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Notice Of Statement Of Capital Base

Original Language Title: Bekendtgørelse om opgørelse af basiskapital

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Table of Contents
Section I General provisions
Chapter 1 Scope and definitions
TITLE II Special rules applicable to financial institutions, real-estate credit institutions, brokerers and investment management companies
Chapter 2 Recalculation of the base capital of financial institutions, real credit institutions, brokerers and investment management companies
Chapter 3 Recalculation of real seed capital prior to deduction in financial institutions, real credit institutions, brokerers and investment management companies
Chapter 4 Statement of hybrid core capital in financial institutions, mortgage broker, fund-brokerers and investment management companies
Chapter 5 Acculations of additional capital before deduction in financial institutions, mortgage brokers and investment management companies ;
Chapter 6 Deduction in the capital of financial institutions, real credit institutions, brokerers and investment management companies
TITLE III Special rules applicable to insurance undertakings and transverse pension funds
Chapter 7 account of the base chapter of insurance undertakings and transverse pension funds
Chapter 8 Account of the seed capital after deduction in insurance undertakings and transverse pension funds
Chapter 9 the provision of supplementary capital in insurance undertakings and transverse pension funds
TITLE IV Entry into force and transitional provisions
Chapter 10 Penalty clause
Chapter 11 Entry into force and transitional provisions

Publication of the base capital statement 1)

In accordance with Article 13 (1), 4, section 124 (4). 9, section 128, paragraph. 2, § 128 a, section 148, nr. 5 and Clause 373, paragraph 1. 4, in the law of financial activities, cf. Law Order no. 705 of 25. June 2012 shall be determined :

Section I

General provisions

Chapter 1

Scope and definitions

§ 1. The notice shall apply to financial undertakings, cf. Section 5 (5). 1, no. Paragraph 1, in the Act of Financial Company, and the establishments covered by paragraph 1. 2-5.

Paragraph 2. In the case of financial holding companies, the provisions of Title I, II and IV shall apply.

Paragraph 3. For conglare, where, pursuant to section 170 (5), The provisions of Title I, II and IV shall apply to the provisions of Title I, II and IV in a consolidated financial undertaking.

Paragraph 4. For the part groups, where referred to in section 171 (1), 2, section 172, paragraph 1. 2, section 173, paragraph 1. 2, or Section 174 (4). In the case of a consolidated financial undertaking, the provisions of Title I, II and IV shall apply, in the case of financial activities.

Paragraph 5. For operators of regulated markets in this country, in another country within the European Union or in a country with which the Union has entered into agreement on the financial area subject to Article 5 (5), 1, no. 20, in the financial undertaking to operate multilateral trade facilities, Sections I, II and IV shall apply to the deviations which the relationship necessitates.

§ 2. For the purposes of this notice :

1) Securitisation a transaction or scheme by which the risk of exposure or the exposure of exposure is divided into tranches, and which is characterized by :

a) the payments related to the transaction or system depend on the development of the exposure or an exponable pulsing ; and

b) the ranking of the tranches determines the distribution of the losses in the service life of the transaction or service.

2) The initial interest rate of the issue shall be : The interest rate basis, as agreed, that the issue should be enclosed by the date of issue. The duration of the maturity shall be used for the duration of the duration. The interest-rate basis may be either fixed or variable-interest.

3) Interest interest rate of interest rates : The interest rate, as agreed, that the issue should be taken as a result of the interest rate increase. The duration of the maturity shall be used for the duration of the duration. The interest-rate basis may be either fixed or variable-interest.

4) A unit hybrid core capital : one capital certificate issued for the purposes of the introduction of a hybrid core capital of the base capital of the issuer.

5) Conversion rate : the number of shares, guarantor or cooperative evidence of which a unit of hybrid nuclear capital can be converted to.

6) The conversion rate at issue time : the number of shares, guarantor or cooperative evidence which the value of a unit hybrid core capital corresponds to at the time of issue.

7) Free reserves : the amount referred to in section 180 (1). Two, in the corporate law as free reserves.

8) Guarantee capital : capital paid in insurance undertakings and transverse pension funds, and where the capital is recognised as own funds.

9) GarantFunds : Capital that the guarantors have paid in a savings bank and where the capital is recognised as own funds.

10) Andelskacapital Capital as cooperaties have paused in an andmolasses and where the capital is recognised as own funds.

11) Solution ' The institution of the Pension Foundation, the Fund for the Fund and the investment management company ' s acquiring or acquiring its own shares, guarantor or cooperative stock.

12) Capital Requirements : Capital requirements shall be understood in this notice as the capital requirement after section 127 (4). 1, in the law of financial activities.

TITLE II

Special rules applicable to financial institutions, real-estate credit institutions, brokerers and investment management companies

Chapter 2

Recalculation of the base capital of financial institutions, real credit institutions, brokerers and investment management companies

§ 3. The base capital of financial institutions, real-estate credit institutions, fund brokers and investment management companies shall be made up as core capital, cf. paragraph 2, with addition of additional capital after deduction pursuant to section 31.

Paragraph 2. The core capital shall be established as the sum of real seed capital, cf. § 4, and hybrid core capital, cf. § 10, which can be included in the core capital, cf. section 12, upon deduction pursuant to section 31.

Chapter 3

Recalculation of real seed capital prior to deduction in financial institutions, real credit institutions, brokerers and investment management companies

§ 4. In fact, core capital of banking institutions, real-estate credit institutions, fund brokers and investment management companies shall consist of :

1) repaid share capital which meets the requirements of sections 6 and 7,

2) the guaranteed guaranteed capital which meets the requirements of section 5 to 7,

3) paused capital that meets the requirements of section 5 to 7,

4) the exchange rate of emissions,

5) reserves,

6) bottom austerity reserve, cf. Section 211, in the Act of financial activities,

7) transferring over or deficit ;

8) serial reserves of real-world credit institutions where there is not a refund obligation to the borrowers, as well as the amount of the serial funds in series of the obligation to repay them in accordance with the obligation to repay the loans. Section 24, in the area of mortgages and mortgage bonds, etc., which are not available for payment,

9) bottom fund reserve in mortgage credit institutions, and

10) the current profit of the year shall be deduced from the expected yield and other foreseeable costs, where the amount is confirmed by the financial institution, the real credit institution, the phonebroker, or the investment management company ' s external auditor, cf. sections 8 and 9.

Paragraph 2. The actual core capital must be deduced from any tax which may be foreseen at the time of calculation or to be duly adjusted to the extent that taxes reduce the amount by which this capital may be used for cover ; of risks or losses.

Paragraph 3. A financial institution, a credit institution, a fund-broiler company and investment management company which has carried out securitisation, cf. Section 2 (2). 1, no. Paragraph 1 shall not be allowed in the provisions of paragraph 1. 1, no. 5 to 7 items shall include net profits from the capitalisation of future revenues from the engagements included in the transaction and which result in a credit improvement in the company ' s intermediation with the securitisation concerned.

§ 5. Guarantees and equity capital may be included in the actual core capital, the capital of which can be reduced when the savings and the shares of shares are not covered by the free reserves, cf. Section 2 (2). 1, no. For the limited liability companies, the necessary adjustments shall apply to the reduction of guarantor and share capital.

Paragraph 2. Guarantee and equity capital may be included in the real seed capital, the capital of which is left out all other capital by winding-up proceedings and bankruptcy.

Paragraph 3. Guarantees and equity capital may be included in the actual core capital, provided that capital is not associated with guarantees or undertakings which are better in legal or financial terms than in paragraph 1. One and two.

§ 6. Stock, garant and equity capital may be included in the actual core capital, provided that the capital is not divided into classes with

1) the rights of different rights if the financial institution, the real credit institution, the fund broker and the investment management company have deficits not covered by the free reserves ; and

2) various rights in winding-up proceedings and bankruptcy.

Paragraph 2. If the monetary institution, the mortgage broker and the investment management company, the equity, guarantor and equity capital of the real seed capital shall be subject to capital in classes, that any right to : receive a higher interest rate or yield for certain classes shall be limited to a predetermined factor of the entouration or yield, as the class receiving the lowest yield or interest rate, cf. However, section 7.

§ 7. Stock, guarantor and equity capital may be included in the real seed capital provided that the holder of the capital has not been made a particular interest or yield in the prospect of the capital.

Paragraph 2. However, no matter where the latter may be, the institution of the Pension Institute, the Fund Broker and the investment management company may, 1, publish an interest or yield policy if the policy reflects the plans of the board of directors or profits from the financial institution, the real credit institution, the foundation of the fund, the company and the investment management company, economic position, and it is clearly stated in the policy that the plans may be deviated.

Paragraph 3. Notwithstanding paragraph 1 1 may include a provision for a maximum instalment or the yield.

Paragraph 4. The top authority of the Pension Foundation, the Foundation for the Foundation, the Foundation for the Fund and the investment management company, shall fix the annual yield and free reserves on the basis of the year ' s surpluses and free reserves before payment of : the interest rate of guarantee capital. The interest or yield shall not be set higher than proposed or acceded by the Administrative Board.

Paragraph 5. Where there is no interest or yield to the shareholders of the stock, gargani and second capital, the non-payment shall not be replaced by other services to the holder of the stock, guarantor or other capital.

Special rules for the settlement of stock, guarantor and cooperative capital

§ 8. The settlement of stock, guarantor and cooperative capital must be carried out only when the monetary institution, the real credit institution, the fund broker and the investment management company have sufficient capital after the solution and in an foreseeable time thermoose, so, the financial and solvency situation remains reassuring, and when a prior authorisation is obtained after ~ § 9 or 10 from the Financial supervision, cf. however, paragraph 1 4.

Paragraph 2. The holder of the stock, the guarantor and the other capital must not, in addition to the rules in force in the company law, be entitled to the settlement and the institution of the financial institution, the real credit institution, the fund broker and the investment management company shall not allow the holder of the financial institution ; an expectation of the solution at a given time.

Paragraph 3. Decisions on the settlement of stock, guarantor and cooperative capital shall not be made public until the institution of the financial institution, the mortgage broker and the investment management company have been authorised by the Financial Authority pursuant to paragraph 1. 1.

Paragraph 4. Pension institutes, real-estate credit institutions, brokerage brokers and investment management companies may not have a permit in accordance with section 9 or 10 acquisitions of own shares for resale, provided that stocks of their own shares are not available after the acquisition ; exceeds 3%. of the total issue of the stock capital.

§ 9. Authorisation for the settlement of stock, guarantor and cooperative capital may be granted on the financial supervision of the financial institution, the real credit institution, the stock broker and investment management company, or for the purposes of : Forresale.

Paragraph 2. The financial supervision of the financial supervision referred to in paragraph 1 shall be submitted. 1, must be attached to the following, cf. however, paragraph 1 3 :

1) A statement on the grounds that the financial institution, the real credit institution, the fund broker and the investment management company will cash in the stock, guarantor or cooperative capital.

2) Solvening data, including the level and composition of the core capital before and after the solution, and a confirmation that the financial institution, the mortgage broker and the investment management company shall continue to meet the required assistance ; regulatory requirements laid down in the legislation or in rules issued in accordance with this in accordance with the solution.

3) A statement of the liquidity situation, including the institution of the financial institution, the real credit institution, the fund brokerage and the investment management company, continue to meet the regulatory and supervisory requirements of the solution.

4) A statement of the expected development for at least three years in the conditions described in accordance with paragraph 1. 2 and 3, based on the financial institution, the real credit institution, the company ' s business plan and investment management company, and the expected development of financial firms in the same sector.

5) An assessment of the risks to the financial institution, the real credit institution, the fund broker and the investment management company or may be exposed to, and an assessment of the level of basic capital ensures that these risks are covered, including stress tests on the major risks that show potential losses in different scenarios.

6) The financial institution of the Penal Foundation, the Foundation for the Funds, the company ' s and investment management company ' s latest solvency needs.

Paragraph 3. The financial supervision may require additional information if necessary for the examination of the application.

§ 10. Spare and andelskboxes may apply to the Finance-SEC authorisation for the settlement of guarantor and cooperative capital in order to be able to comply with an ongoing request from holders of guarantors of guarantors and equity capital if the solution is within a total network framework, up to the smallest of the following amounts :

1) 1/3 of the combined garment and cooperative capital ;

2) 10%. the actual core capital,

Paragraph 2. Authorisation pursuant to paragraph 1. 1 may be granted for a period of up to one year.

Paragraph 3. You in section 9, paragraph 1. 2, no. The information referred to in paragraph 2 and 6 shall be attached to the application for authorization pursuant to paragraph 1. 1.

Paragraph 4. The financial supervision may require additional information if necessary for the examination of the application.

Specific rules for the bill of year ' s current profits in the actual core capital

§ 11. Appearing the financial institution, the real credit institution, the fund brokerage and the investment management company shall be able to collect the current profits of the year in the real seed capital, cf. Section 4 (4). 1, no. 10, the amount of the amount shall be confirmed by the external auditors.

Paragraph 2. In the one in paragraph 1. 1 the situation shall inform the external auditors of the audit record of the work carried out, as well as the financial institution, the real credit institution, the stock broker or the investment management company, before and after the invoice ; of the year running over-shot.

Paragraph 3. The calculation of the year's current surplus with a view to the incorporation of this into the real seed capital shall be carried out on the basis of a period of inspection reported to the Financial supervision, where the period of the period shows profits.

§ 12. The external auditors shall be required to verify in accordance with section 11 (3). 1 and 2 :

1) Look at the accounting figures for the calculation of the current profits of the year are derived from the company's accounting system.

2) To ensure that the current surplus of the year has been deduced from any tax and decided to yield extraordinary returns.

3) Collect the Board ' s confirmation that the period of the period for the profit-making period of the year is in compliance with the principles laid down in the financial undertaking and in the notice of financial reports ; credit institutions and fund brokers, etc., as well as complying with the company's accounting practices.

4) To see that the management has explained that significant deviations from the company's budget and previous periods are the result of concrete events such as changes to business profile and business scope changes.

Paragraph 2. The auditors shall inform the auditors of the auditors of the audit records in paragraph 1. 1 carried out work has given rise to any comments.

Paragraph 3. The Protocols drawn up by the external auditors shall be signed by these, before the financial institution, the real credit institution, the fund broker or the investment management company may include the current surplus of the year in the main capital.

Chapter 4

Statement of hybrid core capital in financial institutions, mortgage broker, fund-brokerers and investment management companies

§ 13. Hybrid core capital, cf. paragraph 2, may be included in the core capital of financial institutions, real credit institutions, brokers and investment management companies, with the limits resulting from sections 15 when the capital complies with the requirements of sections 14 and § § 17-25.

Paragraph 2. For hybrid core capital of financial institutions, real-estate credit institutions, fund brokers and investment management companies, capital satisfying the following conditions :

1) The hybrid core capital must be paid to the financial institution, the real credit institution, the fund-broker or investment management company.

2) A predetermined time for the pre-hybrid nuclear capital may not be less than 30 years after the payment and may not be combined with incentives for inlet, cf. § 21.

3) Unless, in advance, the hybrid nuclear capital is fixed at a time or later after the issue, the hybrid seed capital shall only fall if the monetary institution, the real credit institution, the fund broker or the Fund, or the investment management company shall enter winding-up proceedings or declare bankruptcy.

4) Refreshing incentives for inlet must be moderate and must not be less than 10 years after the payment, cf. § § 21-23.

5) The loan officer ' s claim against the monetary institution, the real credit institution, the fund broker or the investment management company shall be relied on any other debt, including responsible loan capital.

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

7) Due to the debt and payment of outstanding interest payments shall be suspended, cf. however, section 14, if :

a) the financial institution, the real credit institution, the fund broker or the investment management company does not meet the capital requirement in section 127, in the Act of financial activities,

b) the financial institution, the real credit institution, the fund broker or the investment management company deems it necessary to maintain the financial health of the undertaking ; or

c) Financial supervision estimates that the financial and solvency situation of the financial and solvency financial situation of the financial and investment management undertaking shall be deemed necessary by the financial institutions, the financial and solvency of the financial institution.

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

9) The Pension Institute, the real credit institution, the fund broker and the investment management company shall be able to write down the hybrid seed capital, cf. however, section 24-26 if the solvency rate or core percentage of capital decrees in pre-determined threshold values. The threshold value for the solvency rate may not be fixed at a lower level than the financial institution, the real credit institution, the stock broker and the investment management company ' s solvency requirements, and the threshold value for the seed capital percentage may not be lower ; than 5%.

10) The agreement on the hybrid nuclear capital must be stated that the agreement cannot be altered with the effect that capital cannot be included as a hybrid nuclear capital without the approval of the Finance-style system.

§ 14. The agreement on hybrid seed capital can, notwithstanding paragraph 13, can be made. 2, no. 7, contain provisions for interest rates which would otherwise be suspended pursuant to section 13 (2). 2, no. 7 (a) and (b) shall be replaced by the stock, guarantor or cooperative capital. However, in such a case, the agreement on the hybrid core capital shall be stated that :

1) Compensation of lost interest payments with stock, garant or cooperative capital presuppots that the financial supervision has not rejected the payment of the payment of the payment of the payment of a recapitalisation.

2) Compensation of lost interest payments with stock, garant or equity capital if the conditions are to be able to write down the hybrid seed capital, cf. Section 13 (1). 2, no. Nine have been fulfilled.

3) Where conditions make it impossible to replace the payment of the interest payments due to the stock, guarantor or other capital as provided in the agreement, the creditor ' s claim shall be payable on the compensation of the due payment of the interest payments.

§ 15. Hybrid core capital of financial institutions, real-estate credit institutions, brokerers and investment management companies, cf. sections 13 and 14 can be up to 50%. of the seed capital after deduction pursuant to section 31 (1). 9, cf. however, paragraph 1 4 if the agreement on the hybrid core capital meets the following requirements :

1) The hybrid core capital shall be converted to stock, guarantor or cooperative capital if the monetary institution, the real credit institution, the fund broker or the investment management company do not meet the capital requirement in section 127, in the Act of Finance or in any other way, it is necessary to do so.

2) The hybrid core capital may be converted to the initiative of the Financial initiative to stock, garant or cooperative capital if the SEC assesses that there is a nearby risk of the institution of the financial institution, the real credit institution, the fund broker, or the investment management company does not comply with the capital requirement in section 127, in the Act of financial activities.

3) The agreement does not provide incentives for the intake.

4) The agreement does not contain conditions for debt to be due at any given time.

Paragraph 2. Hybrid core capital of financial institutions, real-estate credit institutions, brokerers and investment management companies, cf. sections 13 and 14 which do not satisfy the requirement laid down in paragraph 1. 1, no. 1 and 2 may constitute a maximum of 35%. of the seed capital after deduction pursuant to section 31 (1). 9, cf. however, paragraph 1 4, if the agreement does not contain incentives for the introduction or the terms of debt falling on a pre-scheduled date.

Paragraph 3. Hybrid core capital, cf. § 13 and 14, the maximum can be 15%. of the seed capital after deduction pursuant to section 31 (1). 9, cf. however, paragraph 1 4, if the agreement contains moderate incentives for the intake or the terms of debt falling on a pre-scheduled date.

Paragraph 4. Hybrid core capital referred to in paragraph 1. The maximum amount must be 50%. of the seed capital after deduction pursuant to section 31 (1). 9, and hybrid core capital referred to in paragraph 1. The maximum number of 35% shall be 35% together. of the seed capital after deduction pursuant to section 31 (1). 9.

Paragraph 5. In exceptional circumstances, the financial supervision may permit the limits set out in paragraph 1. 1-4, temporarily overrun.

Paragraph 6. The provisions of paragraph 1. 1 and 2, which shall not include any hybrid nuclear capital issued under the law of sovereign capital deposits in credit institutions where contracts in respect of debt are not subject to any hybrid core capital issued in respect of debt relief, provide conditions for interest rates, provided that such rent-esticts are made only subject to the development of profit-making payments and terms of increases in the price of entry, and provided that such increases do not amount to more than 5%. from the sixth year and 10%. Seven years.

§ 16. Before financial institutions, real credit institutions, fund brokers or investment management companies are covered by company law, agreement on hybrid core capital that contains terms and conditions for conversion, including hybrid core capital, is covered by section 15. 1, the General Assembly must decide to conclude the agreement on the hybrid seed capital, or by means of the provision of the Staff Regulations, to conclude the agreement on the hybrid seed capital and, at the same time, to the management board to carry out it ; belonging to capital increases for conversion. The latter shall be required prior to the conclusion of the hybrid core capital Agreement for this to be included in accordance with section 15 (1). 1. The terms and conditions of conversion may be used only for as long as a company is subject to section 1.

Paragraph 2. For the decision-making by the General Assembly to agree on hybrid core capital, which contains terms and conditions for conversion, including hybrid core capital, covered by section 15, paragraph 1. 1, in financial institutions, real credit institutions, fund brokers or investment management companies covered by company law, section 167 (4) shall be subject to the provisions of Article 167. 1 and 2, and section 168, in the form of company law. Section 167 (4). 3, in the corporate law, shall apply by analogy, since the Joint Assembly ' s resolution covers the rule of law before the conversion of a conversion to the initiative of issuers, or if the General Assembly chooses to agree to issue hybrid core capital covered by Section 15 (3). 1.

Paragraph 3. The authority of the General Assembly to conclude an agreement on the hybrid core capital in accordance with paragraph 1. 1 that contain terms and conditions for conversion, including hybrid core capital, covered by section 15 (s). 1 and the corresponding capital increase for conversion shall be granted for one or more periods of up to five years at a time. The deadline applies only to the conclusion of the agreement on the hybrid seed capital and not for any subsequent increase in capital as a result of the conversion.

Paragraph 4. By the authority of paragraph 1, 1 the Staff Regulations shall specify the following :

1) The date of termination of the period referred to in paragraph 1. 3.

2) The highest amount by which the management board may increase the capital.

3) Provisions relating to the conditions laid down in Article 158 shall be : Five, six, and 9-11, corporate law.

Paragraph 5. For financial institutions, real credit institutions, fund brokers or investment management companies covered by company law, the Management Board shall be able to authorise the management board pursuant to paragraph 1. 1 decide on the issue of hybrid core capital. § 169 (4) 2, in the corporate law, this is applicable to the decision of the Management Board. The Management Board shall take a position on the legal position of the recipient, if the conditions laid down in section 169 (4). 3, in the corporate law, before conversion occurs on the initiative of the issuer. § 169 (4) 4 and 5 and § § 170 and 171, in the company law shall apply to the decision of the Management Board after 1. Act.

Paragraph 6. For financial institutions, real credit institutions, fund brokers or investment management companies covered by company law, section 172-177, in the company law on registration, etc. should be applied to the Joint Assembly's decision in accordance with paragraph 1. 1.

Paragraph 7. The authority of the General Assembly pursuant to paragraph 1. 1 lapses if the issuer is no longer a company subject to section 1.

Paragraph 8. If a company is included in section 1, hybrid core capital, equity with other foreign capital, is still not included as part of the company's company capital.

Solution of hybrid core capital of the financial institution, the real credit institution, the foundation of the fund-broker and investment management company :

§ 17. It must be stated in the agreement on the hybrid seed capital that it alone must be settled at the financial institution, the real credit institution, the Foundation for the Fund or the investment management company, with the authorisation and the earliest five years of the Finance-synet. after the deposit.

Paragraph 2. Notwithstanding paragraph 1 1 may be stated in the agreement that hybrid core capital with the financial system may be authorized in the past five years after the payment in the case of a change in the tax or solvency proceedings of that instrument.

Paragraph 3. Notwithstanding paragraph 1 1 may be stated in the agreement that hybrid core capital with the Finance-synet authorisation may be deposited in the past five years after the payment of the payment of the amount of at least the same quality of the same amount.

Paragraph 4. Notwithstanding paragraph 1 1 may indicate that the hybrid core capital issued under the Act of State capital deposits in credit institutions and under contract for capital deposits shall be submitted at least three years after the granting of a financial contribution to the Finance-synet. the payment shall be included in the capital of the base, provided that the seed capital after the period of entry is at least 12%.

Paragraph 5. Notwithstanding paragraph 1 1 may indicate that the financial institution, the real credit institution, the fund broker or the investment management company with the Finance allowance may, at any time, acquire own hybrid core capital to be owned by up to 3%. by the total issued capital, where the acquisition is made for the purpose of resale. However, the Egen ' s hybrid seed capital shall be a maximum of 10%. for a single issue.

§ 18. It must be stated in the agreement on the hybrid seed capital that financial institutions, real credit institutions, fund brokers and investment management companies alone can access hybrid core capital after Section 17, if the undertaking has sufficient capital ; after the period of entry and in the foreseeable future, the financial and solvency situation shall remain reassuring.

Paragraph 2. By the one in paragraph 1. 1 the assessment shall be that the monetary institution, the real credit institution, the stock broker and the investment management company must include the level and quality of the base capital, which is necessary to adequately cover the risks which, the financial institution, the real credit institution, the fund broker and the investment management company, or may be exposed to. The Pension Institute, the mortgage broker, the fund broker and the investment management company shall consider, in this context, its liquidity position and earning capacity.

§ 19. It must be stated in the agreement on hybrid seed capital, which decrees at a predetermined time that it alone must be allowed at the time of expiration if the institution of the financial institution, the real credit institution, the phonebroker and of the Fund, shall be allowed ; the financial and solvency situation of the investment management company permits this.

20. It must be included in the hybrid core agreement that the financial institution, the real credit institution, the fund broker or the investment management company, as soon as the decision to cash in the hybrid core capital has been taken, must apply ; The financial supervision of the authorisation for the solution. This also applies to hybrid core capital, which is due at an already specified time.

Paragraph 2. Application for the solution in accordance with paragraph 1. 1 is attached to the following :

1) A statement of the background to the institution of the financial institution, the real credit institution, the fund broker and the investment management company will be able to deliver on the hybrid seed capital.

2) The level of solvent data, including the level and composition of the core capital before and after the period of entry and confirmation that the establishment will continue to comply with the regulatory requirements laid down in the legislation or the rules issued in accordance with it.

3) a statement of the liquidity situation, including the institution of the financial institution, the mortgage broker and the investment management company after the introduction will continue to satisfy the regulatory requirements laid down in the legislation, or in rules issued by virtue of this.

4) A statement of at least three years on the expected development of the data submitted pursuant to paragraph 1. 2 and 3, based on the financial institution, the real credit institution, the stock broker and the investment management company, the company ' s business plan, including the expected development of the balance sheet and the profit and loss account.

5) An assessment of the risks to be made by the financial institution, the real credit institution, the stock broker and the investment management company, or may be exposed to, as well as the extent to which the level of basic capital ensures that these risks are ; covered, including a stress test of the major risks that show potential losses in different scenarios.

6) The financial institution of the Penal Foundation, the Foundation for the Funds, the company ' s and investment management company ' s latest solvency needs.

Paragraph 3. If the hybrid core capital is to be replaced by other hybrid seed capital, the Financial Institute may require the financial institution, the real credit institution, the Fund Broker and the investment management company to make it possible that this is possible. The Pension Institute, the mortgage broker, the fund broker and the investment management company shall also provide information on the impact of the damages on revenue, including the expected price and terms and conditions.

Paragraph 4. The financial supervision may require additional information if necessary for the examination of the application.

Paragraph 5. The financial institution, the real credit institution, the fund broker and the investment management company may not submit a full set of information if the hybrid core capital has already been replaced by capital ; of the same or better quality.

Incentives for the incorporation of hybrid core capital into banking institutions, real-estate credit institutions, brokerers and investment management companies

§ 21. Incentives for the introduction are the conditions and conditions relating to the hybrid core capital of financial institutions, real credit institutions, brokerers and investment management companies, which may offer an expectation that the sanctuary will be carried out.

Paragraph 2. Conditions and conditions which may give an expectation that the sanctuation will take place is an incentive for recovery, regardless of the fact that they are not timelally coincided with the possibility of inexcution.

Paragraph 3. An obligation for the issuer or owner to convert the hybrid core capital to stock, garant or cooperative capital as a result of financial or solvency problems is not an incentive to intake action.

Paragraph 4. An opportunity for incorporation does not constitute an incentive for inlet.

Paragraph 5. The advent of incentives for insertion is determined at the time of issue or by renegotiation of terms and conditions. Hybrid core capital, with an incentive to the intake, will not be transformed into hybrid core capital without incentive to intake, when the incentive has been lost as a result of developments. No matter what. Act. Hybrid core capital with incentive to intake free of the incitement to hybrid core capital without any incentive for recovery resulting from a renegotiation after the suspension of the incentive has been lost as a result of the development.

§ 22. A interest rate increase is a moderate incentive to intake, cf. Section 13 (1). 2, no. 4 if it leads to an increase in the original interest of the issuer which is not greater than the highest of :

1) 100 basic points deduced the swapbuckle ; and

2) 50%. of the original credit-span deduced swapbuckle.

Paragraph 2. Swapbuckle in paragraph 1. 1, no. 1, as determined at the time of issue, the difference between the interest rate and the original interest rate of the interest rate increase.

Paragraph 3. The credit span referred to in paragraph 1. 1, no. The date of issue shall be fixed at the time of issue such as the difference between the original interest of the issuance and the original interest rate of the issue.

Paragraph 4. The hybrid seed capital agreement must not contain more than one interest rate increase in the life of the instrumentation.

-23. A conversion to stock, guarantor or equity capital at a predetermined time or at the request of the owner of the hybrid core capital is a moderate incentive to intake, cf. Article 13 (1). 2, no. 4 if there is a restriction on the conversion rate so that it cannot amount to more than 150% of the contract. by the conversion rate at the time of issue.

Decomvaluation of hybrid core capital in financial institutions, real credit institutions, brokers ' companies and investment management companies

§ 24. Notwithstanding paragraph 13, paragraph 1. 2, no. 9, may the agreement on hybrid core capital provide for the fact that the depreciation of the principal may be reduced only if :

1) the financial institution, the real credit institution, the fund broker or the investment management company shall subsequently be added to the new capital to ensure the continued viability of the undertaking, or end without loss for the non-post-trailing ; creditors,

2) the stock, guarantor or the cooperative capital, or

3) the equity capital of the real credit institution shall be lost.

Paragraph 2. The depreciation of hybrid seed capital shall be at least equal to the same percentage, as the stock, guarantor of the guarantor or the AndelCapital.

Paragraph 3. The depreciation of the hybrid kernel capital may be combined with an opportunity for subsequent rewriting. A subsequent rewrite shall not be based on new paid share, garant or cooperative capital but can only be based on subsequent surpluses where the proportion of subsequent profits being used for the uptake of the hybrid core capital may not exceed : correspond to the proportion of the total core capital of the hybrid nuclear capital prior to the depreciation of the hybrid seed capital.

Paragraph 4. Conditions and conditions under the hybrid nuclear capital agreement must not be imposed, which prolongs the time for the execution of the depreciation.

Paragraph 5. Interest payments shall not be made on hybrid core capital written down. These payments will be cancelled and permanently lapsed.

§ 25. The hybrid core capital of financial institutions, real credit institutions, brokers and investment management companies shall not be assured or covered by a guarantee from the issuer or a group-related entity or have other events ; to compensate the owner of the hybrid core capital for the depreciation of capital as a legal or economic one, the owner of the hybrid core capital.

SECTION 26. The concrete framework for the preciation, cf. Section 24 must be published in a manner that ensures sufficient transparency for the market. This may, for example, be carried out in the context of the fulfilment of the information requirements of the undertaking in accordance with Annex 20 to the notice of capital coverage.

Chapter 5

Acculations of additional capital before deduction in financial institutions, mortgage brokers and investment management companies ;

§ 27. The additional capital of financial institutions, real-estate credit institutions, fund brokers and investment management companies shall consist of :

1) Responsibility for loan capital, cf. § 29,

2) Revaluation reserve (s),

3) Hybrid core capital, cf. § § 13-16, which is not included in the actual core capital,

4) A positive amount, as a result of the accounting value adjustments and provisions on assets and obligations outside the trading book, excluding capital shares, assets covered by securitisation, securitisation positions, and any material assets without counterparts shall be deducted from the calculation of the expected losses on the assets and obligations in question, cf. Annex 8 of the notice of capital coverage,

5) The portion of the reserves of the real credit institutions in a series of Remittance obligations, which corresponds to the requirement in section 124 (4). 8, in the law of financial activities,

6) Paid of guaranteed guaranteed capital, which will be paid pursuant to Article 208 (5). 2, in the Act of Financial Business, may be included as responsible loan capital, cf. however, Section 47, and

7) Asset guarantor and cooperative capital, cf. § § 5 7, which is not included in the actual core capital and which meets the requirements of section 29.

Paragraph 2. Depreciation reserve, cf. paragraph 1, no. 2 shall be deduced from any tax which may be foreseen at the time of calculation, or it must be duly adjusted to the extent that tax reduces the amount by which this capital may be used to cover risks or losses.

Paragraph 3. Supplementary capital in accordance with paragraph 1 1, no. 4, shall be included only in the case of assets and obligations where the risk-weighted outposts outside the trading book shall be discharged by means of an internal method, cf. § 143, paragraph 1. 3, in the Act of Financial Enterprise, and may not exceed 0,6%. of the risk-weighted items for assets and obligations which are subject to the internal method. In the case of the calculation of this percentage, securitisation positions shall have a risk weight of 1,250%. is not included.

§ 28. The additional capital of financial institutions, real credit institutions, fund brokers and investment management companies shall not be counted by more than 100%. of the seed capital, in accordance with the provisions of paragraph 31 (1), 1, no. 1-9, you mentioned deductions.

Paragraph 2. The responsible loan capital, cf. § 29, which shall be taken into account in the calculation of the additional capital, cf. however, paragraph 1 4, reduced by :

1) 25%. in the case of less than three years and more than three years and more than or two years,

2) 50%. in the case of less than two years and more than one year, or more than one year,

3) 75%. in the case of less than one year, of the issue of capital issued,

4) The interest of the own responsible loan capital and the own responsible loan capital that has been lodged as collateral for loans or guarantees, reduced by number 1-3.

Paragraph 3. Accountenable loan capital which does not comply with section 29 (s). 1, no. Six to 7 shall not be counted by more than 50%. of the seed capital, in accordance with the provisions of paragraph 31 (1), 1, no. 1-9, you mentioned deductions.

Paragraph 4. Accountenable loan capital which does not comply with section 29 (s). 1, no. Six-7, and included in the amount of the supplementary capital, the following shall be reduced by :

1) 17%. of the capital issued when less than five years and more than or four years have been reduced.

2) 34%. of the capital issued when less than four years and more than or three years have been in decline.

3) 50%. in the case of the capital issued, in less than three years and more than or two years for the fall.

4) 67%. the capital issued in the case of less than two years and more than one year, for the fall.

5) 83%. the capital issued in the case of less than one year.

6) The interest of the own responsible loan capital and the own responsible loan capital that has been lodged as collateral for loans or guarantees, reduced by number 1-5.

Accountenent loan capital of financial institutions, real credit institutions, brokers and investment management companies

§ 29. Facilitation of loan capital in financial institutions, real credit institutions, fund brokers and investment management companies can be included in the base capital if the following conditions are met, cf. however, section 28 (3). 1 and 2 :

1) Långivers ' demands must be left out of all other non-reindebted debts.

2) The amount shall be paid for.

3) The prior due date must not be able to take place on the loan of the lender ' s initiative or without the authorisation of the financial system, cf. however, paragraph 1 3.

4) The amount must only fall before the agreed upon date of falsification, if the monetary institution, the real credit institution, the fund broker or the investment management company shall enter liquidation or declare bankruptcy.

5) The top authority of the Penal Foundation, the Foundation for the Fund and the investment management company, shall be able to write down the responsible loan capital and interest, if the capital is lost and shares, guarantor or equity, the capital chapter is written to zero or, cf. the own funds in the series ' s own funds funds in the area of real credit institutions are lost. however, paragraph 1 4.

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

7) Not paid interest paid in accordance with No 1. 6, may be payable only if the capital requirement is renewed or the due date enters into force.

Paragraph 2. The second responsible loan capital with an initial duration of not less than five years or, where the duration of the debt is not provided for at least five years, after which the amount of the responsible loan capital can be fulfilled, may be included in the base chapter, if paragraph 1. 1, no. 1-5, have been met, cf. however, section 28 (3). 3 and 4.

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

Paragraph 4. Depreciation of paragraph 1, no. 5, may only be done if the financial institution, the real credit institution, the fund broker or the investment management company are subsequently transferred to capital, so that the capital requirement is met or end without loss for non-trailing ; creditors. The responsible loan capital and unpaid interest can only be reduced by an amount approved by the external auditors and the Financial supervision prior to the depreciation.

Paragraph 5. Rents on responsible loan capital shall not take place at the earliest three years after the issue is issued. If one or more interest rates have been agreed, the responsible loan capital shall be deemed to fall at the time of the refund, if the sum of the rentestis exceeds 150 base points from the swaps of the swapclip from the issue day, cf. however, paragraph 1 The interest rate shall be the difference between interest-rate interest rates and the original interest rate of the interest rate increase.

Paragraph 6. The SEC may, in specific cases, dispose from the limit of 150 base points in paragraph 1. FIVE, TWO. Act.

-$30. It may be that, however, paragraph 29. 1, no. 3, in the responsible loan capital agreement, the financial institution, the real credit institution, the Fund Broker or the investment management company with the Finance allowance may at any time acquire own responsible loan capital for their own or security of up to 3%. the total of the total issued capital, but a maximum of 10%. for a single issue.

Chapter 6

Deduction in the capital of financial institutions, real credit institutions, brokerers and investment management companies

§ 31. In the calculation of the base capital of financial institutions, the mortgage broker, fund brokers and investment management companies, shall be deductible in accordance with paragraph 1. 9-12 for the following :

1) The running deficit of the year.

2) Proposed dividend.

3) Immaterial assets.

4) Tax assets.

5) Parts of the financial institution, the real credit institution, the fund-brokerage and investment management companies, which, under the terms of the Act of Finance, Section 145 (3), shall be the establishment of a financial institution. 11 shall not be subject to the provisions of the Act of Article 145 (5). 1-3.

6) The value of the financial institution, the real credit institution, the stock broker or investment management company ' s shares, guarantor or cooperative, acquired by customers on the basis of loans granted to the institution of the financial institution, the real credit institution, the company or investment management undertaking, directly or indirectly, has been made available to the acquisition of such information.

7) Difference between the valuation of assets in commercial stock in accordance with the notice of financial reports for credit institutions and the fund brokers and so on and a prudent specification of positions after the use of the model value ; ("marking-to-model") , cf. the announcement of the capital cover Annex 2, point. 8-13, which is not already defraulated in the real core capital.

8) The cumulative valuation of the security instruments used to ensure payment flows.

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

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

a) The share of a subsidiary assurance undertaking or an associated insurance undertaking ' s base capital equivalent to the share of the society chapter, and

b) the value to be included in the balance sheet in the balance sheet with the value of responsible loan capital, including the responsible borrowing capital of other group undertakings, to the subsidiary insurance undertaking or the associated insurance undertaking when : responsible loan capital shall be taken into account in the subsidiaries of the subsidiary insurance undertaking or the associated insurance undertaking ' s basic capital according to section 37 (3). 1, no. 1.

11) Indirect and indirect ownership of holdings in subsidiaries and affiliated undertakings, which are credit institutions, brokerly intermediaries, investment management companies or financial institutions, cf. however, paragraph 1 5-7. Capital shares in financial institutions whose main business is to acquire capital shares or transferable pawn letters or to conduct business on their own account with one or more of the instruments referred to in Annex 5, in the case of the financial undertaking, Do not be dedudiable. Indirect Owned Capital shares deducted by a subsidiary insurance undertaking, credit institution, fund-broker or investment management company or an affiliated insurance undertaking, credit institution, fund brokerers, or an investment management company after no. 12 or § 36 (3). 2, no. 2, and indirectly owned holdings which have been deducted or exempted by a subsidiary insurance undertaking or an associated insurance undertaking in accordance with section 36 (4). Four, do not dedube.

12) The capital shares of other credit and financial institutions that account for more than 10%. of their share, garant or other capital which is not covered by No 2. 11, cf. however, paragraph 1 5-8. Furthermore, the financial institution, the real credit institution, the fund-broker and investment management company, shall be the company ' s left capital deposits in the undertakings referred to.

13) The sum of capital shares and trailing capital deposits in other credit and financial institutions which are not covered by No 2. 11 and 12, which exceed 10%. of the base capital without de i no. Nos 8 to 10 and 12 and the deduction referred to in this paragraph, cf. however, paragraph 1 5-8.

14) The sum of capital shares in another enterprise or company in the same group, and mortle shares in another enterprise not covered by No 2. 10-13, that's more than 15%. by the base capitale, after deduction pursuant to no. 10-13, 18 and 19, cf. however, paragraph 1 5, 7 and 8, and no Attachments pursuant to section 27 (3). 1, no. In addition, the balance shall also include stock-and stock-and stock business and so on.

15) The sum of eligible units in other undertakings which are not covered by no. 10-14, which exceeds 60%. by the base capitale, after deduction pursuant to no. 10-13, 18 and 19, cf. however, paragraph 1 5, 7 and 8, and no Attachments pursuant to section 27 (3). 1, no. In addition, the balance shall also include stock-and stock-and stock business and so on.

16) A negative amount, which emerges from the valuation of assets and liabilities of assets and obligations outside the trading book other than capital shares, assets covered by securitisation, securitisation positions, and material assets without counterparts shall be deducted from the loss of expected losses on the assets and obligations in question, cf. The section on the calculation and treatment of anticipated losses in Appendix 8 of the notice of capital coverage.

17) The expected loss of capital holdings outside the trading book when the inventory of the risk-weighted items for capital holdings outside the trading book shall be calculated on the basis of simple risk-weights or by the more advanced method based on calculation ; of the risk parameter (PD/LGD method), cf. The section on the calculation and treatment of anticipated losses in Appendix 8 of the notice of capital coverage.

18) The value of transferred payments, securities, currency and raw materials in the case of supply risk and addendum for any positive value of the contract when the shipment or payment of the counterparty has not taken place five days after the fall, cf. however, paragraph 1 7.

(19) The value of securitisation positions, which in accordance with the rules laid down in Annex 11 in the notice of capital coverage is awarded, or for securitisation positions in the trading book, a risk weight of 1,250 pct;, unless the amount is part of the statement of the risk-weighted items, or securitisation positions are included in engagements that are deducised pursuant to paragraph 1. 5.

Paragraph 2. The adjustments under paragraph 1. 1, no. 8 and 9 may be positive or negative.

Paragraph 3. The amount referred to in paragraph 1. 1, no. 10 (a) shall be deductible before deduction of direct and indirect ownership of any of the assets referred to in section 36 (3). 2, no. 3, to the extent that these assets are already covered by this provision in the calculation of the base capitle in the owling company. Where the subsidiary insurance undertaking or the associated insurance undertaking is to be discharged in the calculation of paragraph 1. 1, no. 10 (a) and (b), even possesses subsidiaries or affiliated insurance undertakings, shall be the base capitale of section 33 (5) ; 1, no. 5 (a) before deduction of the capital requirements of these companies when the companies ' capital requirements have already been deducted after Article 36 (3). 2, no. First, the amount referred to in paragraph 1. 1, no. In addition, 10 (a) shall be discharged before deduction after paragraph 36 (3). 2, no. 2 if the undertakings concerned are included in the consolidation in accordance with Chapter 12 of the Act of Financial Regulation.

Paragraph 4. The people in paragraph 3. 1, no. The amount of the funds referred to in paragraph 16 and 17 shall be included only in the case of assets and liabilities where the risk-weighted outposts outside the trading book shall be discharged by the use of the internal steering rate method, cf. section 19-33 of the notice of capital coverage.

Paragraph 5. Notwithstanding paragraph 1 1, no. 11-15, the capital shares must not be deducused when the capital shares have been temporarily acquired and the acquisition has taken place as part of a reenactment. The proportion of the capital requirement in a subsidiary insurance undertaking or an affiliated insurance undertaking, cf. paragraph 1, no. 10 shall not be dedushed if the undertaking is temporarily acquired and the acquisition has taken place as part of a reenactment.

Paragraph 6. Notwithstanding paragraph 1 1, no. 11-13, capital shares in credit and financial institutions which, together with the financial institution, the real credit institution, the Fund Broker or the investment management company, are subject to consolidation, cf. Chapter 12 of the Act of Finance, shall not be dedufras. This shall also apply to trailing capital deposits in credit and financial institutions covered by the consolidation.

Paragraph 7. In the calculation of the deductions in paragraph 1. 1, no. The amount of the deducted pursuant to paragraph 1 shall be 11 to 13 to 15 and 18. 1, no. 5, not.

Paragraph 8. Capital shares acquired for powders, where customers bear the risk, shall not be part of the inventory of the amounts in paragraph 1. 1, no. 11-15.

Niner. 9. The fractions in accordance with paragraph 1. 1, no. The real core capital must be dedugable from the real core.

Paragraph 10. Deduction in accordance with paragraph 1, no. 7, must be dedudiable in the core capital. The adjustments under paragraph 1. 1, no. 8 and 9 shall be carried out in the core capital and may be positive or negative.

Paragraph 11. The fractions in accordance with paragraph 1. 1, no. 10-19, from the part of the semi-part in the main capital and, secondly, in the second half of the supplementary capital, cf. however, paragraph 1 12.

Nock. 12. If half of the reductions provided for in paragraph 1 shall be 1, no. Ten-19, which is larger than the additional capital, is deducing the excess of the core capital.

Paragraph 13. For the purposes of establishing the base chapter for the use of Article 145 (5), Section 145 (1). Paraguations 1 and 3 shall be made without addition and deduction pursuant to section 31 (3). 1, no. Sixteen and seventeen.

TITLE III

Special rules applicable to insurance undertakings and transverse pension funds

Chapter 7

account of the base chapter of insurance undertakings and transverse pension funds

§ 32. The base chapter of insurance undertakings and transverse pension funds shall consist of the sum of the seed of seed capital and additional capital after deduction.

Chapter 8

Account of the seed capital after deduction in insurance undertakings and transverse pension funds

§ 33. The core capital of insurance undertakings and transverse pension funds consists of

1) own funds,

2) Member accounts in mutual societies and transverse pension funds, cf. § 34,

3) special bonus provisions (type B) in life assurance undertakings and transverse pension funds that meet the conditions laid down in section 35 ;

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

5) a positive or negative difference between

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

b) the value to be included in the balance sheet in the balance sheet with the value of responsible loan capital, including the responsible loan capital of other companies, to the subsidiary or associated undertaking, when responsible loan capital ; be taken into account in the base capital of the subsidiary undertaking or the associated company ' s base capital after paragraph 37 (5). 1, no. 1.

Paragraph 2. The core capital must be deduced from any tax which may be foreseen at the time of calculation, or it has to be duly adjusted to the extent that tax reduces the amount by which this capital may be used to cover risks ; or losses.

Paragraph 3. The base chapter of paragraph 1. 1, no. Point 5 (a) shall be deductible before deduction of direct and indirect ownership of any of the assets referred to in section 36 (3). 2, no. 3, to the extent that these assets are already covered by this provision in the calculation of the base capitle in the owling company. Where the subsidiary insurance undertaking or the associated insurance undertaking is to be discharged in the calculation of paragraph 1. 1, no. 5, even possesses subsidiaries or affiliated insurance undertakings, shall be the basic capital of paragraph 1. 1, no. 5 (a) before deduction of the capital requirements of these companies when the companies ' capital requirements have already been deducted after Article 36 (3). 2, no. 1.

Paragraph 4. The supplement in accordance with paragraph 1 1, no. 5, for each subsidiary or associated undertaking which is a financial undertaking shall not exceed the amount of the subsidiary undertaking or associated company which is deducted pursuant to section 36 (4). 2, no. 1.

Paragraph 5. Guarantee capital of insurance undertakings and horizontal pension funds shall not be reduced without the consent of the Financial supervision. The guarantee capital may be repaid in accordance with the rules laid down in the Staff Regulations. The supervision of the financial supervision may provide for a foundation or other fund that is not subject to the authorisation of the financial system without the consent of the Financial system.

Member Accounts in mutual societies and transverse pension funds

§ 34. Member accounts in mutual societies and transverse pension funds may be included in accordance with section 33 (5). 1, no. 2 if the following conditions are met in the statutes :

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

2) In other cases than those in no. Paragraph 1 may be reimburse only if the base capital is not reduced to an amount lower than the capital requirement.

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

4) Amendments to the provisions of the Staff Regulations concerning Member States shall be subject to the approval of the Financial supervision.

Special bonus provisions (type B) in life assurance undertakings and transverse pension funds

$35. For special bonus provisions (type B) in life assurance undertakings and transverse pension funds included in the base chapter in accordance with section 33 (3). 1, no. 3, and which is part of the technical provisions, shall apply :

1) They are for all or part of the company ' s insurance ' s insurance ' s insurance ' s share of the product ' s share of the successful result, cf. Section 20 (2). 1, no. 3, in the law of financial activities, or of the outlines from the own funds.

2) They are linked to the periods of insurance individually or collectively in such a way as to have the share of the insurance ' s share of its return on yield, cf. no. 5, at all times, can be calculated, cf. however, paragraph 1 2 in relation to collective special bonus provision, the construction of the allusions of the own funds.

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

4) Importation of an insurance individual special bonus provision and an insurance share of collective special bonus provision, based on the share of the claims by the insurance, must be carried out at the latest at the same time as payment of benefits under the insurance.

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

6) The individual special bonus provision of an insurance and insurance share of collective special bonus provision shall be made by the calculation and payment of withdrawals, by the calculation and payment of the withdrawal values, transfers from one company to another, by job changes or in the case of company transfer or business transformation, cf. Section 20 (2). 1, no. 7, in the law of financial activities. An insurance share of collective special bonus deposits constructed by the entrants from own funds may include in the calculation and payment of withdrawal values, by transfers from one company to another, by job change or in connection with ; transferor or business transformation, cf. Section 20 (2). 1, no. 7, in the law of financial activities. Special bonus provisions may, however, be included only if the core capital elements of the company are paid for the income and guarantee capital, the excess of emissions, other reserves that do not correspond to obligations, transferred profits or deficits ; Member accounts, special bonus provisions of type B and the current result of the year together make up more than one third of the solvency requirement or together make up an amount larger than the minimum capital requirement.

Paragraph 2. Amounts which are irrevocable from own funds for the benefit of the insured may be taken into special bonuments (type B) when, according to a fixed allocation rule over a period of time, they shall comply with the conditions laid down in paragraph 1. 1, no. 2 and 4, and no. SIX, ONE. Act. It is a condition that the imploded amount, together with other special bonus provisions (type B), complies with the conditions laid down in paragraph 1. 1, no. 3 and 5. The distribution rule must be notified to the Financial supervision before the rule applies. The distribution shall be a maximum of ten years from the date on which the amount originally was obtained from own funds.

Reductions in the core capital of insurance undertakings and transverse pension funds

§ 36. The core capital of insurance undertakings and transverse pension funds is reduced by

1) Proposed yield,

2) intangible assets, and

3) tax inturies, cf. however, section 33 (3). 1, no. 4.

Paragraph 2. Except for the one in paragraph. Paragraph 1 shall be deductible from the following :

1) The share of the capital requirement in a subsidiary insurance undertaking or an associated insurance undertaking, which corresponds to the direct or indirect share of the insurance undertaking ' s stock and guarantee capital.

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

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

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

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

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

Paragraph 3. The financial supervision may, in exceptional cases and for a period of time, dispensers from the deducted from the capital in accordance with paragraph 1. 2, no. 3.

Paragraph 4. In the case of insurance companies, insurance companies shall be deducted directly and indirectly owned by subsidiaries in subsidiaries institutes and affiliated financial institutions. Capital shares in financial institutions financial undertakings, and financial institutions which are in the main undertaking to acquire capital shares or transferable pawn letters or to conduct business on their own account with one or more of the the instruments referred to in Annex 5, in the case of financial activities, shall not be dedudiable. Indirect Owned Capital shares deducted from a subsidiary insurance undertaking or an associated insurance undertaking after 1. or which has been deducted from a subsidiary that is a credit institution, a fund-brokered company or investment management company or an associated credit institution, a fund-broiler company or investment management company after Article 31 (1). 1, no. 11 or 12 shall not be dedudiable. The SEC may, in exceptional cases, exempt from the one in 1. Act. mentioned deductions.

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

Paragraph 6. The proportion of the capital requirement or the capital shares in subsidiaries and affiliates shall not be deducted, cf. paragraph 2 and 4 when businesses are temporarily acquired and the acquisition has taken place as part of a reenactment.

Chapter 9

the provision of supplementary capital in insurance undertakings and transverse pension funds

§ 37. The additional capital of insurance undertakings and the transverse pension funds shall consist of :

1) responsible loan capital, cf. § § 38 and 39,

2) additional premium premiums for mutual health insurance companies, in accordance with the provisions of the applicable supplementary premium. § 40, and

3) special bonus provisions (type A) in life assurance undertakings and transverse pension funds, which meet the conditions laid down in section 41.

Paragraph 2. In the case of insurance undertakings and transverse pension funds, the additional capital may be included with an amount equal to the smallest of :

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

2) 50%. the capital requirement.

Paragraph 3. The responsible loan capital with fixed maturity in insurance undertakings and transverse pension funds may amount to an amount equal to the smallest of :

1) one third of the seed capital after deduction,

2) a quarter of the capital requirement.

Liability of loan capital in insurance undertakings and transverse pension funds

§ 38. Liability of loan capital in insurance undertakings and transverse pension funds can be included in the base capital if the following conditions are met, cf. however, section 37 (3). 2 :

1) Långivers ' demands must be left out of all other non-reindebted debts.

2) The amount shall be paid for.

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

4) The amount must not be allowed to fall before the agreed time of due date if the insurance undertaking and the transverse pension fund are in liquidation or declared bankruptcy.

5) The insurance undertaking and the horizontal pension authority shall be able to write down the responsible loan capital and unpaid interest, if the own funds are lost, and the equity and guarantee capital is written to zero, cf. However, § 49.

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

7) Non-paid interest paid pursuant to nr. 6, may be payable only if the capital requirement is renewed or the due date enters into force.

8) The original maturity is at least five years.

9) Changes to the loan agreement must be approved by the Financial supervision.

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

Paragraph 3. Depreciation of paragraph 1, no. 5 may only be done if the insurance undertaking and the transverse pension fund are subsequently transferred to capital, so that the capital requirement is met, or end without loss of non-trailing creditors. The responsible loan capital and unpaid interest can only be reduced by an amount approved by the external auditors and the Financial supervision prior to the depreciation.

Paragraph 4. Rents on responsible loan capital shall not take place at the earliest three years after the issue is issued. If one or more interest rates have been agreed, the responsible loan capital shall be deemed to fall at the time of the refund, if the sum of the rentestis exceeds 150 base points from the swaps of the swapbuckle at issue day. In the case of swapping, the difference is the difference between interest-rate interest rates and the original interest rate of the issue.

Paragraph 5. The SEC may, in specific cases, dispose from the limit of 150 base points in paragraph 1. FOUR, TWO. Act.

§ 39. The responsible loan capital of insurance undertakings and transverse pension funds included in the calculation of the base capital shall be reduced by :

1) 25%. in the case of less than three years and more than three years and more than or two years,

2) 50%. in the case of less than two years and more than one year, or more than one year,

3) 75%. of the capital issued when less than one year is less and

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

Addendum to possible additional premium in mutual claim insurance undertakings

§ 40. The Financial supervision may, in the case of an application, allow the additional premium for supplementary premiums to be included in mutual insurance undertakings to be included in accordance with section 37 (2). 1, no. 2 if the prize is variable according to the contract of insurance concluded so that the premium may be increased, taking into account the risk flow of the insurance stock and where the additional premium could have been claimed during the course of the year.

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

Paragraph 3. Amount in accordance with paragraph 1. Paragraph 37 (1) cannot be taken into account in section 37 (1). 1, no. 2.

Special bonus provisions (type A) in life assurance undertakings and transverse pension funds

§ 41. For special bonus provisions (type A) in life assurance undertakings and transverse pension funds, which are included in the base chapter in accordance with section 37 (3). 1, no. 3, and which is part of the technical provisions, shall apply :

1) They are for all or part of the company ' s insurance ' s insurance ' s insurance ' s share of the product ' s share of the successful result, cf. Section 20 (2). 1, no. 3, in the law of financial activities, or of the outlines from the own funds.

2) They are linked to the periods of insurance individually or collectively in such a way as to have the share of the insurance ' s share of its return on yield, cf. no. 5, at all times, can be calculated, cf. however, paragraph 1 2 in relation to collective special bonus provision, the construction of the allusions of the own funds.

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

4) Importation of an insurance individual special bonus provision and an insurance share of collective special bonus provision, based on the share of the claims by the insurance, must be carried out at the latest at the same time as payment of benefits under the insurance.

5) Special bonus provision has been made up of funds from the contribution of the insurance to the realisation, cf. Section 20 (2). 1, no. 3, in the law of financial activities, shall be regularly assigned to the market conditions agreed to account equal to responsible loan capital. Special bonus provision is made up of claims by own funds to be regularly assigned a forrentment corresponding to the market conditions of responsible loan capital established by the company.

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

7) The individual special bonus provision of an insurance and insurance share of collective special bonus provision shall be made by the calculation and payment of withdrawals, by the calculation and payment of the withdrawal values, transfers from one company to another, by job changes or in the case of company transfer or business transformation, cf. Section 20 (2). 1, no. 7, in the law of financial activities. An insurance share of collective special bonus deposits constructed by the entrants from own funds may include in the calculation and payment of withdrawal values, by transfers from one company to another, by job change or in connection with ; transferor or business transformation, cf. Section 20 (2). 1, no. 7, in the law of financial activities. Special bonus provisions may, however, be included only if the core capital elements of the company are paid for the income and guarantee capital, the excess of emissions, other reserves that do not correspond to obligations, transferred profits or deficits ; Member accounts, special bonus provisions of type B and the current result of the year together make up more than one third of the solvency requirement or together make up an amount larger than the minimum capital requirement.

Paragraph 2. Amounts which are irrevocable from own funds for the benefit of the insured may be taken into account for special bonus provision (type A) when, according to a fixed allocation rule over a period of time, they shall meet the conditions laid down in paragraph 1. 1, no. 2 and 4, and no. 7, 1. Act. It is a condition that the imploded amount, together with other special bonus provisions (type A), complies with the conditions set out in paragraph 1. 1, no. 3, 5 and 6. The distribution rule must be notified to the Financial supervision before the rule applies. The distribution shall be a maximum of ten years from the date on which the amount originally was obtained from own funds.

TITLE IV

Entry into force and transitional provisions

Chapter 10

Penalty clause

§ 42. The treeout of paragraph 11 (3). 1 and 2 shall be punished by fine or penitentialized up to four months.

Paragraph 2. The violation of sections 8, section 12, sections 25 and section 26 shall be punished by fine.

Paragraph 3. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of Chapter 5 of the penal code.

Chapter 11

Entry into force and transitional provisions

§ 43. The announcement shall enter into force on 1. October 2012, cf. however, paragraph 1 2.

Paragraph 2. § 8 (3) 1, 3 and 4, and sections 9 and 10 shall enter into force 1. January 2013.

Paragraph 3. Publication no. 764 of 24. June 2011 on the balance of base capital is hereby repealed.

§ 44. Guaranteed capital and equity capital that fulfilled the requirements of the nuclear capital at 30. In June 2011, but which did not meet the requirements for the guarantor and the Andelchapters after 1. In July 2011, the actual core capital can be counted up to the first one. July 2012.

§ 45. Hybrid core capital of financial institutions, real-estate credit institutions, fund brokers and investment management companies issued before the 1. July 2010, which fulfilled the requirements for hybrid core capital before 1. July, 2010, but which did not meet the requirements for hybrid core capital after 1. July, 2010, can be reached on 31. In December 2040, hybrid core capital satisfies the requirements of section 13-26, however, with the following limitations :

1) During the period from 1. January 2020 to the 31 st. In December 2029, such capital shall not be less than 20%. in the case of nuclear capital reduced by the value of its own shares, immaterial assets and the current deficit of the year.

2) During the period from 1. January 2030, to 31. In December 2039, such capital shall not exceed 10%. in the case of nuclear capital reduced by the value of its own shares, immaterial assets and the current deficit of the year.

Paragraph 2. Hybrid core capital referred to in paragraph 1. 1 that could be counted as up to 50%. of the nuclear capital, including hybrid core capital before 1. July 2010 shall be treated as hybrid seed capital which meets the requirements of section 15 (3). 1, no. One and two, forward to the 31. In December 2040, with the same limits as set out in paragraph 1. 1, no. One and two.

Paragraph 3. Hybrid core capital referred to in paragraph 1. 1 that could be counted as up to 35%. of the nuclear capital, including hybrid core capital before 1. July 2010 shall be treated as hybrid seed capital which meets the requirements of section 15 (3). Two, forward to the 31. In December 2040, with the same limits as set out in paragraph 1. 1, no. One and two.

§ 46. Hybrid core capital of financial institutions, real-estate credit institutions, fund brokers and investment management companies issued during the period from 1. July 2010 to and with the 30. June 2011, which met the requirements for hybrid seed capital on 30. June 2011, but which does not meet all the requirements for hybrid core capital of this notice, may be treated as hybrid seed capital that meets the requirements of this notice.

§ 47. Paid capital in accordance with section 208 (3). 2, in the law of financial activities, which could be included in the capital ' s capital before 1. In July 2011, the actual core capital can be counted up to the first one. July 2016.

§ 48. § 35, paragraph. Paragraph 2 and section 41 (1). 2, does not apply to collective special bonus provision, which are built up by means of self-capital prior to the date of notification of the notice.

§ 49. § 38, paragraph. 1, no. 5 shall not apply to contracts for responsible loan capital entered into before the 1. January 2004.

Financial supervision, the 12th. September 2012

Ulrik Nutgaard

/ Sean Hove

Official notes

1) The notice contains provisions that implement parts of Council Directive 73 /239/EEC of 24. July 1973 (1. Insurance Directive), EC " 1973 ", no. L 228, page 3, parts of Council Directive 84 /641/EEC of 10. December 1984 (amendment of 1. non-life insurance directive), 1985, nr. L 339, page 21, parts of Council Directive 92 /49/EEC of 18. June 1992 (3. Insurance Directive), EC Official Journal, nr. In 228, page 1, parts of Directive 2002 /13/EC of the European Parliament and of the Council of 5. in March 2002 (the solvency 1 directive), the Official Journal of the European Communities, 2002, L 77, page 17, parts of Directives 79 /267/EEC of 5. March 1979, 90 /619/EEC of 8. November 1990, 92 /96/EEC of 10. November 1992 and 2002 /12/EC of 5. This is, in March 2002, which is now in place in Directive 2002 /83/EC of the European Parliament and of the Council of 5. of November 2002 (the life assurance directive), the Official Journal of the European Communities, 2002, In 345, page 1, parts of Directive 2002 /87/EC of the European Parliament and of the Council of 16. December 2002 (the conglomerates Directive), EC Official Journal 2003, nr. L35, page 1, parts of Directive 2006 /48/EC of the European Parliament and of the Council of 14. June 2006, on the admission and pursuit of the business of credit institutions (recast) (the credit institution), the EU-2006 Official Journal of the European Union. In 177, page 1, parts of the Directive 2006 /49/EC of the European Parliament and of the Council of 14. June 2006 on the capital adequacy of investment firms and credit institutions (recast) (Capital Requirements Directive), EU Official Journal (2006). In 177, page 201, parts of the European Parliament and of the Council Directive 2009 /111/EC of 16. September 2009 amending Directives 2 0 0 6 / 4 8 / EC, 2006 /49/EC and 2007 /64/EC with respect to banks connected to central bodies, certain components of own funds, large exposures, supervisory arrangements and crisis management (CRD II), EU Official Journal 2009, nr. In 302, page 97, and parts of Directive 2010 /76/EU of the European Parliament and of the Council of 24. November 2010 amending Directive 2006 /48/EC and 2006 /49/EC in respect of capital requirements relating to commercial stock and resecuritisations and supervision of remuneration policies (CRD III), EU Official Journal 2010, nr. L 329, page 3