Notice On The Issuers ' Disclosure Obligations

Original Language Title: Bekendtgørelse om udstederes oplysningsforpligtelser

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Decree on issuer oplysningsforpligtelser1)

Under section 27, paragraph 7, section 30 and section 93, paragraph 4, of the law on securities trading, etc., see. lovbekendtgørelse nr. 883 of 9. August 2011, fixed: scope, etc.



§ 1. This Ordinance shall determine which issuers that are subject to the requirements of § 27, paragraph 7 and 8, § 27 a, section 28 and section 29 (1), (3). paragraph, of the law on securities trading, etc., and shall lay down detailed rules concerning the obligations of the issuer. The Executive order establishes, however, not the extent of the obligations of the issuers of securities admitted to trading on the alternative marketplaces.

(2). The requirements set out in § 27, paragraph 7 and 8, § 27 a, section 28 and section 29 (1), (3). paragraph, of the law on securities trading, etc. and in this Ordinance, shall only apply to the issuers of securities admitted to trading on a regulated market, and have Denmark as homeland, see. (3).

(3). Denmark is regarded as the home Member State in the following cases: 1) For issuers of shares, and for issuers of debt securities whose denomination per unit is below 1000 euro (or currency other than euro, provided that the denomination per unit of measure field on the day of issue is under 1000 euro, unless this value is almost equal to 1000 euros) when a) the issuer has its registered office in Denmark or (b)) the issuer is incorporated in a country outside the European Union, as the Union has not entered into an agreement on the financial area (third country), and Denmark which have home country in accordance with article 2, paragraph 1, point (m), point (iii) of Directive 2003/71/EC.

2) For issuers, which are not covered by nr. 1, when the issuer has elected Denmark as homeland, and the issuer (a)) has its registered office in Denmark or b) has securities admitted to trading on a regulated market in Denmark.

(4). Issuers, which are not covered by paragraph 3, nr. 1, and which have their registered office in Denmark, is obliged to choose a home country within the European Union or a country with which the Union has entered into an agreement on the financial area. The election is binding for 3 years. If an issuer chooses Denmark as homeland, can the issuer cannot select other countries as homeland. The issuer shall make public its choice in accordance with § 2.

(5). Notwithstanding the provisions of paragraph 2 shall apply the requirements set out in § 27, paragraph 7 and 8, § 27 a, paragraph 1, article 28 and article 29, paragraph 1, 3. paragraph, of the law on securities trading, etc. and the requirements set out in this notice apply to issuers having securities admitted to trading on a regulated market in this country, even if these issuers haven't Denmark as homeland, with the derogations resulting from this notice.

(6). By securities for the purposes of this Ordinance, negotiable securities covered by section 2 (1) (8). 1 of the law on securities trading etc.

(7). By debt securities means bonds or other forms of negotiable debt instruments, with the exception of securities which are equivalent to shares in companies, or securities, which, if converted, or the corresponding rights are exercised, gives the right to acquire shares or securities equivalent to shares in companies.

(8). When an issuer's securities are admitted to trading on a regulated market without the issuer's consent, is the responsibility of compliance with information obligations for issuers of securities trading, etc. and this notice it, causing the recording of security to trading.

(9). The Ordinance shall not apply to shares in collective investment schemes covered by the Act on investment associations, etc.

Disclosure requirements



§ 2. An issuer of securities must publish information on it in article 27 a, paragraph 1, of the law on securities trading, etc. prescribed manner or in accordance with section 1, paragraph 4, section 5 or section 6 of this Ordinance, shall ensure that the dissemination of the information is in accordance with paragraphs 2 to 8.

(2). Information must be disseminated in a way that ensures that, to the extent possible, reaches out to the public throughout the European Union and countries with which the Union has entered into an agreement on the financial area. Dissemination must as far as possible, take place at the same time in this country and other countries within the European Union and countries with which the Union has entered into an agreement on the financial area. The spread must happen quickly and on a non-discriminatory basis.

(3). The information must be distributed through the media, which may reasonably be expected to ensure that the information actually reaches out to the public throughout the European Union and countries with which the Union has entered into an agreement on the financial area.

(4). Information shall be communicated to the media in unedited full text. However, the publication of annual reports, interim reports, quarterly reports, and messages which period an issuer is required to publish under section 27, paragraph 7 and 8 of the law on securities trading, etc., be done by means of a notice via these media, indicating on which internet page the relevant documents are available. The reference, however, can not only happen to the place where such information in accordance with § 27 a, paragraph 3, of the law on securities trading, etc., are stored.

(5). The message to the media must be done in a way that ensures message security), 2 1) reduces the risk of data tampering and unauthorized access, and 3) provides certainty with respect to the source of the information.

(6). The issuer must ensure security of receipt by as soon as possible to correct any errors or disturbances in the transmission of information. The issuer is not responsible for systemic failures or shortcomings in the media, for which the information is communicated to.

(7). The message to the media must be done in a way that 1) makes it clear that the information is subject to a duty of disclosure pursuant to § 27 a, paragraph 1, of the law on securities trading, etc., or by virtue of this Ordinance, 2) clearly identifies the issuer concerned, and 3) clearly specifies the subject of the information, as well as the time and date of the issuer's notice of the information.

(8). Issuers must be able to demonstrate the following over for the FSA in relation to any disclosure of information: 1) the name of the person who sent the information to the media.

2) detailed information on the approval of the security.

3) the time and the date on which the information has been sent to the media.

4) The medium in which the information has been passed on.

5) if applicable, detailed information about any restrictions as the issuer has placed on information.

Information about holdings of shares, etc. issued by issuers that do not have Denmark as homeland



§ 3. Issuers that do not have Denmark as a country of origin, covered by article 1, paragraph 5, in accordance with article 28, paragraph 1, of the law on securities trading, etc. required to publish information about the holdings of its own shares, shall publish these as soon as possible, but not later than four trading days after the acquisition or divestiture.

(2). Issuers that do not have Denmark as a country of origin, covered by article 1, paragraph 5, in accordance with section 29 (1), (3). paragraph, of the law on securities trading, etc. must publish notice of possession of shares, must publish the notice no later than three trading days after receipt.

Period messages



§ 4. An issuer of shares pursuant to § 27, paragraph 8, of the law on securities trading, etc., are obliged to publish period messages, ensure that the contents of the period the notice complies with paragraph 2. An issuer which publish quarterly financial reports, is not obliged to publish period messages.

(2). Period, the notification shall contain information about the period between the six-month period in question and the date of publication of the communication period. Period the notification must give: 1) an explanation of the significant events and transactions that have taken place during the period in question, and their impact on the issuer and the of this controlled companies ' financial position.

2) A general description of the issuer's and those of this controlled companies ' financial position and results for the period in question.

Supplementary information



§ 5. An issuer of shares shall immediately publish any change in the rights attaching to the various classes of shares, including changes in the rights attaching to derivative securities issued by the issuer itself and giving access to acquire the issuer's shares.

(2). An issuer of securities other than shares must promptly publish all changes of rights, as holders of these securities have, including changes in the terms and conditions of the securities, which indirectly affect those rights, in particular as a result of a change in loan terms or in interest rates.

(3). An issuer shall promptly publish new issuance of loans and any guarantees or the security required, if any, made in connection therewith. Without prejudice to Directive 2003/6/EC applies, however, this is not a public international body of which at least one country within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, is a member of.

§ 6. An issuer of shares shall at the end of each calendar month publish the total number of voting rights and the total capital of the company, in which there has been an increase or decrease.

Language
§ 7. An issuer must publish information on it in article 27 a, paragraph 1, of the law on securities trading, etc. prescribed manner or in accordance with section 1, paragraph 4, section 5 and section 6 of this Ordinance, shall ensure that the disclosure is done in one or more languages in accordance with paragraphs 2 to 6.

(2). An issuer which has Denmark as homeland, and whose securities only are admitted to trading on a regulated market in this country, must publish information on Danish.

(3). An issuer which has Denmark as homeland, and whose securities are admitted to trading on a regulated market in this country and on a regulated market in one or more countries within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, must publish information on Danish. In addition, the issuer must publish information in English or a language accepted by the competent authority of the country or countries within the European Union or in countries which have entered into an agreement with the Union in the financial field, where the security is traded.

(4). An issuer which has Denmark as homeland, and whose securities are not admitted to trading on a regulated market in this country, but on a regulated market in one or more countries within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, must either publish information in English or a language accepted by the competent authority of the country or countries within the European Union or countries that the Union has entered into an agreement on the financial area. In addition, the issuer shall publish information in Danish or English.

(5). An issuer who has not Denmark as homeland, and whose securities are admitted to trading on a regulated market in this country, must publish information either in English, Danish, Norwegian or Swedish.

(6). An issuer of debt securities whose denomination per unit is at least 100,000 euro or if the denomination per unit on the date corresponding to at least 100,000 euro, when debt certificates have been issued in the currency other than the euro, and whose debt securities are admitted to trading on a regulated market in this country, or one or more countries within the European Union or countries that the Union has entered into an agreement in the financial sphere, notwithstanding the provisions of paragraphs 1-5 publish information in English, see. However, paragraph 7. In addition, the issuer shall publish information on Danish, Swedish or Norwegian, if this language also be accepted by the competent authority in the countries concerned.

(7). An issuer of debt securities whose denomination per unit of at least EUR 50000 or, in the case of debt securities in another currency than euro, with a denomination per unit of measure field on the day of issue, equivalent to at least EUR 50000, if these were already admitted to trading on a regulated market in The European Union or in countries which have entered into an agreement with the Union in the financial field before 31 December 2002. December 2010, throughout the duration of the certificate of debt notwithstanding paragraph 1-5 publish information in English. In addition, the issuer shall publish information on Danish, Swedish or Norwegian, if this language also be accepted by the competent authority in the countries concerned.

Registration and storage of information



§ 8. An issuer of securities must submit information in accordance with § 27 a, paragraphs 2 and 3, of the law on securities trading, etc., shall ensure that the submission of the information is in accordance with paragraph 3.

(2). § 27 a, paragraphs 2 and 3, of the law on securities trading, etc., and this Ordinance shall apply mutatis mutandis to issuers must publish information in accordance with section 1, paragraph 4, section 5, and section 6 of this Ordinance. 1. paragraph shall not, however, apply to issuers which do not have Denmark as a country of origin, covered by article 1, paragraph 5.

(3). Submission of information must be digitally to the FSA it system and through the use of digital signature that complies with the technical specifications laid down by the FSA. However, foreign issuers have Denmark as homeland, see. section 1, paragraph 3, nr. 1, point (b), or section 1, paragraph 3, nr. 2 shall not be required to use the digital signature.

Information for holders of securities



§ 9. An issuer of shares, which are not covered by the Danish companies Act, but which are covered by article 1, paragraph 3, nr. 1, point (b), or section 1, paragraph 5, to meet the requirements of paragraphs 2 to 4 above mentioned requirements.

(2). The issuer shall ensure equal treatment for all shareholders who are in the same situation.

(3). The issuer shall ensure that all the facilities and information necessary to enable the shareholders to exercise their rights are available in this country, or, if the issuer is subject to section 1, paragraph 5, in a country within the European Union or in countries which have entered into an agreement with the Union in the financial field, where the issuer has its registered country. The issuer must also ensure that the integrity of data is preserved. Without prejudice to the law of the country where the issuer is registered shareholders must not be prevented from exercising their rights by proxy. The issuer must including: 1) provide information on the place, time and agenda of meetings, the total number of shares and voting rights as well as the shareholders ' right to participate in general meetings.

2) Provide a form for a power of attorney or, if applicable, an electronically transmitted form to full power available to anyone who is entitled to vote at a general meeting, together with the summons to the general meeting or, on request, after the call.

3) as its representative, appoint a financial institution through which shareholders may exercise their financial rights.

4) publish notices or distribute circulars concerning the allocation and payment of dividends, the issue of new shares and any allotment, subscription, cancellation or conversion schemes.

(4). The issuer has the option to submit information to the shareholders by electronic means, provided such a decision is taken in a general meeting and meet at least the following conditions: 1) the use of electronic submission must not depend on the shareholder's domicile or residence, or in the cases referred to in section 4 of the Ordinance on major shareholders, the physical or legal persons registered office or residence.

2) identification arrangements, so that the shareholders or the natural or legal persons, who are entitled to exercise or control the exercise of voting rights, actually will be informed.

3) Shareholders or, in the in § 4, no. 1-5 of the Ordinance on major shareholders referred cases, physical or legal persons who are eligible to acquire, dispose of or exercise voting rights, shall be requested in writing their consent to the dissemination of information in electronic form. If they are not objections within a reasonable time, shall be deemed to have given their consent. They should at any time in the future be able to require that the information be communicated in writing.

4) any apportionment of the costs for the transmission of such information by electronic means shall be determined by the issuer in accordance with the principle of equal treatment referred to in paragraph 2.

§ 10. An issuer of debt securities, which are covered by article 1, paragraph 3, or article 1, paragraph 5, to meet the requirements of paragraphs 2 to 5 above mentioned requirements.

(2). The issuer shall ensure equal treatment for all holders of debt securities ranking pari passu in respect of all the rights attaching to the debt certificates.

(3). The issuer shall ensure that all facilities and information as may be necessary to enable the holders of the debt certificates to exercise their rights are publicly available in this country or, if the issuer is subject to section 1, paragraph 5, of the country or countries within the European Union, as the Union has entered into an agreement in the financial field, where the issuer has its registered country. The issuer must also ensure that the integrity of data is preserved. Without prejudice to the law of the country where the issuer is registered, the rights of holders of debt securities must not be prevented from exercising their rights by proxy. Issuer must include: 1) publish notices or distribute circulars concerning the place, time and agenda of meetings of debt securities holders, the payment of interest, the exercise of any conversion Exchange subscription or cancellation rights, and repayment, as well as the right of those holders to participate therein.

2) Provide a form for a power of attorney or, if applicable, an electronically transmitted form to full power available to anyone who is entitled to vote at a meeting of debt securities holders, together with the Convocation to the meeting or, on request, after the call.

3) as its representative, appoint a financial institution through which holders of debt securities may exercise their financial rights.

(4). If only holders of debt securities with a denomination per unit of at least EUR 100,000 or, in the case of debt securities in another currency than euro, with a denomination per unit of measure field on the day of issue, equivalent to at least EUR 100,000 which shall be convened to a meeting, the issuer may choose any country within the European Union or countries that the Union has entered into an agreement on financial matters, to the meeting point, if all the facilities and information necessary to enable such holders to exercise their rights are made available in the country concerned, in accordance with article 3. However, paragraph 5.
(5). Paragraph 4 also applies to issuers of debt securities whose denomination per unit of at least EUR 50000 or, in the case of debt securities in another currency than euro, with a denomination per unit of measure field on the day of issue, equivalent to at least EUR 50000, if these were already admitted to trading on a regulated market in The European Union or countries that the Union has entered into an agreement on the financial area, before 31 December 1992. December 2010 in the entire debt certificate maturity, provided that all the facilities and information necessary to enable such holders to exercise their rights are made available in the Member country, the issuer has chosen.

(6). Issuers covered by article 1, paragraph 3, article 1, paragraph 5, or as pursuant to paragraph 4 or 5 has chosen a venue here in the country, can transmit information to holders of debt securities in electronic format, if such a decision is taken on an Assembly and meet at least the following conditions: 1) the use of electronic submission must not depend on the debt security holder or the procedural representatives that represents him, has his registered office or residence.

2) care should be taken for identification systems, so that debt securities holders actually will be informed.

3) debt securities holders shall be requested in writing of their agreement to the dissemination of information in electronic form, and if they are not objections within a reasonable time, shall be deemed to have given their consent. They should at any time in the future be able to require that the information be communicated in writing.

4) any apportionment of the costs for the transmission of information by electronic means shall be determined by the issuer in accordance with the principle of equal treatment referred to in paragraph 2.

Particularly for issuers, which is registered in another country within the European Union or countries with which the Union has entered into an agreement on the financial area



§ 11. An issuer of securities, which is registered in another country within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, and that pursuant to section 27, paragraph 7, 1. paragraph, of the law on securities trading, etc. shall publish an annual report, should ensure that the annual report shall be drawn up in accordance with paragraphs 2 to 6.

(2). The annual report shall contain the following: 1) The audited financial statements.

2) A management report.

3) a management endorsement, where each member name and role in relation to the company is clearly indicated, and in which they declare whether a) annual report is prepared in accordance with the legislation requirements and any claims in the articles of association or agreement, (b)), the annual report gives a true and fair view of the company and, if there are prepared consolidated financial statements, the Group's assets, liabilities, financial position and profit or loss and (c)) the management report gives a true and fair review of the development of the company and If there are prepared consolidated financial statements, the Group's activities and financial situation as well as a description of the principal risks and uncertainties which the Group respectively can be influenced by the company.

(3). If the issuer referred to in paragraph 1 in accordance with Directive 83/349/EEC, is required to prepare consolidated accounts, the audited annual report include such consolidated accounts drawn up in accordance with international accounting standards as adopted in accordance with Council Regulation No 40/94. 1606/2002/EC, as well as the issuer's financial statements prepared in accordance with the national legislation of the country or countries within the European Union, as the Union has entered into an agreement in the financial field, where the issuer is registered.

(4). If the issuer referred to in paragraph 1 is not required to prepare consolidated accounts, the audited financial statements of the issuer, contain made in accordance with the laws of the country or countries within the European Union, as the Union has entered into an agreement in the financial field, where the issuer is registered.

(5). The annual report shall be audited in accordance with articles 51 and 51a of Directive 78/660/EEC and, if the issuer must submit consolidated accounts, in accordance with article 37 of Directive 83/349/EEC. The audit report, signed by the person or persons responsible for auditing the accounts, shall in its entirety is made available to the public together with the annual report.

(6). The management report shall be drawn up in accordance with article 46 of Directive 78/660/EEC and, if the issuer is required to prepare consolidated accounts, in accordance with article 36 of Directive 83/349/EEC.

§ 12. An issuer of securities, which is registered in another country within the European Union or in countries which have entered into an agreement with the Union in the financial sphere, and that pursuant to section 27, paragraph 7, 2. paragraph, of the law on securities trading, etc. shall make public a half-yearly report, shall ensure that the half-yearly financial report shall be drawn up in accordance with paragraphs 2 to 7.

(2). Half-yearly report must include at least the following: 1) A 6-month accounts.

2) A management report.

3) a management endorsement, where each member name and role in relation to the company is clearly indicated, and in which they declare whether a) the half-yearly financial report is carried out in accordance with legislation requirements and any claims in the articles of association or agreement, (b)) the half-yearly financial report gives a true and fair view of the company and, if there are prepared consolidated financial statements, the Group's assets, liabilities, financial position and profit or loss and the management report gives a true and fair review of the information prescribed in paragraph 6.

(3). If the issuer is required to prepare consolidated accounts, interim financial statements prepared in accordance with the international accounting standard for interim financial reporting, as adopted pursuant to article 6 of Council Regulation No 40/94. 1606/2002/EC.

(4). If the issuer is not required to prepare consolidated accounts, the half-yearly financial statements contain at least a balance at the end of the interim period with comparative information from the balance at the end of the previous fiscal year, an income statement covering the first 6 months of the financial year with comparative information from the comparable period of the previous financial year and the explanatory notes thereto, see. (5). Balance sheet and profit and loss account must contain the same items, which are contained in the latest annual report and any additional items that may be necessary in order to ensure a true and fair view. The issuer must apply the same principles for recognition and measurement as in the preparation of annual reports.

(5). The explanatory notes in a half-yearly financial report in accordance with paragraph 4 shall at least contain sufficient information to ensure the comparability of the annual report and to ensure that major monetary changes and developments, which is reflected in the half-yearly financial statements balance sheet and profit and loss account, are explained.

(6). The management report shall at least contain information about important events in the first six months of the financial year and their impact on the financial statements as well as a description of the principal risks and uncertainties in the fiscal year remaining six months. For issuers of shares shall also describe the management report major transactions with related parties carried out during the first six months of the financial year.

(7). If there has been a revision of the half-yearly financial report, the audit report must be reproduced in its entirety. The same applies in cases where the auditor has carried out the review. If the auditor has not performed audit or review of half-yearly financial report, the issuer must note this in its report.

Particularly for issuers that are registered in a country outside the European Union, as the Union has not entered into an agreement on the financial area (third countries)



§ 13. An issuer subject to section 1, paragraph 3, nr. 1, point (b) may be exempted from the requirements of section 28 respectively and section 29 (1), (3). paragraph, of the law on securities trading, etc., as well as articles 4 and 6 of this order, if the legislation of the third country where the issuer is registered, contains equivalent requirements, or issuer complies with the requirements of the law of a third country in accordance with paragraphs 2 to 5. The information covered by the requirements of the third country, shall be published and are submitted in accordance with § 27 a of the law on securities trading, etc., and section 7 of this Ordinance.

(2). A third country shall be deemed to set requirements equivalent to the requirements set out in § 4, when, in accordance with the law of the country concerned to require that an issuer must publish quarterly reports.

(3). A third country shall be deemed to set requirements equivalent to section 29 (1), (3). paragraph, of the law on securities trading, etc., when the period within which an issuer which has a registered office in the third country, in accordance with its laws, shall be informed of major holdings, and within which it must publish information about major holdings, a total equal to or shorter than seven trading days.

(4). A third country shall be deemed to set requirements equivalent to the requirements set out in section 28 of the Act on securities trading, etc., when it in accordance with its law to require that an issuer which has a registered office in the third country, shall satisfy the following conditions: 1) an issuer who has permission to own up to a maximum of 5% of its own shares to which voting rights are attached shall make a notification as soon as this threshold is reached or exceeded.
2) an issuer who has permission to own until between 5% and 10% of its own shares to which voting rights are attached, it must make a notification as soon as the threshold of 5% or 10% threshold is reached or exceeded.

3) an issuer who has permission to own more than 10% of its own shares to which voting rights are attached, it must make a notification as soon as the threshold of 5% or 10% threshold is reached or exceeded.

(5). A third country shall be deemed to set requirements equivalent to the requirements set out in section 6, where, in accordance with the law of the country concerned to require that an issuer must publish the total number of voting rights and the overall capital within 30 calendar days after that there has been an increase or decrease therein.

§ 14. Annual report and half-yearly reports from issuers from countries outside the European Union, as the Union has not entered into an agreement on financial matters, which must be published pursuant to § 27, paragraph 7, of the law on securities trading, etc., must be drawn up in accordance with the same accounting rules as those that would apply if the issuer was domiciled in Denmark. Those parts of the annual report and the half-yearly financial report, there is no need to follow international accounting standards as adopted in accordance with Council Regulation No 40/94. 1606/2002/EC on the application of international accounting standards (consolidated financial statements and half-yearly accounts on a consolidated basis) may, however, after permission from the Danish financial supervisory authority established in accordance with the accounting regulations, when another FSA feels that that rule set is equivalent to the set of rules that apply to issuers domiciled in Denmark.

(2). When the Commission, in accordance with article 3 of Commission Regulation (EC) No 1782/2003. 1569/2007 of 21 December. December 2007 establishing a mechanism to verify the correctness of the accounting standards, as third-country issuers of securities apply, are equivalent, see. European Parliament and Council Directive 2003/71/EC and 2004/109/EC, has decided that another accounting rule set is equivalent to the international accounting standards, as referred to in paragraph 1, this second fiscal rule book notwithstanding the provisions of paragraph 1 shall be used by issuers, as referred to in paragraph 1. point, in the preparation of the consolidated financial statements and half-yearly accounts on a group-wide basis.

(3). When the Commission, in accordance with article 4 of the Commission Regulation referred to in paragraph 2, has decided that another accounting rule sets can be accepted for a limited period of time, this second fiscal rule book notwithstanding the provisions of paragraph 1 shall be used by issuers, as referred to in paragraph 1. point, in the preparation of the consolidated financial statements and half-yearly accounts on a group-wide basis for the fiscal year that begins before 1. January 2012.

§ 15. An issuer as mentioned in § 1, paragraph 3, nr. 1, point (b), which shall publish the information in a country outside the European Union, as the Union has not entered into an agreement on the financial area, and which could have an impact on public opinion in The European Union or in countries which have entered into an agreement with the Union in the financial sphere, must publish and submit this information in accordance with § 27 a of the law on securities trading, etc. and this notice Although this information is not covered by the disclosure obligations set out in Chapter 7 of the law on securities trading etc.

Penalty



§ 16. Violation of section 1, paragraph 4, § 2, paragraph 1, § 3, section 4 (1), sections 5 and 6, section 7, paragraph 1, article 8, article 9, paragraph 1, section 10, paragraph 1, article 11, paragraph 1, article 12, paragraph 1, and articles 14 and 15, be punished by a fine.

(2). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

Date of entry into force of



§ 17. The notice shall enter into force on the 1. July 2012.

(2). At the same time repealed Executive Order No. 220 of 10. March 2010 about issuers ' disclosure obligations.

The Danish financial supervisory authority, the 22. June 2012 Ulrik Nødgaard/Hanne Råe Larsen Official notes 1) Ordinance contains provisions implementing parts of a European Parliament and Council Directive 2004/109/EC of 15. December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (transparency directive), the official journal of the European Union 2004, nr. L 390, p. 38, parts of Commission Directive 2007/14/EC of 8. March 2007 laying down detailed rules for certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, the official journal of the European Union, no. L 69, p. 27, and parts of the European Parliament and of the Council directive 2010/73/EU of 24. November 2010 amending Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading, and by Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, the official journal of the European Union 2010, nr. L 327, p. 1.