. 1, no. 4, does not apply to funds placed in investment associations, special associations, professional associations and approved restricted associations covered by § 162 paragraph. 1 pt. 8
PCS. 5. § 163 paragraph. 1 pt. 1 shall not apply to funds placed in investment associations, special associations, professional associations and approved restricted associations covered by § 162 paragraph. 1, no. 8, assuming that these associations' holdings of assets spent in determining the location of the resources covered by paragraph. 3, and the provisions of §§ 158-169 to in paragraph. 4 exceptions mentioned in this statement are met.
§ 167. In the insurance companies and pension funds shall be entered into a register of assets covered by § 159 paragraph. 1, as well as financial contracts under § 160 paragraph. 1, no. 3. In general insurance companies must also keep a register containing assets that correspond to premiums received, the insurance period commences after the reporting period. The recorded assets and contracts exclusively in satisfaction of the insured.
PCS. 2. The requirement to register does not apply to those in § 162 paragraph. 1 pt. 7 policy loans mentioned.
PCS. 3. If real property is among the assets, a mortgage deed.
PCS. 4. For subsidiaries covered by § 162 paragraph. 2 and subsidiaries covered by § 162 paragraph. 3 and 4 registered holdings in and any loans to the subsidiary or subsidiary.
PCS. 5. The insurance company and pension fund provides reporting to the FSA about which assets are included in the register. FSA or the Financial Supervisory Authority shall check the presence of these assets in line with rules set by the Financial Supervisory Authority.
PCS. 6. Financial Supervisory Authority may require that the register deposited whose supervision decide to restrict or prohibit the company to dispose of its assets. By depositing the register must FSA registered as eligible in a CSD with respect to securities. With regard to the other assets and contracts that serve to cover technical provisions must be pledged as collateral for the benefit of the FSA.
PCS. 7. Any change in the deposited registry must be approved by the FSA and noted in the register.
§ 168. The Danish FSA may for a limited time exemptions from § 162, § 163, paragraph. 1 pt. 4 and § 164 paragraph. 1, no. 2-8 and paragraph. 2-5.
§ 169. Financial Supervisory Authority shall determine
1) the definition of securities covered by several of the in § 162 paragraph. 1, said active groups
2) the localization of assets and matching currencies against the insurance provisions,
3) coverage of the technical provisions of insurance covered by § 166, and
4) notification, registration and verification of the presence of the assets in the registers in accordance with § 167.
Chapter 12
Consolidated Rules, consolidation, etc.
Consolidated Rules
§ 170. In groups where the parent undertaking is a financial holding company or a financial institution, the rules for banks in § 124 paragraph. 2, no. 1, apply to the financial holding company and the Group, see. However paragraph. 2-4. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by companies in Group that are not included in the consolidated statement.
PCS. 2. In groups where the parent company is a mortgage holding company or a mortgage, the rules for mortgage banks in § 124 paragraph. 2, no. 1, apply to the holding company and the group. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
PCS. 3. In groups where the parent company is an investment holding company or an investment company, the rules for investment companies in § 125 paragraph. 2, no. 1, apply to the holding company and the group. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
PCS. 4. In groups where the parent company is an investment management holding company or an investment management company, the rules for investment management companies in § 125 paragraph. 2, no. 1, apply to the holding company and the group. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
§ 171. In groups where the parent company is a bank or bank holding company, § 124, paragraph. 1 and 4-6, and §§ 145-147, 149, 150, 152 and 182 shall also apply to the Group. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
PCS. 2. There shall be a consolidated statement in accordance with the rules in paragraphs. 1 and § 170 paragraph. 1, between a financial institution that is itself a subsidiary of a bank, a mortgage lender or a financial holding company and the bank's subsidiary which is a credit institution, a management company, an investment firm or a financial institution that is not subject to the law of a country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 3. FSA may decide that paragraph. 1 and § 170 paragraph. 1, applies in other cases where banks alone or jointly have such direct or indirect links to an undertaking that it is considered necessary to apply those rules.
§ 172. In groups where the parent company is a mortgage lender or mortgage holding company, § 124, paragraph. 1 and 4-6, and §§ 145-147 and 182 shall also apply to the Group, see. However paragraph. 3. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
PCS. 2. There shall be a consolidated statement in accordance with the rules in paragraphs. 1 and § 170 paragraph. 2, between a mortgage bank, which is itself a subsidiary of a bank, a mortgage lender or a financial holding company and the mortgage bank subsidiary which is a credit institution, a management company, an investment firm or a financial institution that is not subject to the law of a country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 3. FSA may decide that paragraph. 1 and § 170 paragraph. 2, applies in other cases where mortgage alone or jointly have such direct or indirect links to an undertaking that it is considered necessary to apply those rules.
§ 173. In groups where the parent company is an investment company or investment holding company, § 125, paragraph. 1 and 7-9, and §§ 145-147, 156 and 182 shall also apply to the Group. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
PCS. 2. There shall be a consolidated statement in accordance with the rules in paragraphs. 1 and § 170 paragraph. 3, between an investment company which is itself a subsidiary of a bank, a mortgage, an investment company or a financial holding company, and investment company subsidiary that is an investment firm which is not subject to the law of a country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 3. FSA may decide that paragraph. 1 and § 170 paragraph. 3 applies in other cases where investment companies alone or jointly have such direct or indirect links to an undertaking that it is considered necessary to apply those rules.
§ 174. In groups where the parent company is an investment management holding company or an investment management company, the § 125 paragraph. 1 and 7-9, and §§ 145-147, 156 and 182 shall also apply to the Group. The parent company ensures compliance with these provisions. The calculation of the Group's core capital referred to. § 128, deducted from capital paid by group companies that are not included in the consolidated statement.
PCS. 2. There shall be a consolidated statement in accordance with the rules in paragraphs. 1 and § 170 paragraph. 4, between an investment management company, itself a subsidiary of a bank, a mortgage, an investment management company or a financial holding company and investment management company subsidiary which is a management company that is not subject to the law of a country within the European Union or in a land which the Community has concluded an agreement for the financial area.
PCS. 3. FSA may decide that paragraph. 1 and § 170 paragraph. 4, applies in other cases where investment management companies alone or jointly have such direct or indirect links to an undertaking that it is considered necessary to apply those rules.
§ 175. The Danish FSA may decide that § 145 applies to groups where the parent undertaking is a financial holding company that is investment management, banking or mortgage holding company.
§ 175 a. Groups where the parent undertaking is a financial holding company or a financial institution must annually report all exposures in accordance. § 5, paragraph. 1, no. 16, which represents more than 10 per cent. of the Group's capital base.
PCS. 2. FSA shall lay down rules for reporting under paragraph. 1.
consolidation
§ 176. If an investment company, an investment management company, a bank, a mortgage lender or a financial holding company, alone or with other companies in the group holds a participation in a credit or financial institution that is not a subsidiary, and credit or financial institution operated jointly with other companies that are not included in the group shall be made pro rata consolidation of the company pursuant to §§ 170-174 compared to group companies' share of equity and profit in the business in which the participating interest is held.
PCS. 2. If the investment company, investment management company, bank, mortgage bank or financial holding company responsible for the company is not limited to the shareholding or voting rights must be made a full consolidation pursuant to §§ 170-174.
§ 177. Insurance companies and insurance companies, subsidiaries and companies that temporarily operated by financial institutions, should not be included in the consolidation pursuant to §§ 170-174. FSA may decide that these companies should be included.
PCS. 2. Credit institutions or financial institutions that are subsidiaries of insurance must be included in the consolidation pursuant to §§ 170-172, whose parent company is a bank, a mortgage bank or investment management, banking or mortgage holding company.
Exemptions
§ 178. FSA may in special cases grant exemptions from the requirements of §§ 170-174.
PCS. 2. FSA may allow other groups than those listed in § 170 paragraph. 2, mentioned may include serial reserve funds in the capital base in accordance with the rules in §§ 129 and 135.
Separation, alienation and intragroup transactions
§ 179. FSA may order a parent who own shares in financial companies, separating the financial companies and financial institutions within a group during a financial holding company if
1) Group is structured in such a way that the parent does not need to meet the solvency requirement in § 170
2) a member of the parent company's board of covered by one of the conditions in § 64 paragraph. 2, no. 1, 2 and 4, or
3) the structure otherwise impede the performance of supervision tasks.
§ 180. The Danish FSA may order a financial holding company disposes of shares in a financial undertaking where
1) the parent company or the group does not meet the solvency requirement in § 170
2) a member of the holding company's board of directors does not have sufficient experience to perform the task or position or covered by one of the conditions in § 64 paragraph. 2, no. 1-2 and 4, or
3) parent counteracts the sound and prudent management of the financial undertaking.
§ 181. The Danish FSA shall lay down rules for transactions entered into between the financial undertaking and
1) companies that directly or indirectly associated with the financial business of subsidiaries, affiliates or parent companies or as the parent's associates and other subsidiaries
2) companies or individuals associated with the financial business through close links, see. § 5, paragraph. 1, no. 17, or
3) companies that are not covered by no. 1 and 2, in which the characters in corporate management for the most part are the same, or which companies are under common management, pursuant to an agreement or statutory provisions.
PCS. 2. Intra-group transactions made in breach of those under paragraph. 1 set rules must be repealed in order to benefit, if possible, be returned, including any collateral ceases. Payments from the financial activities carried out in connection with intra-group transactions in violation of the under paragraph. 1 set rules, to be returned together with an annual interest rate of amount at the rate provided in accordance with § 5, paragraph. 1 and 2 of the Act on interest for late payment etc.
§ 182. A financial undertaking shall not, without permission from the FSA, have exposures with other companies within the same group except for exposures to subsidiaries.
PCS. 2. A financial undertaking must also have an exposure to companies or individuals who directly or indirectly has a decisive influence on the financial activities, or which is dominated by companies or individuals with such influence.
PCS. 3. FSA may exempt from paragraph. 2.
PCS. 4. For companies with government capital injections under the Law on State investments in credit institutions require authorization under paragraph. 1, the company can demonstrate that the exposure is not a result of the government capital injection and not in conflict with § 8 paragraph. 2, no. 7 of the Law on State investments in credit institutions.
Section VI
The annual report, audit and application of the profit
Chapter 13
The annual report, audit and application of the profit
General rules on the annual report and audit
§ 183. Financial institutions and financial holding companies shall prepare an annual report consisting of a management review, a management report and financial statements consisting of a balance sheet, income statement, notes, including disclosure of accounting policies, and a statement of changes in equity. When financial statements are audited, the audit report in the annual report.
PCS. 2. The annual report shall be prepared in accordance with the provisions of this chapter and rules laid down under § 196, see. However paragraph. 3-6.
PCS. 3. Where the provisions of this chapter or regulations issued pursuant thereto regulate the same proportion as the Council on the application of international accounting standards regulates see. Article 4, the provisions of this chapter or the rules issued under the Act is not valid for those of Regulation Article 4 undertakings included in the consolidated financial statements.
PCS. 4. Financial institutions and financial holding companies whose securities are not admitted to trading on a regulated market in the country or in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, regardless PCS. 2 choose to apply the standards referred to in paragraph. 3 on their annual report. Financial institutions and financial holding companies whose securities are admitted to trading on a regulated market in this country or in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, notwithstanding paragraph. 2 choose to apply the standards referred to in paragraph. 3, on the parts of their annual report that is not covered by the said Article 4
PCS. 5. Financial companies, which under paragraph. 4 follows in paragraph. 3, the standards have to use all the approved standards in their annual report. Where provisions of this Act or regulations issued pursuant to § 196 regulates the same conditions as defaults, companies that pursuant to paragraph. 4 apply the standards, apply the standards in place of those provisions. If companies only apply the standards to their consolidated financial statements and not on the financial statements, the 1st and 2nd clauses. only the consolidated financial statements.
PCS. 6. Financial Supervisory Authority may establish disclosure requirements for the companies included in paragraph. 3 mentioned standards.
§ 184. The Board of Directors and must report annually to the company.
PCS. 2. Each member of management has responsibility for ensuring that the annual report prepared in accordance with legislation and any further accounting requirements in statute or agreement. In addition, each member responsible for the financial statements and any consolidated financial statements may be reviewed in a timely manner, and that the annual report can be approved in time. Finally, each individual board member responsible for the annual report submitted to the FSA within the statute of limitations.
§ 185. When the annual report is completed, all members of the Board of Directors and signed and dated signature. They must provide their signatures to a management statement, in which each member's name and function in relation to the company is clearly indicated, certifying whether
1) The annual report has been prepared in accordance with statutory requirements and any requirements of the statute or agreement,
2) the financial statements and any consolidated financial statements give a true picture of the company and, if prepared consolidated financial statements, the assets and liabilities, financial position and results and
3) the management report includes a fair review of the development of the company and, if prepared consolidated financial statements, the Group's activities and financial position and describes significant risks and uncertainties, the company respectively, may affect the Group.
PCS. 2. The management has added supplementary reports in the annual report, the members of the Board of Directors and the management endorsement whether the report gives a fair review in accordance with generally accepted guidelines for such reports.
PCS. 3. Even if a director is fully or partially disagree with the Annual Report or have objection to it being approved with the content that is decided, the member can not fail to sign. Member of the management may make its objections giving specific and adequate grounds in connection with his signature and the management endorsement.
§ 186. The financial statements and any consolidated to give a true and fair view of the company's and the Group's assets and liabilities, financial position and results. The management report must include a fair review of the matters to which they relate.
PCS. 2. If application of the provisions of this Act or regulations issued pursuant to § 196 is not sufficient to give a true and fair view in paragraph. 1, provide additional information in the financial statements respectively consolidated financial statements.
PCS. 3. If application of the provisions of this chapter or regulations issued pursuant to § 196 of the particular case would be contrary to the requirement of paragraph. 1, point 1. They must be waived so that this requirement is met. Such a waiver shall annually disclosed in the notes and here always specific and adequate grounds with information on the impact, including as far as possible, any financial impact of the derogation has on the company's and the Group's assets and liabilities, financial position and results.
§ 187. For the financial statements and the consolidated financial statements give a true and fair view, and the management report may contain a fair review, see. § 186, the requirements of paragraph. 2 and 3.
PCS. 2. The annual report shall be prepared so that it supports users in making economic decisions. Such users are individuals, companies, organizations and public authorities, etc., whose financial decisions must normally be expected to be affected by an annual report, including current or future business members, creditors, employees, customers, alliance partners, community grants, and fiscal authorities. The decisions shall at least relate
1) location of the user's own resources
2) management management of company resources and
3) distribution of company resources.
PCS. 3. The annual report shall be prepared so as to provide information on matters that are normally relevant to users, cf.. Paragraphs. 2. The information must also be reliable in terms of what users' normal expectations.
§ 188. The annual report shall be prepared by the following basic assumptions:
1) It must be prepared in a clear and understandable manner (clarity).
2) Take into account the real situation and not formalities without any real content (substance).
3) All relevant factors should be included in the annual report unless they are insignificant (materiality). But where several insignificant matters are deemed to be significant, they must be included.
4) The operation of an activity should continue (going concern), unless it does not, or is not likely to continue. If an activity, classification and presentation as well as the recognition and measurement adjusted accordingly.
5) Any change in value to be displayed, regardless of the impact on equity and income statement (neutrality).
6) Transactions, events and changes in value must be recognized when they occur, regardless of the time of payment (accrual).
7) Methods of recognition and measurement basis must be applied uniformly in the same category of matters (consistency).
8) Every transaction, event or change in value must be recognized and measured separately, and individual matters should not be offset against each other (gross value).
9) opening balance sheet for the financial year shall correspond to the closing balance sheet for the previous financial year (formal consistency).
PCS. 2. Presentation and classification, method of consolidation, method of recognition and measurement basis as well as the monetary unit must not change from year to year (actual consistency). Changes may occur if this results in a true and fair view, or if the change is necessary because of a change in legislation or new regulations issued pursuant to § 196.
PCS. 3. Paragraph. 1, no. 6-9 and paragraph. 2 may be waived in exceptional cases. In that case, § 186, paragraph. 3, 2nd sentence. Mutatis mutandis.
§ 189. Financial companies' assets and liabilities shall, unless otherwise provided under § 196, measured at fair value. Assets and liabilities are revalued accordingly, and ups and downs are recognized in the income statement, except as otherwise provided under § 196.
PCS. 2. The fair value is measured at the market value of the asset or liability in a well functioning market. If the asset or liability is not traded on an active market, a recognized method for calculating the fair value of the asset or liability.
§ 190. Additional reports, for example. reports on knowledge and employee conditions (knowledge accounts), environmental issues (green accounts), corporate social responsibility (social accounts), and the company's ethical objectives and follow-up (ethical) accounts shall give a true and fair within the framework of generally accepted guidelines for such reports. They must meet quality requirements of § 187 paragraph. 3, and with the reductions by the nature, the fundamental assumptions in § 188 paragraph. 1 and 2.
PCS. 2. Of the additional reports shall be disclosed methods and measurement basis used for the reports are prepared.
§ 191. accounting year shall be the calendar year.
PCS. 2. The first accounting period may include a shorter or longer than 12 months to a maximum of 18 months.
PCS. 3. Parent companies and subsidiaries to ensure that the subsidiary has the same financial year as the parent company, unless it is not possible due to circumstances that are out of the parent company and the subsidiary's control.
PCS. 4. Financial Supervisory Authority may in special cases grant exemptions from the requirement of paragraph. 1.
§ 192. The recognition, measurement and disclosure in monetary units shall be denominated in Danish kroner or euro. FSA can in regulations issued under § 196 provide that the amounts recorded in other foreign currencies that are relevant to the company's own group.
§ 193. The annual report shall be audited by the company's external auditors set. § 199. The review does not include the management report and additional reports included in the annual report provided. § 190. The auditor shall emit an opinion on whether the information in the management report is consistent with the financial statements and any consolidated.
§ 194. The annual report shall be in the form in which it is presented and approved by the Board, submitted in duplicate to the FSA without undue Stay after the board meeting where the annual report is finally approved.
PCS. 2. External auditor about the annual report as well as for companies with internal auditor also internal audit manager's audit report on the annual report must be submitted to the FSA simultaneously with submission of annual report under subsection. 1.
§ 195. The audited and approved annual report to be submitted to the FSA in triplicate without undue delay after final approval. The annual report must be received by the Danish FSA no later than 4 months after the closing.
PCS. 2. The annual report submitted must at least include the compulsory elements and the full audit. If the company wishes to publish supplementary reports as specified in § 190 must be submitted with the compulsory elements of the annual report, so that the compulsory elements and the supplementary reports jointly form a single document called the "annual report."
PCS. 3. A copy of the annual report for those of subsidiaries of non-financial companies subject to FSA supervision must be submitted to the FSA simultaneously with the submission of the annual report pursuant to subsection. 1.
PCS. 4. FSA transmit one of the copies referred to in paragraph. 1, Commerce and Companies Agency, where the annual report is publicly available after the Board of relevant rules.
§ 196. Financial Supervisory Authority shall determine the annual report, including rules on the recognition and measurement of assets, liabilities, income and expenses, presentation of the income statement and balance sheet as well as requirements for notes and management report.
PCS. 2. FSA also provides rules for consolidated financial statements, including rules for when the annual report must include consolidated and the companies must include.
PCS. 3. FSA may lay down rules for the preparation and publication of financial reports covering shorter periods than the annual report.
§ 197. In order to ensure that financial firms and financial holding companies 'annual reports are consistent with the provisions of this chapter and the regulations issued under § 196, and that financial companies' consolidated financial statements covered by Article 4 of Council Regulation on application of international accounting standards in line with international accounting standards, the Danish FSA
1) provide guidance
2) take action against infringements and
3) order that errors be corrected and that violations must be brought to an end.
§ 198. Financial institutions and financial holding companies must submit regular accounts to the FSA in accordance with formats and guidelines in this respect prepared by the FSA. Reports must be submitted to the FSA in electronic form.
PCS. 2. Financial Supervisory Authority may grant an exemption from § 198, first paragraph. 1, 2nd sentence.
§ 199. Financial institutions and financial holding companies must have at least one certified public accountant. If more than one auditor or appoint an auditor for the third section., The additional elected or appointed auditors be chartered or registered. FSA may in special cases appoint an additional auditor. This auditor works on the same terms and under the same rules as the auditors elected by the General Assembly.
PCS. 2. The auditors in a financial institution or a financial holding company shall also be the auditors of the company's subsidiaries.
PCS. 3 pieces. 2 shall not apply to parent companies and subsidiaries that are not resident in Denmark.
PCS. 4. Financial Supervisory Authority may dismiss an auditor is found clearly unsuitable for the position, and instead appoint another auditor that works, see. Paragraph. 1, 3rd section. Until new elections can be made.
PCS. 5. change of auditors, the company and the outgoing auditor later than 1 month after the termination of the FSA separate accounts if changed due to special circumstances.
PCS. 6. FSA may order the auditors and firms of internal auditor also chief internal auditor to provide information on the conditions of a financial firm, a financial holding company or in those undertakings subsidiaries.
PCS. 7. FSA may hold an extraordinary audit of a financial firm, a financial holding company or in those undertakings subsidiaries. The financial undertaking may be required to pay for the auditing process. FSA approves the size of the fee.
PCS. 8. §§ 144-149 of the Companies Act for revision shall mutatis mutandis also apply to financial institutions and financial holding companies are not limited companies.
PCS. 9. The Board can not allow see. § 80 paragraph. 1, the internal auditors and deputy chief internal auditors perform audits in companies outside the group. The Board can not allow internal auditors and deputy chief internal auditors perform work other than audits in companies within the group or in companies within the same administrative community. FSA may in special cases grant exemptions from the 1st clause.
PCS. 10. The Board can not allow see. § 80 paragraph. 1, the internal auditors and deputy chief internal auditors assumes duties that mean that they come into conflict with impartiality provisions similar to those applicable to external auditors in accordance with the Act on chartered accountants and registered auditors.
PCS. 11 FSA shall lay down rules on auditing financial enterprises, financial holding companies and such companies subsidiaries. Including the Danish FSA may lay down rules on internal audit and system auditing in joint data centers.
§ 200. An external auditor and a chief internal auditor shall immediately notify the Danish FSA of matters which are crucial for the company's continued activity, including conditions that auditors might have become acquainted with in the course of performing their audit in companies, the company has close links.
Specific rules on the use of annual profits in banks
§ 201. A bank shall make the provisions necessary for its financial position. Statutes may prescribe a duty to reserve.
§ 202. A savings bank's annual profits must be transferred to equity other than the amount added to the savings bank's employees as part of agreements on profit sharing.
PCS. 2. The Board may determine that applicable amount to non-profit or charitable purposes. Such amount may be allocated to a special fund for future provision.
PCS. 3. Forming a savings bank solvency ratio, see. § 124, less than 15 per cent., Can be benevolent or charitable use does not exceed 10 per cent. of the profits.
PCS. 4. Transfer to guarantee capital from the savings bank's remaining equity is prohibited.
§ 203. Resolution on distribution of the surplus amount a cooperative bank has available after the financial statements, taken by the General Assembly. The General Assembly may not decide to distribute a higher dividend than that proposed or approved by the board. Is a cooperative belonging to a group according to §§ 89-96, the payment of the dividend is approved by the association's leadership.
PCS. 2. The General Assembly may decide that the cooperative bank funds provided donations to charitable or similar purposes, as far as taking into account the intent of the gift, the cooperative bank's financial position and other circumstances may be considered reasonable. The Board may for the purposes mentioned in point 1., Use amounts, as compared to the cooperative bank's financial position is of little importance.
Section VII
Adjustment or termination of the financial undertaking
Chapter 14
Mergers and conversions
Merging
§ 204. A financial undertaking shall not, without Economic and Business Affairs permission merged with another financial company or a particular business had a financial undertaking. The same applies to the continuing company is a foreign company.
PCS. 2. Decision by paragraph. 1 must be notified to the applicant within 2 months of receipt of the application. If the application is incomplete, the decision shall, within 2 months of the applicant's sending the information necessary for taking the decision. There shall in any case a decision within 6 months after receipt of the application. Deadlines extended for three months, when a decision must await notice of objection under. Paragraph. 6 and 7.
PCS. 3. Authorisation after paragraph. 1 can among other things be refused if the merger contrary to important samfundshensyn.12)
PCS. 4. § 242, second paragraph., § 256, 3rd paragraph., § 257 paragraph. 2, § 260, second paragraph., § 277, second paragraph., § 294 paragraph. 2 and § 297, second paragraph., The Companies Act does not apply to mergers falling within paragraph. 1.
PCS. 5. 13) An insurance company by combining transfer all or part of its portfolio to another insurer without the merger is subject to chapter 15 or 16 of the Companies Act, released by permission after paragraph. 1 for liability to policyholders.
PCS. 6. Unless the Minister considers to authorize the transfer of an insurance portfolio should be denied, the FSA published an account of the intended transfer in the Official Gazette and in a national newspaper. The report must contain a call to the policyholders whose insurance is intended to be transferred to within 3 months of publication to submit written notification to the FSA if they have objections to the transfer. The company must also send notice of the transfer and the FSA statement to the policyholders, whose address is known to the company.
PCS. 7. After the end of the paragraph. 6 deadline referred to take the Minister taking into account the objections made about whether the insurance portfolio may be transferred in accordance with the submitted proposal. The transfer may not be invoked as basis for canceling the insurance contract.
PCS. 8. Where a transfer of an insurance portfolio in connection with a merger of insurance companies, the merger regardless of § 27 of the Law on Insurance Contracts shall not be invoked by the policyholders as a basis to terminate the insurance contract.
PCS. 9. With respect to life insurance business, in connection with the transfer only making such changes in the transferring company's insurance terms, including bonus rules which the FSA is deemed to be a necessary consequence of the transfer.
PCS. 10. 14) Merger Plans, cleavage planes and valuers statement under §§ 242 and 243 of the Companies Act for insurers at least 4 weeks after signing sent to the FSA, which announces receipt of merger, demerger plan and valuers statement.
§ 205. 15) Economic and Business Affairs may lay down rules under which the provisions of §§ 237-253 and 271-290 of the Companies Act with the necessary adjustments applicable to savings banks, cooperative banks and mutual insurance companies through mergers.
PCS. 2. § 236 of the Companies Act shall apply to mutual associations, where the merger occurs after the under paragraph. 1 rules.
§ 206. 16) Economic and Business Affairs may lay down rules to §§ 237-253 and 271-290 of the Companies Act mutatis mutandis apply to a savings bank takeover of a public company authorized to conduct banking business.
PCS. 2. § 236 of the Companies Act shall apply to the acquisition subject to under paragraph. 1 rules.
Savings banks and co-operative transformation into joint-stock
§ 207. In the savings banks, which has been operating since 1 January 1989 and in cooperative banks or their associations which has been operating since 1 January 1995 can Representatives or the General Assembly under the provisions of this chapter may decide that Savings Bank, Cooperative Bank or association dissolved without liquidation by transfer of the savings bank, cooperative bank or member cooperative banks' assets and liabilities as a whole as a savings bank, cooperative bank or owned or set up limited liability company authorized to conduct banking business (savings bank limited company / cooperative joint stock company). Shares in the limited liability company for the value of the transferred assets after deduction of the savings bank or the individual cooperative savings debt, subject. However, § 208, paragraph. 2, transferred savings to a fund in cooperative banks to a foundation or an association and the association to a foundation or an association created for the individual member cooperative bank. Funds are considered as commercial foundations. Foreningernes members must be shareholders of the corporation.
PCS. 2. Resolution pursuant to paragraph. 1 taken by the majority required for the savings bank, cooperative bank or association's dissolution.
PCS. 3. In the event of dissolution of a under paragraph. 1 created association that owns shares in a cooperative bank limited company can own funds are not distributed to its members.
§ 208. 17) §§ 236-251 and 271-290 of the Companies Act shall apply mutatis mutandis to the merger, see. § 207 paragraph. 1, between the limited company as the surviving company and savings bank, cooperative bank or as the discontinuing company. § 327 paragraph. 2, § 328, paragraph. 2 and § 331, second paragraph., Of the Companies Act shall not anvendelse.18)
PCS. 2. guarantors of the Bank and shareholders of Merkur to be offered optionally, an exchange at market price of their guarantee certificates, share certificates for shares in the public limited company or cash redemption. The Bank may also offer guarantors that guarantee capital remains in the company for a period of up to 5 years. In the event of dissolution of the Company repaid guarantee deposits before share capital.
PCS. 3. 19) in § 237, paragraph. 1, 3 and 4 of the Companies Act mentioned merger plan shall contain information and decide upon the rights conferred guarantors and shareholders.
PCS. 4. Economic and Business Affairs must approve the merger pursuant to § 204 paragraph. 1.
§ 209. The under § 207 paragraph. 1 created foundations or associations who own shares in a savings bank limited company or a cooperative joint-stock company, managed by a board of at least 3 members.
PCS. 2. A majority of the board referred to in paragraph. One appointed by the board of the savings bank company, see. § 207 paragraph. 1 amongst the board members.
PCS. 3. A majority of the board of foundations and associations, which holds more than 25 per cent. of the share capital of a cooperative bank limited company appointed by the board of the cooperative bank limited company, see. § 207 paragraph. 1 amongst the board members. The chairman of savings bank limited company and cooperative share the company's board is always a member of the Fund or the Fund's Board.
PCS. 4. To the board in the first paragraph. 1 and 2 foundations or associations appointed one member and one savings bank limited company or cooperative share the company's employee representatives, unless the rules on group representation in the Commercial Funds Act applies. The rules of the Companies Act on group representation shall apply to the Member concerned.
PCS. 5. In associations that holds less than in paragraph. 3 said part of the share capital of a cooperative bank limited company Supervisory Board is elected by association members.
PCS. 6 pieces. 1-5 shall not apply if the savings bank company or cooperative limited company settled under §§ 226 and 227 and the savings bank company or share limited company is not considered to be continued. When the savings bank company or cooperative limited company is settled and can not be considered continued, considered the fund continues as a foundation, see. § 207. DCCA must fund authority may authorize changes in the statutes that are required under the Act on corporate funds.
§ 210. Saving Share Company and cooperative share the articles of association shall provide for the restriction of voting rights for shareholders, to ensure that the so far garant-, depositor and share democracy is maintained.
PCS. 2. The requirement of paragraph. 1 lapse five years after the conversion to a limited company.
§ 211. In the savings banks, which has been operating since 1 January 1989 can Representatives decide that the Bank dissolved without liquidation by transfer of the Bank's assets and liabilities to one of Bank owned or set up limited liability company authorized to operate banking activities, and that the limited company establish a restricted savings bank reserve equal to the value of the assets contributed less the bank's debt.
PCS. 2. § 7 paragraph. 7 and §§ 207, 208 and 210 shall apply mutatis mutandis.
§ 212. The restricted savings bank reserve provided. § 211, can be used to cover losses that are not covered by amounts that can be used for dividends in the corporation.
PCS. 2. In the event of the bank's end may distribution to shareholders only take place after the obligations under paragraph. 4 are met.
PCS. 3. On a merger with another bank takes over the surviving company savings bank reserve on the same terms that until the merger took effect.
PCS. 4. In the event of the bank's end use savings reserve for non-profit or charitable purposes in line with rules laid down in the decision in accordance with § 211.
§ 213. In addition to the § 201 statutory reserves must annually of the amount of net profits that are not used to cover losses from previous years, dropped 10 per cent. to the captive savings bank reserve provided. § 211. If the provision exceeds the return on savings bank reserve corresponding to the tax minister fixed minimum interest rate, less a proportionate share of net corporation shelved, however, only an amount equal to this return.
Mortgage funds and mortgage funds which have been mortgage
§ 214. Funds that have mortgage companies and funds that are established in connection with conversion of mortgage banks into public limited companies covered by the Act on Commercial Foundations.
PCS. 2. Without prejudice to credit limited liability company held according to §§ 226 and 227 and is not considered to be continued, regarded fund provided. Paragraphs. 1, continue to be a foundation. Changes in the statutes, as required under the Act on corporate funds must be approved Danish Commerce and Companies Agency, which is the fund authority.
§ 215. Amendments to the statutes of an association that has been a mortgage lender can only take place with the Economic and Business Affairs approval.
PCS. 2. Economic and Business Affairs approves the Articles of Association, if the changes are not in violation of §§ 218 and 219 and not otherwise contrary to the interests of its members.
§ 216. A foundation or association that has been a mortgage bank and a fund established in connection with the conversion of a mortgage bank into a limited company, to be headed by a board of at least 5 members if the fund or association owns the limited liability company.
PCS. 2. Borrowers in the limited liability company and holders of mortgage bonds and other securities issued by the limited liability company each choose one or more directors. These members shall constitute more than half of the board. Members elected by holders of mortgage bonds and other securities can not be more than half of the board.
PCS. 3. The fund or association covered by paragraph. 1 provides in-laws and by electoral rules detailed rules for the selection and composition of the Board. The rules must be approved by the FSA.
§ 217. Foundations and associations covered by § 216, shall notify the FSA of direct or indirect acquisition of control over a business activity and to dispose of such influence.
§ 218. A foundation or association that has been a mortgage bank and a fund established in connection with the conversion of a mortgage bank to a joint stock company shall submit the audited and approved annual report to the FSA in triplicate. The annual report must be received by the Danish FSA no later than 4 months after the closing. FSA shall forward a copy to the Danish Commerce and Companies Agency, where the annual report is publicly available following the rules DCCA fix it.
PCS. 2. FSA shall lay down rules for financial reporting.
§ 219. In the event of liquidation of an association that has been a mortgage, own funds may not be distributed to members of the association.
§ 220. Mortgage companies, transformed into joint stock companies after encapsulation can use the tied-up reserves to cover losses that are not covered by amounts that can be used for dividends in the corporation.
PCS. 2. The fusion of the mortgage bank according to § 204 takes over the continuing company fund the reserve under the same conditions applicable until the merger.
PCS. 3. In the case of the MCI termination used the fund reserve to non-profit or charitable purposes in line with rules laid down in the conversion decision. Distributions to shareholders can only take place after the obligations under the first section. are satisfied.
§ 221. Mortgage banks, which are converted into public limited companies by the encapsulation must drop 10 pct. of the profits, not used to cover losses from previous years, to fund the reserve. If the provision exceeds the return on the fund reserve corresponding to the tax minister fixed minimum interest rate, less a proportionate share of net corporation shelved, however, only an amount equal to this return.
Conversion of insurance
§ 222. Form, content and implementation of a conversion of an insurance company must be approved by the FSA. The continuing insurance occurs in the discontinued insurance rights and obligations.
Chapter 15
termination
Withdrawal of authorization
§ 223. The Danish FSA may withdraw the license to operate as a bank, mortgage bank, investment company, investment management company and insurance and securities dealer, if the company requests.
§ 224. The FSA may also withdraw the license to operate as a bank, mortgage bank, investment company, investment management company and insurance company,
1) if the financial undertaking is guilty of serious or repeated violations of this Act, the Act on Securities Trading Act or Credit Loans and Mortgage or regulations issued pursuant to these laws,
2) if the financial undertaking does not meet the requirements of Chapter 3, see. However, § 124, paragraph. 2, no. 2 and paragraph. 3 and § 125 paragraph. 2, no. 2-4,
3) the business of financial business is not commenced within 12 months after the FSA announced business license or
4) if not exercised financial activities for a period of over 6 months.
PCS. 2. Where a financial institution, a mortgage or an investment management company a license as a securities dealer pursuant to § 9 paragraph. 1, the authorization as a securities dealer withdrawn if the conditions of paragraph. 1, Nos. 1-4 are met.
PCS. 3. Have a bank or mortgage institution to issue covered bonds, the authorization may be withdrawn if
1) the bank is guilty of serious or repeated violations of §§ 152a-152g or rules prescribed pursuant to § 16a paragraph. 4, or § 152 h,
2) The mortgage bank is guilty of serious or repeated violations of §§ 33a-33 e of the Danish Mortgage Credit Loans and Mortgage or rules prescribed pursuant to § 16a paragraph. 4 of this Act or § 33 fi Credit Loans and Mortgage-or
3) the issuance of covered bonds has not begun within 12 months after the Financial Supervisory Authority has granted the institute permission.
PCS. 4. Have a bank or a mortgage lender license as a securities dealer pursuant to § 9 paragraph. 1 license to operate as a bank or mortgage withdrawn if the conditions of paragraph. 1, Nos. 1-4 are met.
PCS. 5. Have an insurer within the deadlines which the FSA has established, implemented the measures specified in the restoration plans mentioned in § 248 paragraph. 1 and 2, the authorization as an insurance company involved.
PCS. 6. If an operator of a regulated market authorized to operate multilateral trading facilities pursuant to § 9 paragraph. 9, the authorization to do so withdrawn if the conditions of paragraph. 1 pt. 1, 3, or 4, or capital requirements of § 9 paragraph. 9, § 125, paragraph. 1 and 4-6, are not met.
§ 225. Where a bank, mortgage bank, investment company or investment management company not capital requirements of § 124 paragraph. 2, 3, 5, 7 and 8, and § 125, paragraph. 2-5 and 8, and has not raised the capital required within the FSA set deadline, the Danish FSA shall withdraw the license.
PCS. 2. If the provision of capital requires that the bank, mortgage bank, investment company or investment management company's top authority convened, the Danish FSA may decide that the notice may be shorter notice than provided in the Articles of Association.
PCS. 3. If a group subject to §§ 171-174 not solvency requirements of the relevant provisions, and has not raised the capital required within the FSA set deadline, the Danish FSA may involve the bank, mortgage bank, investment company or investment management company's license.
settlement
§ 226. When the FSA includes a bank, mortgage bank, investment company or investment management company authorized pursuant to § 223, § 224, paragraph. 1, 2, 4 and 5, and § 225, the company is liquidated and another company may not commence before completion of the liquidation.
PCS. 2. When the FSA withdraws the authorization pursuant to § 224 paragraph. 2 and 4, the company that the bank, mortgage bank, investment company or investment management company no longer allowed to run. FSA may set a time limit within which the liquidation must be made.
PCS. 3. When the FSA includes an insurance license, the FSA shall decide whether the insurance company should seek insurance portfolio transferred to one or more insurers carrying on insurance business in this country, or if the company otherwise have to search portfolios settled. For life insurance companies Financial Supervisory Authority may decide that the insurance portfolio placed under administration in accordance with §§ 253-258.
PCS. 4. FSA can be associated with involvement of an insurance license prohibit insurance company to dispose of its assets or to limit its available above. § 167 paragraph. 6 and 7 shall apply mutatis mutandis.
PCS. 5. When the FSA withdraws an operator of a regulated market authorized to operate multilateral trading facilities pursuant to § 224 paragraph. 6, the multilateral trading facilities conducted in a manner and within a deadline set by the FSA. FSA may lay down rules for settlement.
§ 227. Settlement, see. § 226, made of a liquidation or merger under § 204. If the settlement is made otherwise, be FSA approve the settlement form, content and implementation.
§ 228. The FSA may set a deadline for adoption of a resolution on liquidation in accordance with § 217 of the Companies Act. If the time limit, the Danish FSA may decide that the financial firm should be liquidated.
PCS. 2. Resolution on the settlement of a financial undertaking must be reported to the FSA.
§ 229. A company that operates life insurance company can not without the consent of each policyholder dissolved unless it has previously transferred its entire insurance portfolio to another company in accordance with the § 204 set rules or its insurance portfolio is taken into administration.
§ 230. An insurance company that operates occupational accident insurance, can not be dissolved unless it has previously transferred its entire industrial accident insurance portfolio to another company in accordance with the § 204 rules established, or its industrial accident insurance portfolio is taken under the administration of the Workers Compensation Board in accordance with § 54 the workers' Compensation Act.
Specific rules on liquidation and bankruptcy
§ 231. A bank, mortgage bank, investment company or investment management company liquidated by one or more liquidators appointed by the Minister. One of the liquidators shall be a lawyer.
PCS. 2. In the event of an insurer's liquidation Economic and Business Affairs where the interests of policyholders, shareholders, guarantors or creditors justify it, after consulting the FSA appoint a liquidator to join by the general meeting to carry out the liquidation.
PCS. 3. Hits FSA pursuant to §§ 249 or 250 provides that an insurance company should be liquidated, appoints bankruptcy court after negotiations with the FSA one or more liquidators, of which one must be a lawyer.
§ 232. The Danish FSA may suspend a financial institution statutes during the liquidation.
PCS. 2. Accounts prepared in connection with the liquidation, shall be submitted to the FSA.
§ 233. Application for bankruptcy of a financial company that is in liquidation may be made only by the liquidators or the FSA.
§ 234. The Danish FSA may file for bankruptcy when a financial institution becomes insolvent. FSA's decision to file for bankruptcy can not be appealed in accordance with § 372.
PCS. 2. Notwithstanding the Bankruptcy Act § 17 paragraph. 2 shall be considered a financial firm that can not meet its obligations with respect to subordinated debt recorded as hybrid capital or equity loan, not to be insolvent.
PCS. 3. After the liquidation order appoints bankruptcy court after negotiations with the FSA one or more trustees. One of the curators shall be a lawyer.
PCS. 4. is declared an insurance company not engaged in life insurance business, bankruptcy, the § 253 shall apply accordingly.
PCS. 5. If he declares a life insurance company bankrupt, the insurance stock placed under administration pursuant to §§ 253-258.
§ 235. The FSA has the right to attend meetings of the creditors' committee and in meetings. Draft final accounts and the final distribution of the bankruptcy estate presented by the curator of the FSA for advice before taking curator submit it to the probate court.
§ 236. If he declares a savings bank, one cooperative bank or a mutual insurance company bankruptcy, the trustee message to the Commerce and Companies Agency and the Danish FSA for the commencement and end.
§ 237. Economic and Business Affairs may decide that the liquidator or trustee of the estate expense must notify policyholders of the insurer's settlement and the consequences for them.
PCS. 2. Economic and Business Affairs may lay down rules as to its form and content.
Suspension of payments
§ 238. The Danish FSA may notify payments for financial institutions, where the interests of depositors, bondholders, investors or policyholders' interests dictate.
PCS. 2. Notification of suspension of payments under subsection. 1 accompanied by the FSA's proposals for who should be appointed as supervisor during the suspension of payments, as well as a statement from the person concerned that they are willing to do so and meet the conditions of the Bankruptcy Act § 238.
PCS. 3. Notification of payments can not be revoked by the financial undertaking without the Financial Supervisory Authority.
Tvangsakkord
§ 239. Bankruptcy Act on compulsory composition takes with FSA authorization apply to insurance with the exception of life insurance companies. In compulsory settlement of reinsurance replaces FSA authorization the accessions listed in the Bankruptcy Act § 166 paragraph. 1 pt. 2. Before that, the FSA ensure that the reinsurer has approached all known claimants opening-bankruptcy, and that at least 40 per cent. of the votes feedback joins the opening of such negotiations.
PCS. 2. In connection with the status report to be drawn up by the opening of negotiations for compulsory composition, see. Bankruptcy Act § 165, the bankruptcy court by composition of reinsurance after consulting the FSA appoint an independent actuary to conduct an audit of the value of the requirements notified.
PCS. 3. In compulsory settlement of reinsurance is calculated requirements of the Bankruptcy Act § 176 adopting a composition in relation to the attendance and declared claims.
§ 240. The provisions of this Act on Economic and Business Affairs and the FSA's powers and financial enterprises' duties to the Minister and the Authority shall apply mutatis mutandis to such companies that have stopped their payments or are in solution.
§ 241. 20) Chapter 14 of the Companies Act shall, with the necessary adaptations consistent apply to savings banks, cooperative banks and mutual insurance companies.
§ 242. Economic and Business Affairs shall lay down rules for compliance with Community law on the reorganization and winding up of credit institutions and insurance companies.
§ 243. The Danish FSA may accordance with the procedures laid down in Community law accordingly, prohibit a foreign credit institution, financial institution, investment company, investment management company or insurance company subject to § 30 paragraph. 1 and § 31 paragraph. 1, based in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, to carry on business in Denmark through a branch or by providing services in this country. FSA may prohibit in the 1st clause. mentioned companies from pursuing activities mentioned in point 1. if the company grossly or repeatedly violated the provisions of this Act, regulations issued pursuant to this Act or other legislation that targets the credit institution, financial institution, investment company, investment management company or insurance company, and not by orders or penalties under this Act has been possible to bring the infringement to an end.
Chapter 16
Crisis management
Special rules for banks
§ 244. Economic and Business Affairs shall establish a valuation board, cf.. § 245, which in connection with a tax-free merger or transfer of assets between banks as a result of a bank no longer meets the solvency requirements of § 124 or is in obvious risk thereof you can set the tax value of the merger date of loans and guarantees etc. in the distressed bank. Similarly, the Board in connection with a taxable transfer rule on the tax value of loans and guarantees, etc. at the time of transfer, the transfer is part of the liquidation of a distressed bank. The Board may take a decision at the request of one of the banks involved.
§ 245. Valuation Board shall consist of 3 members. Economic and Business Affairs, in agreement with the Minister for Taxation Committee members and alternates. Members and alternates are appointed for four years.
PCS. 2. The chairman of the Board to represent legal, financial or accounting expertise, and the other members must have special expertise in the valuation of assets and liabilities.
PCS. 3. Economic and Business Affairs shall lay down rules on payment for the Board's decisions.
PCS. 4. The Board will decide no later than 5 days after the Board has received a sufficient basis for a decision.
PCS. 5. Decisions of the Board may not be appealed to a higher administrative authority and shall be taken into account by the Tax Administration.
PCS. 6. Economic and Business Affairs may, in agreement with treasures lay down rules for the Board's activities.
§ 246. Where a bank does not capital requirement in § 124 paragraph. 2, 3, 5, 7 and 8, and is there a deadline by the FSA to replenish capital prescribed. § 225 paragraph. 1, the Board may convene the ultimate authority with three days' notice to the resolution of necessary measures to comply with the statutory requirements under § 124, PCS. 2, 3, 5, 7 and 8. For banks that are limited liability and whose shares are admitted to trading on a regulated market, the notice shall regardless of the Articles accordingly done with a notice of at least 3 weeks.
PCS. 2. The bank's board of directors may in the paragraph. 1 situation mentioned transfer the bank's business wholly or partially to another bank, see. However, § 204, paragraph. 1 of Economic and Business Affairs approval. The agreement on transfer shall be subject to such approval. The Board shall also convene the ultimate authority referred to. Paragraphs. 1. The Board shall at the general meeting or in savings of Representatives explain the bank's situation and the agreement. If the general meeting or savings banks in the Board deciding on other measures involving the bank meeting the capital requirement in § 124 paragraph. 2, 3, 5, 7 and 8 or on liquidation on terms that the FSA may approve canceled in the second section. mentioned agreement for the transfer.
PCS. 3. Notice shall be sent to all known shareholders, members or savings Board's members. At the same time there must be public call in accordance with § 67.
PCS. 4. Within 24 hours prior to the Meeting or savings banks, the agenda and the complete proposals made available for inspection by the shareholders, the shareholders or savings banks committee members at the bank's headquarters. For convening general banks that are limited liability and whose shares are admitted to trading on a regulated market referred to. Paragraphs. 1, point 2. Shall §§ 95-98 of the Companies Act apply.
PCS. 5. Resolution on measures in accordance with paragraph. 1 Notwithstanding §§ 105 and 106 of the Companies Act always taken by two-thirds of the shares represented. If half of the share capital represented at the general meeting can decide on actions taken by a simple majority. In savings banks and cooperative banks may decide on actions under paragraph. 1 always taken by two-thirds of those in attendance, the savings banks of Representatives members and the cooperative banks shareholders.
PCS. 6. In paragraph. 1-5-mentioned methods are applicable regardless of the Articles thereof.
§ 247. If the bank lost equity, the Board may delegate the bank's business wholly or partially to another bank, see. However, § 204, paragraph. 1 of Economic and Business Affairs approval.
PCS. 2. The Board shall also invite shareholders, unit holders or savings Governors for a briefing on the outline. This meeting must be held within 8 days after the decision and the necessary costs being met by the acquiring financial institution has the right to attend the meeting.
PCS. 3. The provisions of paragraph. 1 and 2 above procedures shall apply regardless of the Articles thereof.
§ 247 a. Involving the FSA a bank license under § 224 paragraph. 1 pt. 1 or 2, lodges Financial Supervisory Authority in accordance with § 234 paragraph. 1, or financial institution for bankruptcy or is declared the bank at the request of other bankruptcy, the FSA shall decide that the bank repayment to holders of covered bonds issued by the bank placed under administration. FSA may, in situations covered by § 224 paragraph. 3, no. 1, also decide that the bank repayment to holders of covered bonds issued by the bank placed under administration. FSA appoints while an administrator jointly with any co-administrators for the administration of the repayment to the holders of covered bonds.
PCS. 2. When a bank repayment to holders of covered bonds issued by the bank placed under administration, the Danish FSA shall cause the decisions on the administration's implementation and administrator's appointment registered or otherwise published in the DCCA. The administration estate must also inform borrowers that future payments related to the individual borrower's payments on the loan, only to administration estate in full discharge.
PCS. 3. Administrator may designate one or more co-administrators with insight into matters that are relevant to the administration.
PCS. 4. Fees to administrators and other expenses in connection with the administration shall be paid by the administration estate. Fee size be negotiated with the FSA.
PCS. 5. The administration estate is subject to FSA supervision.
§ 247 b. At the commencement of the administration the registered assets, see. § 152g paragraph. 1, immediately left to the administration estate. The administration estate through the administrator shall be entitled to dispose of these assets. In the case of investment securities must be registered in a central securities depository, as regards real property rights, must be registered in the land register and, as far as ships, must be recorded in a register.
PCS. 2. is declared a bank bankruptcy, leaving the trustee shall immediately the assets referred to in paragraph. 1, to the administrator.
PCS. 3. The administrator shall have the registered assets assessment in accordance with the rules under § 152 h, no. 2.
PCS. 4. Administration liquidation can not be completed until all the bonds as assets in the register as collateral for are met and the financial instruments are due.
PCS. 5. If he declares a bank bankruptcy after the administration started, get the bankruptcy has no effect on the administration estate.
PCS. 6. Administrator will manage the assets received from the bank, and at the bank, possibly by the court bailiff, require all the administration necessary material handed.
§ 247 c. If he declares a bank bankruptcy, or to comply with a financial institution no obligation to provide additional collateral in accordance with § 152 a paragraph. 2, this may not be the holders of the covered bonds or by lenders after § 152 b paragraph. 1 is invoked as a reason for early repayment of payment obligations. It does not prevent it borrowers whose loans are granted on the basis of the covered bonds, if applicable, their right to make partial or full repayment of the loan in accordance with the redemption terms applicable to the loan.
§ 247 d. If he declares a bank insolvent, the assets of the Register, including financial instruments, calculated after deduction of expenses for the administrator, the payment of claims from holders of covered bonds and counterparties to the financial instruments they registered assets and contracts is the foundation of. Then covered loans, which the bank has admitted to the use of supplementary security, see. § 152 b paragraph. 1. Surplus funds part of the estate, see. § 32 of the Bankruptcy Act.
PCS. 2. The individual holders of covered bonds, counterparties to the financial instruments and lenders pursuant to § 152 b paragraph. 1, can not make claims against the estate. However, administrator of the estate under administration behalf lodge claims against the estate of what, in assessing deficiencies to satisfy the holders of the covered bonds, counterparties to the financial instruments and lenders pursuant to § 152 b, as well as requirements on the interest accrued on the these debts from the bankruptcy order, to bondholders, counterparties to the financial instruments and lenders pursuant to § 152 b can be satisfied.
PCS. 3. Are the funds in the register insufficient to satisfy the claims of the holders of the covered bonds and counterparties of registered financial instruments and to cover the debts which the bank has admitted to the use of supplementary security, see. § 152 b paragraph. 1, the administrator at the administration estate closing report uncovered residual requirements of the bank's bankruptcy lot as unsecured claims.
PCS. 4. Any funds in a register can not be transferred to other registers, but must be transferred to the bankruptcy estate.
PCS. 5. Offsetting from a creditor within the meaning of the Bankruptcy Act § 42 may not apply to the satisfaction of a claim which is for the bank and relating to loans obtained on the basis of covered bonds issued by the bank.
§ 247 e. Proceeds from loans that banks have raised with the requirement to provide supplementary security, see. § 152a paragraph. 2, are not part of a file, in case of bank bankruptcy serve to cover the holders of the covered bonds and counterparties to the financial instruments in the register in which the loan is granted for use of supplementary collateral. Any funds payable to the lender.
§ 247 f. Holders of bonds that have lost the designation of covered bonds. See § 152 a paragraph. 3, first paragraph., And counterparties of the registered contracts for financial instruments they registered assets and agreements underlying retain the bankruptcy legal position assigned to the holders of covered bonds and financial counterparties referred to. § 247 d paragraph. 1, point 1. The same applies to loans, which the bank has admitted to the use of supplementary security, see. § 152 b.
PCS. 2. Any remaining requirements declared by the administrator in the bank's bankruptcy as unsecured claims.
PCS. 3. The provisions of § 152 a paragraph. 1, point 1., §§ 152 b 152 h and §§ 247 a-247 e shall apply to bonds that have lost the designation of covered bonds. See § 152 a paragraph. 3, as well as financial instruments related thereto.
Special rules for insurance on restoration and other measures
§ 248. If an insurer's capital base is lower than the capital requirement, see. § 127, the Danish FSA require the company to prepare a plan for restoring its financial position and submit that plan to the FSA to assess whether the plan contains the measures necessary .
PCS. 2. FSA shall lay down detailed rules on data recovery plan should contain and the period for which the plan must be prepared.
PCS. 3. The Company's plan should aim at restoration of its financial position over a shorter period to be determined by the FSA, when
1) basic capital of an insurance company is less than a third of the solvency requirement or
2) capital base of an insurance company is less than the minimum capital requirement.
PCS. 4. Has the company under the Act submitted a business plan for the FSA, take supervision in the event that there has been a deterioration of its financial position in relation to this plan, decide upon the necessary measures, including the capacity to require the establishment of a new operating plan for the three following financial years.
§ 249. FSA imposes a life insurance within a supervision period set out the measures required if
1) the company does not comply with this Act,
2) the company deviates from the performance of his current base
3) in no. 2 above basis or the way in which its funds are held, is not reassuring
4) it turns out that to cover the technical provisions postponed funds is not satisfactory or
5) the company's financial position has deteriorated to the insured's interests are in danger.
PCS. 2. Are the measures ordered not taken before under paragraph. 1 deadline, and estimated failure to endanger the insured, the company's portfolio placed under administration pursuant to §§ 253-258.
PCS. 3. A portfolio must be placed under administration, if it turns out that before under paragraph. 1 prescribed period can not be obtained the covering technical provisions necessary funds.
PCS. 4. Break a company in liquidation, the Danish FSA may decide that the company's insurance portfolio taken during administration.
PCS. 5. Does the FSA that it when the insurance portfolio is taken into administration, they will also be required that the company be dissolved, take the supervision decision.
§ 250. FSA shall order an insurance company not engaged in life insurance business, within the FSA specified period to undertake the measures necessary, if
1) The company has not set aside sufficient amounts to cover insurance liabilities,
2) FSA does not find the way the Company's funds are, reassuring or
3) the company does not comply with this Act.
PCS. 2. Are the measures ordered are not taken within the prescribed period and estimated failure to endanger the insured, the Danish FSA may decide that the company should be liquidated. If the company carries out industrial injury insurance, the Danish FSA may revoke the company's license to operate industrial injury insurance, then the insurance portfolio taken during the administration of the Workers Compensation Board in accordance with § 54 of the Workers' Compensation Act.
§ 251. As part of the in § 248 paragraph. 3, § 249, paragraph. 1 and § 250 paragraph. 1, those measures may FSA prohibit the company to dispose of its assets or to limit its available above. § 167 shall apply accordingly.
§ 252. Financial Supervisory Authority shall as soon as possible after the liquidation under § 250 is reached, in consultation with the liquidators let examine whether it would be appropriate to seek insurance portfolio fully or partially transferred to one or more insurance companies. If an offer of such acceptance, the Financial Supervisory Authority if it finds the offer presumably, to prepare an account of the transfer and a draft agreement with the relevant company.
PCS. 2. The statement and the proposal must be published in the Official Gazette and in newspapers. The report must contain a call to policyholders to within one of the FSA prescribed period which shall not be shorter than 1 month, writing to the FSA if they have objections to the transfer. The company must simultaneously to the policyholders, whose address is known to the company, sending out the report and draft.
PCS. 3. After the end of the paragraph. Paragraph 2 shall take the Minister taking into account the objections made about whether the insurance portfolio may be transferred in accordance with the submitted proposal.
PCS. 4. FSA can be associated with the prepared statement after negotiations with the acquiring company may provide the insurance that is taken out for a period of more than 1 year, of both parties may be terminated by the rules according to the insurance contract is valid, if the agreement contained multiannual period had expired. The rules on the access to termination must be reproduced in FSA's statement.
PCS. 5. § 27 paragraph. 2 of the Law on Insurance Contracts shall apply until the Minister has taken a decision in accordance with paragraph. 3. If the transfer is made in accordance with Economic and Business Affairs decision, liquidation and transfer regardless Act on Insurance Contracts §§ 26 and 27 shall not be invoked as basis for canceling the insurance contract.
Special rules for insurance companies about managing a life insurance stock
§ 253. Hits FSA's decision that a life insurance company portfolios placed under administration under § 224 paragraph. 1 pt. 1 and 2 and paragraph. 5, § 226, paragraph. 3 and 4, § 234, paragraph. 5, or § 249, appoints the FSA also a trustee together with any co-administrators to conduct insurance portfolio administration.
PCS. 2. When an insurance portfolio taken into administration, the Financial Supervisory Authority to revoke the life insurance company authorized and prompt decisions on the administration's implementation, administrator appointment and permit withdrawal registered in the Commerce and Companies Agency.
PCS. 3. To ensure proper administration's handling administrator can designate one or more co-administrators with insight into the administration relevant factors. § 108 shall apply mutatis mutandis in connection with the administration estates.
PCS. 4. Expenditure by tax laws incumbent administration estate consisting of the insured shall be borne by the administration estate through the administrator.
PCS. 5. Fees for administrators and other expenses in connection with the administration shall be paid by the administration estate. Fees The size determined by negotiation with the FSA.
PCS. 6. The administration estate is subject to FSA supervision.
§ 254. At the commencement of the administration must in § 167 paragraph. 1, said registered assets immediately left to the administration estate. The administration estate through the administrator shall be entitled to dispose of these assets. In the case of investment securities shall be recorded in a CSD and, as far as real estate in the land registry.
PCS. 2. If he declares a life insurance company bankruptcy, transmits probate immediately in paragraph. 1 assets referred to an administrator.
PCS. 3. The administrator shall have the registered assets assessment in accordance with the applicable valuation rules.
PCS. 4. The policy holders can not make claims against the company. However, administrator administration behalf of the estate claim from the company, what is the assessment of the acquired assets, see. Paragraph. 3 missing, to the technical provisions and notified and overdue insurance claims after the calculation referred to in § 256 is covered. Furthermore, the administrator of the estate under administration behalf require an amount equal to the company's capital requirements calculated by the administration estate beginning.
PCS. 5. If he declares a life insurance company bankrupt after the administration started, get the bankruptcy has no effect on the administration estate.
PCS. 6. Administrator will manage the company from assets received and from the company, possibly by the court bailiff, require all the administration necessary material handed.
§ 255. When the insurance portfolio is taken into administration, may repurchase assurances not find place. However, the surrender value entirely or partly used to cover in § 162 paragraph. 1 pt. 7 policy loans mentioned.
§ 256. The Administrator shall calculate technical provisions and quantify the amount of reported and outstanding claims for insurance contracts by commencement of the administration.
PCS. 2. Insurance Requirements before commencement of the administration were past due or declared to be decided by the before then current rules. Insurances maturing later, initially only paid with so large a sum as an administrator in the circumstances will securely. Showing the final determination of the insurance benefits, see. Paragraph. 4 that in this way are paid too much, repayment is not required.
PCS. 3. The technical provisions are calculated using it for company reported basis, see. § 20, unless the administrator deems it necessary to determine another calculation basis notified to the FSA.
PCS. 4. Determination of insurance amounts, including any reduction thereof pursuant to. § 257 paragraph. 1, Item 4. Or § 259 paragraph. 1, point 1. Shall be made in accordance with the following paragraph. 3 current basis and by a distribution of its assets in each case must be considered reasonable, taking into account conditions in the insurance portfolio, including the content of the insurance contracts.
§ 257. The Administrator shall as soon as possible after the assessment and calculation in accordance with § 254 paragraph. 3 and § 256 has occurred, search the entire insurance portfolio taken over by one or more insurers. If an offer of such acceptance, the administrator apply for Economic and Business Affairs authorize the transfer. The application for transfer shall be accompanied by the agreement concluded between the administration estate and the acquiring company and such information about this company as the Minister considers necessary to assess whether the transfer is proper to policyholders. Does the agreement setting up the insurance benefits or change the policy terms, including the bonus rules, this should be indicated.
PCS. 2. Unless the Minister on the evidence finds that authorize the transfer should be denied, the FSA published an account of the intended transfer in the Official Gazette and in newspapers. The report must contain a call to policyholders to within one of the FSA prescribed period which shall not be shorter than 1 month, writing to the FSA if they have objections to the transfer. The company must simultaneously to the policyholders, whose address is known to the company, sending out the report and draft.
PCS. 3. After the end of the paragraph. 2 that period take the Minister taking into account the objections made about whether the insurance portfolio may be transferred in accordance with the submitted proposal. The transfer may not be invoked as basis for canceling the insurance contract.
PCS. 4. A transfer that happened in such a way that not all the administration estate assets incurred, the administrator give the excess to the Company or its estate.
§ 258. Can insurance portfolio is not transferred under § 257, the administrator shall make the final determination of the insurance benefits under the made statement and any changes in the policy terms, including the bonus rules and convene a general meeting of policyholders to establish a mutual company administration lived as pins, see. § 23 and §§ 21 and 22 of the companies Act. To this general given two months' notice. The notice and an explanation of incorporation document content and the administrator calculated determining insurance amounts announced at the in § 257 paragraph. 2, specified manner.
PCS. 2. When registering joins the mutual company within the meaning of § 254 paragraph. 4, that court against the former company.
PCS. 3. Can not formed a new company, continued the administration and the administrator will decide on further attempts to transfer insurance for a new or another company to be made.
Chapter 17
(Repealed)
Section VIII
Special rules for insurance
Chapter 18
Special rules for insurance
Mutual insurance companies members and their liability for the company's obligations
§ 284. Members of a mutual insurance company's policyholders and only these.
PCS. 2. If the members shall be liable for the company's obligations, the scope thereof provided by the statutes.
PCS. 3. Members liability for the company's obligations may only be asserted by the company.
PCS. 4. The company's claims against members of the fulfillment of the liability for the company's obligations can not be transferred or mortgaged.
§ 285. The Danish FSA may lay down rules for the mutual insurance companies regarding liability for members and guarantors, repayment of guarantee capital and conditions for distribution to members of the company's funds.
§ 286. If an insurance policyholder of a mutual reinsurance, it can be the basis of the Articles of Association agreed that it should be exempt from the member responsibility. The total amount of such reinsurance contracts on their own account must be for life insurance shall not exceed 10 per cent. of the acquiring company total sum insured. For annuity insurance should this calculation the sum insured is considered equal to 10 times the annual amount of interest. For non-life insurance should the prize of such reinsurance contracts not without FSA authorization exceed 10 per cent. the company's total premium income.
Payment of the guarantee shares etc. in mutual insurance
§ 287. A mutual insurance company shall not be remunerated for ownership or mortgage acquire own shares warranty.
PCS. 2. A mutual insurance company subsidiaries are not remunerated for ownership or mortgage acquire guarantee interests of the parent company.
§ 288. In mutual insurance must be kept of guarantee shares.
PCS. 2. Warranty The shares shall be recorded in the book stating the guarantor the name, occupation and place of residence.
PCS. 3. The company must guarantee the proportion endorsement listing, see. Paragraph. 2.
General Assembly in mutual insurance
§ 289. Pleas in response to a General Assembly resolution, which has not been made legally or is contrary to this Act or the Articles of Association can be filed by a voter, a member of the Board or an executive.
PCS. 2. Action must be brought within 3 months of the decision. Otherwise, the decision to be valid.
PCS. 3. The period following paragraph. 2 shall not apply when
1) the decision could not lawfully be taken even with all of voters consent
2) that the Company's Bylaws require consent for the decision of all or certain members, guarantors or voting and such consent is not given,
3) convening the general meeting are not, or the Company's applicable rules for convening essentially ignored or
4) the person who filed the case after the end of the paragraph. 2 specified time, but not later than 2 years after the decision, had reasonable grounds for the delay and the right because of this and taking into account the circumstances of the case considers that the provisions of paragraph. 2 would lead to obvious unfairness.
PCS. 4. If the court finds that the General Assembly decision has not been made legally or is contrary to this Act or the Articles of Association, see. Paragraph. 1, the by judgment be revoked or changed. An amendment to the shareholders' resolution may only be effected if he so claims and the court is able to determine what content the decision rightfully should have had. The court's decision is valid for all members and guarantors.
Dividend Distribution, contingency fund, etc.
§ 290. dividends to shareholders interest to guarantors or payment to members of mutual companies can only profit (profit) according to the annual report for the last financial year, retained earnings from previous years and other reserves that are not bound in under the law or the Articles of Association, after deducting partly uncovered deficits and amounts under the Act or the Articles of Association be transferred to a contingency fund or for other purposes.
PCS. 2. As an interim dividend can be used resources covered by paragraph. 1, and profits in the current financial year to the date of the balance sheet referred to. § 183, paragraph. 2 of the Companies Act, the amount is not distributed, consumed or bound. Free reserves that have arisen or been released in the current financial year may also be used for special dividend.
§ 291. So long as the company's capital base does not meet the capital requirements under this Act may not be paid out dividends or interim dividends to shareholders interest to guarantors or amounts to members of mutual companies.
§ 292. In the insurance joint-stock companies can distribute its funds to shareholders in addition to §§ 290 and 291 only take place as a distribution in connection with reduction of share capital or dissolution of the Company, including liquidation. In mutuals can be distributed to members in general only be made in accordance with the articles of association rules.
PCS. 2. Any dividends or interim dividends to shareholders interest to guarantors or payment to members of mutual companies must not exceed what is reasonable having regard to the Company and the parent companies of the group's financial position.
§ 293. An insurer may, if the statute so provides, make provisions for a contingency fund.
PCS. 2. Any funds that are allocated to the contingency fund can not be transferred from this. Nor can the made amendments to the effect that funds under paragraph. 1 is already allocated to the contingency fund may be removed from this. Security Fund may be used to cover losses on settlement of insurance obligations or otherwise for the benefit of policyholders.
Special rules for mutual life insurance companies with a limited purpose
§ 294. The provisions of §§ 295-303 includes mutual life insurance companies, the statute contains an indication of
1) that its purpose is limited to the insurance of the accident and illness so that the insured is also insured, or to take out insurance for pets,
2) that it operates only in this country,
3) the company did not take out insurance policies for longer periods than 1 year at a time,
4) that it only accounts direct insurance
5) the highest amount the company without reinsurance can take on single risk or provision that rules shall be laid down by the FSA in relation to licensing, as well
6) the possibility of calling up additional contributions or reducing their benefits.
PCS. 2. A mutual insurance company is not covered by the provisions of this chapter if
1) the annual contribution income exceeds the FSA set amount or
2) less than half of the annual contribution income must come from persons who are members of the company.
§ 295. The provisions of § 112, no. 2 and § 126 paragraph. 2, does not apply to the formation of companies covered by this chapter.
PCS. 2. The statutes may be determined that there should be hired an executive.
§ 296. Enrolment of members or guarantors may not take place before the draft statute is drafted. The draft to be presented at enrollment.
§ 297. (repealed)
§ 298. (repealed)
§ 299. If the company has no directors, carried out the duties of the Act or pursuant to the Act is delegated to the Executive Board by the Board.
§ 300. (repealed)
§ 301. Mutual life insurance companies covered by § 294 paragraph. 1, and which do business only within a narrowly limited area of ​​land not covered by the provisions of this Act, cf.. However paragraph. 2 and 3, where the plotted insurance does not exceed 3 million. kr.
PCS. 2. Companies which paragraph. 1 However, the title of the mutual. § 11 paragraph. 4 shall apply mutatis mutandis.
PCS. 3. Is a mutual insurance company subject to supervision under this Act, the company remains under surveillance, although it later qualify for exemption under paragraph. 1. FSA may, however, exempt the company from supervision if the company submits a request in accordance with a General Assembly decision.
§ 302. The FSA may exempt a mutual insurance company governed by § 294 paragraph. 1, of the Law, if
1) the total insurance does not exceed 6 million. kr. and the Company's risk for an individual insurance does not exceed 3 per cent. of its total annual premium income or
2) the company only writes insurance in a limited land area and only for a single insurance branch.
PCS. 2. For purposes of paragraph. 1, no. 1, not taken into account the extent to which the company has hedged its risk through reinsurance.
PCS. 3. FSA may use the provision in paragraph. 1 pt. 2, although the company writes insurance which are not covered by § 294 paragraph. 1 pt. 1, when the company does not draw liability insurance, workers' compensation, motor insurance, surety insurance or credit insurance.
PCS. 4. A company's request for an exemption under paragraph. 1 must be approved by the General Assembly.
§ 303. In submitting a mutual insurance company, under the regulations in this chapter, a request pursuant to General Assembly resolution, the Danish FSA may decide that the company should be subject to this law. When such a determination is made, the provisions of this chapter, however, again be used if the FSA permit.
Specific rules on pension funds
§ 304. By profession-understood associations or groups
1) whose members are either trained in specific areas of education or employed in companies of a certain kind, which aims as part of the Conditions or as part of another association with a company to ensure pensions under uniform rules for all members, or
2) whose members are self-employed in the same industry, which aims to ensure pensions under uniform rules for all members.
§ 305. The provisions for mutual life insurance companies shall apply in paragraph. 2 exceptions mentioned analogy for the professional pension funds.
PCS. 2. § 284 paragraph. 2-4 does not apply to pension funds.
§ 306. The Danish FSA may lay down rules on the definition of the interdisciplinary pension membership and activities.
Special regulations regarding labor related life insurance company
§ 307. When a labor-related life insurance joint-stock company means a life insurance limited company,
1) directly or indirectly wholly owned by the policyholders professional organizations, possibly with the relevant industries employers'
2) has been established as a result of a collective agreement and
3) under the Statute does not pay dividends to its owners.
PCS. 2. The company's articles of association shall, in addition to in paragraph. 1, no. 3, said state that the company is an 'occupational life insurance joint-stock company'.
PCS. 3. The transfer of shares in the company other than under paragraph. 1 pt. 1, said circuit or amendment of the Articles of Association relating to in paragraph. 1 pt. 3 and paragraph. 2, the relationship can not happen without FSA approval. FSA approval can only be granted if the cession or statutory amendment is estimated to be in policyholders' interest.
PCS. 4. The company's articles of association must also state how the status of the company's assets when there is no longer insurance claims against the company. The articles of association must state that the tax-exempt portion of the equity to be used for non-profit or charitable purposes.
PCS. 5. Bestower company its portfolio, the company must apply the tax-exempt portion of the equity to the benefit of policyholders. In case of transfer of a specific part of the insurance portfolio, only the proportionate share of the tax-exempt portion of the equity to be used for the benefit of policyholders.
Title IX
Electronic money
Chapter 19
Electronic money
Introductory provisions
§ 308. Companies that conduct business, which is to issue means of payment in the form of electronic money must be authorized issuers of electronic money. By electronic money means a monetary value as represented by a claim on the issuer which is stored on an electronic medium. Electronic money shall be issued at a premium and must be accepted as payment by undertakings other than the issuer.
PCS. 2. Electronic money must other than the issuance of electronic money alone run a business that includes
1) the provision of closely related financial or other nature and
2) storage on the electronic device on behalf of other companies or public institutions.
PCS. 3. Electronic money institutions and banks have the exclusive right to issue electronic money.
PCS. 4. A company seeking a license under paragraph. 1 must have a share capital equal to at least the equivalent of 1 million. euro.
PCS. 5. Apart from paragraphs. 7, the provisions of this chapter do not apply to undertakings issuing electronic money, if a maximum storage 150 euro on the electronic device and one of the following conditions are met:
1) the company's total financial liabilities related to outstanding electronic money shall at no time exceed 6 million. euro, see. paragraph. 6. The outstanding electronic money must not on average exceed 5 million. euro, see. paragraph. 6
2) electronic money issued by the company, accepted as payment of affiliated companies, or
3) electronic money issued by the company, accepted as payment only by a limited number of companies that can be clearly identified by their location in the same premises or in a limited local area, or by their close financial or business relationship with the company, see. However paragraph. 7.
PCS. 6. The calculation of the outstanding electronic money, see. Paragraph. 5, no. 1, included outstanding electronic money issuer even receive as payment, in the calculation of the amounts. Average, see. Paragraph. 5, no. 1, calculated as the weighted average of the last 6 months of outstanding electronic money at the end of the month. The weights used are the sum of the previous month electronic payments to entities other than the issuer divided by the sum of the previous month total used to make payments of prepaid funds.
PCS. 7. Companies that are not covered by this chapter, see. Paragraph. 5, must annually report on their activities, including the amount of total financial liabilities related to outstanding electronic money. The statement must be received in the FSA by 1 April.
§ 309. Electronic money institutions shall not issue electronic money with a value greater than 300 euros.
§ 310. Electronic money institutions shall not have any holdings in other companies, unless these companies perform operational or other ancillary functions related to electronic money issued or distributed by the institution concerned.
§ 311. bearer of electronic money may term and for up to one year after its expiry, ask the issuer or the issuing bank to get the balance redeemed at face value in coins and banknotes or by transfer to a bank account without charges other than those necessary to complete the transaction.
PCS. 2. Conditions for redeemability pursuant to paragraph. 1 must indicate clearly the agreement between the issuer and the holder. The agreement may provide that the amount under 25 kr. Can not be redeemed.
Permission etc.
§ 312. §§ 13-15 for permission and § 30 paragraph. 1, 4, 5, 9 and 10, § 31 paragraph. 1, § 38 paragraph. 1, Nos. 1-4, paragraph. 2 pcs. 3, 1st clause. And paragraphs. 4-7, § 39 paragraph. 1, point 1., § 39 paragraph. 2, first sentence., And § 40 of the exercise of business through a branch or by offering cross-border services apply mutatis mutandis to electronic money with the deviations mentioned in this Act § 313.
PCS. 2. An application for permission to issue electronic money must include information on the expected objectives of financial liabilities related to outstanding electronic money after 6 months.
§ 313. A foreign issuer of electronic money, wishing to pursue business through a branch or by offering services in this country in accordance with § 312, see. § 30 paragraph. 1, 4, 5, 9 and 10, and § 31 paragraph. 1 may only issue electronic money.
PCS. 2. An electronic money, wishing to pursue business through a branch, in the provision of services or by the establishment of a subsidiary in accordance with § 312, see. § 38 paragraph. 1, Nos. 1-4, paragraph. 2 pcs. 3, 1st clause. And paragraphs. 4-7, § 39 paragraph. 1, point 1., § 39 paragraph. 2, first sentence., And § 40 may only issue electronic money.
§ 314. This Chapter shall apply to branches of electronic money, which is based in a country outside the European Union, the Community has not concluded an agreement for the financial area, with such modifications as branch relationships require or are down in or pursuant to international agreements.
PCS. 2. Companies Act provisions on branches of foreign limited companies shall apply to the paragraph. 1 such branches.
ownership
§ 315. § 5, paragraph. 3 and §§ 61-62 on the acquisition and possession of qualifying holdings in financial companies apply mutatis mutandis to electronic money issuers.
management
§ 316. §§ 70 and 71 on written guidelines for a financial undertaking important activities mm apply mutatis mutandis to electronic money issuers.
PCS. 2. § 5, paragraph. 1, no. 22-25, and § 72a of financial firms outsourcing apply mutatis mutandis to electronic money issuers.
solvency
§ 317. The capital base for an electronic money must always be at least 2 per cent. of the higher of the following amounts: The actual value or the previous 6 month average of total financial liabilities related to outstanding electronic money. The average is calculated as the simple average of the latest 6 month outstanding electronic money at the end of the month.
PCS. 2. Where an electronic money institution has not been in operation for six months, including the day it starts up, the base capital must represent at least 2 per cent. of the higher of the following amounts: The current value or the amount set as the target for the financial liabilities related to outstanding electronic money after 6 months,. § 312, paragraph. 2.
PCS. 3. If a member of the administrative, managerial or revision must assume that the company does not meet the solvency requirement, see. Paragraph. 1 and 2, those immediately notify the Financial Supervisory Authority. FSA may set a deadline within which the solvency requirement must be met.
§ 318. The capital base for an electronic money calculated as the sum of paid-up share capital, share premium and reserves.
PCS. 2. The capital reduction of the company's holding of own shares, intangible assets and assets as well as the current deficit.
§ 319. Electronic money must at the end of each semester report the solvency statement to the FSA. FSA shall lay down specific rules.
Investment of funds
§ 320. An issuer of electronic money must at least place the funds corresponding to the company's financial liabilities related to outstanding electronic money in the following assets:
1) Cash,
2) claims against or guaranteed by central governments or central banks in Zone A,
3) debts owed or guaranteed by the European Communities,
4) debts owed or guaranteed by the Danish regions, Danish municipalities, Greenland and the Faroe Islands or secured by securities issued by the Danish regions, Danish municipalities, Greenland and the Faroe Islands within 90 per cent. of the security's market value
5) debts owed or guaranteed by regional and local authorities in EEA countries or secured by securities issued by those regional and local authorities, where the competent authorities have given zero weight within 90 per cent. of the security's market value
6) mortgage bonds and bonds issued by Danish Ship Finance and
7) demand deposits with banks in Zone A.
PCS. 2. FSA may lay down rules for investment of funds in securities other than those referred. 1 said.
PCS. 3. The calculation of the placed funds as referred to. Paragraphs. 1 and 2, any asset values ​​with the lowest value of either the purchase price or market price.
PCS. 4. If the value of the total funds placed in accordance with paragraph. 1 and 2 assets falls below the amount of financial liabilities related to outstanding electronic money, the Danish FSA shall ensure that the issuer shall take the necessary steps immediately to rectify this situation. FSA in that case may temporarily authorize the company's financial liabilities related to outstanding electronic money are met by other than that referred to in paragraph. 1 and 2 up to a maximum of 5 per cent. of these liabilities or the company's capital base, except that it is the lower of these two amounts applies.
§ 321. An issuer of electronic money holdings of funds placed in assets covered by § 320 paragraph. 1 pt. 6 and 7 must not exceed its capital base by more than 20 times.
PCS. 2. An issuer holdings of funds placed in assets covered by § 320 paragraph. 1, no. 6, may not exceed 250 per cent. of the company's capital base at. issuer.
PCS. 3. An issuer holdings of funds placed in assets covered by § 320 paragraph. 1 pt. 7, may not exceed 125 per cent. of the issuer's capital base at. institute. There can be a maximum placed up to 25 per cent. of the bank's capital base.
§ 322. If an issuer of electronic money, interest rate risk is greater than 10 per cent. of the capital base or currency indicator 1 is greater than 10 percent. of the capital base provides the FSA detailed rules on the weighting of market risks. Interest rate risk and currency indicator 1 is calculated as the banks.
PCS. 2. Electronic money may only use derivatives to reduce market risks.
§ 323. Electronic money must at the end of each semester report inventory for the placement of funds to the FSA. FSA shall lay down specific rules.
Accounting and auditing
§ 324. Statements Act applicable to issuers of electronic money with the deviations specified in § 75, § 199, first paragraph. 1-7, and § 200 a year, accountants and accountability.
PCS. 2. The financial year shall be the calendar year. The first accounting period may include a shorter or longer than 12 months to a maximum of 18 months.
§ 325. Electronic money must at the end of each semester, the accounts reports to the FSA. FSA shall lay down specific rules.
§ 326. The Danish FSA shall lay down rules on auditing for EMIs. Including the Danish FSA may lay down rules on internal audit and system auditing in joint data centers.
Withdrawal of authorization and end
§ 327. The FSA may withdraw the license to operate the business of electronic money if the company requests.
PCS. 2. FSA may withdraw an electronic money license
1) if the company does not commence within 12 months after the license was granted,
2) if the company is not exercised for a period of over 6 months
3) if the issuer is guilty of gross or repeated violation of the provisions of this chapter or of the regulations issued under the Act or
4) in the in § 14 paragraph. 1, no. 2-7, second case.
PCS. 3. Where the issuer is not the solvency requirement in § 317, and the company has not raised the capital required within the under § 317 paragraph. 3 deadline, the Danish FSA shall withdraw the license. FSA may decide that the Board within a specified period regardless of Association provision must convene a general meeting and explain the company's financial situation.
§ 328. If an issuer of electronic money capital base not capital requirement of permission time under § 308 paragraph. 4, the Danish FSA may either set a deadline to bring the capital base up to the required minimum or withdraw the license immediately.
§ 329. Any decision to withdraw authorization to an issuer of electronic money, the company executed. Other activities may not be brought before the settlement is completed.
PCS. 2. Failing settlement other than by liquidation or bankruptcy or under § 331, the settlement form, content and implementation approved by the FSA.
§ 330. § 228, § 231, paragraph. 1, § 234, paragraph. 1-3, and §§ 238 and 243 on the withdrawal of authorization and termination shall apply mutatis mutandis to electronic money issuers.
Fusion etc.
§ 331. A bank or an electronic money may not, without authorization by the FSA merged with an issuer of electronic money.
Disclosure of information
§ 332. § 117 shall apply mutatis mutandis to electronic money issuers.
Other provisions
§ 333. Chapter 21 on supervision, Chapter 22 on charges and Chapter 23 on delegation and redress provisions shall apply mutatis mutandis to electronic money issuers.
Title IX is a
Money and Pension Panel
Chapter 19 a
Money and Pension Panel
§ 333 a. Economic and Business Affairs appoints Money and Pension Panel, which consists of a chairman and eight members. The chairman shall have specific knowledge of consumer behavior.
PCS. 2. The panel is appointed by the following setting:
1) one member nominated by Bankers and Securities Dealers Association in Denmark.
2) one member nominated by Insurance.
3) one member nominated by Mortgage Banks and Mortgage Association jointly or separately.
4) one member nominated by Investment Associations.
5) one member nominated by the National Confederation of Denmark, Confederation of Professional Associations and the Salaried Employees and Civil Servants.
6) one member nominated by the Danish Shareholders Association.
7) 2 members nominated by the Consumer Council.
PCS. 3. Economic and Business Affairs appoints Money and Pension Panel members for up to 4 years at a time. The panel's chairman and members may be reappointed.
PCS. 4. For each member appointed a deputy. When a member's absence the alternative member on the member's behalf.
PCS. 5. Economic and Business Affairs shall Money and Pension Panel's Rules of Procedure.
§ 333 b. Money and Pension Panel aims in an objective way to promote consumer interest in and knowledge of financial products and services.
PCS. 2. The panel shall
1) develop objective consumer information about financial products and services,
2) make and publish the test of financial products and services, including tests conducted using anonymous information gathering, and
3) initiate and publish studies on consumer conditions in the financial area.
PCS. 3. Money and Pension Panel secretarial assistance provided by the Economic and Business Affairs.
Section X
Savings institutions
Chapter 20
Savings institutions
Permission to save companies
§ 334. Companies that conduct business, consisting of practitioners and an essential part of their operation to receive deposits or other funds to be repaid from the public, and which places the funds received otherwise than by insertion of a bank must be authorized by the savings business, if the company is not
1) subject to § 7 paragraph. 1
2) subject to § 8 paragraph. 1
3) subject to § 11 paragraph. 1, or
4) set up by special law, or if the establishment is not authorized under the special law.
PCS. 2. Companies that seek a permit under paragraph. 1 must have a share capital equal to at least the equivalent of 1 million. euro.
§ 335. §§ 13 and 14 apply mutatis mutandis to save companies.
§ 336. § 15 apply mutatis mutandis to save companies.
PCS. 2. To save businesses are not limited companies, the Companies Act provisions on notification and registration etc. accordingly.
management
§ 337. §§ 70, 71 and 75 apply mutatis mutandis to save companies.
PCS. 2. § 5, paragraph. 1, no. 22-25, and § 72a of financial firms outsourcing apply mutatis mutandis to save companies.
§ 338. The statutes shall provide depositors' rights and obligations include rules on corporate organization and management, etc. and on the placement of funds.
capital
§ 339. Savings institutions shall hold capital equal to at least the equivalent of 1 million. euro.
accounting
§ 340. accounting year shall be the calendar year. The first accounting period may include a shorter or longer period not exceeding 18 months.
§ 341. Spare company audited and approved annual report to be submitted to the FSA in duplicate without undue delay after final approval. The annual report must be received by the Danish FSA no later than 4 months after the closing.
PCS. 2. Savings institutions must have at least one certified public accountant.
PCS. 3. A copy of the external auditor about the annual report must be submitted to the FSA simultaneously with submission of annual report under subsection. 1.
PCS. 4. Financial Supervisory Authority may lay down detailed rules for saving companies on accounting and auditing.
Withdrawal of authorization and end
§ 342. If the FSA that the continuation of this Act subject to save business on this basis would be improper for the sake of the interests of depositors, the Danish FSA may withdraw the license.
PCS. 2. The financial institutions existing provisions on the withdrawal of licenses and termination shall apply mutatis mutandis to save companies.
Other provisions
§ 343. Chapter 21 on supervision, Chapter 22 on charges and Chapter 23 on delegation and redress provisions shall apply mutatis mutandis to save companies.
PCS. 2. FSA shall lay down rules on the minimum content of contracts for specific hedging businesses.
Section X a
Investment advisory
Chapter 20 a
Investment advisory
scope
§ 343 a. Companies providing investment advice referred to. § 343 b, shall be licensed as an investment adviser.
PCS. 2. Paragraph. 1 shall not apply to the following:
1) Financial institutions see. § 5, paragraph. 1 pt. 1
2) Collective investment schemes regulated by the Investment Purpose Associations and other Collective Investment Schemes etc. and investment institutions and pension funds whether coordinated at Community level or not and the depositaries and managers of such undertakings.
3) Advice provided to a parent, subsidiary or group company (subsidiary).
4) Advisory provided only occasionally in connection with commercial activities, the other enterprise is regulated by law or professional ethics rules and these rules do not exclude that the advice is provided.
5) Advice concerning only employee plans.
6) Advice that is not specifically remunerated.
7) The managing company of a insurance administration community.
PCS. 3. Investment advice under subsection. 1 may be exercised by limited liability companies, partnerships, limited liability companies, limited partnerships, partnerships and sole proprietorships.
§ 343 b. By investment advice mean personal recommendations to a client, either on request or on the investment adviser's own initiative, of one or more transactions relating to financial instruments, see. Annex 4, part A, no. 5.
permission
§ 343c. FSA must consent to the performance of investment advice when
1) members of the Board of Directors and meets the requirements of § 64
2) the company has taken out liability insurance that covers the entire Community or some other comparable guarantee against liability arising from professional negligence with a coverage of at least 1 million. euros for each claim and at least 1.5 million. euros per year for all claims
3) the company's business processes and administrative conditions are sound,
4) the company has its head office in Denmark,
5) the owners of qualifying holdings meet the requirements of §§ 61-62 and
6) the terms of § 14 paragraph. 1 pt. 4 and 5 are met.
PCS. 2. An application for a license under paragraph. 1 must contain
1) all information necessary for the FSA's assessment of whether the conditions of paragraphs. 1 have been fulfilled
2) information on which Member States within the European Union or countries with which the Community has concluded an agreement for the financial area which wishes to exercise the activity, and
3) information about the size of qualifying holdings and the company's organization.
PCS. 3. § 14 paragraph. 3 shall apply mutatis mutandis.
PCS. 4. When the FSA authorized under paragraph. 1, making DCCA the necessary registrations.
PCS. 5. FSA may lay down rules for in paragraph. 1 pt. 2, said liability insurance.
§ 343 d. Investment Advisors can provide investment advice and business ancillary thereto mentioned. Annex 4, Section B, no. 3, first part.
Foreign investment advisers
§ 343 e. § 30 paragraph. 1, 4 and 10, and § 31 paragraph. 1 shall apply mutatis mutandis to investment advisers from another country within the European Union or from a country with which the Community has concluded an agreement for the financial area.
Danish investment advisers abroad
§ 343 f. § 38 paragraph. 1, Nos. 1-4, paragraph. 2, 4, 5 and 6 and § 39 paragraph. 1 and 2, shall apply mutatis mutandis to investment advisors in this country who want to provide investment advice in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area.
PCS. 2. Simultaneously with the transmission of information pursuant to § 38 paragraph. 2, according to the FSA that the investment adviser is not covered by a guarantee in this country and its rationale.
PCS. 3. An investment adviser is required to notify the FSA and host any change in § 39 paragraph. 1 and 2 above matters at least 1 month before implementing the change. If it is not possible to notify the FSA change, at least 1 month before implementing the change, notification must take place as soon as possible.
Good practice
§ 343 g. § 43 paragraph. 1 and 2, shall apply mutatis mutandis to investment advisers.
Management and ownership
§ 343 h. §§ 61-63 apply correspondingly for investment advisors.
§ 343 in. § 64 paragraph. 1-3, apply correspondingly for investment advisors.
PCS. 2 pcs. 1 shall also apply when investment advice unincorporated associations.
§ 343 j. An investment adviser must organize and organize the company in a way that ensures that the risk of conflicts of interest between the adviser and the client minimized.
Withdrawal of authorization
§ 343 k. § 223 and § 224, paragraph. 1 pt. 1, 3 and 4 shall apply mutatis mutandis to investment advisers.
PCS. 2. FSA shall withdraw the license if it is no longer sign party liability provided. § 343c paragraph. 1 pt. 2
§ 343 l. An investment adviser's license lapse when the investment adviser is declared bankrupt or investment company ceases otherwise.
PCS. 2. Powered investment advice in individual business, the license shall lapse when the investment adviser door.
supervision
§ 343 m. § 344, paragraph. 1, § 345, § 346, § 348, paragraph. 2 and §§ 351, 352 and 354-356 apply correspondingly for investment advisors.
PCS. 2. The Financial Business Council is part of supervision in accordance with paragraph. 1 with the competence of the council's powers under § 345 paragraph. 2.
§ 343 n. Companies that provide investment advice, must annually submit statement that the company fulfilled the conditions to get a license under § 343 c.
PCS. 2. The paragraphs. 1 statement referred must be signed by the company's board and management. If the company unincorporated associations, the declaration signed by the management.
Section X b
Credit rating agencies
Chapter 20 b
Credit rating agencies
§ 343 o. When a credit rating agency purposes of this Act a credit rating agency as defined in Article 3 of the European Parliament and of the Council on credit rating agencies.
§ 343 p. Financial Supervisory Authority shall decide on the registration of credit rating agencies, involving registration and other measures under the rules of the European Parliament and of the Council on credit rating agencies. Furthermore ensure FSA compliance with the Regulation. § 344 paragraph. 1 and § 347 shall apply accordingly.
PCS. 2. § 355 shall apply mutatis mutandis to credit rating agencies with the limits imposed by paragraph. 1 that Regulation.
PCS. 3. The Financial Business participate in the supervision of credit rating agencies with the competence of the council's powers under § 345 paragraph. 2, with the limits imposed by paragraph. 1 that Regulation.
Section XI
Supervision and Charges
Chapter 21
Supervision etc.
General rules on supervision
§ 344. FSA shall ensure compliance with this Act and the regulations issued pursuant to this Act, except § 77 paragraph. 1 and 2. However, ensure DCCA compliance with § 15 paragraph. 1, 2 and 4, and §§ 83, 87, 91 and 112. The Fund shall establish the Financial Supervisory Authority as the secretariat of the rules for financial information in annual and interim reports in §§ 183-193 and the regulations issued under § 196 is met financial companies that have issued securities admitted to trading on a regulated market referred to. Danish securities trading Act § 83 paragraph. 2 and 3 and § 83 b. Securities Council exercises the powers conferred by § 197. Financial Supervisory Authority shall also ensure compliance with the regulations issued pursuant to § 31 paragraph. 8 of the Act on Approved Auditors and Audit Firms.
PCS. 2. For branches of credit institutions authorized in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, leads the Financial Supervisory Authority in accordance with the provisions set out in directives supervision of the liquidity of the branches .
PCS. 3. FSA participates in the work of the European supervisory committees and applies the standards and guidelines that the supervisory committees prepare.
PCS. 4. If a bank or mortgage or one's investment service or investment management company is a subsidiary of a credit institution, investment firm or management company with headquarters in another country in the European Union or in a country with which the Community has concluded an agreement for the financial area, FSA by delegate their responsibility for supervising the bank or mortgage bank,'s investment service or investment management company's or group's solvency and large exposures to the authority responsible for the consolidated supervision of the company's foreign parent company.
PCS. 5. Financial Supervisory Authority will organize the usual supervisory activities so that the supervisory efforts proportionate to the risk or harm from violations of financial laws. The FSA reviews each year capital needs of the banks and mortgage that has a working capital of more than 250 million. kr. Financial Supervisory Board is responsible for monitoring the company's organization.
PCS. 6. FSA be in the organization of supervisory activities consider the potential implications for financial stability in other countries within the European Union or a country with which the Community has concluded an agreement for the financial area. This applies in particular in crisis situations. For branches located in the country of foreign companies authorized to carry on in §§ 7-11 that undertaking in a country within the European Union or a country with which the Community has concluded an agreement for the financial area, FSA monitor the branches and assist the competent supervisory authorities in the supervision of the branches. FSA must significant branches and subsidiaries of foreign companies authorized to carry on in §§ 7-11 mentioned the company in a country within the European Union or a country with which the Community has concluded an agreement for the financial area, participate in possible forums of cooperation on the supervision of the entire group.
PCS. 7. Financial Supervisory Authority may in special cases outside assistance.
PCS. 8. Economic and Business Affairs may lay down rules for the FSA procedures in accordance with the provisions laid down in Community rules.
§ 345. Economic and Business Affairs appoints the Financial Services Council, which consists of 8 members. The Council is composed as follows:
1) A chairman with legal or financial insight.
2) A President with legal insight.
3) A member with economic financial knowledge, set by Danmarks Nationalbank.
4) A consumer representative, nominated by Consumer Council.
5) A representative of the business community, nominated by the Confederation of Danish Shipowners' Association, Danish Industry, Crafts Council and the Agriculture and Food in association.
6) A representative of the mortgage banks, nominated by Mortgage Banks and Mortgage Association jointly or separately.
7) A representative of the banks, etc., as set by the Bankers, The Danish Securities Dealers Association, The Danish Investment Association and the Investment Associations association.
8) A representative of the insurance companies, etc., as set by the Danish Insurance Association, Association of Company Pension funds, Danish Insurance and Pension Brokers, Labour Market Supplementary and LD.
PCS. 2. The Financial Business
1) take except § 43 and apart from cases concerning compliance with §§ 183-193 and regulations issued pursuant to § 196 financial companies that have issued securities admitted to trading on a regulated market, settle supervisory issues of fundamental nature and supervisory matters, which has further major implications for financial institutions and financial holding companies
2) advises the FSA in connection with issuing regulations and in connection with matters of principle regarding honest business principles and good practices and price information and supervisory matters regarding honest business principles and good practices and price information which has further major implications for financial institutions and financial holding companies under to § 43 and
3) assist the FSA in its information activities.
PCS. 3. Economic and Business Affairs appoints council members for up to 4 years at a time. Members may be reappointed.
PCS. 4. Economic and Business Affairs shall appoint for each member an alternate. When a member's absence the alternative member on the member's behalf.
PCS. 5. Economic and Business Affairs shall appoint two special experts for each member appointed under subsection. 1, no. 4-6, and up to four special experts for each member appointed under subsection. 1 pt. 7 and 8. Economic and Business Affairs shall, in the determination of the Council's Rules of Procedure as. Paragraphs. 12, a list of the organizations that have the right to set special experts. The special experts may, at the President's decision to participate in the meetings without voting rights. However, no more than attend two special experts for each member in the treatment of individual cases at Council meetings.
PCS. 6. Faroe Islands and Greenland, shall designate any expert knowledge that after the President's decision may attend Council meetings without voting rights.
PCS. 7. Substitutes and special experts appointed under subsection. 4 or 5 are appointed for a period equal to the period of the member of the council, which he has been designated. Particularly experts designated by paragraph. 6 appointed for up to four years at a time. Deputies and special experts may be reappointed.
PCS. 8. When the Council addresses matters regarding honest business principles and good practices and price information in the context. Paragraph. 2, no. 2, called the Consumer Ombudsman to participate in the relevant agenda. The Consumer Ombudsman in matters regarding honest business principles and good practices and price information same powers as council members.
PCS. 9. In cases where there should shall be heard by the Public Administration, includes access to the full draft decision. The deadline for submitting the opinion must be at least 3 weeks, unless the case has already been submitted to the Financial Services Council or the decision is of particular urgency.
PCS. 10. § 354 paragraph. 1, applies to members and alternate members of the council and the special experts. 1st clause. does not apply to matters regarding the issuance of regulations on honest business principles and good practice.
PCS. 11. The Council shall decide by simple majority. By vote, the Chairman has the casting vote.
PCS. 12. Economic and Business Affairs shall Council Rules, including rules on the possibility for an audience with the council.
§ 345 a. Economic and Business Affairs approves the rates for fees, deposits and current contributions to the administration and reserve fund structure, etc. for loans financed with mortgage bonds, mortgage bonds or covered bonds, which receive state aid, except for loans in agriculture field .
§ 346. FSA should investigate the financial companies and financial holding companies' relationship, including through reviews of regular reports and inspections of each company. FSA may also inspect save companies.
PCS. 2. Following inspection of a financial undertaking or a financial holding company shall be held a meeting of the Board of Directors, the chief actuary, external auditor and the internal audit manager, unless such inspection exclusively concerns clearly demarcated areas of activity of the company. At the meeting the FSA announce its conclusions regarding the inspection.
PCS. 3. Key findings should be an inspection to be provided in the form of a written report to the board of directors, the chief actuary, external auditor and the internal audit manager.
PCS. 4. The supervisory authority of another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, after prior notification to the FSA carry out inspections in this country located branches of foreign financial undertakings established in that country. In the case of insurance companies, participating FSA in the first section. said inspection or at the request of the supervisory authority of the branch's home country on his behalf in special cases inspect branch alone. With regard to investment and management companies, the Danish FSA at the request of the supervisory authority of the branch's home country make it in the first section. said inspection in the branch.
PCS. 5. The supervisory authorities in another country within the European Union or in a country with which the Community has concluded an agreement for the financial area, with authorization by the FSA conduct verification of information provided by the in this country situated financial holding companies, financial companies, financial institutions or companies offering ancillary financial institution that is subject to additional supervision by the regulatory authority under the provisions laid down in directives in the financial area.
§ 347. The financial companies, financial holding companies, suppliers and subcontractors must provide the Financial Supervisory Authority the information necessary for the Authority's activity. In accordance with the provisions set out in directives apply this analogy to foreign credit institutions, management companies and investment firms operating in the country by establishing a branch or the provision of financial services.
PCS. 2. Financial Supervisory Authority may at any time on proof of identity without a court order to access a financial company and its branches or a financial holding company for the purpose of obtaining information, including during inspections.
PCS. 3. To the extent necessary for the assessment of a financial institution or a financial holding company's financial position, the Danish FSA may obtain information at any time on proof of identity without a court order to access the companies with which the financial undertaking or the financial holding company special, direct or indirect.
PCS. 4. Financial Supervisory Authority may require any information, including accounts, accounting records, printouts of books, other business papers and electronically stored data deemed necessary for the FSA or for deciding whether a natural or legal person is subject to the provisions of this Act.
PCS. 5. Financial Supervisory Authority may at any time on proof of identity without a court order to access a supplier or subcontractor for the purpose of obtaining information on the outsourced activity.
PCS. 6. Financial Supervisory Authority may request information under paragraph. 1-4 for use in § 354 paragraph. 6, no. 18 and 22, said authorities.
§ 347 a. Economic Trade and Industry may lay down rules on banks 'and mortgage banks' obligation to publish information on the FSA's assessment of the department.
§ 348. Consumer Ombudsman may institute proceedings in respect of acts contrary to honest business principles and good practices in line. § 43 paragraph. 1 and 2, including a case concerning prohibitions, injunctions, damages and recovery of sums unduly levied. Marketing Act § 20, § 22, stk. 2, § 23 paragraph. 1, § 27 paragraph. 1 and § 28 shall apply mutatis mutandis to proceedings in which the Consumer Ombudsman wants to bring under this provision. The DCO may be appointed as group representative in a class action, see. Administration of Justice Chapter 23 a.
PCS. 2. FSA may order that matters which are contrary to §§ 43, 57 and 72. The FSA may carry out inspections visits to branches of management companies and investment firms.
§ 348 a. Financial Supervisory Authority shall notify the DCO if the FSA is aware that a company's customers may have suffered losses as a result of the company violated § 43 paragraph. 1, or regulations issued pursuant to § 43 paragraph. 2.
PCS. 2. The Consumer Ombudsman regardless § 354 access to all information in the FSA's cases covered by paragraph. 1.
§ 349. The Danish FSA may order a financial services company to commission a review of the company's financial position and prospects. The company's board of directors, the chief actuary, external auditor and the internal audit manager must know the signature on the order of the FSA confirm to be familiar with the contents of the communication.
PCS. 2. The statement must
1) be accompanied by a statement from the company's external auditor, unless the statement as a whole is prepared by this,
2) submitted to its Board of Directors for approval and
3) submitted a copy to the FSA.
§ 350. The Danish FSA may order a financial services company within a supervision set deadline to take the necessary measures if
1) the company's financial position has deteriorated, depositors, policyholders, bondholders, investment associations, special associations, approved restricted associations, hedge associations, other collective investment schemes or other investors are exposed to danger or
2) there is a significant risk that the company's financial position will develop so that the institution will lose its license.
PCS. 2. Are the measures ordered is not made within the prescribed period, the Danish FSA may withdraw the company's license.
PCS. 3. For insurance applies also §§ 248-252.
PCS. 4 pcs. 1 and 2 shall apply for a group where the parent undertaking is a financial holding company or a financial company, if there is substantial risk that the Group's financial position will develop so that the group will not comply with the capital requirement for the group.
§ 351. FSA may order a financial services company to remove a chief executive in the financial services business within one of the FSA set deadline, if according to § 64 paragraph. 2, can not contest the post.
PCS. 2. FSA may order a member of the board of a financial undertaking to resign within one of the FSA set deadline, if according to § 64 paragraph. 2, can not perform his duties.
PCS. 3. FSA may order a financial services company to remove a chief executive when the indictment against the director of criminal proceedings for a criminal offense or financial legislation until the criminal case is settled, if the conviction would mean that he does not meet the requirements of § 64 , PCS. 2, no. 1. FSA set a deadline for compliance with the injunction. FSA may, under the same conditions as in the first section. order a member of the board of a financial undertaking to resign. FSA set a deadline for compliance with the injunction.
PCS. 4. The duration of the order issued under paragraph. 2 on the basis of § 64 paragraph. 2, no. 2, 3 or 4 shall be specified in the order.
PCS. 5. An order granted under paragraph. 1-3 to the financial business and the person whom the order relates, be brought before the courts. Requests shall be submitted to the FSA, within 4 weeks after the order was communicated to him. The request does not suspend the injunction, but the court may decide that the Director or the Director during the proceedings can maintain his duties or his position. FSA brings within 4 weeks before the courts. The case brought in a civil procedure.
PCS. 6. Financial Supervisory Authority may on its own initiative or upon application to revoke an order issued under subsection. 2 and paragraphs. 3, 3rd clause. FSA refuses an application for revocation, the applicant may request the refusal before the courts. Requests shall be submitted to the FSA, within 4 weeks after the refusal was communicated to him. Request for judicial review may be made only if the injunction is not time-limited and have passed at least 5 years from the date of issue of the order, or at least 2 years after the FSA's refusal to recall is confirmed by the judgment.
PCS. 7. Have the financial undertaking earmarked Director within the prescribed time limit, the Danish FSA may withdraw the company's license, see. § 224, paragraph. 1 pt. 2 FSA may also include the company's permit provided. § 224, paragraph. 1 pt. 2, if a board fails to comply with an order issued under paragraph. 2 and 3.
§ 352. The FSA may independently or in cooperation with other authorities will investigate suitable for promoting transparency in the financial market, as well as publish their results.
§ 352 a. Where a financial undertaking is declared bankrupt and the state has provided a guarantee or made funds available, prepare FSA explain the process leading up to the bankruptcy. The report should, among other things describe FSA's role in this process.
PCS. 2. FSA must publish in paragraph. 1 above statement. In connection with the publication takes § 354 does not apply unless the information relates to customer relationships or third parties who are or have been involved in attempts to rescue the financial undertaking.
§ 353. FSA shall submit in cooperation with the National Consumer Agency annually to the Minister a report on the status of the issue of rules of conduct and rules on price information and experience with their application, see. § 43 paragraph. 2 and 3.
§ 354. FSA's employees are under the responsibility of the Criminal Code §§ 152-152 e obliged to keep secret the confidential information that they become aware of their supervisory duties. The same applies to persons performing services as part of the FSA's operations, as well as experts acting on behalf of DERA. This also applies for employment or termination of the contract.
PCS. 2. Consent from that duty of confidentiality aims to protect shall not entitle to in paragraph. 1 such persons to disclose confidential information.
PCS. 3 pieces. 1 does not apply to information in cases of
1) proper usage and cost information, see. § 43 and orders issued pursuant to this provision,
2) hybrid core capital and subordinated loan capital in the form of debenture, see. § 45
3) subscription of capital, see. § 46
4) consumer protection, see. Notices of group pension and investment of funds in securities issued pursuant to § 50 paragraph. 2
5) coverage of deposit insurance, see. § 51
6) storage companies independence, see. § 52
7) reduction of mortgage loans granted in breach of the Act on mortgages and mortgage bonds. See § 53 paragraph. 1
8) The agreement on the location of clients' portfolio funds as provided. § 54 paragraph. 2
9) Prohibition of certain life insurance contracts, see. § 55, stk. 1
10) information at the conclusion of insurance contracts and under the current customer relationships, see. Notices issued pursuant to § 56
11) The notice period for consumer insurance see. § 57 paragraph. 1
12) the obligation to take over a building insurance, see. § 59 paragraph. 1 and
13) prohibition on placing a building fire insurance, see. § 60 paragraph. 1.
PCS. 4. Paragraph. Paragraph 1 shall not preclude the FSA on its own initiative, confidential information in summary or aggregate form, when neither the individual company or its customers may be identified.
PCS. 5. Confidential information may be disclosed in civil proceedings when a financial company is declared bankrupt, and if the information does not relate to customers or third parties who are or have been involved in attempts to rescue the company.
PCS. 6. The provision of subsection. Paragraph 1 shall not prevent the disclosure of confidential information to:
1) Securities Council and the Financial Services Council.
2) Other public authorities, including prosecutors and police, in connection with the investigation and prosecution of offenses covered by the Criminal Code or the supervision legislation.
3) The competent minister as part of his overall supervision.
4) Administrative authorities and courts dealing with decisions taken by the FSA.
5) The Parliamentary Ombudsman.
6) A parliamentary commission set up by Parliament.
7) inquiry set up by law or under the law on commissions of inquiry.
8) the Parliamentary Standing Committee for a finance company, general economic conditions, as regards crisis management by financial institutions when deciding whether the state should provide warranty or make funds available. The same applies in the context of parliamentary scrutiny in cases covered by the first section.
9) Public Accounts Committee and the Auditor General.
10) Stakeholders, including authorities involved in attempts to rescue an ailing financial institution, provided that the recipients of information needed.
11) by the Institute of Chartered Accountants appointed auditors in accordance with § 144 paragraph. 5, 2nd sentence.
12) The bankruptcy court and other authorities involved in the financial undertaking's liquidation, bankruptcy or similar procedures, as well as persons responsible for the statutory audit of the financial accounts of the company, provided that the recipients of information in the discharge of their tasks.
13) Institutions managing depositor, investor or insurance guarantee schemes, provided that the information is necessary to enable them to perform their work.
14) Financial Stability A / S. See Chapter 2 of the Act on Financial Stability.
15) Economic and Business Affairs in matters concerning the processing of applications for government capital injections, see. Law on State investments in credit institutions.
16) Danmarks Nationalbank, foreign central banks, the European System of Central Banks and of the European Central Bank, in their capacity as monetary authority, provided that the information is necessary for them to fulfill their statutory tasks, including the conduct of monetary policy, the oversight of payment and securities handling systems and the safeguarding of financial stability.
17) An institution that is responsible for clearing securities or money if it is necessary to ensure that the institution reacts duly to defaults or potential defaults on the market in which the institution responsible for clearing.
18) Financial regulators in other countries within the European Union or in countries with which the Community has concluded an agreement for the financial area which are responsible for the supervision of financial firms, financial institutions, investment banks, credit rating agencies or with the capital markets and bodies involved in the financial companies' liquidation, bankruptcy or similar procedures, as well as persons responsible for the statutory audit of the financial accounts of the company, provided that the recipients of information need it to perform their tasks.
19) Bodies in countries within the European Union or in countries with which the Community has concluded an agreement for the financial area which are responsible for monitoring compliance with the rules on financial information from issuers of securities admitted to a regulated market.
20) Ministers responsible for financial legislation in other countries within the European Union or in countries with which the Community has concluded an agreement for the financial area, in connection with crisis management of a financial services company.
21) the Commission if it has in the discharge of its duties under European Parliament and Council Regulation on credit rating agencies or the European Banking Supervision Committee, the Banking Supervision Committee of the European Central Bank, the European Committee of European Insurance and Occupational Pensions Authority and the European Securities Committee and bodies established by these committees, provided that the recipients of information in the discharge of their duties.
22) Financial supervisory authorities in countries outside the European Union, the Community has not concluded an agreement for the financial area which are responsible for the supervision of financial firms, financial institutions, investment banks, credit rating agencies or with the capital markets and bodies involved in financial companies' liquidation , bankruptcy or similar procedures, as well as persons responsible for the statutory audit of the financial undertaking accounts required. However paragraph. 10 and 11
23) customs and tax authorities in cases covered by the Tax Act § 6 D, paragraph. 2.
24) Tax Authority and the Tax Board for the performance of their duties.
25) The Faeroe man for financial affairs as part of the responsibility for economic stability in the Faroe Islands and to the need for crisis management of financial companies in the Faroe Islands.
26) The Greenlandic Minister for Business and Employment as part of the responsibility for economic stability in Greenland and for crisis management of financial companies in Greenland.
27) Faroese parliament's standing committee on a Faroese financial company general economic conditions, as regards crisis management Faroese financial institutions when deciding whether Faroe Islands to offer a guarantee or make funds available. The same applies in the context of parliamentary scrutiny in cases covered by the first section.
28) Greenland Country Stings standing committee on a Greenlandic financial undertaking general economic conditions, as regards crisis management of Greenland financial companies when deciding on whether the Government of Greenland shall provide an assurance or make funds available. The same applies in the context of parliamentary scrutiny in cases covered by the first section.
PCS. 7. Any person under paragraph. 5 and 6 receiving confidential information from the FSA, is with regard to this information given in paragraph. 1 to professional secrecy.
PCS. 8. Confidential information FSA receiver may only be used in conjunction with supervisory duties, to impose sanctions, or if the Inspectorate's decision be appealed to a higher administrative authority or before the courts.
PCS. 9. Access to issue confidential information to the Parliamentary Standing Committee in accordance with paragraph. 6, no. 8, is limited to documents in cases that are created in the FSA after 16 September 1995. For mortgage banks limit applies documents in files created in the FSA after 1 June 1995. Access to issue confidential information to the Faroese parliament's standing Committee in accordance with paragraph. 6, no. 27, and Greenland Land Stings Standing Committee in accordance with paragraph. 6, no. 28, is limited to documents in cases that are created in the FSA after 1 January 2006.
PCS. 10. Disclosure pursuant to subsection. 6, no. 22, can only be
1) based on an international cooperation agreement and
2) provided that the recipients at least are subject to a statutory duty of confidentiality equivalent to the duty of confidentiality under paragraph. 1, and need information to perform their duties.
PCS. 11. Disclosure pursuant to subsection. 6, no. 22, of confidential information originating from countries within the European Union or countries with which the Community has concluded an agreement for the financial area, can also only take place if the authorities which provided the information, gave their express permission and may only be used for the purpose for which the license relates.
PCS. 12. If a debtor, guarantor or investor significant charges against several financial companies, the Danish FSA may allow the undertaking concerned without delay.
§ 354 a. Decisions taken pursuant to § 344 paragraph. 1, 3rd section., And § 345, paragraph. 2, no. 1, shall be published. 1st clause. also applies to decisions to turn cases over to police investigations, in accordance. However paragraph. 2. The publication shall include the company name.
PCS. 2. Publication pursuant to subsection. 1 can not be done if it would cause disproportionate damage to the company or investigative considerations against disclosure. The publication may not contain confidential information about customers or information covered by § 12 paragraph. 1 of the Act on Public Administration. The publication may not contain confidential information derived from financial regulators in other countries within or outside the European Union, unless the authorities have transmitted it have given their express permission.
PCS. 3. If the publication is omitted in accordance with paragraph. 2, first sentence., Publication shall be made in accordance with paragraph. 1, when the reasons which necessitated the omission no longer apply. This is only valid for up to 2 years after the decision is taken.
§ 354 b. Financial Supervisory Authority must inform the public about matters which are dealt with by the FSA, the prosecution or the courts, which are of general interest or of importance for the understanding of the following provisions:
1) Good practices and price information in the context. § 43 and orders issued pursuant thereto,
2) hybrid core capital and subordinated loan capital in the form of debenture, see. § 45
3) subscription of capital, see. § 46
4) consumer protection, see. Notices of group pension and investment of funds in securities issued pursuant to § 50 paragraph. 2
5) coverage of deposit insurance, see. § 51
6) storage companies independence, see. § 52
7) reduction of mortgage loans granted in breach of the Act on mortgages and mortgage bonds. See § 53 paragraph. 1
8) The agreement on the location of clients' portfolio funds as provided. § 54 paragraph. 2
9) Prohibition of certain life insurance contracts, see. § 55, stk. 1
10) information at the conclusion of insurance contracts and under the current customer relationships, see. Notices issued pursuant to § 56
11) The notice period for consumer insurance see. § 57 paragraph. 1
12) the obligation to take over a building insurance, see. § 59 paragraph. 1 and
13) prohibition on placing a building fire insurance, see. § 60 paragraph. 1.
PCS. 2. FSA must also inform the public about the name of a company who violates the ban on conducting financial services without a license, cf.. §§ 7-11, 308 and 334.
§ 354 c. FSA must publish information on penalties imposed on a credit rating agency in accordance with § 373 paragraph. 1 and 2, for breach of the European Parliament and Council Regulation on credit rating agencies, unless such disclosure would seriously jeopardize the financial markets or cause the parties involved disproportionate damage.
PCS. 2. The FSA will also publish measures that the Authority shall, after Article 24. 1 point ac, or Article 25. 1 c of the European Parliament and Council Regulation on credit rating agencies, unless such disclosure would seriously jeopardize the financial markets or cause the parties involved disproportionate damage.
PCS. 3. FSA may also disclose information about reprimands and orders that the FSA shall notify the credit rating agency for breach of the European Parliament and of the Council on credit rating agencies. The publication may include company name.
§ 355. As a party to the FSA considered the financial business, the financial holding company, the foreign financial undertaking or foreign financial holding company that FSA's decision in pursuance of this Act or regulations laid down in pursuance of this Act targets, cf. . however paragraph. 2 and 3.
PCS. 2. In the following cases are considered different from the enterprise also as part of the FSA's decision as regards the part of the case concerning him:
1) The parent company, which this is a financial holding company or a financial company.
2) Companies with which a financial undertaking has a special, direct or indirect, and how supervision can obtain information and inspect, in accordance. § 347, paragraph. 3.
3) A natural or legal person, the FSA requires information to determine whether this is covered by the provisions of this Act. § 347, paragraph. 4.
4) A person who FSA receives information related to the approval pursuant to § 64 paragraph. 1 and 2.
5) The proposed acquirer or holder of a qualifying holding when FSA hears cases on the approval of the acquisition, see. §§ 61, 61a and 61b, and when the FSA reacts as a result of failure to notify a share or revoke the voting rights, as attached to that owner's share, see. § 62 paragraph. 1-3.
6) The auditor of a financial undertaking, when the FSA devotes this or orders said to provide information about the company, and in matters of prohibition, an auditor has loans etc. in the financial business, the auditor revises the meaning. § 199, paragraph . 4-6 and 8
7) Companies which a bank, investment company, investment management company or mortgage has such a connection, that the FSA decision must be included in the consolidation, see. § 177 paragraph. 1.
8) A company applying for a license to operate in banking, investment management, værdipapirhandler-, mortgage, insurance or life insurance as referred. § 7 paragraph. 1, § 8 paragraph. 1, § 9 paragraph. 1, § 10 paragraph. 1 and 2, § 11 paragraph. 1 and § 14, or whose application suspended in accordance. § 14 paragraph. 4.
9) A member of a financial undertaking the board or shareholder when supervision refuse a financial undertaking authorization or withdraw all or part, see. § 14 paragraph. 1, Nos. 1-3, and paragraph. 2, § 224 and § 225 paragraph. 1.
10) Companies which supervision will have close links to a financial institution when an authorization is refused or withdrawn pursuant to § 14 paragraph. 1 pt. 4 and 5, and § 224.
11) Anyone who violates the law prohibiting a business name or name of the company to use words, covered by financial firms exclusive rights to the name, see. § 7 paragraph. 5, § 8 paragraph. 5, § 9 paragraph. 5, 2nd sentence. And paragraphs. 6, 2nd sentence., And § 11 paragraph. 3.
12) Anyone who violates the law against doing business under § 7 paragraph. 1, 3 and 4, § 8 paragraph. 1 and 3, § 9 paragraph. 1 and 3, § 10 paragraph. 1 and 3 and § 11 paragraph. 1, without permission.
13), to whom the FSA decides whether the person may offer investment services without permission, see. § 9 paragraph. 11.
14) Investment associations, special associations, restricted associations and other collective investment schemes, when the FSA decision in a case involving the investment management company that manages the fund, special association, restricted association or collective investment scheme.
15) The chief actuary when this has not fulfilled its obligation to provide information to the FSA, see. § 108 paragraph. 5, 1st clause.
PCS. 3. The party is also considered a director, chief actuary, an accountant, a CEO or other senior executives in a financial firm, a financial holding company, a foreign financial institution or a foreign financial holding company, the Financial Supervisory Authority's decision is aimed directly at the concerned. The same applies to a liquidator and an administrator of a life insurance stock.
PCS. 4. As a party in relation to the FSA's decisions taken under the supervision checking accounts prepared in accordance with this Act Chapter 13 and the regulations issued under § 196, and the consolidated financial statements covered by Article 4 of the European Parliament and Council Regulation on the application of international accounting standards are also any that FSA deems party.
PCS. 5. Part Status and party powers under subsection. 2 and 3 is limited to circumstances where FSA decisions taken after 8 October 1998, mortgage companies, however, after 20 October 1998. As regards the disclosure of confidential information, see. Chapter 9 is party status and party powers limited to conditions where FSA decisions taken after 1 January 2004. for investment management companies are party status and party powers limited to circumstances where FSA decisions taken after 1 January 2004. part status and party powers under subsection. 4 is limited to circumstances where Inspectorate's decision taken after 1 July 2009.
PCS. 6. FSA may, when instituting proceedings up about disclosure of confidential information, see. Chapter 9 provide certain party to other natural or legal persons not covered by paragraph. 2 and 3 above. Part Powers can be granted only in respect of that part of the case, which has a direct and significant impact on the person concerned. Part powers shall be given taking into account the protection of confidential information about the companies that are under supervision. Part powers are limited to circumstances where FSA decisions taken after 1 January 2004.
§ 356. Employees of the FSA shall not be a member of management, the board or committee, or be employed by companies under the supervision of the FSA or their organizations. They may also not without the permission of the Minister to own or operate an independent enterprise or participate in the management or operation of a business. However, they may own, operate and participate in the management of real estate.
PCS. 2. Employees of the FSA must not own expense carry out or participate in speculative transactions, see. § 77 paragraph. 1. Economic and Business Affairs must FSA's director, deputy directors and equivalent develop guidelines for reporting investments.
PCS. 3. The Director of FSA may not without Economic and Business Affairs permission included involvement with or provide collateral to financial institutions. For other employees of the FSA prepares the Minister detailed guidelines for the approval of exposures and collateral to financial companies. The guidelines may require different procedures for each employee category.
deadlines
§ 357. The time limits laid down in or under this Act shall take effect from the day following the day on which the event triggering the time limit occurred. This applies to the calculation of days, weeks, months and årsfrister.
PCS. 2. If the time limit specified in weeks, ending the period referred to. Paragraphs. 1 of the weekday for the day when the event that triggered the deadline occurred.
PCS. 3. If the time limit specified in months, the deadline referred. Paragraphs. 1, on a monthly anniversary of the date on which the event that triggered the deadline occurred. If the day of the event that triggered the deadline occurred, the last day of a month, or if the deadline expires on a date that does not exist, the deadline is always on the last day of the month regardless of its length.
PCS. 4. If the time limit specified in the year, the deadline referred. Paragraphs. 1, on the anniversary of the day that the event that triggered the deadline occurred.
PCS. 5. a time limit expires on a weekend or on a public holiday, Constitution Day, Christmas Eve or New Year's Eve, the deadline is extended to the next working day.
Special rules for insurance on supervision
§ 358. Resolution on the new shares shall be paid up by conversion of debt under § 161 of the Companies Act, must be approved by the FSA.
§ 359. Insurance companies, branches of foreign companies, which are authorized by the FSA, and the meaning of this Law pension funds are recorded in the DCCA.
Chapter 22
charges
§ 360. The appropriation for the FSA less sales of goods and services and interest income covered by charges from the companies that are subject to FSA supervision pursuant. §§ 361-370.
PCS. 2. Financial Supervisory appropriations determined in accordance with paragraph. 1 covered further charges from the non-profit organizations pursuant to § 16 paragraph. 4 of the Act on Measures to Prevent Money Laundering and Financing of Terrorism has requested registration with the FSA, see. § 361, paragraph. 1 pt. 21
§ 361. The following companies pay an annual basic amount of the levy to the FSA:
1) Labour Market Occupational pay 510,000 kr.
2) ATP fund (pension, temporary pension and special pension) pay 1,180,000 kr.
3) Operators of regulated markets and alternative markets pay a basic amount of 12.000 kr. Per. company whose securities are admitted to trading at the end of the previous year.
4) The Guarantee Fund for Depositors and investors pay 95.000 kr.
5) Every financial holding company pays 5,000 kr.
6) Each issue of collateralized mortgage obligations and similar companies pay 10,000 kr. Per. series.
7) Each of electronic money pays 10,000 kr.
8) LD pay 670,000 kr.
9) VP Securities A / S to pay 1.84 million kr.
10) The Guarantee Fund for general insurance companies pay 50,000 kr.
11) Financial institutions and financial holding companies whose securities are admitted to trading on a regulated market and the market value of the securities traded are 1 billion. kr. or more at the end of the year, paying 40,000 kr. annually. If the market value of the securities traded is 250 million. kr. or more but less than 1 billion. kr. at the end of the year, paid 20,000 kr. annually, and if the market value of the traded securities is less than 250 million. kr. at the end of the year paid 10,000 kr. annually. Departments of investment funds and special funds that have issued securities admitted to trading on a regulated market, paying 5,000 kr. Annually.
12) Reinsurance Brokerage Companies pay 15,000 kr.
13) Natural or legal persons applying for FSA approval of a prospectus pursuant to Chapter 6 of the Danish Securities Trading Act, pays 25,000 kr. In charge per. request.
14) Natural or legal persons requesting entry in a register of qualified investors, cf.. Danish Securities Trading Act § 23 paragraph. 8, pay 1,000 kr. Per. request.
15) Undertakings and persons covered by § 1. 1, no. 12 of the Act on Measures to Prevent Money Laundering and Financing of Terrorism pay 2,000 kr.
16) Issuers are required to send information to the FSA in accordance with § 27 a paragraph. 2 and 3 of the Act on Securities Trading, pay 6,800 kr. Annually.
17) Issuers requesting the FSA's official listing of shares, share certificates or bonds pay 12.400 kr. in charge per. request. Those issuers pay then 1,650 kr. Annually as long as the securities are officially listed.
18) Each operator of a regulated market that has permission to operate multilateral trading facilities pay 12.400 kr. Annually.
19) Investment Advisors pay 8,250 kr. Annually.
20) Professional associations pay 8,250 kr. Per. association and 2,450 kr. per. department.
21) Organisations with charitable purposes, the entries in a register of non-profit organizations that receive money transfers of up to 150 euros without disclosure requirements in connection with remittances, see. Law on prevention of money laundering and financing of terrorism § 16 paragraph. 4, pay 750 kr. Per. request.
22) Securities dealers, who are required to report transactions in securities admitted to trading on a regulated market to the FSA in accordance with § 33 paragraph. 2 of the Act on Securities Trading, pay an annual
a) 1.650 kr. for up to 10,000 transactions
b) 8.250 kr. for between 10,000 and 100,000 transactions
c) 53 750 kr. for between 100,000 and 1 million. transactions and
d) 227 500 kr. to over 1 million. transactions.
23) Approved foreign clearing centers, cf.. § 8 of the Act on Securities Trading, pay an annual 100,000 kr.
24) Payment institutions referred. Payment Services Act, pays 60,000 kr. Annually.
25) Companies with limited authorization to provide payment services, see. Payment Services Act, pays 6,000 kr. Annually.
PCS. 2. Basic amounts referred to. Paragraphs. 1, indicated at 2004 level and adjusted annually, corresponding to the development of the FSA's appropriation of Finance.
§ 362. Investment companies pay an annual 10.5 per thousand of their payroll costs, commissions and performance-related bonuses. Imposed always a minimum of 15,000 kr.
PCS. 2. Investment management companies pay an annual 10.5 per thousand of their payroll costs, commissions and performance-related bonuses. Imposed always a minimum of 15,000 kr.
PCS. 3. Insurance companies pay an annual 4.0 per thousand of their commission and other remuneration. Always be imposed A minimum fee of 2,000 kr.
PCS. 4. Hedge funds pay an annual 25,000 kr. Per. association or per. Department plus 0.02 per thousand of their total balance sheet.
§ 363. Banks, companies subject to the Act on a Ship Finance Institute, other savings than those listed in § 361 paragraph. 1, no. 6, above and Management Institute for Local Banks pay an annual 49.4 per cent. of the difference between FSA's expenses and fees paid in §§ 361 and 362.
PCS. 2. The fee in proportion to each company's share of the paragraph. 1 undertakings included in total debt and guarantee obligations. Always be imposed A minimum fee of 2,000 kr.
§ 363 a. Branches in Denmark of foreign companies authorized to carry on in §§ 7-11 mentioned the company in a country within the European Union or a country with which the Community has concluded an agreement for the financial area , pay an annual 15 per cent. what companies of a similar nature and size with a Danish license pay, see. §§ 363-366. If established a college of supervisors, payable shall be 20 per cent. what companies of a similar nature and size with a Danish license to pay under §§ 363 and 364-366. Always be imposed A minimum fee of 2,000 kr.
§ 364. Mortgage banks pay an annual 13.2 per cent. of the difference between FSA's expenses and fees paid in §§ 361 and 362.
PCS. 2. The fee in proportion to each company's share of the paragraph. 1 undertakings included total book balance sheet. Always be imposed A minimum fee of 2,000 kr.
§ 365. Insurance companies engaged in life insurance, pension funds and corporate pension funds pay an annual 18.3 percent of the difference between FSA's expenses and fees paid in §§ 361 and 362.
PCS. 2. The fee shall be split into two equal parts. One part of the fee in proportion to each company's share of the paragraph. 1 undertakings included in gross premiums and membership fees. The second part of the fee in proportion to each company's share of the paragraph. 1 undertakings included in total assets reduced by capital base. Always be imposed A minimum fee of 2,000 kr.
§ 366. Insurance companies not engaged in life insurance business, pay an annual 14.7 per cent. of the difference between FSA's expenses and fees paid in §§ 361 and 362.
PCS. 2. The fee is allocated in proportion to each company's share of the paragraph. 1 undertakings included total direct and indirect gross premiums plus gross claims, disregarding the negative premiums. Always be imposed a minimum rate of 2.000 kr. The insurance companies covered by § 294, however, pay a minimum rate of 800 kr.
§ 367. Investment associations, special associations and restricted associations pay an annual 4.4 per cent. of the difference between FSA's expenses and fees paid in §§ 361 and 362.
PCS. 2. The tax is distributed among the companies with 10,000 kr. Per. Association plus 3,000 kr. per. department. The remaining charge in proportion to each company's share of the paragraph. 1 undertakings included in the total balance.
§ 368. Calculation of taxes from companies covered by §§ 362-367 is made on the basis of information in the most recent fiscal year annual report or in the absence of such the latest filed accounts reporting. In the case of insurance companies conducted calculation based on the most recently filed income analysis.
PCS. 2. Full tax liability owed by any company that has been under the supervision part of the calendar year.
PCS. 3. If two or more firms subject to FSA supervision aggregated, pay continuing operations of discontinued business tax.
PCS. 4. If a company ceases to be supervised otherwise than by combining fixed fee for the calendar year in which the company ceases, as follows:
1) Companies covered by § 361 pays the basic amount.
2) Companies covered by § 362 pays the prescribed blood alcohol compared to the tax base in the previous year's annual report or income analysis. If the previous year's financial statements or income analysis submitted to the FSA at the time of termination, the tax is calculated in relation to the tax base in the latest financial reporting or income analysis.
3) Companies included in §§ 363-367 pay rate from the latest taxation in relation to the tax base in last year's annual report. If the last year's annual report is submitted to the FSA at the time of termination, the tax is calculated in relation to the tax base in the latest financial reporting. FSA may in special cases approve the payment of duty pending the total tax charge.
PCS. 5. Financial Supervisory Authority may in special cases reducing tax rates.
§ 369. The fees for the year charged in early December with a maturity date at the end of the year.
§ 370. Profit and loss adjusted over a savings account.
PCS. 2. Any difference between the tax collected and paid-up charge is transferred as a total amount of tax collection the following financial year.
Section XII
Commencement and transitional provisions
Chapter 23
Delegation and redress provisions
§ 371. assigns the Minister's powers under this Act to the Financial Supervisory Authority, the Minister may lay down rules governing appeals, including appeals may not be brought before another administrative authority.
§ 372. Decisions by the FSA or the Danish Commerce and Companies Agency under the Act or regulations issued pursuant to this Act may be of that decision is addressed, may be referred to the Commercial Appeal Board within 4 weeks after the decision was communicated to him, see. however paragraph. 2.
PCS. 2. Decisions taken by the FSA in accordance with § 343 pi according to European Parliament and Council Regulation on credit rating agencies can not be appealed to any other administrative authority.
PCS. 3. Decisions taken by the FSA in relation to matters covered by § 246, desired appealed shall be brought before the Appeals Council within 24 hours after the decision was communicated to him.
PCS. 4. reversed one of the FSA decided to go out on an insurance company should be liquidated, or that its life insurance stock placed under administration, the DCCA immediately detect this. FSA must, if the company owns real property, arrange for the necessary registration.
Chapter 24
Penalties
§ 373. Violation of § 7, paragraph. 1-6, § 8 paragraph. 1 and 3-6, § 9 paragraph. 1-3 and 5-7, § 10 paragraph. 1-4, § 11 paragraph. 1-4, § 16a paragraph. 2, § 16 b paragraph. 2, § 24 paragraph. 1, point 2., § 25, second paragraph., §§ 27 and 28, § 31 paragraph. 7, 8 and 10, § 33 paragraph. 1, §§ 36 and 38, § 39 paragraph. 1, 3, 4 and 6, §§ 40 and 44-46, § 49 paragraph. 1 and 2, §§ 52 and 53, § 61 paragraph. 1, §§ 61b and 61c, § 63 paragraph. 1, 2 and 4, § 64 paragraph. 3, see. Paragraph. 2, no. 1 and 2, §§ 65-67, § 74 paragraph. 1 and 3, §§ 75, 76 and 78, § 92, § 101, paragraph. 1, 2 and 4, § 102, paragraph. 2 and 3, §§ 103-106 and 117, § 118, paragraph. 4, § 119, § 120, paragraph. 1, point 2. And paragraphs. 2, § 124, paragraph. 1-4, 7 and 8, § 125, paragraph. 1-3, 5 and 7, § 126 paragraph. 1, 2 and 8, § 129, paragraph. 9, § 134, no. 7, § 138, no. 8, § 145 paragraph. 1-3 and paragraphs. 4, 1st clause., § 146 paragraph. 1, § 147, paragraph. 1, § 149 paragraph. 1 and 3, §§ 150-152, § 153 paragraph. 1, §§ 154 and 170-175, § 182, paragraph. 1 and 2, § 194, § 195, paragraph. 1-3, §§ 200-203, § 204, paragraph. 1, § 217, § 218. 1, 1st and 2nd clauses., § 226, paragraph. 1, 2 and 5, § 227, § 308, paragraph. 1, 2 and 7, §§ 309 and 310, § 317, paragraph. 1 and paragraph. 3, first paragraph., § 320, paragraph. 1, § 321, § 322, paragraph. 2, §§ 329, 331 and 334, § 343 a paragraph. 1, § 343 f paragraph. 3, § 343 j, §§ 377, 379 and 381, § 404, paragraph. 1, 2, 4 and 5 and Article 14 and Article 24. 1 b of the European Parliament and Council Regulation on credit rating agencies, punishable by fine or imprisonment for up to four months, unless a higher penalty is prescribed under other legislation.
PCS. 2. Violation of § 16 c, d § 16 paragraph. 1, § 16 f paragraph. 1-3, § 46a, § 50 paragraph. 1, § 54 paragraph. 2, § 57 paragraph. 1, § 57a paragraph. 1, § 70, § 71 paragraph. 1, § 72 paragraph. 1 and 2 and paragraph. 3, 3rd clause., § 73 paragraph. 1, point 1. And paragraphs. 2, §§ 77, 77 a and 77 b, § 80 paragraph. 1 piece. 2, first sentence. And paragraphs. 3, 7 and 8, § 108 paragraph. 1-6, § 121 paragraph. 1, §§ 122 and 123, § 152a, paragraph. 1, point 1., § 152c paragraph. 2, § 152 d paragraph. 1 and 2, § 152 e paragraph. 1, § 152 g paragraph. 1, 1st and 3rd sections. And paragraphs. 2 and 4, §§ 158, 159 and 167, § 183, paragraph. 1, point 1., § 183, paragraph. 5, § 184 paragraph. 1, § 185. 1 and 2 and paragraph. 3, first paragraph., §§ 186 and 187, § 188, paragraph. 1 piece. 2, first sentence. And paragraphs. 3, 2nd sentence., §§ 189-191, § 192, first paragraph., § 193, first paragraph., § 198, first paragraph. 1, § 199, first paragraph. 2 and 5, Article 4 of Council Regulation on the application of international accounting standards as well as European Parliament and Council Regulation on credit rating agencies, except Article 14 and Article 24. 1, point b, 21) fine. Similarly, violation of the notification requirement in § 152 a paragraph. 2, first sentence.
PCS. 3. A fine is imposed a financial undertaking or a financial holding company that does not comply with an order given pursuant to § 348 paragraph. 2, first sentence. Or § 350 paragraph. 1, and violations of § 112 paragraph. 1, of the Companies Act. A fine is also the punishment that do not comply with an order given pursuant to § 351 paragraph. 2 and paragraphs. 3, 3rd clause.
PCS. 4. In regulations issued pursuant to this Act may stipulate fines for violation of the provisions of the rules.
PCS. 5. There can be imposed on companies etc. (legal persons) under the rules of the Penal Code Chapter 5.
PCS. 6. Failure by a member of a financial institution or a financial holding company's board of taking necessary measures in case of loss or an imminent risk of loss of significant size, punished him with a fine or imprisonment for up to four months, unless more severe penalty is prescribed under other legislation. The same applies to a member of the board of a savings company or an issuer of electronic money.
PCS. 7. Persons linked to a financial institution, and which give false or misleading information concerning the situation of the company to public authorities, to the public for any corporate body or to depositors, policy holders or bondholders and other investors in the financial undertaking, or who is guilty of gross or repeated negligence or carelessness can result in losses for the company or depositors, policy holders or bondholders and other investors in the financial business, punishable by fine or imprisonment for up to four months, unless more severe penalty is prescribed under other legislation. The same applies to persons linked to a savings company or an issuer of electronic money.
PCS. 8. The limitation period for breach of the Act or regulations issued pursuant to the Act is 5 years.
§ 374. If a financial undertaking's board of directors, external auditors, internal audit manager, appointed actuary, liquidator, general agent, branch manager or the Board in due time to fulfill the duties under this Act or regulations issued pursuant to the obligations imposed on them against FSA or the Danish Commerce and Companies Agency, the Danish FSA respectively Commerce and Companies Agency as a sanction imposed daily or weekly fines.
PCS. 2. If a firm referred to in § 347, paragraph. 3 and 4, to fulfill the duties and obligations imposed on the company, the Danish FSA as a coercive measure impose itself or the persons responsible people daily or weekly fines.
PCS. 3. If a financial undertaking to comply with an order issued pursuant to § 351 paragraph. 1 and paragraph. 3, point 1., Can be imposed on a daily or weekly penalty payments.
PCS. 4. Where a financial institution or a financial holding company that has issued securities admitted to trading on a regulated market, not fulfilling its obligations under the provisions of §§ 183-193 or provisions pursuant to § 196 Securities Council may grant the company ordered to change the relationship, including orders for the publication of revised or additional information. If deemed appropriate, the Securities Council even publish the information in question, publish the order or suspend or remove the securities from trading on a regulated market.
PCS. 5. The financial undertaking or a financial holding company that does not comply with an order from the Securities Council or giving false or misleading information to the Securities Council, punishable by a fine, unless more severe penalty is incurred under other legislation.
PCS. 6. The provisions of paragraphs. 1-3 apply correspondingly to Fund Council by the Danish Securities Council control in accordance with § 344 paragraph. 1, 3rd section.
Chapter 25
Entry into force, transitional arrangements, changes in other legislation, the Faroe Islands and Greenland
Commencement
§ 375. The Act comes into force on 1 January 2004, see. However paragraph. 2 and 3.
PCS. 2. Act § 167, § 169, paragraph. 1, no. 4, § 271, § 278, paragraph. 4, § 373, paragraph. 2, § 380 and § 425, no. 31, comes into force after publication in the Official Gazette. Act § 57 shall enter into force on 1 July 2004.
PCS. 3. Economic and Business Affairs shall determine the date of entry into force of the Act, §§ 183-198.
PCS. 4. Notwithstanding § 199, first paragraph. 1 and § 376, the requirement that certain financial companies must have at least two auditors set. § 34 paragraph. 1 of the Law on Banks and Savings Banks Act, § 23 paragraph. 2 of the Act on Investment Companies, § 179, paragraph. 1 of the Act on insurance and § 90 paragraph. 1, in the Act, in force for financial years beginning on 1 January 2004.
PCS. 5. § 430, no. 6, the effect of the transformations that take place on 1 January 2004 or later.
§ 376. The following provisions are repealed:
1) Act on Financial Business Act. Act no. 660 of 7 August 2002.
2) Law on Banks and Savings Banks, etc., see. Legislative Decree no. 214 of 25 March 2003 referred to. However, §§ 377 and 378.
3) Act on Investment Companies, see. Legislative Decree no. 787 of 19 September 2002.
4) The Law on Insurance, see. Legislative Decree no. 147 of 7 March 2003 stated. However, §§ 379 and 380.
5) § 1. 1-3, §§ 2, 4-20, 46, 50, 51, 53-53 in 60-95 and 98 a, § 100, paragraph. 1-3, §§ 100a and 101 and § 102 paragraph. 1, in the Act, see. Act no. 57 of 20 January 2003 stated. However, §§ 381 and 382.
6) Act on electronic money, see. Legislative Decree no. 661 of 7 August 2002.
7) Act on saving enterprises referred. Legislative Decree no. 655 of 7 August 2002.
8) § 6 of the Act no. 1090 of 17 December 2002 on the promotion of private rental housing.
PCS. 2. Notices issued pursuant to in paragraph. 1 said laws, maintained until they are repealed or replaced by regulations issued pursuant to this Act.
Transitional provisions
§ 377. (Omitted)
§ 378. (Omitted)
§ 379. (Omitted)
§ 380. (Omitted)
§ 381. (Omitted)
§ 382. (Omitted)
§ 383. (Omitted)
§ 384. Until 1 January 2006, § 123 only applies to customer relationships established after 1 January 2002 or the customer enters into new agreements with the financial undertaking.
§ 385. For customer relationships established before 1 January 2002, usual information about customer relationships until January 1, 2006 disclosed to affiliated financial companies, unless the customer enters into new agreements with the financial company or the customer makes objects. The customer must in removal of annual notifications in accordance with § 123 informed of the right to object after the first section.
§ 386. § 7 paragraph. 5 and 6 shall not apply to Finance for Danish Industry.
PCS. 2. Finance for Danish Industry must no later than July 1, 2004 meet the liquidity requirement in § 152.
§ 387. Notwithstanding § 13 paragraph. 1, the banks, whose capital at the commencement of the Act was divided into classes with different voting rights, maintaining the statutory provisions which apply accordingly.
§ 388. Banks and savings banks, lawfully commenced business before 28 May 1980 may continue their activities without permission. Injunction against continued business equated with withdrawal of authorization pursuant to § 225.
§ 389. Companies that before 1 May 1985, subject to § 13 paragraph. 2 of Law no. 156 of 2 May 1934 and which has operated before 1 January 1983 may continue the business without authorization, where they were reported to the FSA before 1 October 1985 as
1) cooperative banks, cf.. §§ 9-13, or
2) savings and loans companies, see. §§ 17 and 18
PCS. 2. Notwithstanding § 341 paragraph. 2, the companies that until the abolition of Law no. 156 of 2 May 1934, were covered by this law, have at least one state-authorized or registered public accountant.
§ 390. A cooperative bank, whose share capital is lower than 25 million. kr., can not reduce the share capital without the permission of supervision.
§ 391. Placing of funds in assets that are not covered by §§ 50 and 51, does not require that the assets to be sold, if the assets were in stock on 31 December 1992.
§ 392. Notwithstanding § 26, the banks that June 1, 2000 drive other business with banks, insurance companies, investment companies or mortgage institutions that are part of a group with the bank, continue this operation if the institution before 30 June 2000, informed the FSA thereof.
§ 393. § 234 paragraph. 2, which specifies that subordinated debt is not included in the assessment of whether a bank, a mortgage, an investment company or an investment management company is insolvent, applies only to subordinated debt issued after 1 July 2001.
§ 394. § 48 paragraph. 4-6 applies to credit agreements entered into on 1 July 2002 or later.
PCS. 2. § 48 paragraph. 4-7 does not apply to credit agreements entered into before 1 July 2002. § 48 paragraph. 1-3 apply only if the services are due by the Act.
§ 395. Guidelines agreed under the Marketing Practices Act § 17 before the commencement of this Act shall continue to apply for financial companies until they are repealed or replaced by rules issued by the Minister pursuant to § 43 paragraph. 2 of this Act.
§ 396. Statutory Provisions are recognized or brought into force before 18 December 1980 and which depart from the rules of § 111 or § 59 paragraph. 1-3 of the Public Companies Act, see. Legislative Decree no. 649 of 15 June 2006 shall remain valid.
§ 397. Mutual life insurance companies covered by § 294 paragraph. 1 but 1 October 1981 were subject to supervision pursuant to § 120 paragraph. 1 and 3 of the Insurance Business Act, cf.. Legislative Decree no. 544 of 27 October 1975 can only be exempted from supervision in accordance with the provisions of § 301, paragraph. 3.
§ 398. Statutory Provisions on the transferability of the shares that existed prior to 1 October 1981 remain valid.
§ 399. This Act § 13 paragraph. 2, shall not apply to shares subscribed before 1 October 1981 and which at this time is not linked to vote.
PCS. 2. This Act § 13 paragraph. 2, shall not apply to shares subscribed before 1 October 1981 and whose voice value exceeds 10 times the voting of any share or any other share of the same size.
§ 400. Insurance companies, on 1 October 1981 had a fully paid-up share capital, may retain that system.
PCS. 2. In paragraph. 1 included insurance companies, a shareholder or guarantor is liable for payment of shares or guarantee shares to a higher total than 5 per cent. of equity or guarantee capital or for larger amounts than 50,000 kr., unless a Danish FSA eligible collateral for amounts in excess.
PCS. 3. FSA may exempt from the rule in paragraph. 2.
PCS. 4. The transfer of a not fully paid up share or guarantee share of insurance covered by paragraph. 1 can only take place with the board's approval. Such approval may not be granted unless it can be assumed that the acquirer will be able to pay future payments or unless adequate security provided. Made adequate security, authorization shall not denied, unless the desired transfer contradicts other valid rules laid down concerning the reduction of the shares or guarantee share-negotiability.
PCS. 5. When the Board has approved the transfer and the transferee has issued debentures for the unpaid sum, the transferor's obligations.
PCS. 6. Making a shareholder or guarantor in insurance companies covered by paragraph. 1 is not a timely and shareholder or guarantor incumbent payment, the shareholder or the guarantor where the statutes do not provide otherwise, obliged from the due date to pay an annual interest rate of the outstanding amount at the rate provided in accordance with § 5, paragraph. 1 and 2 of the Act on Interest on Overdue Payments etc.
PCS. 7. The Company shall, if payment in accordance with paragraphs. 7 is not done on time, without delay seek fulfillment for the amount owed either by an action or by the shareholder's or guarantor's expense, and as far as possible after 4 weeks' notice to the shareholder or guarantor, to search share or guarantee interest sold to require the purchaser to provide the non-payment of accrued interest. The sale will be done through a stockbroker, a credit institution which has special permission, or a bank or by public auction. Does disposal issuance of new share certificate or PROVISIONAL must share the letter or interimsbeviset addition to stating its purpose, describe the contents of the old share certificate or interimsbeviset and signed by the Board. However, interim certificates signed by a board of trustee.
PCS. 8. If it turns out that the amount due can not be collected at any of the listed ways, the share or guarantee interest canceled and the capital shall be deemed reduced by one to share or guarantee moiety face similar amount. The amount paid is allocated to a fund that is not outside the Financial Supervisory Authority must decrease.
PCS. 9. capital reduction must be reported to the Danish Commerce and Companies Agency. Furthermore, the FSA submitted evidence that the conditions for the share or guarantee moiety annulment were present.
§ 401. Exposures and collateral that 1 January 1998 legally signed between the selected audit or internal audit or deputy chief auditor or employees of the Labour Market Supplementary or LD and the insurance company, bank or mortgage bank, the securities dealer, the investment company or the Labour Market supplementary where the person is employed, can advance to the originally agreed expiry date.
PCS. 2. Internal auditors and deputy chief internal auditors may uansat prohibition in § 77 paragraph. 10, maintain and utilize financial interests owned by said Act.
§ 402. Rules laid down under the Act § 72 paragraph. 5, on investment companies and investment location of client funds in a special client account apply mutatis mutandis to client funds received before 1 June 2000.
PCS. 2. Bankruptcy Act rules on annulment apply mutatis mutandis to customers' funds under paragraph. 1 is transferred to a particular client account.
§ 403. Banks and mortgage institutions by the Act shall perform activities or expect usually to perform activities that require authorization pursuant to § 9 paragraph. 1, see. § 7 paragraph. 2 and § 8 paragraph. 2, may continue these activities, if they are within 1 July 2004 review activities to the FSA. FSA Pursuant to § 9 paragraph. 1, permission for the notified activities.
PCS. 2. The Institute may during the period the report and that the FSA has granted a license pursuant to § 9 paragraph. 1, continue to the activities reported.
PCS. 3. Banks covered by § 124 paragraph. 2, an authorization under subsection. 1, must only meet the capital requirements applicable to the bank on the date of the Act.
§ 404. Management companies, on the date of the Act is approved as a management company for one or more investment funds and special funds shall, within six months after the law is in force, submitted an application for a license to manage investment funds and special funds for FSA . The management company may then continue its activities in this country without permission until the FSA has taken a decision on the application.
PCS. 2. The paragraphs. 1 management companies mentioned that at the time of commencement of the Act do not meet it in § 10 paragraph. 5, the standards of the share capital, at the latest February 13, 2007 meet the requirements imposed under § 127.
PCS. 3. The provisions of paragraph. 1 and 2 management companies must have a capital base that always represents an amount equivalent to the management company had at the time the law came into force, at least 500,000 kr., Or the amount the management company should have had upon the fulfillment of § 127 if this amount is less than the management company's equity at the date of the Act. Falling capital base for these management companies to less than the first section. the said amount, the FSA set a deadline to bring the capital base up to that minimum amount or withdraw the license immediately.
PCS. 4. If control of an investment management company, subject to paragraph. 3, by a natural or legal person, the investment management company's capital base within 3 months after the date of acquisition meet the capital requirements under § 127.
PCS. 5. When the merger between the paragraph. 3, the investment management companies, the new investment management company at any time meet the capital charge equal to the sum of the merging investment management companies equity. The new investment management company shall by February 13, 2007 meet the capital requirements under § 127.
PCS. 6. Management companies, which alone manages special funds at the commencement of the Act, may continue to do so. Act provisions relating to investment management companies, with the exception of § 10 paragraph. 2, by analogy to the first section. management companies mentioned. Need a management company to manage investment funds, the company transformed into an investment management company.
§ 404 a. (Omitted)
§ 405. Companies which at the entry into force is authorized to operate as an issuer of prepaid cards, and fulfilling that law, can operate as electronic money.
§ 406. The in § 339 above capital requirements do not apply to save companies that license is granted before 1 January 2004, the own funds at this time does not meet the capital requirement in § 339.
PCS. 2. If the paragraph. 1 shall conserve capital and reserves fall below the amount reached 1 January 2004, the Danish FSA may either set a deadline for bringing the equity up to this minimum or withdraw the license immediately.
PCS. 3. If control of a savings company, subject to paragraph. 1, by a natural or legal person should save the company's equity no later than 3 months after the date of acquisition meet the capital requirements under § 339.
§ 407. The capital issued under the Banking Act § 22 paragraph. 1 and 2, the mortgage Act § 53 paragraph. 1 and 2, and Investment Act § 18 paragraph. 1 and 2, before 1 January 2004, regardless of § 132 paragraph. 1 pt. 12 and 13, and § 136, paragraph. 1, 3 and 5, included in the capital base.
PCS. 2. For banks that issued capital pursuant to the Banking Act § 22 paragraph. 2, before 1 January 2004 may FSA if the bank does not meet the solvency requirement in § 124 paragraph. 1 pt. 1, stipulate that the Board within a specified period regardless of Association provision shall convene the following statutes supreme authority and explain the bank's financial situation.
§ 408. For the classes as an insurance company or of pension funds has been granted a license at the time of the change of Order no. 84 of 6 February 2003 on capital and operating plans for insurance companies' entry into force, enters the provision in § 126 paragraph. 1, no. 6-8, the minimum capital requirement for insurance companies and pension funds into force on 1 January 2007.
PCS. 2. Before the closing date of the paragraph. 1 Danish FSA may, upon application, the deadline in paragraph. 1 extended until 1 January 2009.
PCS. 3. Pending the provision in § 126 paragraph. 1, no. 6-8, comes into force, constitutes the minimum capital requirement following:
1) for insurance companies carrying out life insurance business: 0.8 million. euros for companies and 0.6 million. euro for mutual and pension funds, and
2) for insurance companies carrying on general insurance business:
a) for classes 14 and 15: 1.4 million. euros for companies and 1.05 million. euro for mutuals,
b) for class 10-13: 0.4 million. euros for companies and 0.3 million. euro for mutuals,
c) for class 1-8, 16 and 18: 0.3 million. euros for companies and 0.225 million. euro for mutual companies and
d) for classes 9 and 17: 0.2 million. euros for companies and 0.15 million. euro for mutuals.
§ 409. Until 1 January 2007, mutual life insurance companies include allowances for possible supplementary premium referred to. § 135, paragraph. 1, no. 6, without application to the FSA.
PCS. 2. Allowance for possible additional premium may count as a maximum by the amount corresponding to the amount by which it was included in the capital base at the end of 2001.
PCS. 3. Allowance for possible additional premium can be counted up to and including 2008.
§ 410. § 147 paragraph. 1 of this Act shall not apply to investment companies, if all properties and shares (shares) in property acquired before 8 October 1998.
PCS. 2. Assets covered by paragraph. 1 can not be revalued to a higher book value than the book value, the assets had 8 October 1998.
§ 411. § 147 paragraph. 1 of this Act shall not apply to investment management companies, if all properties and shares (shares) in property acquired before the date of the proposed act was submitted to Parliament on 12 March 2003.
PCS. 2. Assets covered by paragraph. 1 can not be revalued to a higher book value than the book value at the time of submission of the Bill to Parliament on 12 March 2003.
§ 412. Banks, which by the Act shall have arrangements whereby shareholders exercise their voting rights at the general meeting by delegates pursuant to § 8 of the Act on Banks and Savings Banks, cf.. Legislative Decree no. 654 of 7 August 2002 may continue to do so.
§ 413. (Omitted)
§ 414. Persons authorized by the Act shall not be subject to the prohibition in § 19 paragraph. 1 of Law no. 660 of 7 August 2002, notwithstanding § 77 paragraph. 3, § 425, no. 15, and § 426, no. 9, maintaining transactions made before 1 January 2004.
§ 415. Persons covered by § 80 paragraph. 1, which at the entry into force had duties in accordance with § 24 of Law no. 660 of 7 August 2002 can be without the board's permission to remain so if the duties notified to the FSA by 30 June 2004. If the financial undertaking the January 1, 2004 engagement with the business in which the duties contested, the per. January 1, 2004 granted engagement regardless of § 80 paragraph. 4, continue to the originally agreed expiry date.
PCS. 2. Persons covered by § 80 paragraph. 2, at the commencement of the Act had duties in accordance with § 24 of Law no. 660 of 7 August 2002, or at the commencement of the Act were not covered by § 24 of Law no. 660 of 7 August 2002 may, without the permission continue to do so if his duties notified to the FSA by 30 June 2004. if the financial undertaking 1 January 2004 engagement with the business in which the duties contested, the per. January 1, 2004 granted engagement regardless of § 80 paragraph. 4, continue to the originally agreed expiry date.
PCS. 3. With companies in which persons covered by § 80 paragraph. 1 and 2, at the commencement of the Act had duties pursuant to §§ 28, 29, 34 and 35 of Law no. 660 of 7 August 2002, the financial activities on 1 January 2004 commitment, it can per. January 1, 2004 granted engagement regardless of § 80 paragraph. 4, continue to the originally agreed expiry date.
PCS. 4 pcs. 1-3 apply by analogy to persons covered by § 425, no. 5, and § 426, no. 11
§ 416. For assets acquired before the date of submission of the bill to Parliament, 12 March 2003 shall § 163 paragraph. 1 pt. 4 does not apply.
§ 417. (Omitted)
Changes to other legislation
§ 418. (Omitted)
§ 419. (Omitted)
§ 420. (Omitted)
§ 421. (Omitted)
§ 422. (Omitted)
§ 423. (Omitted)
§ 424. (Omitted)
§ 425. (Omitted)
§ 426. (Omitted)
§ 427. (Omitted)
§ 428. (Omitted)
§ 429. (Omitted)
§ 430. (Omitted)
§ 431. (Omitted)
§ 432. (Omitted)
§ 433. (Omitted)
§ 434. (Omitted)
§ 435. (Omitted)
§ 436. (Omitted)
§ 437. (Omitted)
§ 437 a. (Omitted)
§ 437 b. (Omitted)
Faroe Islands and Greenland
§ 438. The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions, see. However paragraph. 2-4.
PCS. 2. The law can not be made effective for the Faeroe Islands with regard to insurance and mortgage banking.
PCS. 3. Similarly §§ 420 and 421.
PCS. 4. § 419 can not be inserted the Faeroe Islands and Greenland.



Act no. 903 of 17 November 2003 contains the following provisions:

§ 5
The Act comes into force after publication in Lovtidende.22)
PCS. 2. (Omitted)
PCS. 3. (Omitted)



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

§ 6
The Act comes into force on 1 January 2004, see. However paragraph. 2 and 3.
PCS. 2. (Omitted)
PCS. 3. § 3, no. 6, 20-23, 27 and 29 shall enter into force on 1 January 2005.
§ 7
(Omitted)
§ 8
(Omitted)
§ 9
The board members by the Act shall have appointments or appointments, which are subject to the prohibitions of § 98 as worded by § 3, no. 13 may continue as directors of the investment management company until the end of the period in which they are elected, then they can not be re-elected.
PCS. 2. The directors and senior staff, which at the entry into force of directorships which are subject to the prohibitions of § 99 paragraph. 2, as amended by this Act § 3, no. 15, can continue as Directors until the end of the period in which they are elected, then they can not be re-elected.
PCS. 3. The directors and senior staff, which at the entry into force legally with an employment relationship covered by the prohibitions of § 99 paragraph. 2, as amended by this Act § 3, no. 15, may, upon notification to the FSA continue such employment.
§ 10
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be wholly or partly for these islands with such deviations as the special Faroese and Greenland conditions, see. However paragraph. 2.
PCS. 2. § 3 can not be put into force in the Faroe Islands, in respect of insurance and mortgage banking.



Act no. 365 of 19 May 2004 contains the following commencement and transitional provisions:

§ 6
The Act comes into force on 1 July 2004, see. However paragraph. 2 and 3.
PCS. 2. (Omitted)
PCS. 3. § 1, no. 5 shall enter into force on 8 October 2004.
§ 7
(Omitted)
§ 8
Act §§ 1 and 5 do not apply to the Faroe Islands and Greenland but may by Royal Decree be wholly or partly for these islands with such deviations as the special Faroese and Greenland conditions, see. However paragraph. 2.
PCS. 2. § 1 can not be put into force in the Faroe Islands, in respect of insurance and mortgage banking.
PCS. 3. (Omitted)



Act no. 490 of 9 June 2004 contains the following commencement and transitional provisions:

§ 6
The Act comes into force after publication in Lovtidende23) referred. However paragraph. 2.
PCS. 2. (Omitted)
§ 7
(Omitted)



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

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



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

§ 17
This Act shall come into force on 1 January 2005, as. However paragraph. 2-4.
PCS. 2. Notwithstanding § 1, n. 17, an insurance company until July 1, 2005 maintain insurance mediation agreements concluded before 1 January 2005.
PCS. 3. Notwithstanding § 1, no. 5024), a person who at the commencement of the Act lawfully elected as auditor of a financial undertaking, and which are not authorized or certified accountant, continue performing their audit until the end of the period for which the auditor is selected.
PCS. 4. (Omitted)
§ 18
The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1, 3 and 4 may by Royal Decree be put into force wholly or partly for Greenland and the Faroe Islands with the deviations from the special Greenland and the Faeroe Islands may require.
PCS. 3. (Omitted)



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

§ 3
(Omitted)
PCS. 2. § 1 pt. 2 and 3, 8-12, 14, 18-20, 22-24 and 30 and § 2 shall enter into force on 1 July 2005.
PCS. 3. (Omitted)
PCS. 4. (Omitted)
§ 4
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be wholly or partly for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 387 of 30 May 2005 contains the following commencement and transitional provisions:

§ 6
Date of the Act shall be fixed by the Minister. The Minister may determine that the Act shall enter into force on different tidspunkter.25)
§ 7
The Act does not apply to Greenland and the Faroe Islands, but §§ 1, 2 and 6 may by Royal Decree be put into force for these islands with such deviations as the special Greenlandic and Faroese conditions prevailing.



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

§ 6
This Act shall come into force on 1 July 2005.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
PCS. 4. Act § 2, no. 1226), with effect from 1 January 2005.
§ 7
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 431 of 6 June 2005 contains the following commencement and transitional provisions:

§ 85
The Act comes into force on 1 November 2005, cf. However paragraph. 2.
PCS. 2. (Omitted)
§ 86
(Omitted)



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

§ 6
This Act shall come into force on 1 January 2006.
§ 7
(Omitted)
§ 8
(Omitted)
§ 9
(Omitted)
§ 10
The Act does not apply to the Faroe Islands and Greenland, but §§ 1, 3 and 4 may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



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

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



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

§ 4
The Act comes into force on 1 January 2007, see. However paragraph. 2.
PCS. 2. § 1, no. 43, and §§ 2 and 3 shall enter into force on 1 July 2006.
§ 5
Banks, mortgage companies, investment companies and investment management companies can only use the more sophisticated method of calculating risk-weighted assets outside the trading portfolio and the internal methods for calculating operational risks, see. § 1, no. 23, from 1 January 2008. | || PCS. 2. Banks, mortgage companies, investment companies and investment management companies may until 1 January 2008 instead of the standard method for calculating risk-weighted assets outside the trading portfolio using the method for calculating risk-weighted assets outside the trading portfolio, which was permitted under the rules in force on december 31, 2006, with the changes resulting from the rules laid down under paragraph. 4.
PCS. 3. Banks, mortgage companies, investment companies and investment management companies that use internal methods for calculation of risk-weighted assets outside the trading portfolio or internal methods for calculating operational risks, see. § 1, no. 23, should be in 2007, 2008 and 2009 have a capital base which constitute at least 95 per cent., 90 per cent. and 80 per cent. the solvency requirement determined in accordance with the rules in force on 31 December 2006 or regulations established pursuant to paragraph. 4.
PCS. 4. Financial Supervisory Authority shall specify in paragraph. 2 above statement and in the first paragraph. 3, the calculation of the solvency requirement by 95 per cent., 90 per cent. and 80 per cent.
PCS. 5. Investment companies which have authorization for the activities listed in Annex 4, Section A, no. 2-4, in the Financial Business Act, can be authorized by the FSA until 31 December 2011 calculate risk-weighted items excluding risk weighted assets for operational risk in the trading book do not exceed 50 million. euro, and if the average number of employees does not exceed 100 during the year. Instead, the solvency requirement is calculated as the lower of
1) the solvency requirement for operational risk or
2) the higher of the following amounts:
a) the solvency requirement, see. § 125, paragraph. 2, no. 1, excluding the solvency requirement for operational risk.
b) the solvency requirement, see. § 125, paragraph. 5.
§ 6
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



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

§ 21
(Omitted)
PCS. 2. (Omitted)
PCS. 3. § 1, no. 88, § 3, no. 1, 3, 11, 24, 27, 30, 40-43, 58, 61, 62, 68, 69, 76, 81, 83, 85 and 86, § 6, no. 1-9, § 7, § 8, no. 3, 8 and 9, § 9, no. 6 and 7, § 10, no. 6, and §§ 11-15 enter into force on 15 . February 2007.
PCS. 4. § 1, no. 2, 3, 54-60, 62, 63, 90, 93, 94, 105-109, 116, 118 and 119, § 3, no. 74, and § 4 shall enter into force on 1 . June 2007.
PCS. 5. (Omitted)
PCS. 6. § 1, no. 88, § 3, no. 62, § 11, no. 1, § 12, no. 12, § 13, no. 2, with effect from 1 January 2006.
PCS. 7. (Omitted)
§ 22
(Omitted)
§ 23
The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1-6, 13 and 14 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 3. (Omitted)
PCS. 4. (Omitted)



Act no. 397 of 30 April 2007, following commencement and transitional provisions:

§ 6
This Act shall come into force on 1 July 2007, see. However paragraph. 2.
PCS. 2. (Omitted)
§ 7
They know commencement of the Act approved restricted associations may at a general meeting no later than June 30, 2008 decide to transform restricted association to an already established professional association. Resolution on transformation taken by the majority required for amendment.
PCS. 2. When the conversion is transferred fåmandsforeningens assets and liabilities as a whole for the professional association. The transfer can be implemented without the creditors' consent.
PCS. 3. Companies Act §§ 134-134 to find the necessary adjustments also apply to restricted association, when the General Assembly decided on the conversion to professional association.
PCS. 4. The transformation is considered done when the statutes are changed and the conversion is registered and announced in the Commerce and Companies Agency's IT information.
§ 8
The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1 and 2 by Royal Decree or partially into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 3. § 5 may by Royal decree be put into force for Greenland with such deviations as the special Greenland conditions.



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

§ 12
This Act shall come into force on 1 July 2007, see. However paragraph. 2 and 3.
PCS. 2. (Omitted)
PCS. 3. § 1, no. 18, 20-24 and 42, § 6, no. 1 and 6-8, § 7, no. 1, 6 and 7 and § 8, no. 5 and 6, shall enter into force 1 november 2007.
§ 13
§ 126 paragraph. 1, no. 9, in the Financial Business Act as amended by this Act § 1, no. 13 does not apply to insurance undertakings conducting reinsurance activities, and which on 1 July 2007 ceased to conduct new reinsurance contracts and exclusively administer their existing portfolio in order to terminate their activity.
PCS. 2. The provisions of the Companies Act § 69b as worded by § 4, no. 1, will not take effect for each company from the first general meeting, which takes place after the commencement of the Act.
§ 14
The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1-4 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 3. (Omitted)



Act no. 577 of 6 June 2007 contains the following commencement and transitional provisions:

§ 12
This Act shall come into force on 1 July 2007, see. However paragraph. 2-4.
PCS. 2. (Omitted)
PCS. 3. (Omitted)
PCS. 4. (Omitted)
§ 13
For loans covered by § 152 d paragraph. 2, in the Financial Business Act as amended by this Act § 1, no. 4, the lending limit of 70 per cent., If the loan offered before 1 July 2009.
§ 14
(Omitted)
§ 15
(Omitted)
§ 16
(Omitted)
§ 17
(Omitted)
§ 18
Act §§ 1 and 3-11 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.
PCS. 2. (Omitted)
PCS. 3. §§ 1, 3, 4 and 8, by Royal Decree or partially into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 4. (Omitted)



Act no. 219 of 5 April 2008 contains the following provisions:

§ 5
This Act shall come into force on 7 April 2008.
§ 6
(Omitted)



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

§ 10
PCS. 1. This Act shall enter into force on 1 July 2008, cf. However paragraph. 2.
PCS. 2. Act § 2, no. 3 and 4 and § 6 shall enter into force after publication in the Official Gazette.
§ 11
PCS. 1. Act §§ 1-5 and 7-9 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2-4.
PCS. 2. (Omitted).
PCS. 3. §§ 1, 2 and 4 may be fully or partially into force for the Faroe Islands with such modifications as the Faroese conditions is.
PCS. 4. §§ 1-5 and 9 may be wholly or partially into force for Greenland with such deviations as the special Greenland conditions.



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

§ 13
PCS. 1. This Act shall enter into force on 1 July 2008, cf. However paragraph. 2-5.
PCS. 2. (Omitted).
PCS. 3. § 1, n. 17 and 20-30, § 4, no. 3-12, § 6, no. 6-14, § 7, no. 3-11, § 8, no. 3-11, and § 9, no. 3-11, is effective for financial years beginning on 1 January 2009 or later.
PCS. 4. (Omitted).
PCS. 5. (Omitted).
§ 14
PCS. 1. §§ 1, 2 and 4-12 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.
PCS. 2. § 3 shall not apply to the Faroe Islands.
PCS. 3. §§ 1, 2, 6 and 10 may by Royal decree be put into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.
PCS. 4. §§ 4, 5 and 9 by Royal Decree or partially into force for Greenland with such deviations as the special Greenland conditions.



Act no. 1336 of 19 December 2008 contains the following commencement and transitional provisions:

§ 167
PCS. 1. This Act comes into force on 1 January 2009, see. However paragraph. 2. § 11 applies only to decisions on withholding of salary, taken under the Act.
PCS. 2. (Omitted).



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

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



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

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



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

§ 15
PCS. 1. This Act comes into force on 1 July 2009, see. However paragraph. 2-7.
PCS. 2. Act § 1, no. 1, 2, 4, 30, 37-52, and § 3, no. 7 and 8 shall enter into force on 1 January 2010.
PCS. 3. (Omitted).
PCS. 4. (Omitted).
PCS. 5. (Omitted).
PCS. 6. (Omitted).
PCS. 7. (Omitted).
§ 16
PCS. 1. Act §§ 1-7 and 9-13 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.
PCS. 2. (Omitted).
PCS. 3. §§ 1-4, 9, 10 and 13 may by Royal decree be put into force for Greenland with such deviations as the special Greenland conditions.
PCS. 4. §§ 1-4 may by Royal decree be put into force for the Faroe Islands with such modifications as the Faroese conditions is.



Law 385 of 25 May 2009 contains the following commencement and transitional provisions:

§ 109. The Act comes into force on 1 November 2009.
PCS. 2. (Omitted).
PCS. 3. (Omitted).
PCS. 4. (Omitted).
PCS. 5. (Omitted).
PCS. 6. (Omitted).
PCS. 7. (Omitted).
PCS. 8. (Omitted).
§ 110. (Omitted).
§ 111. (Omitted).
§ 112. (Omitted).
§ 113. (Omitted).
§ 114. The Act does not apply to the Faroe Islands and Greenland but may by Royal decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



Act no. 518 of 12 June 2009 contains the following commencement and transitional provisions:

§ 3
This Act shall come into force on 1 January 2010.
§ 4
The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions.



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

§ 11
PCS. 1. This Act comes into force on 1 January 2010, ref. To paragraph. 2 and 3.
PCS. 2. § 1, no. 20, comes into force on 2 January 2010.
PCS. 3. (Omitted).
§ 12
(Omitted)
§ 13
PCS. 1. §§ 1, 2, 4-6, 8 and 10 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.
PCS. 2. §§ 1, 2, 4, 5 and 8, by Royal Decree or partially into force for the Faroe Islands with such modifications as the Faroese may require.
PCS. 3. §§ 1, 2, 4-6 and 8, by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.

Economic and Business Affairs, 29 April 2010
Brian Mikkelsen
/ Ulrik Nødgaard

Annex 1















Monetary Intermediation







1)


Acceptance of deposits and other repayable funds.



2)


Lending including, among other





-


consumer credit,





-


mortgage





-


factoring,





-


trade credits (incl. the Constitution ring)





-


financial leasing.



3)


Payment services covered by Annex 1 of the Payment Services Act.



4)


Issuing and administering other means of payment (eg travelers' checks and bank drafts) insofar as this activity is not covered by # 3.



5)


Deposits and guarantees.



6)


Participation in issuing securities and provision of related services.



7)


Advice to undertakings on capital structure, industrial strategy and related questions and advice and services relating to mergers and acquisitions.



8)


Money Communication (money broking).



9)


Credit information.



10)


Safe custody.



11)


Dealing on own account with any of the mentioned in annex 5 instruments.



12)


Storage and administration in relation to one or more of those mentioned in annex 5 instruments and mortgages.



13)


Other operations related to the transfer of money and credit instruments.



14)


Electronic money.





Appendix 2















Credit institution Company







1)


Acceptance of deposits and other repayable funds.



2)


Lending including, among other





-


consumer credit,





-


mortgage





-


factoring,





-


trade credits (incl. the Constitution ring).



3)


Financial leasing.



4)


Payment services covered by Annex 1 of the Payment Services Act.



5)


Issuing and administering other means of payment (eg travelers' checks and bank drafts) insofar as this activity is not covered by no. 4.



6)


Deposits and guarantees.



7)


Trading for own account or for account of customers





a)


money market instruments (checks, bills, certificates of deposit, etc.)





b)


FX





c)


financial futures and options,





d)


currency and interest rate instruments





e)


securities.



8)


Participation in issuing securities and provision of related services.



9)


Advice to undertakings on capital structure, industrial strategy and related questions and advice and services relating to mergers and acquisitions.



10)


Money Communication (money broking).



11)


Portfolio management and advice.



12)


Safekeeping and administration of securities.



13)


Credit information.



14)


Safe custody.





Appendix 3















Mortgage banking







1)


Grant loans against registered mortgages on the basis of the issuance of mortgage bonds or other securities.



2)


The granting of loans without mortgage to public authorities or against surety of a public authority.



3)


Dealing on own account with any of the mentioned in annex 5 instruments.



4)


Storage and management of own mortgage bonds and own other securities.





Appendix 4













Investment Service






SECTION A



1)


Reception and transmission on behalf of investors of orders in relation to one or more of those mentioned in annex 5 instruments.



2)


Execution of orders with one or more of those mentioned in annex 5 instruments for investors.



3)


Dealing on own account with any of the mentioned in annex 5 instruments.



4)


Discretionary portfolio management of individual investors' holdings of securities as instructed by investors where such portfolios include one or more of those mentioned in annex 5 instruments.



5)


Investment advice.



6)


Underwriting in respect of issues of any of the mentioned in annex 5 instruments or location of such instruments on a firm commitment basis.



7)


Placing of financial instruments without a firm commitment.



8)


Operation of Multilateral Trading Facilities.



9)


Storage and management on behalf of investors in connection with one or more of those mentioned in annex 5 instruments, including custodianship and services linked to one or more of the no. 1-8 mentioned activities.







SECTION B



1)


Safe custody.



2)


Granting credits or loans to an investor to allow him to carry out a transaction in one or more of those mentioned in annex 5 instruments, where the firm granting the credit or loan is involved in the transaction.



3)


Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and acquisitions.



4)


Foreign exchange services where these are connected to the provision of investment services.



5)


Investment research and financial analysis or other forms of general recommendations relating to one or more of those mentioned in annex 5 instruments.



6)


Services related to underwriting.



7)


Investment services and investment activities as well as ancillary services of the type referred to in this Annex for the underlying of the derivatives included in Annex 5, no. 5-7 and 10 when these are linked to the investment service or ancillary service.



8)


Communication and advice on loans and credits for leveraged investments.





Appendix 5















instruments







1)


Marketable securities (excluding payment instruments) that can be traded on the capital market, including





a)


shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts,





b)


bonds and other debt instruments, including certificates representing such securities, and





c)


all other securities giving securities mentioned in subparagraphs a or b can be acquired or sold or settled in cash by an amount determined by reference to securities, currencies, interest rates or yields, commodities index and other indices or measures;,



2)


money market instruments including treasury bills, certificates of deposits and commercial papers, excluding instruments of payment,



3)


units in collective investment schemes subject to the law on investment funds and special funds and other collective investment schemes, etc. and units of other collective investment



4)


options, futures, swaps, forward rate agreements (FRAs) and any other derivative contracts relating to securities, currencies, interest rates or yields or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash,



5)


options, futures, swaps, forward rate agreements (FRAs) and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash if one of the parties (otherwise than by reason of default or other cause for termination)



6)


options, futures, swaps and any other derivative contracts relating to commodities that can be physically settled provided that they are traded on a regulated market or a multilateral trading facility



7)


options, futures, swaps, forwards and any other derivative contracts relating to commodities that are not covered by no. 6, and can be physically settled and not being for commercial purposes, which have the characteristics of other derivative financial instruments, taking particular taken into account, they are cleared and settled through recognized clearing houses or are subject to regular margin,



8)


credit derivatives



9)


financial contracts for difference (CFDs)



10)


options, futures, swaps, forward rate agreements (FRAs) and any other derivative contracts relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash if one of the parties it (other than for default or other end), and any other derivative contracts relating to assets, rights, obligations, indices and objectives which are not covered by the other numbers, which have the characteristics of other derivative financial instruments, taking blue. taken into account, they are traded on a regulated market or a multilateral trading facility, are cleared and settled through recognized clearing houses or are subject to regular margin, and



11)


currency spot transactions for investment purposes to gain profit by fluctuations in currency.





Appendix 6















Investment Management Company







1)


Administration of investment funds authorized under the Act on investment funds and special funds and other collective investment schemes, etc.



2)


Administration of special funds, approved under the Investment Purpose Associations and other Collective Investment Schemes etc.



3)


Administration of professional associations that are registered under the Act on investment funds and special funds and other collective investment schemes, etc.



4)


Administration of restricted associations approved in accordance with the law on investment funds and special funds and other collective investment schemes, etc.



5)


Administration of hedge funds authorized under the Act on investment funds and special funds and other collective investment schemes, etc.



6)


Management of other collective investment schemes covered by the Investment Associations and Special Purpose Associations and other Collective Investment Schemes etc.





Appendix 7













Insurance - damage






Classification of risks according to classes of insurance.



1)


Accident (including industrial injury and occupational diseases): fixed pecuniary benefits, compensation for economic losses, combinations thereof and passengers.



2)


Sickness: fixed pecuniary benefits, compensation for economic losses and combinations thereof.



3)


Land vehicles (other than railway rolling stock): all damage to land motor vehicles and non motor-powered land vehicles.



4)


Comprehensive insurance for railway vehicles: all damage to railway vehicles.



5)


Aircraft: all damage to the aircraft.



6)


Hull insurance for ships, lake and rivers: all damage to river vessels indsøfartøjer and sea vessels.



7)


Goods in transit (including merchandise, baggage and all other goods): all damage of goods in transit or baggage, regardless of the form of transport.



8)


Fire and natural forces: all damage to property (other than property included in classes 3, 4, 5, 6 and 7) when they are caused by fire, explosion, storm, natural forces (other than storm), nuclear energy and landslides.



9)


Other damage to property: all damage to property (other than property included in classes 3, 4, 5, 6 and 7) when due to hail or frost or other reasons of any kind, for example. theft, other than those mentioned under. 8



10)


Liability insurance for motor vehicles: all liability arising from the use of land motor vehicles (including carrier's liability).



11)


Aircraft liability: all liability arising from the use of aircraft (including carrier's liability).



12)


Liability for ships to sea, lakes and rivers: all liability arising from the use of the river, indsø- and sea vessels (including carrier's liability).



13)


General liability: all liability that are not listed under Nos 10, 11 and 12.



14)


Credit: general insolvency, export credit, installment credit, mortgages and agricultural credit.



15)


Caution: direct bail and indirect bail.



16)


Miscellaneous financial loss: employment risks, income (general), bad weather, loss of benefits, continuing general expenses, unforeseen trading expenses, loss of market value, rent or revenue, indirect trading losses other than those mentioned above, not business-related economic losses and other financial losses.



17)


Legal expenses insurance, legal expenses insurance.



18)


Assistance: assistance to persons who get into difficulties while traveling, while away from their home or permanent residence.





Appendix 8













Insurance - life






Classification of risks according to classes of insurance.






I. General Life Insurance:



a)


Life insurance (particularly life-contingent capital insurance, discontinued or for life insurance, assurance on survival and life assurance with return of premiums)



b)


pension insurance,



c)


complementary insurance policies relating to life insurance (in particular, insurance against personal injury including incapacity for employment, insurance against death resulting from an accident and insurance against disability resulting from an accident or illness).







II. Marriage and birth insurance:



a)


Insurance that is paid by marriage;



b)


insurance payable at birth.







III. Insurance affiliated investment funds:



a)


Life insurance (particularly life-contingent capital insurance, discontinued or for life insurance, assurance on survival, life insurance with return of premiums, insurance payable at marriage, and insurance payable at birth)



b)


pension insurance.







IV. Permanent health insurance (long-term health insurance): health insurance, concluded for a long period and can not be terminated by the Company throughout the period.






V. Tontines: undertaking that involves establishing up with a view to jointly capitalizing their contributions and subsequently distributing the assets thus accumulated among the survivors or the deceased's heirs or beneficiaries.






WE. Capitalization Company: business, based on actuarial calculations and commitments of specified duration and amount against payment of a lump sum or pre-set regular payments.





Official notes
1) This Act contains provisions that implement Council Directive 73/239 / EEC of 24 July 1973 (the first non-life insurance Directive) (Official Journal 1973 no. L 228, p. 3), Council Directive 76 / 580 / EEC of 29 June 1976 (change of the first non-life insurance Directive) (Official Journal 1976 no. L 189, p. 13) parts of the fourth Council Directive 78/660 / EEC of 25 July 1978 (4th company Law Directive ) (Official Journal 1978 no. L 222, p. 11), parts of the seventh Council Directive 83/349 / EEC of 13 June 1983 (7th company Law Directive) (Official Journal 1983 no. L 193, p. 1) portions of the eighth Council Directive 84/253 / EEC of 10 april 1984 (8th company Law Directive) (Official Journal 1984 no. L 126, p. 20), Council Directive 84/641 / EEC of 10 december 1984 (amendment to the first non-life insurance Directive) (Official Journal 1985 no. L 339, p. 21), parts of Council Directive 85/611 / EEC of 20 december 1985 (the UCITS Directive) (Official Journal 1986 No . L 375, p. 3), Council Directive 86/635 / EEC of 8 december 1986 (bank accounts Directive) (Official Journal 1987 no. L 372, p. 1), the second Council Directive 88/357 / EEC of 22 . June 1988 (second non-life insurance Directive) (Official Journal 1988 no. L 172, p. 1), Council Directive 89/117 / EEC of 13 February 1989 (the publication of annual accounting documents of branches from non-member countries) (Official Journal 1989 no. L 44, p. 40), parts of Council Directive 90/618 / EEC of 8 november 1990 (amendment of the 1st and 2nd non-life insurance Directive) (Official Journal 1990 no. L 330, p. 44), Council Directive 91 / 674 / EEC of 19 december 1991 (insurance accounts Directive) (Official Journal 1991 no. L 374, p. 7), Council Directive 92/49 / EEC of 18 June 1992 (third non-life insurance Directive) (Official 1992 no. L 228, p. 1), the European Parliament and Council Directive 95/26 / EC of 29 June 1995 (BCCI Directive) (Official Journal 1995 no. L 168, p. 7), Europe European Parliament and Council Directive 98/31 / EC of 22 June 1998 (amending the capital Requirements Directive) (Official Journal 1998 no. L 204, p. 13), the European Parliament and Council Directive 98/33 / EC of 22. June 1998 (Official Journal 1998 no. L 204, p. 29), Council Directive 98/49 / EC of 29 June 1998 (Official Journal 1998 no. L 209, p. 46), the European Parliament and Council Directive 98/78 / EC of 27 October 1998 (insurance group Directive) (Official Journal 1998 no. L 330, p. 1), parts of the European Parliament and Council Directive 2000/26 / EC of 16 May 2000 ( 4th Motor Insurance Directive) (Official Journal 2000 no. L 181, p. 65), the European Parliament and Council Directive 2000/46 / EC of 18 September 2000 (e-money), (Official Journal 2000 no. L 275, p. 39), the European Parliament and Council Directive 2000/64 / EC of 7 november 2000 (exchange of information), (Official Journal 2000 no. L 290, p. 27), the European Parliament and Council Directive 2001 / 17 / EC of 19 March 2001 (liquidation directive for insurance) (Official Journal 2001 no. L 110, p. 28), the European Parliament and Council Directive 2001/24 / EC of 4 april 2001 (winding Up Directive for credit institutions) (Official Journal 2001 no. L 125, p. 15), the European Parliament and Council Directive 2001/107 / EC of 21 January 2002 (service provider Directive) (Official Journal 2002 no. L 41, p. 20), the European Parliament and Council Directive 2002/13 / EC of 5 March 2002 (Solvency 1 Directive ) (Official Journal 2002 no. L 77, p. 17) and Directives 79/267, 90/619, 92/96 and 2002/12, now merged in the European Parliament and Council Directive 2002/83 / EC of 5 november 2002 (life insurance Directive) (Official Journal 2002 no. L 345, p. 1), the European Parliament and Council Directive 2002/87 / EC of 16 december 2002 (the conglomerates Directive) (Official Journal 2003 No . L 35, p. 1), parts of the European Parliament and Council Directive 2002/92 / EC of 9 december 2002 (Directive on insurance mediation), (Official Journal 2003 no. L 9, p. 3), parts of European Parliament and Council Directive 2004/39 / EC of 21 april 2004 on markets in financial instruments amending Council Directive 85/611 / EEC and 93/6 / EEC and European Parliament and Council Directive 2000/12 / EC and repealing Council Directive 93/22 / EEC (MiFID) (Official Journal 2004 no. L 145, p. 1), parts of the European Parliament and Council Directive 2005/14 / EC of 11 May 2005 (5th Motor Insurance Directive) (Official Journal 2005 no. L 149, p. 14), parts of the European Parliament and Council Directive 2005/68 / EC of 16 November 2005 on reinsurance and amending Council Directive 73/239 / EEC and 92/49 / EEC and Directive 98/78 / EC and 2002/83 / EC (reinsurance Directive) (Official Journal 2005 no. L 323, p. 1), parts of the European Parliament and Council Directive 2006/31 / EC of 5 april 2006 amending Directive 2004/39 / EC on markets in financial instruments, as regards certain deadlines (postponement Directive) (Official Journal 2006 no. L 114, p. 60), parts of the European Parliament Directive 2006/48 / EC of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (credit institutions Directive) (Official Journal 2006 no. L 177, p. 1), ele of the European Parliament Directive 2006/49 / EC of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast) (capital requirements Directive) (Official Journal 2006 no. L 177, p. 201), the European Parliament and Council Directive 2007 / 44 / EC of 5 september 2007 amending Council Directive 92/49 / EEC and Directive 2002/83 / EC, 2004/39 / EC, 2005/68 / EC and 2006/48 / EC as regards procedural rules and evaluation criteria for prudential assessment of acquisitions and increase of holdings in the financial sector (the capital of the Directive) (Official Journal 2007 no. L 247, p. 1) and parts of the European Parliament and Council Directive 2007/64 / EC of 13 november 2007 payment services in the internal market amending Directives 97/7 / EC, 2002/65 / EC, 2005/60 / EC and 2006/48 / EC and repealing Directive 97/5 / EC (PSD), (EU Journal 2007 no. L 319, p. 1).
2) § 8 no. 2 of the Law no. 516 of 12 June 2009, nyaffatter § 1. 14. Before the Law no. 516 of 12 June 2009 entered into force was empowered by law no. 1273 of 16 December 2009 added a new paragraph. 13, wherein the paragraph. 14 has become paragraph. 15. redraft can not seek power, and are not included in this consolidated act. In the first modification of the Financial Business Act will § 1. 15 be redrafted so it appears with the correct wording.
3) § 8, no. 3 of Law no. 516 of 12 June 2009, amends § 1. 15. Before Law no. 516 of 12 June 2009 entered into force was empowered by law no. 1273 of 16 December 2009 added a new paragraph. 13, wherein the paragraph. 15 has become paragraph. 16. The change can not take effect, and is not included in this consolidated act. In the first modification of the Financial Business Act will § 1. 16 be redrafted so it appears with the correct wording.
4) The amendment of § 7, paragraph. 6 arising from § 8, no. 10 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
5) The word 'activities' have mistaken been rendered as 'assets' in the two previous decrees. This has inter alia led to an agreed modification of the sentence of the law no. 392 of 25 May 2009, is not applicable.
6) The amendment to § 11 paragraph. 4 arising from § 8, no. 10 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
7) The amendment to § 23 paragraph. 1, point 1. Arising out of § 8, no. 16 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
8) The amendment of § 112, arising from § 8, no. 31 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
9) The amendment to § 113 paragraph. 1 arising from § 8, no. 32 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
10) § 8, no. 37 of Law no. 516 of 12 June 2009, amends § 144 paragraph. 3. The change should have required in § 144 paragraph. 4. The change can not take effect, and is not included in this notice. At the next opportunity will § 144 paragraph. 4 be amended so that provision will have the intended text.
11) The LTV is 70 per cent., If the loan offered before 1 July 2009, cf. § 13 of the Law no. 577 of 6 June 2007.
12) The new paragraph. 4 in § 204, arising from § 8, no. 40 of Law no. 516 of 12 June 2009, is included despite the change has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
13) The amendment of § 204 paragraph. 4 arising from § 8, no. 41 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
14) The amendment of § 204 paragraph. 9 arising from § 8, no. 43 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
15) The amendment of § 205 paragraph. 1 arising from § 8, no. 44 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
16) The amendment of § 206 paragraph. 1 arising from § 8, no. 44 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
17) The amendment of § 208 paragraph. 1 arising from § 8, no. 46 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
18) The deployment of a second section. in § 208, arising from § 8, no. 47 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
19) The amendment of § 208 paragraph. 3, arising from § 8, no. 48 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
20) The amendment of § 241, arising from § 8, no. 51 of Law no. 516 of 12 June 2009, is included despite the fact that it has yet to enter into force. Please refer to Order no. 172 of 22 February 2009 and the guidelines no. 9068 of 24 February 2010.
21) This comma is a typo adopted as a sentence connection. amendment of § 373 paragraph. 2 of Law no. 1273 of 16 December 2009, see. This Act § 1, no. 24. typo corrected at the earliest Amending.
22) Act was promulgated in the Official Gazette A 18 November 2003.
23) Act was promulgated in the Official Gazette A 10 June 2004.
24) § 1, no. 50 of Law no. 1383 of 20 December 2004 concerns the Act on financial undertakings § 199, first paragraph. 1, 2nd sentence.
25) Economic and Business Affairs, regulations by Executive Order no. 391 of 30 May 2005 on the entry into force of Law no. 387 of 30 May 2005 amending the Act on Ship Finance Institute, the Financial Business Act, the Act on mergers and transfers of assets, etc. (Single tax) Act, the tax treatment of gains and losses on claims, debt and financial contracts (Capital gains Act) and the income tax Act of limited companies, etc. (corporation tax Act), the law came into force on 1 June 2005.
26) § 2, no. 12 of Law no. 411 of 1 June 2005 deals with the Danish Financial company §§ 384 and 385.