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Ordinance To The Law On Securities Trading Etc.

Original Language Title: Bekendtgørelse af lov om værdipapirhandel m.v.

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Table of Contents
Section I Preliminary provisions
Chapter 1 Value Trading
Chapter 1 a Communications
Chapter 2 Value Traders
Chapter 3 Common provisions
TITLE II Commerce
Chapter 4 Operations of a regulated market
Chapter 5 Access to regulated markets
Chapter 6 The inclusion of securities for trade in a regulated market, official listing and public procurement of securities over EUR 5,000,000, etc.
Chapter 7 Information Responsibilities
Chapter 8 Take-over bids
Chapter 9 Securities and publication of transactions and the publication of prices and transactions
Chapter 10 Abuse of internal knowledge, exchange manipulation and measures to counteract market abuse
Chapter 11 (Aphat)
Chapter 11 a (Aphat)
Chapter 11 b Operation of a multilateral trade facility
Chapter 12 Prospects for public contracts of securities between 1 000 000 and EUR 5 000 000
Chapter 13 (Aphat)
Chapter 14 (Aphat)
TITLE III Clearing, dismantling and financial security etc.
Chapter 15 Clearance
Chapter 16 Connectivity to a clearing centre
Chapter 17 Risk Coverage
Chapter 18 Payment systems, netting, etc.
Chapter 18 (a) Departure of financial security and of the final settlement, etc.
Chapter 18 (b) Tering law-law
TITLE IV Registration
Chapter 19 Issue and registration of dematerialized transferable securities
Chapter 20 Registration company
Chapter 21 Connectivity to a Secured Central
Chapter 22 Legal effects of registration, etc.
Chapter 23 Contoudings
Chapter 24 Complaguing and compensation
Section V The Financial Council
Chapter 25 Supervision, control, etc.
Chapter 26 The Financial Council
Chapter 27 Involsion of authorisation or approval
TITLE VI Penalty provisions, etc.
Chapter 28 Penalty provisions, etc.
TITLE VII Conversion provisions, etc.
Chapter 29 Conversion provisions
TITLE VIII Amendment of other laws
Chapter 30 Amendment of other laws
TITLE IX Entry into force and transitional provisions, etc.
Chapter 31 Entry into force and transitional provisions, etc.

Publication of the law on securities trading, etc. 1)

This shall be made known as regards securities trading, etc., cf. Law Order no. 219 of 20. February 2013, with the changes that are being made by paragraph 2, no. 14-19, 31, 38, and 48 of the law. 155 of 28. February 2012, section 8 of the law. 1383 of 23. December 2012, $200 in Act. 598 of 12. June 2013, section 3 of law no. 615 of 12. June 2013 and Section 4 of Law No 634 of 12. June 2013.

The changes resulting from paragraph 2, no. 2-4, 20, 35, 36, 47 and 51-53 of the law. 1287 of 19. December 2012 is not the work of this legislative notice, since the changes have not come into force. The time for entry into force of the amendments shall be determined by the professional and growth Minister, cf. § 17, paragraph 1. Amendment No 4. 1287 of 19. December 2012.

The amendment that is being provided by Section 27 of Law No 639 of 12. June 2013 has not been incorporated into this legislative notice, since the amendment enters into force first on 1. January 2014, cf. Section 31 of Law No 639 of 12. June 2013.

Section I

Preliminary provisions

Chapter 1

Value Trading

§ 1. This law applies to securities trading.

Paragraph 2. For the purposes of securities trading,

1) public tender for transferable securities ;

2) the purchase and sale of own or third party's account of securities,

3) dissemination of the purchase and sale of securities,

4) commercial advice on transferable securities ;

5) portfolio care, as well as

6) the abandonment of emission guarantees.

Paragraph 3. The Act shall also apply to the operation of regulated markets, the operation of multilateral trading facilities, clearing business, registration, etc., and registered payment systems.

Paragraph 4. For vendors and subcontractors for outsourcing companies, cf. § 2 c, nr. Paragraph 87 (3) and (4) shall apply. 1 and 8, corresponding use.

§ 1 a. (The case).

§ 2. This legal provisions relating to securities shall apply to the following instruments :

1) Translable securities (excluding payment instruments) which can be traded on the capital market, including

a) shares in companies and other securities which may be equated with shares in companies, partnerships and other undertakings, together with the stock certificates,

b) debt securities and other debt instruments, including evidence of such securities, and

c) any other securities with which securities referred to in (a) or (b) may be acquired or sold, or which are paid in cash by an amount whose size is fixed with securities, currencies, interest rates or return, commodity index, and other index, and objectives as a reference,

2) cash-deposit instruments, including treasuame certificates, deposit certificates and commercial documents, excluding payment instruments ;

3) participation in collective investment schemes subject to the law on investment associations, etc. and units in other collective investment undertakings,

4) options, futures, swaps, future interest rates (FROM ' s) and any other derivative contract for securities, currencies, interest or return, or other derivatives, financial indices or financial objectives which may be physically or settled in cash,

5) options, futures, swaps, future interest rates (FROM ' s) and any other derivatives for raw materials which are to be settled in cash or which may be settled in cash if any of the parties wish to do so (for reasons other than non-compliance or other reason) ; to an end),

6) options, futures, swaps, and any other derivative agreement on raw materials which may be physically executed if they are traded on a regulated market or multilateral trading facility ;

7) options, futures, swaps, termination contracts, and any other derivative agreement on raw materials not covered by No 1. 6 and which may be physically executed and have no commercial purpose and have characteristics as other derivative financial instruments, taking into account, inter alia, whether they are cleared and run through recognised clearing houses or are covered by regular fixing of the margin,

8) credit derivatives,

9) financial differential contracts (CFD ' s),

10) options, futures, swaps, future interest rates (FROM ' s) and any other derivative agreement related to climatic variables, cargo rates, emission permits or inflationary rates or other official economic statistics to be settled in cash, or which may be taken in cash if any of the parties wish to do so (for reasons other than breach or other reason for termination) and any other derivatives agreement relating to assets, rights, obligations, indices and objectives which are not covered by No 2. 1 9 and which have characteristics as other derivative financial instruments, taking into account, inter alia, whether they are traded on a regulated market or a multilateral trading facility, to be cleared and executed through recognised clearing houses or are ; subject to regular fixing of the margin, and

11) transferable mortgages with furant in real estate or immovable property.

Paragraph 2. The SEC may lay down rules that specific instruments not referred to in paragraph 1 shall be laid down. 1, shall be covered by all or part of this law relating to transferable securities.

§ 2 a. Where transferable securities are capital shares, the meaning of Chapter 6 and the rules laid down in accordance with Article 23 (1) shall be as laid down. 7 and 8, and section 24 (4). 2, shares and other transferable securities equivalent to shares and any other transferable securities giving the right to acquire one of the aforementioned securities as a result of a conversion or exercise of the rights of the associated rights, provided that the latter form of securities has been issued by the issuer of the underlying shares or of a unit belonging to the same group as the issuer ' s issuer.

Paragraph 2. For securities which are not capital shares, the meaning of Chapter 6 and of the rules laid down in accordance with Article 23 (3) shall be taken into consideration. 7 and 8, and section 24 (4). 2, all securities other than those set out in paragraph 1. 1.

§ 2 b. In the case of supply of securities to the public, the provision of information to natural and legal persons shall be understood in any form and by any means of full information about the contract conditions and the tendering of transferable securities that would make it possible to use the appropriate means of making a provision for : The investor may decide on the purchase or drawing of these securities.

§ 2 c. For the purposes of this Act,

1) Outsourcing : The closure of important areas of activity subject to the supervision of the financial supervision of the financial system to a supplier.

2) Outsourcing company : A company covered by section 7 (4). 1 that outsourced activities to a supplier.

3) Vendor : A company that carries out outsourced tasks for the outsourcing company.

4) Further sourcing : the outsourcing of a supplier's outsourcing to a contract with outsourcing to a subcontractor and subcontractor, if any, further outsourcing of the tasks to the next part of the sub-suppliers chain, as well as any further outsourcing to other indents in the chain of subcontractors.

§ 3. Any securities trading must be carried out in a manner and in accordance with good value paper commercial practices. The financial supervision may provide an injunction on the correction of conditions which are in conflict with 1. Act.

Paragraph 2. The Minister for the Industry and Growth Pact lays down detailed rules on good securities trading practices.

Paragraph 3. The consumer ombudsman may initiate proceedings concerning infringements of rules on good securities trading, cf. paragraph 1, and rules issued in accordance with paragraph 1. 2, including a ban, injunction, compensation and restitution of unduly collected amounts. Section 20 of the market in section 20, section 22 (2). 2, section 23, paragraph. Paragraph 1, section 27, paragraph. Paragraph 28 shall apply mutatis muth to cases to which the Consumer Ombudsman wishes to apply for the provision in 1. Act. The consumer ombudsman may be appointed as a group representative in a group meeting target, cf. Chapter 23 of the Court of Justice Chapter 11.

Paragraph 4. The SEC shall inform the Consumer Ombudsman if the Financial supervision is aware that a company ' s customers may have suffered losses caused by the undertaking to have infringed paragraph 1. 1 or rules issued in accordance with paragraph 1. 2.

Paragraph 5. In any case, the consumer ombudsman shall have access to all information in the Financial Protection cases referred to in paragraph 84. 1.

Chapter 1 a

Communications

§ 3 a. Whereas the Minister for the Industry and Growth Minister may lay down rules on written communication to and from the Finance-sighted, business and growth Minister and the Danish Agency for the Agency for matters covered by this Act or rules issued under this Act shall be carried out ; digital.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on digital communications, including the use of specific IT systems, special digital formats and digital signature el.lign.

Paragraph 3. A digital message is considered to have arrived when it is available for the message address.

§ 3 b. The Minister for the Industry and Growth Pact may lay down rules that the authorities, cf. § 3 (a) (a) 1, may issue decisions and other documents pursuant to this law or in accordance with rules issued under this law without a signature, with a mechanical or equivalent manner, or by means of a technique which ensures unambiguous, identification of the one which issued the decision or the document. Such decisions and documents shall be placed in the same way as decisions and documents with a personal signature.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on the issue of decisions and other documents which have been made exclusively or issued on the basis of electronic data processing may be issued only with an indication of the authority in question to be submitted.

§ 3 c. Where it is required under this law or in accordance with the rules of this law, a document issued by any other than an authority in accordance with the rules laid down in the law. § 3 (a) (a) 1, must be signed, this requirement may be met by means of a technique that ensures unambiguous identification of the person who issued the document, cf. however, paragraph 1 2. Such documents are treated as a person with a personal signature document.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on the deviation of regulatory requirements, including that the requirement for personal signatures may not be permitted to be deviated from certain types of documents.

Chapter 2

Value Traders

§ 4. For the purposes of this law, a securities handler is understood ;

1) financial undertakings authorised by the financial institution as far as these undertakings are authorised, in accordance with the law of financial activities, section 9 (4). 1, as well as financial undertakings authorised as a fund-broiler company,

2) financial undertakings authorised by a real credit institution or investment management company, provided that such establishments are permitted under the law of financial activities, section 9, stk.1,

3) credit institutions, investment firms and management companies authorised in another country within the European Union or in a country concluded by the Union in the financial sphere, provided that the company is legally engaged ; securities trading either through a branch or by providing services here in the country, cf. Act on financial activities § 30 respectively, section 31 respectively, and

4) credit institutions and investment firms authorized in a country outside the European Union which the Union has not signed up to in the financial sphere, provided that the company legally carries out the securities trade either through a branch ; or by providing services in this country, cf. Act on financial activities, section 1 (1). 3, section 33 respectively.

Paragraph 2. The SEC may lay down rules that the obligations of the securities shall also apply to foreign credit institutions and investment firms which are not covered by paragraph 1. 1, no. 3 or 4 and pursuant to section 20 (4). 4, has been allocated to membership of a regulated market, or as in accordance with section 64 (4). 3, has entered into a Connection Agreement with a security of securities.

§ 4 a. (The case).

§ 5. (The case).

§ 6. (The case).

Chapter 3

Common provisions

§ 7. For the purposes of this Act,

1) an operator of a regulated market a company whose business is to operate the business of a regulated market,

2) a clearing-central company that operates the securities clearing business by the consent of Article 8, and

3) a securities central company that operates the company registration company.

Paragraph 2. The establishments referred to in paragraph 1. 1, shall have a management board and a management board, cf. however, paragraph 1 3 and 4.

Paragraph 3. Provisions on the governing board or members of this Article in section 12 (3). Paragraph 12 (1) and 12 d (d). In the case of a two-strung management system, in the SE, in the SE companies, by means of a two-tier management system, they shall apply to the supervisory body or members of the necessary adjustments.

Paragraph 4. Provisions concerning the management board or members thereof and provisions relating to the management in section 9, section 12 (a) (1). 1 and 3, section 12 c, section 12 d (1), 1-3, section 12 e, paragraph 1. 2, section 13, section 15, section paragraph 3, section 28 (a), 2, section 37, paragraph. ONE, ONE. pkt., section 60, paragraph. 4, Section 84 b, paragraph 4. 2, no. 2, and paragraph 1. Three, section 87, paragraph. Paragraph 1, section 95, paragraph. Paragraph 1, and Article 96 (1). In addition, in the SE companies with a two-tier management system, in addition to the management body, also apply to the supervisory body or members thereof with the necessary adaptations.

Paragraph 5. The time limits laid down in or pursuant to this law shall begin to run from and with the day following the day on which the event that triggers the deadline is taking place. This applies in the calculation of days-and week-, month and year periods.

Paragraph 6. If the deadline is set in weeks, the deadline is out, cf. paragraph Five, on the day of the week of the day on which the event that triggered the deadline occurred.

Paragraph 7. If the deadline is set in months, the deadline is due, cf. paragraph Five, on the month of the month for the day on which the event that triggered the deadline occurred. If the day at which the event that triggered the deadline occurred is the last day of a month, or if the deadline expires on a month date that does not exist, the period shall always expire on the last day of the month regardless of its length.

Paragraph 8. Expires a deadline for a weekend, on a holiday, on Christmas Day or New Year's Day or New Year's Day, the deadline for the next day is extended.

§ 7 a. For the purposes of this Act, a registered payment system shall mean a payment system registered in accordance with section 57 (a) (a). ONE, ONE. Act.

Paragraph 2. For the purposes of this Act, a company operating an alternative marketplace, a company that operates a multilateral trading facility as an alternative marketplace, cf. § 17, paragraph 1. TWO, TWO. and 3. Act.

Paragraph 3. For the purposes of this law, an approved foreign clearing centre is defined as approved in accordance with section 8 (a).

§ 8. Company covered by section 7 (4). 1 and an operator of the operations of a regulated market by a multilateral trading facility must not commence until the SEC has authorised it. The securities clearing business practised by the Danish National Bank shall not be subject to 1. Act.

Paragraph 2. Permission is conditional upon,

1) the undertaking is operated in a company registered in the Corporate Authority,

2) the company has a share capital which, for operators of regulated markets, must be at least 8 million. DKK and for clearing centres and securities centers, at least 40 million shall be equal to. kr.,

3) the undertaking has forwarded the necessary information, including operational plan, organisation plan, business procedures, and control and security measures,

4) the members of the Board of Directors and Governing Board members meet the requirements of section 9 ; and

5) the owners of eligible units meet the requirements of sections 10 and 10 (a).

Paragraph 3. In the case of a securities central, the authorisation is also subject to the capital response of the securities centre, cf. $82.

Paragraph 4. The clearance of clearing centres is also subject to the provision of rules for clearing and connecting agreements, as laid down in Section 57 (c).

Paragraph 5. Where the Financial supervision an application for authorisation is rejected, the applicant shall state and be notified to the applicant within six months of receipt of the application, or, if the application is incomplete, within six months of the applicant ' s submission of the information which : are necessary to make the decision. Decision to be taken shall be made within 12 months of receipt of the application, in any case. If the Financial Regulation does not have a full application for authorization by six months after the receipt of a complete request for a decision, the party may submit the case to the courts.

§ 8 a. A foreign clearing centre can obtain approval as an approved foreign clearinghouse after paragraph 1. 3 or 4 to the clearing of securities traded between securities traders, where at least one of these securities traders has been granted authorisation of securities trading here in the country, cf. Section 9 of the Act of Financial Company, and where trade takes place on a regulated market, an alternative market place or in a multilateral trading facility in this country.

Paragraph 2. A foreign clearing centre must not commencement activities as described in paragraph 1. 1, before the Financial supervision has granted approval to this paragraph, after paragraph 1. Three or four.

Paragraph 3. Financial supervision approves that a foreign clearing centre practising securities clearing operations in another country within the European Union or in a country with which the Union has concluded the financial area can exercise a clearing business. in Denmark as an approved foreign clearing centre, unless the Financial supervision can prove that an approval implies a risk that a regulated market or an alternative market place will not function properly or that the financial markets are not operating properly ; Incidentally, it will not be safe, efficient and technically sound.

Paragraph 4. Financial supervision approves that a foreign clearing centre authorised to exercise securities clearing operations in a country outside the European Union, which the Union has not concluded in the financial sphere, can exercise clearing operations in Denmark, which approved foreign clearings as approved, when the Financial supervision finds it demonstrated that securities clearing can be carried out on a Danish financial markets, incidentally, efficient and technically sound, effective and technically sound.

Paragraph 5. In the assessment of paragraph 1, 3 and 4 leave the Financial supervision of the Financial Regulation to the legislation and the supervision of the clearing centre of the home Member State. Furthermore, the SEC shall also attach importance to the extent to which the participants and investors are protected in similar scopes as by securities clearing in a clearing centre, subject to authorization under this Act's 8. The SEC shall also attach importance to whether the applicant has appropriate procedures and management to respond to the fact that a participant cannot fulfil its obligations in relation to the securities clearance. The SEC is at last weighing on whether the applicant ' s IT systems and IT procedures are appropriate to ensure effective and sound securities clearing and whether the applicant can be expected to fulfil its obligations under this law and rules laid down in : Under the law.

Paragraph 6. The Financial supervision shall notify the decision within three months of the receipt of an application containing the information necessary for the decision. Decision shall be taken in any case within six months of receipt of the application. If the Financial supervision has not taken place within three months of the receipt of a full application for approval, the foreign clearing centre may bring the case to the courts.

Paragraph 7. The SEC may make terms for approvals under paragraph 1. Three or four. The SEC may also provide additional terms for the approval of the financial market. The approved foreign clearing centre shall, in such cases, be granted a time limit for the date on which these additional conditions must be met.

Paragraph 8. The SEC may lay down detailed rules for the information to be provided by the undertakings in the submission of an application for approval pursuant to paragraph 1. 3 and 4, concerning ongoing information obligations and requirements for alerts for approved foreign clearance centres, requirements for cooperation with home-state and other matters relevant to the security clearance.

§ 8 b. A foreign operator authorised to operate a regulated market or a multilateral trading facility in another country within the European Union or in a country with which the Union has entered into agreement in the financial sphere can be used ; allow remote members, participants or users in this country to access the regulated market or the multilateral trading facility when the SEC has received notification from the supervisory authorities of the operator ' s home country.

Paragraph 2. A foreign operator may obtain the Finance-Aid Authority to operate a regulated market or a multilateral trading facility in this country, provided that the operator is established in another country within the European Union or in a country with which the Union is to : the contract concluded in the financial sphere and where the competent authority of the operator of the operator has authorised the operator and supervising the operator in accordance with the legislation of the home Member State, by which Section III of Directive 2004 /39/EC has been granted ; (MiFID directive) has been implemented. Authorisation may be granted if the operator meets the conditions laid down in Article 8 (3). 2, with the necessary adaptations. The requirements for the Financial supervision in section 8 (3). 5 shall apply to the examination of the application.

Paragraph 3. When a foreign operator is authorized in accordance with paragraph 1. 2, this law applies to the operator and its activities in this country.

§ 8 c. A regulated market may be authorised in Denmark to be an auction platform in accordance with Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 -the auctionation Regulation).

Paragraph 2. Authorisation pursuant to paragraph 1. 1 is conditional on the regulated market and its operator satisfying the requirements of Chapters 3 and 4 of this Act with the necessary adaptations.

Paragraph 3. If the operator of the regulated market is not established in Denmark, the authorisation of paragraph 1 shall be authorised. 1 is given if :

1) the regulated market fulfils the requirements of Chapters 3 and 4 of this legislation, with the necessary adjustments, and

2) the operator is established in another country within the European Union or in a country concluded by the Union in the area of the financial area and the competent authority of the operator of the operator has granted the operator permission and supervision of ; the operator in accordance with the legislation of the home Member State, in accordance with the provisions of Title III of Directive 2004 /339/EC (MiFID Directive).

Paragraph 4. An operator may be permitted to operate a regulated market authorised to be auctioned in accordance with Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 the auctioning Regulation) in another country within the European Union, or in a country with which the Union has agreed to the financial sphere, if :

1) the operator meets the requirements of Chapters 3 and 4 of this law, with the necessary adaptations and adjustments ;

2) the competent authority of the regulated market of the regulated market shall authorise the regulated market in accordance with Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 The auctioning Regulation (auctioning Regulation) and oversight of the regulated market in accordance with the legislation of the home Member State, as provided for in Title III of Directive 2004 /39/EC (MiFID Directive) has been implemented.

Paragraph 5. Where the Financial supervision an application for authorisation is rejected, the applicant shall state and be communicated to the applicant in the last six months following receipt of the application or, if the application is incomplete, within six months of the applicant having submitted the information which is available ; needed to make the decision. Decision to be taken shall be made within 12 months of receipt of the application, in any case. Where the Financial Regulation does not have a full application for authorization by six months after the receipt of a complete request for a decision, the applicant may submit the case to the courts.

§ 9. A member of the Management Board or the Board of Directors in a company subject to section 7 (4). 1, shall have adequate experience of exercising his duties or fulfilling its position in the establishment concerned.

Paragraph 2. A member of the Management Board or the Board of Directors in a company subject to section 7 (4). 1 shall comply with the following :

1) may not be charged or imposed on impunity for infringement of the penal code, the financial legislation or other relevant legislation where the offence involves the risk that he may or may not be responsible for his or her position on the matter ; That's comforting.

2) May not have lodged a request for reconstruction, bankruptcy or debt relief, or be during reconstruction processing, bankruptcy or debt relief.

3) Do not have shown or show a behaviour in which there is reason to assume that they will not be responsible for the profession or the position in a responsible manner. When assessing whether a member of the Management Board or the Governing Board has shown or has exhiulted inequipting behaviour, the emphasis must be placed on the consideration of the need to maintain confidence in the financial sector.

Paragraph 3. Members of the Management Board or the Governing Board of a company subject to section 7 (4). 1, the Financial supervision information referred to in paragraph 1 shall provide information on the facts. 2 in connection with their entry into the management of the establishment, and if the conditions are subsequently changed.

Paragraph 4. The person (s) who, in fact, lead an already approved operator of a regulated market's operations in accordance with the rules laid down in the Financial Instruments Directive (MiFID Directive) are considered to meet the requirements of paragraph 1. 1 in relation to the application for authorisation to operate a regulated market.

§ 10. Any natural or legal person or natural or legal persons acting in understanding with each other who are directly or indirectly acquiring a qualified share, cf. Section 5 (5). 3, in the Act of Financial Company, in a company subject to section 7 (4) ; In advance, the Financial supervision of the proposed acquisition shall be submitted in advance. The same is true in the case of increasing the amount of the qualified share resulting from the acquisition or exceeding a limit of 20 pct., 33%, respectively, in addition to the amount of the acquisition. or 50%. of the company chapter or to the voting rights, or shall result in the undertaking covered by section 7 (4). 1, will be a subsidiary.

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

Paragraph 3. The SEC shall have from the time of the written confirmation of the receipt of the application, cf. paragraph 2, and the receipt of all the documents required by the application, an assessment period of 60 working days to make it in section 10 a said assessment. Confirmation of the receipt of the application, cf. paragraph 2, the Financial Authority shall inform the proposed acquiring on the date on which the evaluation period expires.

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

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

1) the proposed acquiring or governed by the law of a country outside the European Union which the Union has not contracted in the financial sphere ; or

2) the proposed transferee is a natural or legal person who is not authorised to exercise it in section 7 to 11 or Section 308 of the Community or Article 308 of the undertaking referred to in Section 16 of this Act, another country before for the European Union, or in a country with which the Union has concluded an agreement in the financial sphere.

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

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

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

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

§ 10 a. In relation to its assessment of an application, the financial supervision shall be received in accordance with section 10 (2). 1, ensure the prudential and sound management of the company in which the acquisition is envisaged. The assessment shall also take into account the likely impact of the acquiring industry, the suitability of the proposed transferor and the financial solidity of the proposed financial solidity in relation to the following criteria :

1) The reputation of the acquiring.

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

3) the economic circumstances of the proposed sector, in particular in relation to the nature of the operations operated or intended to be driven within the company subject to section 7 (4). 1 in which the acquisition is envisaged.

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

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

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

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

§ 10 b. Any natural or legal person or natural or legal persons acting in an understanding with each other that is directly or indirectly concerned to dispose of a qualified share or to reduce a qualified share in a company covered by section 7 (4). 1, so that the Disposal Disposal shall result in the limit of 20 pct;, 33% respectively. or 50%. by the company chapter or voting rights no longer has been achieved, or the company ceases to be a subsidiary of its subsidiary, prior written notification shall inform the Financial supervision thereof, indicating the size of the intended purpose ; future capital participation.

§ 10 c. When a company is subject to section 7 (4). 1, knowledge of acquisitions or disposals of units as referred to in section 10 (3) shall be informed. 1, and 10 b, the company shall immediately notify the Financial supervision of the Financial Authority.

Paragraph 2. A company subject to section 7 (4). 1, not later than February month, the Financial Board shall inform the Finance-owners who, at the end of the previous year, owned a qualified share in the company, and on the size of these units.

Paragraph 3. An operator of a regulated market shall publish the names of all direct and indirect owners of the company. Furthermore, the names of the direct and indirect owners of eligible units in the company and the size of the shares in question must be made public.

§ 10 d. Where the holders of capital in section 10 (4), The shares referred to in Article 7 (1) shall be subject to Article 7 (1). Paragraph 1 does not comply with the requirements of section 10 (a), 1, the Financial supervision may cancel the voting rights associated with the capital shares of the owners concerned or to the undertaking to follow specific guidelines.

Paragraph 2. The financial supervision may cancel the voting rights associated with the capital shares owned by natural or legal persons who do not comply with the obligation in section 10 (4). 1 for the prior application for approval. The capital shares are reassigned full voting rights if the Financial supervision can approve the acquisition.

Paragraph 3. Where a natural or legal person has acquired capital shares as referred to in section 10 (4), 1, irrespective of the fact that the Financial Control Board has refused to approve this acquisition of capital shares, the financial supervision of the financial supervision shall be waisted for the right to vote on these holdings.

Paragraph 4. In accordance with paragraph 1, the Financial Authority has repealed the right to vote. One-three, capital cannot be included in the decision-making in the Joint Assembly to represent the right to vote.

§ 11. A company subject to section 7 (4). 1 and a company operating a multilateral trading facility shall communicate to the Financial supervision, if the company is aware of or has contravened that any infringement of this law, notices issued under this law or gross or Repeated rules have been laid down by an operator of a regulated market by a clearing centre, of a securities central or by a company that operates a multilateral trading facility.

§ 12. The Management Board for a company subject to section 7 (4). 1, must consist of at least 5 people.

Paragraph 2. A company subject to section 7 (4). 1, may not without the approval of the Finance allowance enter into agreements on outsourcing or other matters of far-reaching importance with other undertakings in terms of operation of a regulated market, securities clearing business and registration business, and payment services.

Paragraph 3. A company subject to section 7 (4). 1, may not merge with another company without the approval of the Finance-type.

§ 12 a. Without the approval of the Management Board, which is to be entered into the board of the board's negotiating protocol, a company shall be subject to section 7 (4). 1, do not conclude exposures, etc., with other companies in which the directors of the company or the members of the board are members of the board or board members.

Paragraph 2. The people in paragraph 3. 1 mentioned exposures shall be granted in accordance with the normal business conditions of the company and on market-based conditions. The company ' s chosen audit shall be issued in the auditing protocol on the annual accounts statement on the question of whether the requirements of 1. Act. are met.

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

Paragraph 4. The rules of paragraph 1. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. 3 also applies to engagements with companies in which people who are associated with the Directors of Marriage, genus, or parrot in the right-or descending line or as siblings, are CEOs.

§ 12 b. People who are employed by the management board in a company subject to section 7 (2). 1 and staff for which there is a significant risk of conflicts between their own and the company ' s interests must not be allowed to own or through undertakings they control ;

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

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

3) the acquisition of capital holdings, except for shares in investment associations, special associations, hedge funds and foreign investment undertakings subject to the law on investment associations, etc., for the sale of these earlier than six months after ; the acquisition or

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

Paragraph 2. The one in paragraph 1. The persons referred to in paragraph 1 shall not be allowed to acquire shareholdings in companies engaged in business as referred to in paragraph 1. 1, no. 1-4. However, this does not apply to the purchase of shares in financial institutions and between funds and shares in investment associations, special associations, hedge funds and foreign investment undertakings subject to the law on investment associations and so on.

Paragraph 3. The Management Board shall adopt a position on which employees there are a material risk of conflicts between their own and the company's interests, which must therefore be covered by the ban.

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

Paragraph 5. The external audit of a company covered by section 7 (4). Paragraph 1 shall review the company's guidelines pursuant to paragraph 1. 4 and in the audit protocol laughter concerning the annual report, indicate whether the guidelines are assessed to be reassuring and have functioned appropriately, and whether the inspection procedures of the company have given rise to observations.

Paragraph 6. A principal institution has, at the request of the Management Board, in a company covered by section 7 (4). 1, the obligation to give the company's external audit access to information about accounts and deposits and to extradite the transcripts from there for persons covered by paragraph 1. 1.

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

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

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

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

§ 12 c. Enlisted as a board member in a company covered by section 7 (4). 1, cannot be reconccted with the position of the Director or the Internal Audit Office in the company. However, the Board of Directors of a Director of Directors may temporarily not be prone to one of its members as the director. In such cases, the person concerned may not be able to exercise the right to vote in the said bodies.

§ 12 d. People who are employed by the management board in a company subject to section 7 (2). 1, without the permission of the Management Board, cannot own or operate self-employed or self-employed or otherwise participate in the management or operation of the other business company other than the company.

Paragraph 2. Other employees in a company covered by section 7 (4). 1 for which there is a significant risk of conflict between its own and the company ' s interests, may not own or operate self-employed or self-employed or otherwise participate in the management of the board without the approval of the Governing Board or by a Board of Directors or of their Board of Directors or other members. the management or operation of the other business entity other than the company. The Administrative Board shall be informed of authorisations given by the Executive Board.

Paragraph 3. The Management Board shall adopt a position on which employees there are a material risk of conflicts between their own and the company's interests and which must therefore be given the approval of the Executive Board, cf. paragraph 2.

Paragraph 4. The one in paragraph 1. 1 and 2 of the establishment concerned may be disputed only if the company or undertakings involved in companies with the company do not have or conclude exposures with the products referred to in paragraph 1. 1 and 2 companies referred to. The exposures shall be excluded from the provisions of capital and exposures to business undertakings, which are included in the group with the company, or business undertakings, where companies are covered by section 7 (4). 1, in community owner more than 4/5 of the capital shares.

Paragraph 5. All permits granted by the Administrative Board pursuant to paragraph 1. 1 shall appear on the board of the board's negotiating protocol.

Paragraph 6. The company shall publish at least once a year in the case of the duties approved by the Management Board in accordance with paragraph 1. Furthermore, the external audit of the audit protocol laughter concerning the annual report shall make a statement concerning the undertaking ' s involvement with commercial undertakings covered by paragraph 1. One and two.

Paragraph 7. The Financial supervision may, in particular cases, dispensers from paragraph 1. 4.

§ 12 e. The financial supervision may offer a company subject to section 7 (4). 1, to allocate a director to the company in section 7 (3). 1, within the time limit for one of the Financial Commission, shall be fixed if this is provided in accordance with section 9 (2). Two, can't fight the score.

Paragraph 2. The Financial supervision may offer a member of the Management Board in a company covered by section 7 (4). 1, if this is set by Section 9 (2), to lay down its duties within one of the Financial Seas. Two, can't fight the recruits.

Paragraph 3. The financial supervision may offer a company subject to section 7 (4). 1, to set up a director in the event of an indictment against this in criminal proceedings against criminal offences, law on securities trading, etc., or other financial legislation, until the criminal proceedings are decided if a conviction will mean that they are concerned ; does not comply with the requirements of section 9 (3). 2, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. provide a member of the Management Board in a company covered by section 7 (4). The financial supervision of the Commission shall set a time limit for the supply of the supply.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 9 (4). 2, no. 2 or 3 must appear on the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1-3 of the company may be subject to section 7 (3). 1, and by the person to whom the tender relates, the court shall be subject to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the invitation to tender for the person concerned. The request shall not affect the tender, but the court may decide by ruling that the director or member of the Board of Directors shall be able to maintain his position or his position. The SEC will be deposits within 4 weeks of the case before the courts. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation or by application, revoke an injunction notified in accordance with paragraph 1. 2 and paragraph 1. 3, 3. Act. If the Financial supervision an application for revocation is refused, the applicant may require the refusal to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, the application for a judicial review may not be made only if the tender is not limited and has elapated at least five years from the date of issue of the tender, or at least two years after the revocation of the Financial Supply of the Financial Supply is confirmed by the judgment.

Paragraph 7. Has the company covered section 7, paragraph 1. 1, not set aside by the Director, within the time limit laid down, the Financial supervision may involve the undertaking ' s authorisation, cf. § 92, paragraph. 1, no. 4. Financial supervision may also involve the undertaking ' s permit, cf. § 92, paragraph. 1, no. 4 if a member of the board does not comply with an injunction in accordance with paragraph 1. Two and three.

§ 12. In operators of regulated markets, clearing centres and securities-centers, cf. Section 7 (2). 1 which has securities admitted to trade in a regulated market in an EU/EEA country or which has a balance of EUR 500 million. DKK or more than two successive financial years, the Management Board shall :

1) set target figures for the proportion of the under-represented gender on the management board and

2) develop a policy to increase the proportion of the under-represented gender on the other management levels of the company, cf. however, paragraph 1 2-4.

Paragraph 2. In the case of parent companies producing group accounts, it is sufficient to set the target figures and draw up a policy, cf. paragraph 1, for the group as a whole.

Paragraph 3. A subsidiary that is part of a group cannot fail to set out the target figures and formulate a policy, cf. paragraph 1 if the parent company sets out the target figures and draws up a policy for the overall group.

Paragraph 4. Undertakings that have employed fewer than 50 employees in the last financial year may not draw up a policy to increase the proportion of the underrepresented sex in their other management levels, cf. paragraph 1, no. 2.

Paragraph 5. Where an undertaking is both covered by this provision and the provisions concerning the gender composition of the executive executive agency, the law on trader or the law of certain traders, this provision has precedence.

§ 12 g. (The case).

§ 12 h. (The case).

§ 13. Board, auditor and directors and other servants of a company subject to section 7 (4). 1, no. 1 and 2 shall not be allowed to unduly divulge what they may be in the exercise of their position or office in knowledge.

Paragraph 2. Paragraph 1 shall not preclude the fact that a company is subject to section 7 (4). 1, no. 1 and 2, within the framework of cooperation with other companies covered by section 7, stk.1, a regulated market for securities in a country within the European Union or in a country with which the Union has concluded cooperation agreements in the financial sphere or one of : The SEC recognized foreign regulated market, clearing central and securities will communicate information to them, provided that the information is subject to appropriate confidentiality in the recipients.

Paragraph 3. I shall be right back. Paragraph 1 shall also include information as a company subject to section 7 (4). 1, no. Parages 1 and 2 shall receive from other companies covered by section 7 (4). 1, no. Indication of the nature of the information or of the nature of the information provided by the information in the case of the information is classified or confidential, or in the case of foreign regulated markets.

Paragraph 4. For securities centers, the rules shall apply in section 60 (1). 2-4.

§ 14. The annual report for a company covered by section 7 (4). 1, external auditor audit protocols relating to the annual report and the audit protocol latet relating to the annual report of the internal audit manager shall be submitted in two copies to the Financial supervision. The SEC shall send a copy of the annual report to the Danish Agency for the Administrative Board, which shall announce the receipt of the information processing system of the management system. The annual reports received are publicly available in the Corporate Authority.

Paragraph 2. The SEC may lay down rules on financial reporting and on audit, including the system audit, implementation in companies covered by section 7, stk.1.

Paragraph 3. The SEC may lay down rules on accounting on a consolidated basis.

Paragraph 4. The SEC shall lay down detailed rules for transactions concluded between companies covered by section 7 (4). 1, and

1) any undertaking which directly or indirectly relates to the company as subsidiaries, affiliates or parent undertakings or of the affiliated undertakings and other subsidiary undertakings ;

2) undertakings or persons connected with the company through close connections, cf. Act on financial activities Section 5 (5), 1, no. 17, or

3) undertakings which are not covered by no. 1 and 2 and where the persons in the corporate governance of the majority are the same or where undertakings are subject to joint management pursuant to an Agreement or Statutes thereof.

Paragraph 5. Corporate internal transactions carried out in breach of the provisions laid down in paragraph 1. 4 established rules must be repealed in such a way as to allow the services to be returned, including the termination of any collateral, where possible. Deposits from the company that has been made to the group internal operations in breach of the provisions of paragraph 1. The rules laid down shall be returned, together with an annual interest rate equivalent to the interest rate fixed in accordance with section 5 (5). 1 and 2, in the interest of interest in late payment, etc.

Paragraph 6. In the case of the use of digital communication, the requirement for submission of annual reports may be submitted in several copies, cf. paragraph 1 shall be deviated.

§ 15. The capital of the undertaking in a company covered by section 7 (4). Paragraph 1 shall be calculated as the paid share capital, with deduction of the stocks of own shares and the current deficit and the rate of return on emissions and reserves.

Paragraph 2. The SEC may lay down capital cover rules and rules covering the coverage of the section 7 (2). 1, the hazards involved were involved. The SEC may lay down rules on the depreciation of intangible assets.

Paragraph 3. The Management Board and the Governing Board of Companies covered by Section 7 (2). 1, ensure that the company has sufficient responsible capital, cf. paragraph 1 and that the company has internal procedures for risk management and risk management for ongoing assessment and maintenance of a responsible capital of a size suitable to cover the risks of the company. The Management Board and the Governing Board shall be assessed on the basis of the evaluation in accordance with 1. Act. reduce the capital requirements of the company ; the capital requirement cannot be lower than that specified in section 8 (3). 2, for the type of company concerned. The financial supervision may lay down a higher individual capital requirement than that shown in section 8 (5). 2.

§ 15 a. The Minister for the Industry and Growth Pact lays down detailed rules on outsourcing

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

2) outsourcing business internal guidelines for outsourcing and

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

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

TITLE II

Commerce

Chapter 4

Operations of a regulated market

§ 16. A regulated market is understood to be a multilateral system in which the system and in accordance with the non-derogating rules are being merged or encouraged together by a majority of the interests of third parties in the purchase and sale of transferable securities ; such a way of concluding agreements on the trading of securities which are involved in trade in the rules or systems of this market.

Paragraph 2. Operators of regulated markets have sole rights to use the labels regulated market and licensed marketplace in their name and on the regulated market. They're in 1. Act. mentioned operators of regulated markets on which securities have been recorded for trade have the sole right to use the name of a stock exchange in their name and on the regulated market. Other natural or legal persons shall not be allowed to use names or designations of their activities suitable to create the impression that they are operating a regulated market, including a regulated market on which securities have been recorded. for trade.

Paragraph 3. Operators of regulated markets which have the authority of the financial system to operate regulated markets must use a label for the regulated market, which show that this is a regulated market. Operators of regulated markets are not covered by the obligation in 1. pkton, if the regulated market is clearly established which rules are associated with the securities that are admitted to trade in the regulated market.

§ 17. An operator of a regulated market can operate another company that is ancillary to the operation of the regulated market, including as clearing central, securities central and the operation of multilateral trading facilities. The financial supervision may decide that the ancillary company is to be exercised in another undertaking. However, if the operator of a regulated market runs a multilateral trading facility as ancillary activities, however, the multilateral trading facility may always be operated in the same company as the regulated market.

Paragraph 2. If an operator of a regulated market runs a clearing centre, a securities central, or a multilateral trading facility as ancillary activity, cf. paragraph 1, the requirements for the authorisation and operation of such types of establishments in this law are applicable. An operator of a regulated market that wants to operate a multilateral trading facility as an alternative marketplace must give notice to the Financial supervision before commencement of the alternative marketplace. Multilateral trading facilities, which have been operating before such a notice, can not subsequently be operated as alternative marketplace.

§ 18. An operator of a regulated market is responsible for the operation of the market on a reassuring and appropriate manner.

Paragraph 2. Operator must

1) be able to identify and handle any conflicts of interest between the operator and the operator of the operator and, on the other, the sound functioning of the regulated market ;

2) be able to manage the risks to which the operator and the regulated market are exposed, demonstrate all essential risks to the operation of the market and to introduce measures to mitigate these risks ;

3) ensure sound management of the technical function of market systems, including establishing effective emergency systems ;

4) have rules that ensure a fair and correct trade, and establish objective criteria for the effective execution of orders,

5) ensure the effective and timely implementation of the operations carried out in the systems of the market ;

6) have sufficient financial resources to ensure the well-established functioning of the market, taking into account the transactions carried out in the market and to the risks to which the market is exposed ;

7) to ensure that issuers of securities and members of the market comply with the rules of the regulated market ;

8) record the transactions carried out by members of the market using the market systems, in order to detect infringements of market rules, trade conditions in breach of the rules of the regulated market or conduct, may include infringement of Chapter 10,

9) verify that issuers of transferable securities admitted to trade in the regulated market comply with their information obligations ;

10) facilitate the access of the regulated market to published information ; and

11) verifying that the securities admitted to trade are continuously meeting the requirements of the absorption capacity.

§ 18 a. An operator of a regulated market shall publish the current prices and market depth at these prices on shares which are available for trade in the regulated market and which are offered in the regulated market system. This information shall be made available to the general public within the regular hours of the regulated market, on reasonable business terms.

Paragraph 2. If an operator of a regulated market provides securities traders that are required to publish prices on shares under § 33 a, access to the schemes to which the operator is used to publish information subject to paragraph 1 shall be subject to the provisions of paragraph 1. This must be done on reasonable business conditions and on a non-discriminatory basis.

Paragraph 3. The financial supervision may exempt an operator of a regulated market for the obligation set out in paragraph 1. 1 in the light of the market model, worytype or order size.

Paragraph 4. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1 and the exemption provided for in paragraph 1. 3.

Section 18 b. An operator of a regulated market shall publish the price, quantity and date of transactions carried out with shares admitted to trade in the market. This information must be made available to the public on fair business terms and as close to real time as possible.

Paragraph 2. If an operator of a regulated market provides securities traders that are obliged to publish information about transactions with shares under Article 33 (b), access to the schemes that the operator uses to publish information covered by paragraph 1. This must be done on reasonable business conditions and on a non-discriminatory basis.

Paragraph 3. An operator of a regulated market may lay down rules for postponement of publication on the basis of the amount or type of the transaction. The rules are to be approved by the SEC. The operator shall publish the approved rules.

Paragraph 4. The SEC shall lay down detailed rules on the obligation of an operator of a regulated market to publish the price, quantity and date of transactions carried out with securities other than shares.

Paragraph 5. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1. The Financial supervision may also lay down detailed rules on the conditions for postponement of publication in accordance with paragraph 1. 3.

§ 19. An operator of a regulated market must lay down rules on the membership of the market. The rules must be transparent and non-discriminatory and based on objective criteria. The rules must specify any obligations for the members as a result of :

1) the establishment and operation of the market ;

2) rules on transactions on the market ;

3) professional standards imposed on employees of transferable securities traders operating on the market ;

4) conditions laid down for other members of the market than securities retraders ; and

5) the rules and procedures for clearing and settlement of transactions carried out on the market.

Paragraph 2. The rules of the regulated market on clearing and settlement must ensure that members of the regulated market have the right to use another deviation system for transactions with financial instruments than that chosen by the market, if

1) the necessary connections and arrangements exist between the deviation system member selected and any other appropriate system or any other appropriate facility to ensure the effective and economic execution of the transaction in question ; and

2) The SEC considers that the technical conditions for the phasing out of transactions on the regulated market through a different deviation system than the one chosen by the regulated market are suitable for securing the financial markets ; effective and successful operation.

Chapter 5

Access to regulated markets

20. Debt traders, other than investment management companies and management companies, with the permission to carry out customer orders or to act on their own account and covered by Section 4 (2). 1, no. 1-3, Denmark's National Bank and other central banks from countries within the European Union or from countries with which the Union has concluded agreements in the financial sphere are entitled to become members of a regulated market if they comply with them ; the market, cf., established rules. § 19. Similarly, securities dealers other than investment management companies and management companies are covered by section 4 (4) ; 1, no. 3 that are authorised in the home Member State to carry out customer orders or to act on their own behalf, but which do not carry out securities trading through a branch or service in this country, cf. sections 30 and 31 of the Act of Financial Company.

Paragraph 2. The securities brokers covered by paragraph 1. 1 and central banks from countries within the European Union or from countries with which the Union has concluded agreements in the financial sphere shall have the right to be a member of a regulated market, unless the physical presence of the EU has been physically present in accordance with the regulation ; market-trading procedures and systems are necessary in order to be able to carry out transactions on the market.

Paragraph 3. An operator of a regulated market may record other natural or legal persons other than those referred to in paragraph 1. 1 as members of the regulated market, if the person

1) are suitable and honorable,

2) has sufficient traders and competency ;

3) where necessary, appropriate administrative procedures, and

4) has sufficient resources to carry out the functions resulting from the membership of the regulated market and to ensure that transactions are conducted appropriately.

Paragraph 4. Notwithstanding paragraph 1 3, an operator of a regulated market must be allowed to record persons belonging to a country outside the European Union which the Union has not concluded in the financial sphere, where these are credit institutions, investment firms or central banks. Where the credit institution or investment company in question is not covered by Article 4 (4), 1, no. Four, requires admission permission from the Financial supervision.

Paragraph 5. An operator of a regulated market shall regularly provide the Financial supervision of the Financial Regulation of any changes to the Member State ' s membership.

Paragraph 6. An operator of a regulated market which is intended to allow natural or legal persons in another country within the European Union or in a country to which the Union has concluded an agreement in the financial sphere, to be remote members of the European Union ; regulated markets or a multilateral trading facility shall give the Financial supervision of the Commission accordingly. The Financial Supervisory Board shall forward this notice to the supervisory authorities of the country in which the remote members are established within 1 month of this notification.

Chapter 6

The inclusion of securities for trade in a regulated market, official listing and public procurement of securities over EUR 5,000,000, etc.

§ 21. An operator of a regulated market must lay down clear and transparent rules for the admission of securities to trade in the regulated market. The rules must ensure that securities entered into trading can be traded in an edible, orderly and efficient manner, and that when it is securities covered by Section 2 (2), they may be traded in an audible, orderly and efficient manner. 1, no. 1, are freely negotiable. In the case of derivatives, the rules must in particular ensure that the derivative contract is designed in a way that ensures proper price formation and effective deviation conditions.

Paragraph 2. An operator of a regulated market shall ensure that the rules laid down in accordance with paragraph 1 shall be ensured by the admission of securities to trade in the regulated market. 1 has been complied with and that an approved and published prospectus has been available, cf. Section 23, paragraph 1. 2, and section 24 (4). 1.

Paragraph 3. An operator of a regulated market may, without the consent of the issuer, record a securities trading on the regulated market if the transferable securities of the issuer are engaged in trade in another regulated market here in the country or in another country ; within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere. The operator of the regulated market must inform the issuer that the issuer ' s securities have been admitted to trade in the regulated market.

Paragraph 4. On the admission of a securities to trade in accordance with paragraph 1. 3 is the responsibility of compliance with this legislation concerning information obligations for issuers and of prospectuses to the admission of securities to trade.

Paragraph 5. An operator of a regulated market may, with the prior approval of the Financial Instruments, record instruments which are not covered by Section 2 (2). 1, to trade in the regulated market.

§ 22. The SEC may, at the request of a issuer of shares, stock certificates or bonds, decide on the official listing of the securities concerned, if this is busy or will be admitted to trading in a regulated market.

Paragraph 2. The SEC shall lay down rules laying down the conditions for the official listing of securities, cf. paragraph 1, and the suspension and deletion of securities from the listing.

-23. A issuer or a person requesting admission of securities to trade in a regulated market must not be allowed to enroll in the securities to trade before an approved prospectus for the securities concerned shall be published, cf. paragraph 2 and section 24 (4). 1. Similarly, a provider must not make public supply of securities to the public until an approved prospectus for the securities in question has been published, cf. paragraph 2 and section 24 (4). 1.

Paragraph 2. The SEC is making a decision on the approval of the test.

Paragraph 3. The prospectus must contain the information that is deemed necessary for investors and their investment advisers to provide a well-reasoned estimate of the issuer ' s assets and liabilities, financial position, results and prospects, as well as more than those of the future ; any guarantor and of the rights associated with the securities offered to the public or to be admitted to trade.

Paragraph 4. The rules laid down in this chapter relating to the obligation to publish a prospectus shall apply without prejudice to paragraph 1. Paragraph 1 shall not apply to :

1) Market sales instruments, cf. Section 2 (2). 1, no. 2, with a term of less than 12 months.

2) Transferable pawn letters, cf. Section 2 (2). 1, no. 11.

3) Parts of collective investment schemes shall be subject to the law on investment associations and so on.

4) Securities issued by non-capital securities

a) a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, or by one of the regional or municipal authorities of the country concerned ;

b) international bodies governed by public law, as one or more countries within the European Union or countries concluded by the Union in the financial sphere, are members of ;

c) the European Central Bank or

d) central banks belonging to countries within the European Union or countries concluded by the Union in the area of the financial area.

5) Stocks in a central bank belonging to a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere.

6) The securities covered by an unconditional and irrevocable guarantee from a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, or by one of the regional or municipal authorities of the country concerned.

7) Securities used to obtain funds for non-profit objectives shall be issued by statsrecognized organisations belonging to a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, and which : do not work with profit in mind.

8) Securities and securities which are not capital shares, which are issued on a continuous or repeated time by credit institutions, provided that these securities are given ;

a) are not descendants, convertible, or omchangeable,

b) does not give the right to draw or acquire other forms of securities and are not associated with a deriving instrument,

c) make it out of receipt of deposits to be repaid, and

d) are subject to a deposit-guarantee scheme.

9) securities included in a public supply of securities, in which the total tender is less than EUR 5 000 000, as this limit shall be calculated over a period of 12 months.

10) Securities and securities which are not shareholdings, which are issued continuously or by a recurrent credit institution, where the entire issue is under EUR 75,000,000, as this limit shall be calculated over a period of 12 months, provided that the securities are given ;

a) are not descendants, convertible, or changeable ; and

b) does not give the right to draw or acquire other forms of securities and are not associated with a deriving instrument.

Paragraph 5. a issuer, an operator or a person requesting admission to the trade in securities referred to in paragraph 1. 4, no. However, 4, 6, 9 and 10 may draw up a prospectus in accordance with the rules laid down in this Chapter and rules issued in accordance with paragraph 1. 7 and 8 and section 24 (4). 2.

Paragraph 6. A prospectus must be drawn up in accordance with the rules laid down by the Financial supervision in accordance with paragraph 1. 7, and must be presented in a manner that allows the content and assessment of the meaning of the given information.

Paragraph 7. The SEC shall lay down rules on the content, format, language, announcement and validity of the tests and the exclusion of information in the listing particulars. In addition, Financial supervision rules for the approval of prospecters in cases where securities are paid to trade in several regulated markets here in the country or regulated markets in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 8. The SEC shall lay down rules on exemption from the obligation to publish a prospectus, including rules concerning the exclusion of specific securities, and rules on the approval of natural persons and small and medium-sized enterprises, qualified investors. In addition, the Financial supervision rules provide for inclusion in a register of natural persons and small and medium-sized enterprises as eligible investors.

§ 23 a. The SEC shall give the issuer, the provider, or the person requesting admission to trade, the issuer of its decision on the approval of the test within 10 working days of receipt of the application for the approval of the listing particulars.

Paragraph 2. The one in paragraph 1. The period from 1 and 5 shall be extended to 20 working days in which public tenders are issued by a non-transferable securities issued by a non-transferable securities issued and which has not previously been offered public securities.

Paragraph 3. If there is a reasonable reason to assume that the documents submitted are incomplete or that additional information is required, the time limits laid down in paragraph 1 shall be found. The first date on which the issuer, the provider or the person requesting admission to trade has provided such information, shall apply only from the date on which the issuer, the provider or the person requesting admission to trade. If the documents are incomplete and the time limit is set for that purpose, the FL shall give the relevant notification within 10 working days of the receipt of the application.

Paragraph 4. The financial supervision may refer the approval of a prospectus to the competent authority of another country within the European Union or a country concluded by the Union in the financial sphere, provided that the competent authority is competent to do so ; country is pledged to this. Such a reference shall be notified to the issuer, the provider or the person requesting admission to trade within three working days after the date of the Financial Decision's decision on the reference.

Paragraph 5. In the case of the Financial Monitoring, an application for approval of a prospectus by a competent authority of another country within the European Union or a country with which the Union has entered into agreement in the financial sphere shall grant the Financial supervision of the Financial Authority to grant financial aid for the financial services of the European Union, the issuer, the provider or the person requesting admission to trade, notification of its decision on the approval of the test within 10 working days of the decision of the competent authority on the referral of the test approval.

§ 24. The public value and admission of securities to trade in a regulated market must not take place until the prospectus has been published in accordance with the rules laid down in accordance with paragraph 1. 2.

Paragraph 2. The SEC shall lay down rules on the tender dossier and on the publication of the Prospector.

§ 25. An operator of a regulated market may suspend or delete a securities from trade in the regulated market if the securities no longer comply with the rules of the regulated market. However, suspension or deletion may not be carried out where there is a likelihood that this would be a significant injury to the interests of investors or the proper functioning of the market.

Paragraph 2. An operator who, in accordance with paragraph 1, shall : The decision on the suspension or deletion of a security shall be published as soon as possible to publish this decision and communicate to the Finance Board the relevant information.

Paragraph 3. If securities are placed on trade in a regulated market, a request for deletion from trade, the operator of the regulated market shall take the request to the operator of the regulated market. However, deletion may not be made if there is a likelihood that this would be of considerable harm to investors ' interests or the proper functioning of the market.

Paragraph 4. A issuer has the right to have a securities discarded from the trade in a regulated market if the securities of the securities are to be entered into trade or are engaged in trade in another regulated market.

SECTION 26. (The case).

§ 26 A. The powers conferred on an operator of a regulated market in section 21 shall be exercised by the Financial supervision when an operator of a regulated market in this country or in another country within the European Union or in a country with which the Union has concluded agreement ; in the financial sphere, or a company operating an alternative marketplace, to ask for the admission of securities to trade in the regulated market. The supervision of the financial supervision shall also exercise the powers granted to an operator of a regulated market in section 25, when securities covered by 1. Act. is included in trade in the regulated market.

Chapter 7

Information Responsibilities

§ 27. Issuer of transferable securities admitted to trading in a regulated market in this country, in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere of securities, or for which it is not : a request for admission to trade in such a market must be published as soon as possible, as soon as possible, internal knowledge, cf. § 34, paragraph. 2, if this knowledge directly concerns the issuer ' s activities. The Isle shall be obliged to publish such knowledge immediately after the event or event has been entered into, even though the relationship or event has not yet been formalised. Clear changes to the public knowledge already published shall be published immediately after these changes have been entered and through the same channel, which was used for the publication of the original information.

Paragraph 2. Internal knowledge as a issuer as referred to in paragraph 1. 1 or a person acting on behalf of his or her behalf, shall pass on to third parties as a normal link in the performance of their employment, occupation or function, cf. Section 36 of the issuer shall be published in its entirety in its entirety, at the same time as the transfer to third parties. If the issuer does not, at the time of the disclosure, be aware that the disclosure has been passed, it must be published immediately after the issuer is informed or should have been informed that the transfer of internal knowledge has been carried out. If the issuer is in a different manner other than as mentioned in 1. and 2. Act. knowledge of or may be deemed to have received knowledge that the internal knowledge is no longer kept confidential, the issuer shall publish this internal knowledge as soon as possible. 1. and 2. Act. does not apply if the third person who receives the internal knowledge is bound by the obligation of professional secrecy under the law, administrative provisions or contracts, or where it is ensured that the receiving third party is ensured ; know that the information is internal knowledge and that, as a result, they are subject to the prohibition on the disclosure of internal knowledge, cf. § 36.

Paragraph 3. Issuer shall be obliged to publish internal knowledge in accordance with paragraph 1. 1 and 2 in relation to the regulated markets in which the issuer has requested or obtained the admission of securities to trade.

Paragraph 4. Issuer shall ensure that the publication of internal knowledge is carried out in such a way that the public can quickly gain access to this knowledge and that the information published is sufficient to enable a complete, correct and appropriate information to be carried out ; timely assessment of internal knowledge. The operator shall not deceptive, in a misleading manner, the publication of in-house knowledge with marketing activities. Issuer shall ensure that publication is made at the same time to all categories of investors in all countries within the European Union or countries concluded by the Union in the area of the financial area in which the issuer has the territory ; Requested a record of securities to be approved or have been approved.

Paragraph 5. The issuer of securities as referred to in paragraph 1. 1 shall without undue delay and for an appropriate period of time after the publication of internal knowledge has been carried out in accordance with paragraph 1. 1 or 2, let all these knowledge figures on their website.

Paragraph 6. A issuer may, on its own responsibility, defer the publication of internal knowledge under paragraph 1. 1 in order not to harm its legitimate interests, provided that this will not be able to mislead the public and the issuer to ensure that this knowledge is treated as confidential. Entitled interests after 1. Act. which may concern in particular :

1) In the course of negotiations or similar conditions in which publication will be able to affect the outcome of these negotiations or the normal course of events. Where the issuer ' s financial viability is in serious and imminent danger, without any application for bankruptcy or reconstruction, the publication of internal knowledge may be subject to a limited period of time and only if a Such publication would seriously damage the interests of the existing and potential shareholders by undermining the end of certain negotiations aimed at securing the profitability of the issuer in the long term.

2) Decisions or contracts that have been taken or concluded by an issuer ' s management, where necessary, with approval from another company body of the issuer, in order that the decision or contract may be effective. 1. Act. use only if the publication of the decision or conclusion of the contract before the approval is before the approval shall lead to the risk of the investors not making a correct assessment of the information published.

Paragraph 7. A issuer of transferable securities covered by Section 2 (2). 1, no. 1 and which are engaged in trade in a regulated market in this country, in another country within the European Union or in a country concluded by the Union in the area of the financial sphere, no later than at least eight days before the meeting of the General Assembly, but not later than 4 ; months after the closure of the financial year, it shall publish the annual report approved by the Management Board. The Committee shall also publish the annual financial year ' s annual report for the first six months of the accounting year. The publication of the semi-annual report shall be carried out as soon as possible after the end of the half-year period, but not later than two months later. The published annual reports and half-yearly reports for issuers originating in this country and from other countries within the European Union or from countries with which the Union has concluded agreements in the financial sphere must be drawn up in accordance with the accounting law of the country in which the originator has its registered office. The SEC shall lay down rules on the basis of which rules annual reports and half-year reports from issuers from other countries must be drawn up. The annual report and the half-year report shall be available to the public for at least five years.

Paragraph 8. Issuer of shares admitted to trading in a regulated market in this country, in another country within the European Union or in a country with which the Union has concluded the financial sphere, shall publish a period of time in the country ; the course of the first and second half years of the financial year. The notification shall be published at the earliest ten weeks after the start of the period in question and no later than six weeks before the end of this period. A issuer who publishes quarterly reports is not required to publish them in 1. Act. mentioned period messages.

Niner. 9. The provisions relating to six-year reports in paragraph 1. 7 shall apply solely to issuers of shares or bonds or other types of transferable debt other than securities which may be equated with shares in companies or securities which, if they are converted or converted ; The rights of the attached rights shall be entitled to acquire shares or securities to be placed on the same footing as shares.

Paragraph 10. Paragraph 7 shall not apply to the shares of collective investment schemes subject to the law on investment associations and so on.

Paragraph 11. Paragk. 7 and 8 shall not apply to the following issuers :

1) Countries within the European Union or countries with which the Union has concluded agreements in the financial sphere, or regional or municipal authorities in these countries.

2) International bodies governed by public law, as one or more countries within the European Union, or countries with which the Union has concluded agreements in the financial sphere, are members of that.

3) The European Central Bank.

4) Central banks belonging to countries within the European Union or countries with which the Union has concluded agreements in the financial sphere.

5) Issuers issuing only debt instruments engaged in trade in a regulated market in this country, in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere of securities, and whose obedient value is per the unit shall be at least EUR 100 000 or if denunciating value per unit ; during the day of issue, the equivalent of at least EUR 100 000 when the debt instruments have been issued in a currency other than the euro. No matter what. Act. find paragraph 1. 7 and 8 of the entire duration of the debt instruments shall not apply to issuers which are issuing only debt instruments whose obedient value is given per the unit shall constitute at least EUR 50 000 or the denunciating value per unit ; the unit of issue at issue day corresponds to at least EUR 50 000 when debt instruments have been issued in a currency other than the euro if they were already engaged in trade in a regulated market here in the country, in another country of the European Union or in a country with which the Union has concluded an agreement in the area of the financial area before 31 December. December 2010.

Nock. 12. Paragk. 7, 2. PC shall not apply to issuers which are 20. In January 2004 only issued and continue to issue debt instruments solely concerned with trade in a regulated market here in that country, in another country within the European Union or in a country with which the Union has concluded its agreement ; the financial area covered by an unconditional and irrevocable guarantee from the issuer ' s home Member State of the European Union or in a country concluded by the Union in the financial sphere, or regional or municipal authorities of this country ; country.

§ 27 a. A issuer of transferable securities covered by Section 2 (2). 1, no. 1, in the publication of information provided for in this Chapter, publication shall ensure that the publication is carried out in such a way as to rapidly become accessible throughout the European Union and countries with which the Union has concluded its agreement ; financial area.

Paragraph 2. Issuer as referred to in paragraph 1. 1 must at the same time as publishing the information to the Financial supervision.

Paragraph 3. Issuer as referred to in paragraph 1. 1 shall submit information published in accordance with paragraph 1. 1, for the Financial Control, which stores the information. The SEC may designate other authorities or legal persons in and outside the country to carry out the task.

Paragraph 4. Paragraph 1-3 shall not apply to the shares of collective investment schemes subject to the law on investment associations and so on.

Paragraph 5. Paragraph 1-3 shall not apply to the holdings of shares held in companies engaged in trade in an alternative marketplace, as a issuer is obliged to publish in accordance with paragraph 29 (3). ONE, THREE. Act.

§ 27 b. (The case).

§ 28. A company that shares shares in the territory of a regulated market in this country, in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial field, which acquires or disposable of its own shares, must publish as soon as possible the share of own shares, if the percentage reaches, exceeds or falls below 5%. or 10%. of the voting rights.

Paragraph 2. A company as referred to in paragraph 1. 1 which has Denmark as a country of origin must also publish the share of own shares, if the percentage reaches, exceeds or falls below the limits of 15, 20, 25, 50 or 90%. and limits 1/3 or 2/3 of the voting rights.

Paragraph 3. Denmark shall be regarded as homeland when the company

1) has its registered office in Denmark or

2) are registered in a country outside the European Union which the Union has not concluded in the financial sphere and Denmark is the place where the undertaking,

a) outbid its stock to the public for the first time after 31. December 2003 or

b) submitted the first application for admission to trade in a regulated market ;

§ 28 a. Leading employees of companies that have Denmark as a country of origin, cf. § 28, paragraph 1. 3, and where the company originated in a regulated market in this country, in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere or for which there is, submitted a request for admission to a market in such a market, the Financial Authority shall report to the Financial Authority a communication on transactions which they carry out on their own account and which relate to the company ' s shares or other securities linked to such products ; stock. The notification shall be transmitted electronically to the Financial supervision within two working days of the transaction. The SEC shall publish the notification immediately after receipt.

Paragraph 2. For the purposes of leading employees

1) members of the Governing Board of the issuing company, board or supervisory board or a supervisory body associated with the company ; or

2) other senior staff of the issuing company which has regular access to internal knowledge directly or indirectly concerning the issuer, provided that the person concerned has the competence to make management decisions of the general public ; implications for the future business development of the issuer.

Paragraph 3. The person concerned to a leading employee in a issuing company must notify the operator concerned of transactions which they carry out on their own account and which concern shares issued by the company or other party concerned ; securities linked to such shares. This message must be given to the executive officer no later than 2 weekdays after the transaction. The executive officer shall report electronically a message with the information received to the Financial Regulation no later than two working days after receipt of the notice. The SEC shall immediately publish the communication.

Paragraph 4. The following shall mean the following natural and legal persons with a relation to the person referred to in paragraph 1. 2 mentioned persons :

1) Spouse or coexist.

2) Minor-year children, where it is in paragraph 1. 2 mentioned person is the sole proprietor of the custody.

3) Other relatives during a period of at least one year from the date of application of the operation of the transaction it has been added to the one in paragraph 1. 2 the household household.

4) Legal persons, if

a) a natural person covered by paragraph 1. 2 or of no. 1-3 has the management responsibility of the legal person ;

b) physical persons covered by paragraph 1. 2 or of no. 1-3 alone or combined shall exercise an influence as referred to in section 31 (1). 2 and 3, above the legal person,

c) the legal person shall be established with a view to the interests of the economic interests of a natural person covered by paragraph 1. 2 or of no. 1-3 or

d) the legal person, by the way, has economic interests, which are significantly coincide with the economic interests of a natural person covered by paragraph 1. 2 or of no. 1-3.

Paragraph 5. The duty of a senior staff to report notification in accordance with paragraph 1. ONE, ONE. pkt., and to notify the notification of information received in accordance with paragraph 1. 3, 3. rectangle, enter first if the liquids of the transactions carried out during a calendar year have been carried out by the leading employee and of the immediate persons of the senior officer concerned together shall constitute a sum of EUR 5 000 or more. If the amount of the threshold of EUR 5 is exceeded, the transaction shall be notified of the transaction at which the limit is exceeded and all subsequent transactions in the calendar year concerned.

Paragraph 6. Attention, compound. 1 and 3 shall contain information on :

1) the name of the natural or legal person who, in accordance with paragraph 1, shall : 1 or 3 has a duty to notify the Commission ;

2) the reason why the person in question is obliged to notify the Commission ;

3) the name of the issuer of the transferable securities concerned,

4) the code code and the name of the securities concerned ;

5) the nature of the transaction (purchase, sale, or other transaction),

6) the date of trade and the operation of which the transaction has been carried out ; and

7) the number of securities concerned and the value of the courier.

Paragraph 7. The Financial supervision may lay down detailed rules for notification, reporting and publication of information covered by paragraph 1. 1-6.

§ 28 b. Any natural or legal person who, in the course of his profession or as part of its business to the public or in the distribution ducts, shall draw up or disseminating recommendations relating to transferable securities as referred to in section 27 (5). 1, or concerning a issuer of such securities, shall ensure that the presentation and dissemination of recommendations is provided in an edible manner, and that any interests or conflicts of interest in relation to the securities or the interests of interest are reported, Issuer to which the recommendation relates.

Paragraph 2. The SEC shall lay down detailed rules on representation and information on interests and conflicts of interest in the preparation and dissemination of the securities and issuers of securities.

§ 28 c. (The case).

§ 29. Anyone holding shares in companies in which these shares are available for trade in a regulated market in this country or in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or is engaged in trade in an alternative marketplace, shall in the products referred to in paragraph 1. 2 mentioned cases as soon as possible notify the company of holdings of shares in this respect. At the same time, the communication to the company must submit the details of the holdings to the Financial supervision. Upon receipt of the notification, the company shall publish as soon as possible the contents of the communication

Paragraph 2. Notice of stock possession pursuant to paragraph 1. 1 shall be granted when :

1) the rights of the shares shall be at least 5%. of the voting rights of the shareholders or their detecting value shall constitute a minimum of 5%. of the share capital ; or

2) the change in a given possession of ownership shall be that the limits of 5, 10, 15, 20, 25, 50 or 90% are changed. and the limits of 1/3 or 2/3 of the shareholders ' s voting rights or any acclaimed value shall be achieved or have no longer been achieved or the amendment shall make the limits set out in paragraph 1. One no longer has been achieved.

Paragraph 3. The financial supervision may decide that the obligation to grant notification in accordance with paragraph 1 shall be that of the Commission. Paragraph 1 shall include other securities giving the right to acquire shares.

Paragraph 4. The SEC shall draw up a detailed rules on possession, notification of shares pursuant to paragraph 1. 1 and 2 and the obligation to grant the granting of rights to the exercise of voting rights in other cases. The Financial supervision may also lay down rules which derogate from the obligation laid down in paragraph 1. 1.

§ 29 a. (The case).

-$30. The SEC shall lay down rules concerning the issuer ' s information obligations, including in the language, content, method of publication, registration and storage of the information and on the content of periodecode messages. The rules may derogate from the requirements of the law to the obligations of the issuers in section 27 (3) 7 and 8, and section 27 a, paragraph, 1-3. The Financial supervision also provides for rules concerning the equal treatment of and communication with shareholders and holders of debt securities or other forms of transferable debt instruments.

Chapter 8

Take-over bids

§ 31. Inherit a share item in a company that has one or more shareholdings engaged in trade in a regulated market or an alternative marketplace, directly or indirectly to a transferor or to persons acting in an understanding with this, must : the transferee gives all shareholders ' shareholders the opportunity to dispose of their shares on identical conditions, if the transfer implies that the transferee achieves a dominant influence over the company, cf. paragraph Two and three.

Paragraph 2. Determining influence shall be available when the transferee or indirect holder has more than half of the voting rights in a company, unless in specific cases it is clearly shown that such an ownership does not determine the influence of such an individual.

Paragraph 3. In addition, the determination of a vested influence shall be obtained when a person who does not own more than half of the voting rights in a company has :

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

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

3) the power to designate or dismiss the majority of the members of the executive body, and this body has the bogey influence over the company, or

4) possession of more than one third of the voting rights of the company and the actual majority of the votes of the General Assembly or a similar body, thereby having the actual determinant influence over the company.

Paragraph 4. The existence and the impact of potential voting rights, including design and purchase options on shares which are currently available for use or converted, must be taken into consideration when assessing whether a transferor has a determining influence.

Paragraph 5. In the calculation of voting rights in a company, voting rights shall be considered to be the shareholder of the shares held by the company itself or its subsidiary undertakings. However, a company ' s acquisition of its own shares shall, however, trigger the obligation of tenders under paragraph 1, where the acquisition is an expression of circumvention of the limits referred to in paragraph 1. Two and three.

Paragraph 6. The obligation to be referred to in paragraph 1 Paragraph 1 shall not apply where the paragraph is referred to in paragraph 1. The transfer is the result of a voluntary offer to all shareholders to hand over all their shares and that voluntary tender meets the conditions set out in section 32 (3). 1.

Paragraph 7. The provisions of section 71 of the company law shall apply by analogy to the transfer of voting rights in a company which has one or more shareholders engaged in trade in an alternative marketplace.

Paragraph 8. The financial supervision may be exempt from the obligation set out in paragraph 1. 1 if special conditions apply.

§ 32. In the case of acceptance of shares after paragraph 31, the transferee shall prepare and publish a tender document containing information about the financial and other conditions of the financial and other conditions, including the date of acceptance of the offer and other information which may be considered in the interests of the shareholders, in order to provide a well-founded estimate of the offer.

Paragraph 2. Where, without the obligation to be offered after Article 31, in public with a view to acquiring a controlling interest, an offer to take over shares in a company that has one or more shareholdings has been admitted to trade in one ; regulated market or alternative marketplace, a tenderer must also be drawn up in accordance with paragraph 1. 1.

Paragraph 3. Decisions on the submission of tenders shall be published forthwith.

Paragraph 4. The SEC shall lay down provisions for the obligation to be offered in accordance with paragraph 31 (1). 1, voluntary takeover bids, notification of a decision on the submission of tenders, the content of the tenderer, including concerning the tenderer ' s obligation to inform them of the intended payment of the measurements of the target company after the implementation of a take-over bids, prohibitions on the signing of bonuses or similar benefits, the tender rate and the approval and publication of the Financial Regulations, and so on, shall also lay down the Financial supervision provisions for an obligation on the company ' s management board to account ; for the content of the tender.

§ 32 a. The financial supervision may refer the treatment of a takeover bids relating to shares in a company that has one or more shareholdings engaged in trade in a regulated market, to the competent authority of another country within the European Union ; or to countries with which the Union has concluded agreements in the financial sphere.

Paragraph 2. The SEC shall lay down provisions relating to the legislation applicable and of the authority responsible for it.

Chapter 9

Securities and publication of transactions and the publication of prices and transactions

§ 33. This chapter applies to the securities traders other than those of

1) investment management companies covered by Article 4 (4). 1, no. 2,

2) management companies covered by section 4 (4). 1, no. 3, and

3) other securities traffickers covered by Section 4 (4). 1, no. 3, which only operate service operations here in the country covered by Section 31 of the Act of Financial Services.

Paragraph 2. A securities dealer carrying out transactions relating to securities trading in a regulated market here in the country, a regulated market in a country within the European Union or in a country with which the Union has concluded agreement ; in financial terms or in an alternative marketplace, as soon as possible and at the latest by the closing date of the undertaking concerned, the date on which the transaction is carried out reporting information on the transaction. The information may be reported by the securities dealer himself, a third party, on behalf of the securities handlers or a matching or reporting system approved by the SEC or the regulated market or multilateral trade facility ; through if the transaction is completed.

Paragraph 3. The SEC may provide that the obligation to notify the obligation to the person concerned is also the responsibility of others. In particular, the SEC may provide that the obligation to notify the reporting obligation must include other securities that are not available for trade in a regulated market or an alternative marketplace.

Paragraph 4. A securities trader shall keep all relevant information relating to all transactions with financial instruments which the securities trader has carried out on its own or on behalf of customers for at least five years after the transaction has been completed.

Paragraph 5. The SEC may lay down detailed rules on the obligation to notify, including the extent and content of the notification, and to which a report is to be reported.

§ 33 a. Securities traders systematically internalising, meaning that the securities dealer at an organised, frequent and systematic basis acts for their own account by performing customer orders outside of a regulated market or a multilateral basis ; trading facility, in shares admitted to trading in a regulated market in this country or in a regulated market within the territory of a country within the European Union or in a country concluded by the Union in the area of the financial sphere, public ; binding prices on shares of the shares which are systematically internalized.

Paragraph 2. Paragraph 1 shall apply only if there is a liqui-market for the stock concerned. If there is no liquidified market for that stock, then securities traders who are systematically internalising, cf. paragraph 1, at the request of the request, make binding prices to their customers.

Paragraph 3. Paraguator 1 and 2 shall apply only to up to the normal market size.

Paragraph 4. The SEC may lay down detailed rules on the obligation of securities handlers to publish binding prices, including the content, publication, the possibility of withdrawal of prices, duty to carry out orders at the prices laid down, to carry out the award ; orders from professional customers, access to value traders ' prices, and about the ability of securities traffickers to limit the number of transactions.

§ 33 b. A securities trader which, for its own or a customer's expense, carries out a transaction of shares admitted to trading in a regulated market here in the country or in a country within the European Union or in a country with which the Union has concluded agreement ; in the financial sphere, and this transaction is carried out outside of a regulated market or a multilateral trading facility in this country or in another country within the European Union or in a country with which the Union has concluded agreement ; the financial area shall publish information on the price, quantity and time of the transaction ; implementation. This information must be made available to the public on reasonable business terms, as close to real time as possible, and in a way that is easily accessible to other market participants.

Paragraph 2. A securities dealer may defer publication in accordance with paragraph 1. 1 in the light of the amount and type of the transaction.

Paragraph 3. The SEC shall lay down detailed rules on the obligation of securities handlers to publish information on the price, quantity and date of transactions carried out with securities other than shares.

Paragraph 4. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1 and postponement of publication in accordance with paragraph 1. 2.

Chapter 10

Abuse of internal knowledge, exchange manipulation and measures to counteract market abuse

§ 34. The rules laid down in this Chapter include misuse of internal knowledge and exchange manipulation, as well as measures to counteract market abuse,

1) transferable securities admitted to trading in a regulated market in this country, in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere or in a similar foreign markets ; securities and transferable securities for which a request for admission to listing or trade in such markets has been submitted ; and

2) securities which are not covered by no one themselves. 1, but linked to one or more securities as referred to in paragraph 1, 1, as well as shares covered by Section 2 (2). 1, no. 3.

Paragraph 2. In the case of internal knowledge, specific information which is not published on issuers of securities, securities or market conditions relating to those, which may be considered significant for the training on one or more of the securities, should be considered to be significant, if applicable ; the information was published. An information shall be deemed to have been published when a general and appropriate communication of this kind has been made available to the market.

Paragraph 3. in paragraph 1. 2 means the following definitions :

1) Specific information : information that

a) relates to conditions that are available or reasonably expected to be available or an event which has been entered or may reasonably be expected to enter, and

b) are sufficiently precise to draw a conclusion as to the likely impact of the events or the content of the course on the training of the securities concerned.

2) Information, which must be considered significant for the training of one or more securities, information which a sensible investor must be considered to be used as part of the basis of its investment decisions.

Paragraph 4. In the case of securities traders and the employees of these companies, internal knowledge also includes information supplied by a customer and concerns its work yet to be carried out, provided that the information meets the requirements of paragraph 1. Two and three.

Paragraph 5. In the case of trade in raw materials, internal knowledge information that has not been published but directly or indirectly relates to one or more of such instruments, and as users of markets where such instruments are traded, expect to be traded ; to receive in accordance with accepted market practice for these markets. The users of commodity instruments markets expect to receive information that

1) is normally made available to users of the relevant market ; or

2) shall be published in accordance with the law, notice, a set of rules for the trade in raw materials market, a contract or a common practice on the market in the market of raw material or the underlying market ; trade in raw materials.

$35. Buy, sell, and encourage the purchase or sale of a security of a security shall not be made by anyone who has internal knowledge that may be of significance to trade.

Paragraph 2. The provision in paragraph 1 shall be 1 shall not apply to :

1) the purchase of securities, which are carried out as a necessary part of the implementation of a public purchasing offer to control a company that has one or more shareholdings engaged in trade in a regulated market here in the country, in another ; a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere or of equivalent foreign markets, provided that the internal knowledge is acquired in the context of a study of : the company that has been made for the purpose of the sale of the buying-in supply ; and

2) the purchase and sale of transferable securities carried out in order to fulfil an obligation, provided that this obligation is overdue at the time of completion of the trade and that the obligation is based on an agreement concluded before the person in question came into operation ; in possession of internal knowledge.

Paragraph 3. By way of derogation from paragraph 1 1 can carry out securities traffickers and the employees of these companies loyally carry out a customer's order. In addition, such persons may make trade, where trade is carried out as a normal link in the functioning of the securities handlers as a market-maker in the security of securities.

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not apply to operations carried out by a sovereign state, such a State of Central Bank, the European System of Central Banks, or the one acting on behalf of them, when the transactions are carried out in the context of their monetary policy ; monetary policy or debt management policy.

Paragraph 5. The provision in paragraph 1 shall be Paragraph 1 shall not apply to trade in repurse programmes or securities to be used for the purpose of stabilising the stock exchange rate, provided that such transactions are carried out in accordance with Commission Regulation (EC) No 14720/20. 2273/2003 of 22. In December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council, with regard to withdrawal programmes and stabilising financial instruments.

§ 36. The person who is in possession of internal knowledge shall not disclose this knowledge to others unless the transfer is a normal part of the performance of their employment, occupation or function.

§ 37. A issuer who has Denmark as a country of origin, cf. § 28, paragraph 1. The third paragraph of Article 34 (3), which has been mentioned in section 34 (2), 1, no. 1 and his parent company shall establish internal rules governing the access of board members, supervisory members, directors and other personnel to act with the securities issued by the issuer in accordance with the issue of securities issued in accordance with the following information. the first indent, and associated financial instruments. Similar rules shall be drawn up by public authorities and undertakings, including securities retailers, lawyers and accountants, which, by virtue of their enterprise, are regularly held in the possession of internal knowledge. Are they in 1? and 2. Act. As companies mentioned, organised as a stakeholder, in command or similar, the internal rules must also include the owners.

Paragraph 2. A issuer who has Denmark as a country of origin, cf. § 28, paragraph 1. The third paragraph of Article 34 (3), which has securities as referred to in Article 34 (2) 1, no. 1, in order to prevent internal knowledge from being accessible to anyone other than those who need it, establish internal rules. Similar rules shall be drawn up by public authorities and undertakings, including securities retailers, lawyers and accountants, which, by virtue of their enterprise, are regularly held in the possession of internal knowledge.

Paragraph 3. Internal rules drawn up by a issuer in accordance with paragraph 1. TWO, ONE. pkt;, as a minimum, must include provisions through which it is effectively ensured that :

1) persons other than those who are to have access thereto in the exercise of their functions with the issuer shall not be given access to internal knowledge ;

2) persons who have access to in-house knowledge are aware of the legal and supervisory obligations arising from it and are aware of the penalties imposed on them by misuse or undue disclosure of such knowledge ; and

3) the publication of internal knowledge takes place immediately, provided that the issuer finds that the disclosure has been passed on, cf. however, section 27 (2). TWO, FOUR. Act.

Paragraph 4. A issuer of securities as referred to in Article 34 (1). 1, no. 1, shall draw up and continuously update a list of persons working for them and who have access to internal knowledge. Similar inventories shall be drawn up by natural and legal persons acting on behalf of a issuer, as mentioned in 1. Act. or at the expense of such issuers. The lists of persons involved shall be informed immediately. 1.-3. Act. shall not apply to a sovereign state, such a State central bank, the European System of Central Banks, or the one acting on behalf of them, when issuing securities as a part of his monetary policy, monetary policy or debt management policies.

Paragraph 5. Internal rules issued in accordance with paragraph 1. Paraguations 1 and 2 and the inventories shall be drawn up. 4 shall be delivered on demand for the regulated market and the Financial supervision.

Paragraph 6. The securities traffickers and the employees of these companies who carry out transactions with securities as referred to in Article 34 (2). 1, without undue delay, shall inform the Financial supervision, where it can reasonably be assumed that a completed transaction constitutes a breach of Article 35 (3). Paragraph 1, or Section 39 (2). However, this only applies if the transaction is carried out as part of a loyal execution of a customer's order, cf. § 35, paragraph. Three, and paragraph 39, paragraph. 2. Notify as mentioned in 1. PC as a securities dealer or his or his or his or her employees are reasonably justified as a breach of confidentiality rules, whether these rules are subject to law, order or contract.

Paragraph 7. The securities traffickers and the employees of these companies who have made a notification to the Financial Supervising Authority in accordance with paragraph 1. 6, is obliged to keep secret of such notification. The fulfilment of the duty to secrecy, as mentioned in 1. Act. does not impose any kind of responsibility on the relevant securities trades or its employees.

Paragraph 8. If a securities trading in securities trading, whoever buys or sell the securities must be identified by the transferable securities dealer. The identification shall include the name, address and cpr, or cvr number or other similar identification if the person concerned does not have a cpr or cvr number. Where trade is made on behalf of third parties, this must also be reported.

Niner. 9. The securities dealer shall record the items referred to in paragraph 1. 8 mentioned information and retain the information for 5 years.

Paragraph 10. The SEC shall lay down detailed rules for the establishment and updating of the list of inventories in accordance with paragraph 1. 4, as well as on the content and scope of the maintenance obligation provided for in paragraph 1. SIX, ONE. Act.

§ 38. For the purposes of training, no. 1-4, which is appropriate to influence the exchange rate on securities covered by Section 34 (1). 1, in a direction that differs from the value of the market in the market,

1) the dissemination of information through the media or by other methods suitable for giving false or misleading signals about the supply of, demand for, or the exchange rate of securities,

2) transactions or commercial orders which are suitable for giving false or misleading signals about the supply of, demand for, or the exchange rate on securities,

3) transactions or trade orders by means of a fictional or other form of deception or any other form of deception, or

4) transactions or trade orders by which a person or more person together ensures that the exchange rate on one or more of the securities is at an abnormal or artificial level.

Paragraph 2. Cursmanipulation by paragraph 1 can, for example, pass

1) the dispatch of a form of expression through the media of a securities paper or a system of securities after having obtained the quantities of the securities concerned in advance, provided that the manner in which they have been expressed in the future are subsequently drawn up. attitudes affect the exchange rate on the transferable securities, provided that the conflict of interest not later than the sending of the expression is indicated to the general public in a correct and effective manner ;

2) the purchase or sale of securities at the closing time of the market, with the effect that persons acting on the basis of the endurses are misled, or

3) behavior whereby a person or more persons together obtain a dominant position over the supply of or demand for a security of securities with the effect of the purchase and sale price of the transferable securities directly or indirectly on an abnormally normal, or artificial level, or that other unfair terms and conditions for the transaction are used.

Paragraph 3. For the purposes of the provision in paragraph 1, 1, no. 1 in relation to editors and editorial staff who, as part of their professional activity, disseminate information, shall take into account the rules applicable to the professions of such persons. 1. Act. shall not apply if the person concerned directly or indirectly benefits or indirectly benefits or benefits from the spread of the information.

Paragraph 4. The provisions of paragraph 1. 1, no. 2 and 4 shall not apply where the transaction or a trade order has been granted by the transaction, proof that the transaction or commercial order was in accordance with accepted market practice and the justification for such a manner ; transaction or place such an order was legitimate. The SEC is taking decisions on the acceptance of market practice.

Paragraph 5. The SEC shall lay down detailed rules on transactions, commercial orders and the dissemination of information which may be considered to be treated as a cure for training in accordance with the provisions of paragraph 1. 1, no. 1-4. The SEC shall also lay down detailed rules for, under which circumstances, a transaction or trade order can be considered as complying with accepted market practice in accordance with the provision of paragraph 1. 4.

§ 39. The manipulation or attempt to do so shall not take place.

Paragraph 2. By way of derogation from paragraph 1 1 can carry out securities traffickers and the employees of these companies loyally carry out a customer's order.

Paragraph 3. The provision in paragraph 1 shall be Paragraph 1 shall not apply to operations carried out by a sovereign state, such a State of Central Bank, the European System of Central Banks, or the one acting on behalf of them, when the transactions are carried out in the context of their monetary policy ; monetary policy or debt management policy.

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not apply to trade in repurse programmes or securities to be used for the purpose of stabilising the stock exchange rate, provided that such transactions are carried out in accordance with Commission Regulation (EC) No 14720/20. 2273/2003 of 22. In December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council, with regard to withdrawal programmes and stabilising financial instruments.

§ 39 a. § 34, paragraph. 2-5, section 35, paragraph. 1-4, section 36, section 37, paragraph. 6-10, section 38, section 39, paragraph. 1 3, applicable to trade in transferable securities trading in an alternative marketplace. In addition to this, the Commission Regulation (EC) No, 2273/2003 of 22. December 2003 implementing Directive 2003 /6/EC of the European Parliament and of the Council with regard to the withdrawal programmes and the stabilization of financial instruments, cf. § 35, paragraph. 5, and section 39 (3). 4, similar application to trade in securities admitted to trade in an alternative marketplace.

§ 39 b. (The case).

Chapter 11

(Aphat)

Chapter 11 a

(Aphat)

Chapter 11 b

Operation of a multilateral trade facility

§ 40. A multilateral trading facility means a trading system, with the exception of regulated markets which, within the system and after being invariable, the interest of various third parties in the purchase and sale of financial instruments shall be subject to the scope of the various third parties ; of § 2, nr. One-10, in the context of each other in such a way as to conclude an agreement on the transfer of contracts.

Paragraph 2. A company that operates a multilateral trading facility must :

1) have rules that ensure a fair and correct trade and provide objective criteria for the effective execution of orders,

2) have rules laying down criteria for determining which transferable securities can be traded through the system of trade facilities ;

3) ensure users have access to sufficient publicly available information to make an investment assessment ;

4) have rules laying down objective criteria which meet the requirements of section 42 a, for access to the trading facility ;

5) inform users of the trading facility of their respective responsibilities for the execution of transactions carried out in the trading facility systems and ensure the effective operation of these transactions ;

6) ensure that users of the trading facility comply with the rules of the trade facility ; and

7) record the transactions carried out by the trade facility users during the use of the trade facility systems in order to detect infringements of the rules of trade, in contravention of the rules applicable ; the trade facility or behaviour likely to result in violation of Chapter 10.

§ 41. A company that operates a multilateral trading facility must publish the current prices and market depth at these prices on shares traded in the trading facility systems, if the shares are at the same time engaged in trade in a regulated market. This information must be made available to the general public on reasonable business terms within the normal hours of the trade facility, as appropriate.

Paragraph 2. The financial supervision may exempt a company that operates a multilateral trade facility for the obligation set out in paragraph 1. 1 in the light of the market model, worytype or order size.

Paragraph 3. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1 and the exemption provided for in paragraph 1. 2.

§ 42. A company that operates a multilateral trading facility shall publish the price, quantity and date of transactions carried out in the trading facility ' s systems, with shares whose shares are at the same time engaged in trade in a regulated market. This information must be made available to the public on fair business terms and as close to real time as possible, unless the information about the transactions is made public via a regulated market system.

Paragraph 2. A company operating a multilateral trading facility may provide for the postponement of publication on the basis of the size or type of the transaction. The rules are to be approved by the SEC. The company that operates the multilateral trading facility must publish the approved rules.

Paragraph 3. The SEC shall lay down detailed rules on the obligation to publish the price, quantity and date of transactions carried out through the system of a multilateral trading facility with securities other than shares.

Paragraph 4. The financial supervision may lay down detailed rules on the obligation to publish in accordance with paragraph 1. 1 and the possibility of postponement of publication in accordance with paragraph 1. 2, including the conditions for this.

§ 42 a. A company operating a multilateral trading facility may only allow access to the trade facility to the following natural or legal persons :

1) Value traders, cf. § 4.

2) Value traders referred to in section 4 (4). 1, no. 3 and 4 which do not carry out business through a branch or provide services in this country, cf. sections 30 and 31 of the Act of Financial Company.

3) Other natural or legal persons, if the person

a) are suitable and honorable,

b) has sufficient traders and competency ;

c) where necessary, appropriate administrative procedures and

d) has sufficient resources to carry out the functions resulting from participation in the trade in the multilateral trading facility and which shall ensure the appropriate conduct of operations.

§ 42 b. A company that operates a multilateral trading facility must not, without the approval of the Financial Aid, enter into agreement with clearing centres or other companies that are operating or dislike transactions with money or securities.

Paragraph 2. If the agreement, as referred to in paragraph 1 1 is intended to be concluded with a party belonging to another country within the European Union or in a country with which the Union has concluded its financial area, the Financial Authority may not approve such an agreement if it can : be shown that the agreement will prevent the appropriate operation of the multilateral trading facility or if the Financial supervision considers that clearing and settlement in accordance with the Agreement cannot be carried out in a technically sound manner.

Special rules for the operation of alternative marketplace

§ 42 c. Companies operating an alternative marketplace may only record securities for trade in the alternative marketplace, if

1) the issuer of the securities has requested and,

2) the securities are not included in trade in a regulated market here in the country or equivalent markets in other countries.

Paragraph 2. For securities retraders from outside the European Union, which the Union has not signed up to in the financial area covered by § 42 a, no. 2, as well as other natural or legal persons from such countries, other than central banks, access to an alternative marketplace subject to the prior approval of the Financial Supply shall be subject to the prior approval of the Financial System.

Paragraph 3. A company operating an alternative marketplace shall lay down rules concerning the obligations of the issuer.

§ 42 d. Companies which operate an alternative marketplace have the sole rights to use the term alternative marketplace in their name. Other natural or legal persons shall not be allowed to use names or designations of their activities suitable to induce the impression that they are operating an alternative marketplace.

Paragraph 2. Companies which have the authority of the financial system to operate an alternative marketplace shall use a label for the alternative market place which shows that there is an alternative market place. Companies which operate alternative marketplace places are not covered by the obligation in 1. pkton, if the alternative marketplace is clearly established which rules are linked to securities admitted to trade in the alternative market place.

§ 42 e. A company operating an alternative marketplace may suspend or delete a securities from trade in the alternative marketplace. However, suspension and deletion may not be made if there is a likelihood that this would be of considerable harm to investors ' interests or the proper functioning of the market.

Paragraph 2. If transferable securities are admitted to trading in an alternative marketplace, request for deletion from trade, the company operating the alternative marketplace shall take the request to follow. However, deletion may not be made if there is a likelihood that this would be of considerable harm to investors ' interests or the proper functioning of the market.

Paragraph 3. A issuer has the right to have a securities discarded from the trade in an alternative marketplace where the value paper is hereby entered into trade or is engaged in trade in another alternative marketplace.

Paragraph 4. The trade in a security of securities must end no later than at the same time as the securities are entered into trading on a regulated market.

§ 42. The powers conferred on Article 42 c to an alternative market place shall be exercised by the Financial supervision by an operator of a regulated market here in the country or in another country within the European Union or in a country with which the Union is to : the contract concluded in the financial area or a company operating an alternative marketplace, requesting the admission of securities to trade in the alternative marketplace. The SEC shall also exercise the powers conferred on Section 42 to a company operating an alternative marketplace where the securities are covered by 1. Act. is engaged in trade in alternative marketplace.

Chapter 12

Prospects for public contracts of securities between 1 000 000 and EUR 5 000 000

§ 43. This chapter shall apply to the supply to the public by securities when the tender is between 1 000 000 and EUR 5 000 000.

Paragraph 2. This chapter shall apply to transferable securities as referred to in Article 2 (2). 1, no. 1, with the exception of debt securities, with a duration less than 1 year.

Paragraph 3. The SEC may lay down rules that the provision of specific securities may be exemptared from that law.

§ 44. A provider may not make supply of securities to the public until a certified prospectus is published for these securities, cf. paragraph 2 and section 46 (4). 1.

Paragraph 2. The SEC is making a decision on the approval of the test.

Paragraph 3. The prospectus must contain the information that is deemed necessary for investors and their investment advisers to provide a well-reasoned estimate of the issuer ' s assets and liabilities, financial position, results and prospects, as well as more than those of the future ; any guarantor and of the rights associated with the transferable securities offered to the public.

Paragraph 4. A prospectus satisfying the requirements laid down in section 23 to 24 and in rules issued in accordance with section 23 (4). 7 and 8, and section 24 (4). In paragraph 2, replace a prospectus as referred to in paragraph 1. 1.

Paragraph 5. A prospectus satisfying the requirements for prospectuses following the provisions of Directive 2003 /71 /EC, as amended by Directive 2010 /73/EU, approved by the competent authority of a country within the European Union or a country the Union has a contract concluded in the financial sphere shall be treated as a prospectus, as referred to in paragraph 1. 1. The prospectus must before publication be submitted to the Financial supervision, which shall ensure that the conditions of 1. Act. are met.

Paragraph 6. The SEC shall lay down rules concerning the content, language, submission, validity and announcement of the Prospectus.

§ 45. Prospects as referred to in section 44 must be submitted to the SEC.

Paragraph 2. The SEC shall ensure that the prospectuses referred to in Section 44 meet the requirements laid down in this Chapter and in accordance with the provisions laid down in this Chapter.

Paragraph 3. The inclusion of prospectuses as referred to in section 44 shall be recorded and published by the Danish Business Authority.

Paragraph 4. The SEC shall lay down rules for payment of charges for the treatment of prospectuses.

Paragraph 5. The Management Board shall lay down rules on the publication of issues of prospectuses covered by this chapter and on the payment of fees for the publication.

§ 46. Prohibition to the public must not take place until the prospectus has been published in accordance with the rules laid down in Article 45 (3). 5.

Paragraph 2. The SEC may lay down rules on the detailed content of the tender dossier.

Chapter 13

(Aphat)

§ 47. (The case).

Chapter 14

(Aphat)

§ 48. (The case).

§ 49. (The case).

TITLE III

Clearing, dismantling and financial security etc.

Chapter 15

Clearance

$50. Clearing means the specification of obligations and rights in an agreed exchange of services, whether this is done in the context of netting, cf. paragraph 3, or for each transaction for itself.

Paragraph 2. Development shall mean the exchange of benefits for the fulfilment of the obligations of the Parties.

Paragraph 3. For netting as specified in Section 57, conversion to a net claim or a net obligation of claims and obligations arising from transfer orders, which one or more participants originates, or receives from one or more other participants, shall be taken as a net liability ; with the result that a net claim or a net commitment can be made only.

Paragraph 4. Interoperable systems are understood to be two or more systems that have concluded a mutual agreement that transactions are cleared, cleared and run, or run across the systems. Where this is relevant, includes 1. Act. also the system operator, cf. paragraph 5, of an interoperable system.

Paragraph 5. The system operator shall mean the unit or entities with the legal responsibility for the operation of a system, including an interoperable system.

Paragraph 6. In the case of securities clearing activities, a regular company which consists of the clearing, settlement or clearing and settlement of transactions with securities, including taking part in the transactions, shall mean that the clearing, settlement or clearing and settlement of transactions with securities is carried out. or in any other way ensure the implementation of the transactions. In case of securities clearing business, the Financial supervision determines whether there is a security clearance.

Paragraph 7. A clearing participant shall mean a party that has entered into an agreement with a clearing centre to participate periodically in clearing, settlement or clearing and settlement.

Paragraph 8. An indirect participant shall mean an indirect participant as defined in Directive 2009 /44/EC of the European Parliament and of the Council.

§ 51. Securities clearing operations must be operated solely by clearing centres and the Danish National Bank.

§ 52. The Management Board for a clearing centre is responsible for the proper and reassuring manner in which the business is conducted in a meaningful and reassuring manner. It is the responsibility of each clearing centre to lay down rules for clearing and settlement and to ensure equal treatment for all concerned. Conditions for the payment settlement of the clearing-party in Denmark's National Bank shall not be subject to 2. Act.

Paragraph 2. A clearing centre may lay down detailed rules on the securities which can be cleared, run, or be cleared and run in the Centre.

§ 53. A clearing centre can conduct cash accounts for clearingparticipants and arrange borrowing and borrowing of money and securities in connection with clearing, settlement, or clearing and settlement of securities transactions. Detailed rules for this subject shall be laid down in a connection agreement, cf. § 54.

Paragraph 2. A clearing centre can run another company that is ancillary to the company as clearing central, including operation of a regulated market or as security central. If a clearing centre operates a regulated market as an ancillary company, the clearing centre may also operate a multilateral trade facility. The financial supervision may decide that the ancillary company is to be exercised in another undertaking. However, if the clearing centre operates a regulated market as an ancillary company, a multilateral trading facility may, however, always be operated in the same company as the regulated market.

Paragraph 3. If a clearing centre operates a securities market, a regulated market or a multilateral trading facility as a ancillary undertaking, the requirements for the authorisation and operation of these types of establishments in this law shall apply. In the case of ancillary operations of a multilateral trading facility, the requirements for the authorisation and operation of this type of undertaking in the Act of financial activities shall also apply. `

Chapter 16

Connectivity to a clearing centre

§ 54. A clearingparty must enter a connection with the clearing house. The latter may be carried out with a view to clearing and liquidating their own, third party or third party transactions with securities.

Paragraph 2. securities traffickers, credit institutions and investment firms authorized in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere and is not carrying out securities trading ; by means of a branch or service in this country, clearing centres, central banks and central banks of another country within the European Union or in a country to which the Union has concluded the financial contract ; region, clears and liquidate transactions on behalf of third parties.

Paragraph 3. Securities and credit institutions, credit institutions and investment firms authorized in another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere shall have access to the Agreement ; the clearance agreement with the clearing centre, provided that they fulfil the conditions laid down in paragraph 1. 4. the Clearance Centre may provide that other people may have access to the conclusion of a connection agreement.

Paragraph 4. The clearing centre lays down the rules for the connection as a clearing participant, including the conditions for clearing participants to participate in clearing and dismantling of their own, third-party or third-party transactions.

Paragraph 5. If a clearingline or repeatedly override the terms and conditions of connection, the clearance control may terminate the connection agreement.

Chapter 17

Risk Coverage

§ 55. If a clearing-party or clearingparty loan is granted to a clearing participant in connection with the execution of securities transactions or payments in the clearing house, it may be agreed to the borrower from the borrower's fonts, which : be kept in one or more of the borrower designated depots in a securities centre, to serve to the furant of the loan for the loan.

Paragraph 2. A registered payment system or a participant in such a system of loans to a participant or an indirect participant in the system in the context of the settlement of payments in the system may be agreed upon by borrowing, by the borrower, fonts held in one or more designated depositors in a securities centre can serve to furant for the collection of the loan.

Paragraph 3. Where the securities clearing activity is or a payment system is operated by the Danish National Bank and the securities clearing business, the payment system or a participant in the security clearing business or the payment system, loans to a participant or an indirect participant in connection with the execution of the system, it may be possible before being agreed with the borrower that the fonts of the borrower who are stored in one or more of the borrower identified depots in a securities centre can serve as pant for the release of the loan.

Paragraph 4. Paragraph 3 shall apply mutatis muctis, where a clearing centre or payment system notified to the Commission pursuant to Article 10 (1). in the European Parliament and of the Council Directive 98 /26/EC (finalis directive), disbursements of accounts in Denmark's National Bank. It is a condition that the agreement on pant is regulated by Danish law.

Paragraph 5. In cases where loans are granted in connection with the settlement of securities and payments in systems where the loan is not covered by paragraph 1. One-four, the Financial Control Board may accept that it may be agreed by borrowers that the loan assets of the borrower who are stored in one or more of the borrower identified depots in a securities centre can serve to the furant of the loan for the loan. It is a condition of approval that the agreement on pant is regulated by Danish law.

Paragraph 6. Is an agreement as referred to in paragraph 1. 1-5 registered in a securities centre, and loans for the use of decommissioning, may be reported on the pawn in the stock assets in question, cf. paragraph 1-5, over to the securities centre for registration. In the same way, the protection against prosecution and contract profesders shall be protected by the rules laid down in Chapter 22.

Paragraph 7. Has a clearing centre or a clearing party paid for the person's acquisition of fixed assets running through a clearing centre may, in a security of securities, to the security of the purchaser ' s claim against the transferee, the pant of the part of them, transferable fixed assets, which are simultaneously recorded in the transferee ' s account in the securities centre, and which is not after agreement with the paying person, at the same time the sale has been conducted at the same time as the acquisition. In the registration of the panel, protection against prosecution and contract profesces shall be obtained in accordance with the rules laid down in Chapter 22.

Paragraph 8. The SEC shall lay down detailed rules to determine the time limit for which a lender shall maintain its notification in accordance with paragraph 1. 6 and 7 reported pandered. Registration of the panel shall be deleted without notification after Article 68, where the right has not been retained before the expiry of the period. A securities centre may, in exceptional cases, defer it in 2. Act. the time limit referred to above, including in the case of operating disturbances or, where the Danish National Bank has been notified, that the Danish National Bank's payment systems are not functioning as a result of technical problems.

§ 56. Fund assets in which the pant is registered in section 55 (5). 6 or 7 may, if a prior agreement has been concluded on this subject or the trade between a securities trader and a securities dealer or an equivalent professional investor, may be implemented immediately after the end of the contract ; of the Financial supervision referred to in Article 55 (1). The time limit shall be fixed if the borrower has not fulfilled its obligations. The one in 1. Act. the time limit referred to shall be subject to agreement between the parties if the panel is registered in accordance with Article 55 (1). Six or seven.

Paragraph 2. Securities made to security in respect of a clearing centre or a clearing party to meet the clearance of the clearing-house rules of security may be implemented without delay, provided that a prior agreement has been concluded ; and there is before a non-compliance of the clearance of the clearing centre for collateral.

Chapter 18

Payment systems, netting, etc.

§ 57. An agreement concluded between the system participants and a clearing centre, a registered payment system, interoperable systems or the National Bank of Denmark on netting of all transfer orders, may, with effect to the inhabited and creditors, shall also : where one of the parties, including a system participant in a interoperable system, the transfer order must be disregarded, the transfer order must be disregarded or withdrawn or returned, in the event of a declaration of bankruptcy, or during reconstruction processing, and, provided that the transfer order is entered into the system, the termination of the decree or the opening of the reconstruction process.

Paragraph 2. Disnetting on netting after paragraph 1. 1 may include transfer orders that have only been concluded in the clearing room, the Danish National Bank, the registered payment system or a interoperable system after the conclusion of the bankruptcy or the opening of the reconstruction process, but on the Business day where bankruptcy law was refused or redesign processing was initiated if the system operator, the interoperable system, the clearing centre, the registered payment system or the Danmark National Bank, at the time of the claim was irrevocable, cf. Section 57 (c) was not or should not have been aware of the insolvency of the bankruptcy or the recovery of the reconstruction process. However, in cases where a transfer order has been entered into the system on the day of bankruptcy of bankruptcy law or reconstruction proceedings, but after the end of the day on which the bankruptcy is published in the Statessful, it shall be incumbable ; the system to prove that the system was neither, nor should it have been aware of the bankruptcy.

Paragraph 3. Agreements on netting with foreign clearance centres and payment systems notified to the Commission pursuant to Article 10 (1). Whereas Directive 98 /26/EC of the European Parliament and of the Council of Directive 98 /26/EC has the same legal effect as referred to in paragraph 1 1.

Paragraph 4. The Financial supervision may approve an agreement on netting not covered by paragraph 1. 3, which have been concluded with foreign clearance centres and payment systems or equivalent foreign undertakings engaged in securities clearing operations or clearing payments outside the European Union or countries that the Union has agreement with, shall have a legal effect pursuant to paragraph 1. 1.

Paragraph 5. A contract as referred to in paragraph 1. 1 shall in order to have a legal effect on the estate and creditors prior to the bankruptcy or initiation of reconstruction proceedings have been submitted to the Finance-sighted. If the Agreement relates to a registered payment system covered by section 86 (2), In order to have a legal action against the estate and creditors prior to the bankruptcy or initiation of reconstruction proceedings, the Agreement shall be submitted to the National Bank of Denmark.

Paragraph 6. Agreements pursuant to paragraph 1. 1 and 4 shall contain objective conditions for the cases in which they were entered, but not the liquidate orders either ;

1) are fulfilled in accordance with the net agreement ; or

2) returned.

§ 57 a. The SEC may register a payment system if the system is governed by Danish law and a participant has its headquarters in Denmark with the effect that the net arrangements and arrangements for the settlement of payments shall have a legal effect in : pursuant to the provisions of section 57 (3). 1, cf. however, section 57 (3). 5, as well as the provisions of section 57 b (b). 1 and 2. Participants in the payment system shall be credit institutions as defined in Article 4 (2), 1, in Directive 2006 /48/EC of the European Parliament and of the Council, investment firms as defined in Article 4 (1). 1, no. The Commission and Council Directive 2004 /39/EC, Public Authorities or others which, following the assessment of the Financial Services Assessment, are essential for the payment of payment. Indirect participants in the payment system shall be credit institutions as defined in Article 4 (2). Directive 1, in Directive 2006 /48/EC of the European Parliament and of the Council.

Paragraph 2. The SEC must ensure that the rules and conventions in force in force and in connection agreements contain provisions concerning,

1) the system is governed by Danish law,

2) who can be direct participants in the system,

3) who can be indirect participants in the system,

4) on what conditions participants may represent indirect participants,

5) whether clearing takes place at netting, cf. § 50, paragraph. 3, for each transaction for itself or a combination thereof,

6) the security requirements and security requirements, in order to ensure the conduct of the system ;

7) the conditions referred to in section 57 (c),

8) the terms of any agreements concluded by the system with a department of control or a clearing house as defined in Directive 98 /26/EC of the European Parliament and of the Council, Article 2 (d) and (e).

Paragraph 3. The financial supervision may provide a registered payment system to amend the following paragraph (s). 2 issued rules and endorsements.

Paragraph 4. The SEC may lay down requirements on the capital base of the payment system, requirements for management, cf. section 9, requirements for review and drawing up operational plans, business procedures, and adequate control and security measures, including the computerised area.

Paragraph 5. The System must grant the Financial supervision who particips directly or indirectly in the system, as well as any changes thereto.

Paragraph 6. The financial supervision may require registration in accordance with paragraph 1. 1 of payment systems, where essential consideration is given to payment decisions or to social considerations, to which it is intended.

Paragraph 7. Exasions in accordance with paragraph 1. 1-6 is carried out by Denmark's National Bank when it is subject to a payment system covered by Section 86 (2). 2.

§ 57 b. Dispositions, making it clear to Denmark's National Bank, a clearing centre, a registered payment system, interoperable systems or participants in such systems, cannot be reversed after bankruptcy of the section 70 (s) of the bankruptcy limit. Paragraph 1, or Section 72 (2). 2. Reshock may, however, be :

1) safety has not been lodged without undue delay after the absence of security has occurred ; or

2) safety has been lodged in such circumstances that it does not appear as ordinary ordinary.

Paragraph 2. Is a security referred to in paragraph 1. In the form of securities or accounts, security shall be implemented without delay if a prior agreement on this and the participant has not fulfilled its obligations to the National Bank of Denmark, a clearing centre ; or a registered payment system or to the participants in such systems.

Paragraph 3. Paraguations 1 and 2 shall apply by analoging to safety in the case of clearing centres and payment systems notified to the Commission pursuant to Article 10 (1). the provisions of Title, of the European Parliament and of the Council Directive 98 /26/EC, where the security has been lodged in accordance with the rules of the clearing central or payment system. The same applies to security in the face of central banks in their capacity as central banks of the European Union or countries with which the Union has concluded agreement.

Paragraph 4. The SEC may approve agreements on securities which are not covered by paragraph 1. 3, which have been concluded with foreign clearance centres or payment systems or equivalent foreign undertakings engaged in securities clearing operations or clearing payments outside the European Union or countries that the Union has an agreement concluded with the effect of the guarantee of a guarantee in accordance with the provisions of this Agreement. One and two.

§ 57 c. Applicable rules and endorsements for a clearing centre, a registered payment system or to a similar undertaking exercised by the Danish National Bank shall include provisions concerning,

1) when a transfer order is considered to be entered into the system, and

2) the time or time when a transfer order entered into the system no longer can be revoked by a participant or a third party.

Paragraph 2. If a clearing centre, a registered payment system or Denmark's National Bank agreement on interoperability interoperable or with interoperable systems or operators of these, the Parties must, as far as possible, ensure that interoperable rules shall be coordinated with regard to the rules referred to in paragraph 1. 1 ratio. Unless it is expressly provided for in each of the rules of the interoperable systems, each system shall be affected by the rules laid down in paragraph 1. 1, no. The rules of the other interoperable systems shall not be specified by 1 and 2.

Paragraph 3. Agreements covered by paragraph 1. 2 is considered to be contracts of far-reaching importance, cf. § 12, paragraph 1. 2.

§ 57 d. The SEC shall draw up a list of the clearing centres and payment systems with which contracts can be concluded with a legal effect in accordance with the provisions of section 57 (3). 1, and section 57 (b) (b), 1 and 2. The list shall be published in the notice.

Paragraph 2. The SEC is notified of the provisions of paragraph 1. 1 included clearing centres and payment systems as well as payment and securities clearing systems operated by the Danmark National Bank, to the European Securities and Markets Authority, cf. in Article 10 of the Directive of the European Parliament and of 98 /26/EC, with subsequent amendments.

Paragraph 3. If the dilation of the bankruptcy court or initiating reconstruction treatment for a participant in a clearing centre or a payment system shall be subject to the provisions of paragraph 1 of this Directive. 2, notify the court immediately to the Financial supervision. The Financial Supervisory Board shall immediately communicate this communication to the European Systemic Risk Board, the other countries of the European Union, together with countries with which the Union has concluded agreement, and the European Securities and Markets Authority.

§ 57 e. If a participant in a clearing centre, a registered payment system or similar undertaking exercised by the Danish National Bank goes bankrupt, be taken during reconstruction processing or other insolvency proceedings as defined in : Directive 98 /26/EC of the European Parliament and of the Council of Article 2 (j) of the European Parliament and of the Council shall have the rights and obligations arising out of the participation of the person in question in the system to be determined in accordance with the law in which the system is subject.

Paragraph 2. If a Danish participes in a foreign clearing centre or a foreign payment system notified to the Commission pursuant to Article 10 (1), Whereas Directive 98 /26/EC of the European Parliament and of the Council of the European Parliament and of the Council is going bankrupt or other insolvency proceedings as defined in Directive 98 /26/EC of the European Parliament and of the Council, Article 2 (j) shall be adopted ; the rights and obligations arising out of the participation of the person in the system shall be determined in accordance with the law in which the system is subject. § 57, paragraph. 3, and section 57 (b) (b), 3.

Paragraph 3. If a Danish participes in a foreign clearing centre or a foreign payment system that is not covered by paragraph 1 2, and which are indigenous to a country outside the European Union, which the Union has not concluded with, goes bankrupt, is taken during reconstruction proceedings or other insolvency proceedings, the rights and obligations arising from it ; or is connected to the participation of the person in the system and which are not subject to approval pursuant to Article 57 (2). 4, or section 57 (b) (b), 4, shall be determined in accordance with the legislation to which the system is subject, if the Financial supervision has approved the agreement between the participant and the system.

Chapter 18 (a)

Departure of financial security and of the final settlement, etc.

§ 58. The provisions of this Chapter shall apply to contracts for financial securities and on security when they are made. A security shall be deemed to have been made when the relevant security act has been made.

Paragraph 2. however, sections 58 h and 58 i shall apply, regardless of whether an agreement on end-taking or running netting has been concluded as part of an agreement on financial securities.

§ 58 a. An agreement on financial security shall be understood to mean a contract between parties covered by Section 58 b of securities for financial commitments, cf. § 58 e, in the form of certainties covered by § 58 f. The transfer of property rights to security as well as pan-European securities means the transfer of property rights to safety.

Paragraph 2. An agreement on the financial security shall be in writing or may be documented in a different way, in order to be covered by this chapter, in any other way that may be placed under the law of law. Where the security is made in the form of debt debts, cf. § 58 (f) (d) The safety holder from security shall receive a list containing all the debt claims covered by the security lodged. The list shall be written in written form or in a manner which may be placed under the law. The receipt of the security-hapel from the 2nd. Act. The list shall be as applicable to the section 31 of the debt correspondence section of the applicable security, by a security post, in accordance with section 58 f (2). One and two. In relation to other contract profesces, the safety holder must be in good faith at the time of receipt of the list.

Paragraph 3. If security and safety gardens are near-nourier, cf. Bankrup Clause 2, nr. 2-4, find paragraph. TWO, FOUR. PC, not application. If the security gardens stay in the presence of security, paragraph 1 will find it. TWO, FOUR. PC, not the use of collateral, which shall be established after this point in time.

Paragraph 4. In the case of the use of debt claims as financial security, the debtor under the claim in writing or in a manner that may be placed under the law of law may waik confidentiality in accordance with section 117 (3). 1, in the law of financial activities, to the extent that this is necessary in order to make the security classy effective.

Paragraph 5. If the debtor under a debt debt used as a financial guarantee shall be waiving against the obligations arising from the financial guarantee waiver or as of the other reason, be used for set-off purposes in writing or in a manner which may be placed under the law of law.

§ 58 b. A party to an agreement on the financial security may be as follows :

1) A public authority, however, not publicly guaranteed undertakings, unless these fall under No 1. 2-6, including

a) public bodies in the Member States of the European Union and countries with which the Union has concluded an agreement in the financial sphere responsible for or compact the management of public debt,

b) public bodies in the Member States of the European Union and countries with which the Union has concluded an agreement in the financial sphere to keep accounts for customers.

2) A central bank, the European Central Bank, the International Payment Bank, a multilateral development bank as defined in Article 1 (2). The International Monetary Fund and the European Investment Bank are 19 in Directive 2000 /12/EC.

3) A financial institution which is subject to supervision, including

a) a credit institution as defined in Article 1 (1), The first paragraph of Article 2 (1) of Directive 2000 /12/EC, including those referred to in Article 2 (2) of the Directive, shall 3,

b) an investment firm as defined in Article 1 (2), 2, in Directive 2004 /39/EC,

c) a financial institution as defined in Article 1 (1), 5, in Directive 2000 /12/EC,

d) an insurance undertaking, as defined in Article 1 (a) of Directive 92 /49/EEC and an insurance undertaking as defined in Article 1 (a) of Directive 92 /96/EEC,

(e) an institution for collective investment in transferable securities as defined in Article 1 (1). 2, in Directive 85 /611/EEC, or

(f) an investment management company, as defined in Article 1 (a), 2, in Directive 85 /611/EEC.

4) a central counterparty, a settlement company or a clearing house as defined in Article 2 (c, d and e of Directive 98 /26/EC, including similar institutions governed by national law acting on the market for futures, options and derivatives financial instruments, to the extent that they are not covered by the said Directive.

5) A legal person acting in his capacity as a wealth manager or a representative on behalf of one or more persons, including holders of debt securities or other forms of debt securities, or for institutions as defined in paragraph 1. 1-4.

6) A legal person who is not covered by no. 1-5, including non-registered companies and stakeholders, as well as single-man companies.

§ 58 c. The provisions of this Chapter shall apply to contracts for the provision of financial securities containing provision for :

1) netting on end-off and ongoing netting, cf. § § 58 h and 58 i,

2) the realisation of security, cf. § 58 j,

3) additional collateral, cf. § 58 l,

4) substitution law, cf. § 58 m, or

5) right of use, cf. § 58 g.

§ 58 d. Realization in accordance with section 58 j, paragraph 1, or the valuation of securities or claims which are set against or are set aside in section 58 g, section 58 h, section 58 j (s). 2-4, and § 58 k, must be done on commercially reasonable terms.

§ 58 e. It shall be stated in an agreement on financial securities, which of the existing or future, actual, conditional or potential financial commitments of the parties or third parties shall be included in the Agreement.

Paragraph 2. In financial commitments, obligations for the safety of the holder shall be entitled to a cash settlement or supply of securities.

Paragraph 3. In a contract for financial security, both parties shall be covered by Section 58 b (b), 6, shall be regarded as claims arising from the trade in currency and transferable securities, trade in commodities exchanges, and lending and lending for financial commitments.

Paragraph 4. If only one or none of the parties in an agreement on final settlement after paragraph 58 b is covered by § 58 b, only claims are made from the trade in currency and securities for financial commitments.

§ 58 f. Security under a financial security agreement can only consist of cash, which means money that has been credited to an account, or securities covered by Section 2 (2). 1, no. 1-3. If both parties in an Agreement for financial security are covered by § 58 b, nr. The financial security may also consist of debt debts.

Paragraph 2. For the purposes of this law, debt claims shall be based on an agreement in which a credit institution as defined in Article 4 (2) shall be made. In Directive 2006 /48/EC, including the institutes listed in Article 2 of the Directive, credit in the form of loans. Loans granted to consumers as defined in Article 3 (a) of Directive 2008 /48/EC, or a micro-enterprise or small undertaking as defined in Article 1 and Article 2 (2). In the Annex to Commission Recommendation 2003 /361/EC, only 1 shall be included in the Annex to Commission Recommendation 2003 /361/EC. pkt., if the security holder or the security holder is covered by Section 58 b, no. 2.

Paragraph 3. A securities ' own shares, shares in affiliated undertakings referred to in Directive 83 /349/EEC, and shares in undertakings whose sole purpose is to own production funds which are of vital importance to the establishment of securities, may not be used as collateral under an agreement on the provision of financial securities. The same applies to shares in companies which are designed to own property for the use of shareholders.

Paragraph 4. Cash deposits which cannot be subject to legal proceedings may not be used as collateral under an agreement on the provision of financial security or to be subject to final settlement.

Paragraph 5. The same security shall mean an amount of the same size and in the same currency as the original security provided that it is made in the form of cash or securities which are identical to the original security provided, if so, posed in the form of securities.

Paragraph 6. In an Agreement on the financial security, it may be determined that a corresponding security may consist of another currency or other securities that have a value corresponding to the value of the original security information at the time of the date ; the corresponding security shall be lodged or delivered.

§ 58 g. A financial security agreement in the form of pantstatement may include the entitlement to the right of use. In accordance with the conditions laid down in an Agreement for financial securities, the safety holder may assign the securities received or some of these to a third party to own or to safety.

Paragraph 2. Have security gardens exploited a right of use in accordance with paragraph 1. 1, safety-holder shall return a corresponding security at the latest at the time of the decree or the insured receipts. The returned security shall be deemed to have been lodged in accordance with the financial security agreement at the same time as the original security.

Paragraph 3. Return in accordance with paragraph 1. 2 may be circumvented if the conditions in the Clause Section 74 are fulfilled.

Paragraph 4. Roll-back by paragraph TWO, ONE. accreditation may be omitted, to the extent to which the value of the security in accordance with the terms of the financial guarantee shall be offset by the insured financial commitments or the target of the final settlement, as the claim is not : return is deemed to have occurred at the time when the original security was lodged.

Paragraph 5. Paragrics 1 to 4 shall not apply to debt claims.

§ 58 h. A contract may have a legal effect on third parties, cf. however, paragraph 1 3 to 6 shall contain the provision for the financial commitments to be covered by the Agreement, cf. Section 58 e shall be netted at final settlement if either of the parties displeasing the agreement, including that there should be an extinguished event, if any party is to be taken into proceedings or a claim is made in a claim covered by the final settlement clause. In the case of insolvency proceedings, bankruptcy, redesign processing, insolvent death boating, debt relief, as well as other Danish and foreign forms of winding-up proceedings and sanction measures are justified in the debtor ' s insolvency, as defined in Article 2, no. Paragraph 1 (j) and (k) of Directive 2002 /47/EC.

Paragraph 2. It may, with a legal effect on the estate and creditors, shall be agreed that in the event of a breach, in accordance with the provisions of the Agreement, the Agreement may be subject to a breach. paragraph 1, the end of the floodgates shall not occur until such time as it does not notify the non-default party to the non-default party. However, in cases where the failing party is taken in the insolvency proceedings, the party may require that the final check be carried out in such a way as to ensure that the parties are ordered, as if the floating-off had occurred without undue delay after the date on which it was not undue ; a non-compliance party knew or should be aware that the failing party was subject to insolvency proceedings.

Paragraph 3. One of the pieces. 1 covered ravaging carried out after the failing party has been taken during reconstruction processing, may include claims which have occurred before the date of non-default known or should know the circumstances ; established free day, cf. Bankrup Clause 1.

Paragraph 4. One of the pieces. 1 covered ravaging carried out after the failing party is declared insolvency, may include claims which have occurred before the date of the non-default known or ought to know the circumstances established ; the day off, cf. Bankrup Clause 1. Improvements occurred after the end of the days in which the bankruptcy was announced in the State of State, however, may not be included in a slumber.

Paragraph 5. A claim covered by the provisions of section 42 (3) of the bankruptcy law. 3 and 4 may be included in a final settlement in accordance with paragraph 1. 1, unless the non-defaulting party knew or should know that the non-compliance party was insolvent, as the claim on this was acquired respectively.

Paragraph 6. The final settlement of paragraph 1. 1 may be reversed after bankruptcy of the Clause Section 69 if the final cover involved claims that could not have been entered into an agreed slumber in the event of bankruptcy, cf. paragraph 4 and 5.

Paragraph 7. The provisions of section 58 a, paragraph 1. 2, section 58 d, § 58 e, and § 58 f, paragraph 4, shall apply mutatis mutilation to an agreement on the final settlement, which is not part of an agreement on financial security.

§ 58 i. An agreement may, with a legal effect on a third party, make provision for all of the claims to be covered by the contract to be taken from the trade in currency and securities to be regularly updated in the form of a settlement. The provisions of section 58 h (s), 3-6 shall apply by analogy to agreements on continuous netting.

§ 58 j. A financial security agreement may include the provision to ensure that safety-holder in the event of non-compliance can immediately apply security. Improcreation may, subject to the terms of the Agreement,

1) without prior approval by public authorities or other,

2) without prior notification of security and

3) without the application of a special approach.

Paragraph 2. In the form of a financial guarantee, the value of ownership is achieved by ensuring that the security of the security is resided in the security commitments entered into.

Paragraph 3. In the form of cash, the amount of cash shall be carried out by ensuring that the value of the security is resized in or used to insecure the guaranteed commitments.

Paragraph 4. In the form of a pan-statement, financial security shall be carried out by means of the sale of security. If this is stated in the financial security agreement, the security gardens may be granted the security units, provided that the principles of valuation of securities are laid down in the Agreement, cf. however, section 58 d.

§ 58 k. An agreement on the provision of financial security in the form of the transfer of property rights in relation to security and reality shall be effective in accordance with the agreed terms.

Paragraph 2. If there is a breach before the security gardens have fulfilled any obligation to delegate equivalent security, the obligation may be subject to netting on final settlement, cf. § 58 h, if this is stated in the agreement.

§ 58 l. A financial security agreement may include provision for the parties to provide security or additional security for changes to the value of securities or financial commitments covered by the Agreement, if applicable ; the amendments have been entered into the conclusion of the agreement and are due to market conditions.

Paragraph 2. Where the security has been lodged in accordance with paragraph 1. 1 has been lodged without undue delay in order to ensure that the requirement for security could be applied in accordance with the agreement, the safety of which shall not be recast after bankruptcy of the Clause Section 70 or Section 72. However, where the security has not been prescribed in the light of the circumstances, the extent of the conditions laid down in Article 72 of the insolvency proceedings may be carried out.

§ 58 m. Security-holder may, by agreement with security gardens, replace safety with another security, which essentially has the same value.

Paragraph 2. Where a substituting security is covered by paragraph 1, At the latest, at the same time, at the same time, the substitution of safety, the substitution security may only be reversed if the substituted security was safe.

Chapter 18 (b)

Tering law-law

§ 58 n. If a security is registered in an account, they are determined in paragraph 1. 2 mentioned the issue of the securities in accordance with the law of the country in which the account is taken. In the legislation of the country where the account is taken, the law of this country is understood, except for the law applicable to law.

Paragraph 2. The questions that will be decided in accordance with paragraph 1. Paragraph 1 of this Regulation is :

1) the legal nature of securities securities and the legal implications associated with it ;

2) the requirements for securing an agreement on financial security against third parties, as well as the requirements with regard to the measures necessary to ensure that such an agreement can be applied to third parties,

3) whether or not a person ' s entitlement to or rights is subject to a competitive return or a right, including the existence of an execution, including the existence of an execution ;

4) the measures necessary to ensure a security in the form of securities, when a default result has arisen.

TITLE IV

Registration

Chapter 19

Issue and registration of dematerialized transferable securities

$59. Securities and securities may be issued and transferred in paper-free form (dematerialized).

Paragraph 2. For the purposes of this legislation, the transferable dematerialized securities recorded in a securities centre is understood in this legislation.

Paragraph 3. Registration means the issuance of the fund assets through a securities central and inscribe of the rights of these in a register in the securities centre. A single fondcode can only be issued through one security central.

Paragraph 4. The Board of Securities Board may decide that other securities other than those of paragraph 1 may be taken. 2 included securities may also be recorded as fondors in the relevant securities central.

Paragraph 5. Registration activities mean regular business that consists of registering fondors. The financial supervision of the financial supervision shall be in doubt whether there is a registration.

Paragraph 6. Rules for a securities centre establishment shall be laid down in the company ' s statutes approved by the Financial supervision.

Chapter 20

Registration company

§ 60. The Management Board of the Securities Centers shall be responsible for ensuring that the business is conducted in a reassuring and appropriate manner. It is incumbersome of the individual securities central to lay down rules on the registration of securities as fund assets and on which securities can be registered in the Centre as a stock-assets. These rules must ensure equal treatment for all concerned and must be approved by the Financial supervision.

Paragraph 2. A securities central shall not provide information relating to the data subject to anyone other than the Financial supervision or the undertakings provided for in Chapter 21.

Paragraph 3. The Minister for the Industry and Growth Minister may decide that a securities central to a specific extent shall provide information on registered to a public authority, including the Danish National Bank.

Paragraph 4. The Management Board of securities, auditors and directors and other servants shall not unduly divulge what they may be in the exercise of their position or office.

§ 61. A securities central can operate another company that is ancillary to the company as securities central, including the operation of a regulated market or as clearing central.

Paragraph 2. If a securities market operates a regulated market as an ancillary company, the securities centre may also operate a multilateral trade facility. The financial supervision may decide that the ancillary company is to be exercised in another undertaking. However, if the securities operator operates a regulated market as an ancillary company, a multilateral trading facility may, however, always be operated in the same company as the regulated market.

Paragraph 3. If a security system operates a clearing centre, a regulated market, or a multilateral trading facility as a ancillary undertaking, the requirements for the authorisation and operation of these types of establishments in this law shall apply. In the case of the ancillary operations of a multilateral trading facility, the requirements for the authorisation and operation of this type of undertaking in the Act of financial activities shall also apply.

Chapter 21

Connectivity to a Secured Central

§ 62. The right to register for registration in a securities centre on its behalf and with a legal effect pursuant to section 66 to 75 (account-leading institutes) shall be added to the security of the securities concerned ;

1) financial undertakings authorised by the financial institution or the fund-broiler company ;

2) financial undertakings authorised by a real credit institution or investment management company, provided that such establishments are permitted under the law of financial activities, section 9, stk.1,

3) undertakings operated jointly by these financial undertakings, and which are intended to manage securities,

4) Denmark's National Bank and central banks in another country within the European Union, or in a country with which the Union has concluded agreements in the financial sphere,

5) The Danish Agency for Finance,

6) clearing centres,

7) debt-issuing institutions, in the case of the funds issued by the institution concerned,

8) investment firms and credit institutions authorised in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 2. Administrative undertakings authorised in another country within the European Union or in a country concluded by the Union in the area of the financial sphere shall have the right to carry out reporting for registration, cf. paragraph 1 if the company legally carries out securities trading either through a branch or by providing services here in the country, cf. Act on financial activities § 30 respectively, section 31 respectively.

Paragraph 3. Credit institutions and investment firms authorized in a country outside the European Union, which the Union has not concluded agreement with in the financial sphere, have the right to carry out reporting for registration, cf. paragraph 1 if the company legally carries out securities trading either through a branch or by providing services here in the country, cf. Act on financial activities, section 1 (1). 3, section 33 respectively.

Paragraph 4. Foreign clearing centres or similar institutions that are under public supervision shall have the right of the Financial Authority to carry out reporting for registration, cf. paragraph 1.

Paragraph 5. The right to obtain information about your own accounts directly in a security of securities and transfer communications sales through the securities centre to the principal institutes or a clearing centre, and to carry out notifications of registration on their own accounts ; directly to a security-of-value-based customers.

§ 63. Foreign securities centers and deposits which are under public supervision (land-centric), and Danish securities centres may, in accordance with the Financial Authority's approval, carry out recording for registration in a securities centre on its behalf and with legal action pursuant to section 66-75.

Paragraph 2. A securities centre may, after the approval of the Financial Authority, make registrations in land-office centres and in Danish securities centers.

§ 64. Account-leading institutions, cf. § 62 (2) 1-4, a connection agreement with a security key as a condition for obtaining access to registration in the central centre must be included in a relationship with a security agreement.

Paragraph 2. Those of Section 62 (2). 5 included large customers must enter into a relationship with a security key as a condition for obtaining access to information about their own accounts, transferring messages about sales and making notifications on their own accounts. directly in the central concerned.

Paragraph 3. A securities centre may, having obtained the approval of the financial system, a association agreement with a credit institution or investment firm, as referred to in Article 62 (2), may conclude a relationship with a credit institution or investment firm. 3 that do not exercise securities trade either through a branch or by providing services in this country, cf. Act on financial activities, section 1 (1). 3, section 33 respectively.

Paragraph 4. In the event of bankruptcy, reconstruction treatment or similar activities in a company covered by paragraph 1. 1 and 3 shall terminate the agreement in the same paragraphs with immediate effect and, therefore, the right to register for registration in a security of securities. Except as otherwise agreed, the securities centre subsequently takes the registration for registration to the affected accounts for a period of not more than four months after which the account registrations will be transferred to the account of the individual issuer. The SEC may lay down detailed rules for the procedure for the termination of a connection agreement, as mentioned in 1. Act. and in connection with the transfer of an account ' s records to the issuer ' s account as mentioned in 2. Act.

§ 65. The SEC shall lay down rules on the basis and procedures for registration and for the approval of persons who, as employees of a securities centre or an account institute, can carry out the tasks related to the registration.

Paragraph 2. The SEC may lay down detailed rules on the registration of limited rights over funds and rules on the access by the securities central or accounting institutions to charge for the management of stock assets and for the management of the fund, registrations concerning these.

Chapter 22

Legal effects of registration, etc.

§ 66. Privaging rights are to be recorded in a security of securities in order to obtain protection from prosecution and contract acquires.

Paragraph 2. The agreement or prosecution to be able to suppress a non-registered right must be registered, and a contract shall be in good faith in the notification to the account institute.

Paragraph 3. The effects of the registration shall be taken into account at the time of the final test in the securities centre.

Paragraph 4. A principal institution has a duty to report received notifications without delay for registration in a securities centre.

§ 67. If the account institution is in doubt with regard to the actual or legal aspects of registration or to any of this claim that the proposed registration will infringe on the rights of the person concerned, the Foundation shall : carry out reporting for provisional registration. The security of the securities concerned shall then decide on the possible outcome of the final entry.

§ 68. The registration shall be communicated to the notifier or the notifier as appropriate to the notifier. The registration shall be notified of any obstacles to the registration. In the case of withdrawal, amendment or termination, it shall be communicated as far as possible to the person entitled to the register.

Paragraph 2. Communication is given by the transferable securities Centre or on behalf of the accounting institution following an agreement with the securities central base.

Paragraph 3. The following registers may and notifiers, in accordance with the rules of the securities centre, which are to be approved by the Financial Authority, may choose whether to grant or modify the withdrawal or modification of any such notification, and may also opt for notifications to be made ; in whole or in part. The same applies to communications on extinction unless the execution is a consequence of bankruptcy, winding-up proceedings, merger, division or similar events at the time of the investment. Selections and deselection shall be recorded on the individual account.

Paragraph 4. A securities central can, at the request of the principal institute, decide that there should be no notification of changes in the data subject when the information has been forging rights-holder.

Paragraph 5. Submission of notification in accordance with paragraph 1. 1-4 shall be carried out in accordance with the rules of the securities centre on this subject. These rules must be approved by the Financial supervision.

§ 69. When the registration of an agreement on rights over fund assets has been definitively completed in a securities centre, a gullible of goods may not meet with any objection to the validity of the Agreement. However, the objection is retained that the Agreement is invalid as a result of false or violent compulsion.

§ 70. Section 15-18 of the Lion Letters Act shall apply mutatis muthisis to the debtor according to the debtor assets, which are equivalent to turnover letters, so that, at last, registration in a securities centre takes the place of the indebation of the debt.

§ 71. A securities centre should lay down rules for payment.

Paragraph 2. Determines a securities centre on behalf of the issuer in good faith to the person who, according to the register, is entitled to receive payment, shall be released, even though the person in question was entitled to receive payment or was inunushly. This does not apply, however, where the person concerned is entitled to agree with the right of an agreement which is invalid as a result of false or violent compulsion.

§ 72. The advent of a fund asset may be made by the seller when it is an account institution, made subject to the payment of the carp payment before a time limit for the Financial supervision has been set. The payment reserve will be removed without the dispatch of a notice after Article 68, provided that the handover does not make its reservations valid before the end of the 1. Act. the time limit.

Paragraph 2. If the account holder leads the account on behalf of one or more owners, this must be recorded on the account.

§ 73. Requirements for payment under stock assets shall be subject to the general rules of law.

§ 74. If the account institution is aware of errors in the data subject, it calls for the relevant securities concerned to change the registration process. Before the change is made, it shall, or shall, have the opportunity to express an opinion on the subject of the register.

§ 75. A securities central can obliterate rights which have apparently been discharged.

Paragraph 2. If an account is registered in a security central bank account rights to be considered to have lost their meaning or rights which are more than 20 years old and which are likely to be discharged or where there is no likelihood of any such event : any justification may be made by the person concerned by the notice in the State of State, at the time of notice of three months, to invoke possible holders of the rights in question. In addition, it shall be notified, or shall be notified in the register, by registered letter, and no one prior to the expiry of the deadline, shall destroy the rights of values.

Paragraph 3. The financial supervision may lay down rules for the implementation of paragraph 1. 2.

Chapter 23

Contoudings

SECTION 76. Periodic bank statements are made available to owners of stock assets. The statement of the statement indicates the assets assets for which the persons are registered as owners on the date of the printout. Similarly, the printouts of the indecipes of restricted rights of registered stock assets are drawn up.

Paragraph 2. In any account, the account institute shall be registered. The account institution shall have access to the relevant securities centre in question, to print out the account in question. Principals must be made out to an entitlement to the register, if so requested.

Paragraph 3. The SEC shall lay down detailed rules for the drawing up of bank statements in accordance with paragraph 1. 1 and the contents of the statement of accounts.

Chapter 24

Complaguing and compensation

§ 77. Complaint of a decision on registration, amendment or termination of rights in a securities central can be brought to the Board of Appeal for Securities and Deals. However, this does not apply to compensation claims.

Paragraph 2. The Board of Appeal shall be carried out by one or more persons appointed by the business and growth minister, and which must meet the conditions of being appointed to the judge. The Minister for the European Union and the Minister for Industry also mentions deputies.

Paragraph 3. Complaguing in accordance with paragraph 1. 1 shall be submitted to the Board of Appeal within six weeks of the fact that the registration in that ad valet has been completed. The Board of Appeal shall be subject to access to all information performs to the case in the securities centre and in the account institute. The Board of Appeal shall take a reasoned decision to the parties.

Paragraph 4. The Board of Appeal may, in exceptional cases, treat complaints lodged after the expiry of the time limit laid down in paragraph 1. 3.

Paragraph 5. The Board of Appeal may refuse to deal with complaints that are apparently unfounded.

Paragraph 6. The Board of Appeal shall be independent of instructions on the processing and decision of each case.

Paragraph 7. The procedure for the establishment of the Board of Appeal shall be fixed by the Financial supervision. Rules may be laid down for payment of the fee for the review and on the publication of the Appeal Board ' s decisions.

§ 78. Clause of section 77 may be submitted by :

1) Anyone with a reasonable interest in this,

2) an institution ' s principal institution if it is to question a securities centre decision pursuant to section 67, 74 and 75 ; and

3) a security of securities if it wishes to contested an accounting institution ' s reporting for registration.

§ 79. The decisions of the Board of Appeal shall be subject to the Court of Appeal within two weeks of the decision to be taken in the case of the ear of the Lands; The application shall be made by the copy of the printout to the Board of Appeal. The rules on lovers in civil matters consider the necessary restraints to apply to the application and treatment of the country of the country.

Paragraph 2. Cases which may be brought before the Board of Appeal in accordance with section 77 and 78 may be brought before the courts of paragraph 1. 1.

Paragraph 3. The decisions of the Committee on Agriculture are not to be linked. However, the process of authorization may be granted to the Supreme Court, if the caress relates to questions of principle. Law of the Law of Law 392 (2). 2 shall apply mutatis mutis.

$80. A securities centre is liable for loss as a result of errors in the registration, modification or termination of rights of accounts in the relevant securities or advance payments, even if the error is unhinable. However, if the error is attributable to an account institution, the replacement obligation shall be liable to the liability of the liable subject, cf. § 81.

Paragraph 2. The rightholder, as a result of the provision in § 69, 2. PC, does not acquire or lose its right of stock assets, may require the loss of losses to be replaced by the relevant securities central.

Paragraph 3. If injured deliberate or negligent are involved in the failure, the compensation may be reduced or lost.

Paragraph 4. The total replacement in accordance with paragraph 1. 1 for losses resulting from the same failure may not exceed 500 million. DKK

§ 81. An account institution is liable for loss as a result of its own errors in reporting, modification or termination of rights to accounts in a securities central or payments from here, even if the error is Hmnal.

Paragraph 2. If injured deliberate or negligent are involved in the failure, the compensation may be reduced or lost.

Paragraph 3. The total replacement in accordance with paragraph 1. 1 for losses resulting from the same failure may not exceed 500 million. DKK

Paragraph 4. Is a Danish account institute unable to post a replacement in accordance with paragraph 1. 1, shall be liable to the other Danish accounts-leading institutions, which have concluded the agreement with the securities concerned, for the missing amount of up to EUR 500 million, DKK per failure.

Paragraph 5. The Danish account institutions must conclude an agreement on the distribution and payment of amounts in accordance with paragraph 1. 4. The Agreement must be approved by the Financial supervision.

Paragraph 6. Foreign accounts may be able to agree to the arrangements set out in paragraph 1. 4 and 5.

$82. The overall capital response of a securities centre must be at least EUR 1 billion at all times. DKK in the form of liabilities.

Paragraph 2. Account-leading institutions must commit to a commitment to the combined capital preparedness of the securities centre by means of the agreement on the association agreement.

Paragraph 3. The detailed rules on the liability against a securities centre are laid down in its Statute.

§ 82 a. The Minister of Finance may, when the state acts as an account-leading insition, guarantees compensation claims in the occasion of error registrations referred to in Section 81 (2). 1, and of the contribution of the State to a global capital response by the securities centre, cf. $82.

Section V

The Financial Council

Chapter 25

Supervision, control, etc.

§ 83. The SEC shall ensure compliance with this law and regulations issued under the law, except for paragraph 12 (b) (b). The SEC shall also ensure compliance with rules issued pursuant to section 31 (1). 8, in the Law on approved auditors and auditing companies. The financial supervision of the Commission shall ensure compliance with Articles 37 to 42 of Commission Regulation No 2, 1031/2010 of 12. November 2010 (CO 2 -Regulation No 2 of the auctioning Regulation, Regulation (EC) No (EC) 146/2012 of 14. Regulation No, by March 2012, as well as the regulation of the European Parliament and of the Council. 2012/648 of 4. July 2012 (EMIRS Regulation), except for sections 6 and 7.

Paragraph 2. The SEC shall verify that the issuer of securities issued in Denmark shall check that the rules of financial information in yearly reports and sub-annual reports in section 183-193 of the Act on financial activities, sections 63 and 64 of the law on investment associations, etc., shall be checked ; rules issued under Clause 131 of the alternative investment fund managers and so on and the annual accounts law have been complied with if the securities are admitted to trading in a regulated market here in that country, in another country of the European Union ; in a country with which the Union has concluded an agreement in the financial sphere. The SEC must also check that rules issued under Section 196 of the Act on financial activities and section 76 of the law on investment associations and so on and the annual accounts legislation are complied with, as well as the Financial supervision verifies compliance with the provisions of the Regulation of the European Parliament and of the Council on the application of international accounting In this respect, the Financial Authority shall exercise the powers attributable to the Financial Enterprise Section 197 in the Act of the Law on Investment Associations and so on, and section 159 a of the annual accounts bill. In the case of proceedings relating to undertakings covered by the annual accounting law, the Danish Business Authority shall enter the premises of the Financial Authority.

Paragraph 3. Checks in accordance with paragraph 1 2 also includes the control of the rules of financial information in the year and sub-annual reports of issuers that have Denmark as a country after Article 28 (1). 3, no. 2, as laid down in the accounting legislation to which the issuers concerned are covered, cf. § 27, paragraph. 7. In the performance of the checks, the Financial supervision may be

1) providing guidance ;

2) contravenable infringements,

3) to ensure that errors are to be corrected and that infringements must be terminated, and

4) provide instructions for the modification of a relationship, including the disclosure of the amended or supplementary information.

Paragraph 4. If it is deemed appropriate, the SEC may, even publish the information in question, publish or suspend or delete the relevant securities from trade in a regulated market.

Paragraph 5. The checks carried out by the Financial Authority in accordance with paragraph 1. 2-4 shall carry out the Financial supervision of the powers conferred on Article 87 (2). Paraguation 1 to 3 and 6, having regard to a procedure arising from Article 83 b (b), 3 and 4.

Paragraph 6. The Financial supervision may, in exceptional cases, use foreign aid, including in the context of checks provided for in paragraph 1. 2-4.

Paragraph 7. § 346, paragraph. 4, and Section 356 of the financial undertaking applicable to the supervision of the Financial Authority shall apply to the supervision of the financial system following that law.

Paragraph 8. I shall check the checks referred to in paragraph 1 THREE, ONE. pkt., cf. paragraph 2, a non-financial undertaking, section 156 (s). 3, in the annual accounting rules and rules issued pursuant thereto, on the payment of an annual fee for the related control activity accordingly.

Niner. 9. The Financial Commission shall draw up a yearly list of regulated markets to meet Article 47 of Directive 2004 /39/EC on the markets for financial instruments (MiFID Directive).

Paragraph 10. In cooperation with the Agency for Finance, the Finance Board shall submit a report to the issuance and growth minister a report of the status of rules on good value paper commercial practices and on the experience gained in the use of the rules in accordance with the rules governing the use of the rules for the purposes of Regulation. Section 3, paragraph 3. 2.

Paragraph 11. Rules issued in accordance with section 18 (2). 2, no. 4, section 19 (4). Paragraph 1, section 21 (1). Paragraph 40, paragraph 40. 2, no. 1, 2 and 4, section 52 (3). 1 and 2, Section 54 (1). 4, and section 71, paragraph 1. 1, as well as amendments thereto, must be notified to the Financial supervision.

Nock. 12. A clearing centre must notify the Financial Control who particips directly or indirectly in the clearing room, as well as any amendments thereto.

Paragraph 13. The SEC must consider the potential consequences for the financial stability of other countries within the European Union or a country with which the Union has concluded agreement in the financial sphere. This is particularly true in the case of crisis situations. The financial supervision of the financial market shall be of the major subsidiaries of foreign undertakings authorised to exercise it in section 7 (4). Paragraph 1, referred to in a country within the European Union, or a country with which the Union has concluded agreements in the financial sphere, will participate in any cooperation fora on the supervision of the overall group.

§ 83 a. The SEC may decide that the powers conferred on the system may be granted,

1) Section 23, paragraph 1. 2, section 23 (a), 1-3 and 5, section 31 (1). 4, section 44 (4). 2 and 5, and section 45 (3). 1 and 2, and rules issued in accordance with section 23 (3). 7 and 8, section 24, section 2, section 29, paragraph. 4, section 32, paragraph. 4, section 43, paragraph. 3, section 44 (4). 6, section 45, paragraph. 4, and section 46 (4). 2 may be exercised on behalf of the presence of an operator of a regulated market, respectively, the company operating an alternative marketplace under specified conditions,

2) Section 22 (2). 1, and rules issued pursuant to section 22 (2) ; 2, may be exercised on behalf of the service of an operator of a regulated market under specified conditions,

3) § 27 a, paragraph. 1-3, section 28 a, paragraph. 1 and 3, and section 30 and rules issued in accordance with section 33 (3). 5 may be exercised on behalf of the synet by an operator of a regulated market under specified conditions,

4) § 83, paragraph. 1, to ensure compliance with the provisions of section 29 (3). One and two, section 31, paragraph. Paragraph 1, and section 32 (2). The following may be exercised on behalf of an operator of a regulated market by the company operating an alternative marketplace on specified terms and conditions ; and

5) § 83, paragraph. 1, to ensure compliance with the provisions of section 27, section 28 and section 33 (3). 1 may be exercised on behalf of the synet by an operator of a regulated market under specified conditions.

Paragraph 2. An operator of a regulated market or a company that operates an alternative market place that has been granted powers in accordance with paragraph 1. 1 may request payment for the taking of tasks resulting from these powers.

Paragraph 3. An operator of a regulated market or a company that operates an alternative market place that has been granted powers in accordance with paragraph 1. 1, must comply with caps 3-7 in the administrative act and the law on the administration of the administration when it takes a decision within the delegated areas, cf. paragraph 1.

Paragraph 4. The provisions of section 84 (a), The corresponding use shall apply to operators of regulated markets, respectively, respectively, operating alternative market places that have been granted powers under paragraph 1. 1.

Paragraph 5. The provisions of section 84 b (b), One and two, number one. The provisions of 5, 7 and 8 shall apply by analogy to the extent to which operators of regulated markets, respectively, respectively, operating alternative market places, have been granted powers under paragraph 1. 1.

Paragraph 6. The SEC shall take the decision to make a decision on delegation pursuant to paragraph 1. 1.

Section 83 b. In the checks provided for in Article 83 (3), 2 and 3 shall be investigated whether the financial information rules have been complied with in selected financial information from the annual reports and annual reports. These checks shall cover each year up to 20%. of the sections 83 (3). 2 and 3, included issuers. The issuers concerned shall be selected on the basis of a risk-based risk, as in case of random selection.

Paragraph 2. An examination by paragraph 1. 1 shall be implemented by formal checks on flagrant infringements of the rules of financial information in the selected issuers ' annual reports and partial annual reports.

Paragraph 3. If the formal checks are carried out in accordance with paragraph 1, 2 is reasonable justification for the fact that the financial information contains errors and deficiencies in importance to the investors ' decision-making, the Finance Review shall obtain a statement from the company, its management or its external auditors. Provided that, after the SEC has obtained this statement, the reasoned justification for the fact that the financial information contains errors and deficiencies is of significance for the investors ' decision-making, shall collect the Financial supervision further ; information from the company or its management, including audit protocols. The financial supervision may require a statement or additional information from the company or its management to be certified by the auditor and may set a time limit for when the statement or information shall be the Financial supervision in the hands of the Financial Authority.

Paragraph 4. Provided that after the Financial supervision has carried out a formal check referred to in paragraph 1. 2 and obtained a statement or further information as referred to in paragraph 1. The third point is justified in the fact that the financial information contains errors and is lacking in importance for the investors ' decision-making, the Financial Information can launch a more in-depth review of the financial information.

Paragraph 5. Notwithstanding paragraph 1 2-4 in cases where specific facts give a reasoned justification for the fact that the financial information contains errors and deficiencies of significance for the investors ' decision-making, may immediately launch a more in-depth ; verification of financial information from any issuer subject to Article 83 (3). Two and three.

Paragraph 6. For the issuers in section 83, paragraph 1. The Financial Enterprise or the Act on Investment Associations, etc., may carry out checks which do not comply with the provisions set out in paragraph 1. 2-5. The provisions of paragraph 1. Paragraph 1-5 shall also be without prejudice to the ability of the financial system to detect and conduct more in-depth studies, which also include accounting conditions in the 1. Act. the issuers mentioned. The SEC shall take decisions in matters relating to financial information included in the framework of this supervision and related to the issuers concerned.

Chapter 26

The Financial Council

§ 84. The Financial Council will take exception of section 86 (2). 2, decisions and decisions in matters of principle and in matters which have significant implications for the market in the securities market, with a similar competence laid down by the Council pursuant to section 345 of the Act of Financial Business. The same applies to cases relating to compliance with Articles 37 to 42 of the Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 -the auctioning Regulation), Commission Regulation No 2, 146/2012 of 14. Regulation No, by March 2012, as well as the regulation of the European Parliament and of the Council. 2012/648 of 4. July 2012 (EMIRS Regulation), except for Article 17.

§ 84 a. The employee of the financial system shall be under the responsibility of Article 152-152 of the penal code, to keep confidential information that they are aware of through the supervisory establishment. The same applies to persons performing service tasks in the context of the Financial Services operation, and experts acting on behalf of the Member. This also applies to the termination or termination of the contract of employment. 1.-3. Act. shall also apply to employees of the Danish Agency for the Administrative Board, in the case of information which they are aware of through the task solution after Article 83 (3). Two and three.

Paragraph 2. The consent of the person responsible for the confidentiality of the confidentiality does not justify the provisions of paragraph 1. 1 mentioned persons to disclose confidential information.

Paragraph 3. Paragraph 1 shall not, however, apply to information in matters of good value paper commercial practice, cf. section 3 and notices issued in accordance with section 3.

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the Financial supervision or the Danish Agency for the Management of the Management Board pursuant to Article 83 (3). 2 and 3 of its own operations shall communicate confidential information in summary or summarised form, where neither the individual limited liability company is covered by section 7 (3). 1 or any other subject covered by this law or their customers may be identified.

Paragraph 5. Confidential information may be disclosed during a civil trial when a limited liability company is subject to section 7 (4). 1 or other covered by this law are declared bankrupt and, where the information does not concern customer relations or third parties, who are or have been involved in attempts to save the company or others covered by this law.

Paragraph 6. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to :

1) The Systemic Risk Boat.

2) Public authorities, including the public prosecutor and police, in the investigation and prosecution of possible criminal offences covered by criminal law or supervisory law.

3) The next minister as part of his supervised oversight.

4) Administrative authorities and courts, which deal with decisions taken by the SEC or the Danish Agency for the Management of the Management Board pursuant to Article 83 (3). Two and three.

5) The Ombudsman's office.

6) A parliamentary commission set up by Parliament.

7) Examination commissions reduced by law or under the law of investigation commissions.

8) The Standing Committee of the People's Standing Committee on general economic conditions in a limited liability company shall be subject to section 7 (2). 1, as regards the crisis management of companies covered by section 7 (4) ; 1 where a decision is made on whether or not the State should provide a guarantee or make available means. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

9) The state auditors and the Rigsaudit.

10) Interested parties, including authorities, involved in the attempt to rescue an emergency limited liability company covered by section 7 (4). 1, where the Financial supervision has received a mandate from the business and growth minister, and provided that the recipients of the information are required.

11) The liquidator, the divoir and other authorities involved in winding-up proceedings, insolvency proceedings or similar procedures, and persons responsible for the statutory auditing of accounts for a company subject to section 7 (4). 1, or in the case of others, subject to this law, provided that the recipients of the information are required for the purposes of the goods to be carried out.

12) Institutions which administer the depositing, investor or insurance guarantee schemes provided that they are required to carry out their duties.

13) Denmark's National Bank, foreign central banks, the European System of Central Banks and the European Central Bank in their capacity as monetary authority, provided the information is necessary for them to be fulfilled ; statutory tasks, including the execution of monetary policy, the monitoring of payment and securities handling systems, and the handling of the stability of the financial system.

14) An institution responsible for clearing up securities or money where necessary to ensure that the institution responds to non-compliance or potential non-compliance in the market in which the institution is responsible ; clearing.

15) Financial regulators in other countries of the European Union or in countries with which the Union has signed agreements in the financial area responsible for supervising operators of regulated markets, clearing centres, securities centres, credit institutions, financial institutions, insurance companies, investment firms, management companies, or capital markets and bodies involved in winding-up proceedings, insolvency proceedings or similar procedures ; as well as persons responsible for the statutory auditing of accounts for one operator of a regulated market, a clearing centre, a security of securities, provided that the recipients of information need to do so in order to carry out their duties.

16) Organs in countries within the European Union or in countries with which the Union has agreed to the financial area responsible for checking compliance with the rules on financial information from issuers of transferable securities ; on a regulated market.

17) Ministers responsible for the financial legislation of countries within the European Union or in countries concluded by the Union in the area of financial management, in the context of crisis management of companies, are covered by section 7 (4). 1.

18) European Securities and Markets Authority, the European Systemic Risk Board and bodies established by the European Securities and Markets Authority, provided that the recipients of information are required to do so ; the taking of their duties.

(19) Financial supervisory authorities in non-European Union countries that the Union has not signed up to the financial area responsible for the supervision of credit institutions, financial institutions, insurance undertakings, or the capital markets and bodies involved in winding-up proceedings, insolvency proceedings or similar procedures, together with persons responsible for the statutory auditing of accounts for a company subject to section 7 (4). 1, or for others covered by this law, cf. however, paragraph 1 11 and 12.

20) The auctioneer in accordance with Commission Regulation No 2, 1031/2010 of 12. November 2010 (CO 2 The auctioning Regulation shall be used for the performance of its functions.

21) The Danish Agency for the Agency for the information received in the framework of section 83 (3). paragraphs 2 and 3, section 83 b or up-information on the approval of the Prospects pursuant to section 23 and in cases of the Financial supervision of the Information Act in section 27, when that information is relevant to the Commercial Management Board ; accounting check, cf. § 83, paragraph. 2.

(22) The auditor supervision and the auditing board for the taking of their duties.

23) The authorities responsible for the tasks of the Regulation No 2012/648/EU of the European Parliament and of the Council of 4. July 2012 (EMIRS Regulation), to the extent the data are necessary for the tasks of these authorities, in accordance with the provisions of the Regulation.

Paragraph 7. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to an operator of a regulated market which has been given permission after Article 8, or a company operating an alternative marketplace, cf. Section 7 (a) (a) 2 when

1) this is to be carried out in order to counter or examine whether internal knowledge has been misused or exercised in the course of liquids, in accordance with the provisions of Chapter 10 ; or

2) it shall be done in order to counter or examine whether trade and price formation on the regulated market or the alternative marketplace is carried out in a fair and transparent manner.

Paragraph 8. All those in accordance with paragraph 1. 5-7 shall receive confidential information from the Financial supervision or the Danish Agency for the Management of the Management Board pursuant to section 83 (3). The information referred to in paragraph 1 shall be subject to the information provided for in paragraph 2 and 3. This shall be subject to professional secrecy.

Niner. 9. Confidential information, such as the Financial supervision or the Danish Agency for the Management Board, in accordance with section 83 (2) of the Management Board. In the case of supervision, 2 and 3 shall be used only for the surveillance authorities, to the imposition of sanction, or if the decision of the acidity shall be subject to higher administrative authority or to be brought before the courts.

Paragraph 10. Access to the provision of confidential information to the Standing Committee of the People's Committee pursuant to paragraph 1. 6, no. 8, is limited to documents in cases created in the Financial supervision after the 16th. September 1995.

Paragraph 11. Dissemination in accordance with paragraph 1. 6, no. 19, may be done

1) on the basis of an international cooperation agreement ; and

2) provided that the beneficiaries are subject to a statutory professional secrecy which corresponds to the confidentiality of paragraph 1. 1 and need the information to be provided for the taking of their duties.

Nock. 12. Dissemination in accordance with paragraph 1. 6, no. 19, of confidential information arising from countries of the European Union or countries concluded by the Union in the area of the financial sphere, the authorities responsible for the information supplied by the Union may be provided ; express consent and shall be used exclusively for the purposes of which the authorisation is to be granted.

Section 84 b. As a party to the Financial supervision alone, companies are considered to be covered by section 7 (4). 1, a registered payment system, an approved foreign clearing centre, the transferable securities dealer, the accounting department or issuer of securities, as a decision which is or will be taken by the Financial supervision, correcting, cf. however, paragraph 1 Two and three.

Paragraph 2. In the case of the below, a company shall be deemed to be subject to paragraph 1. 1 as a Party to the Financial Decision of the Financial Decision, in respect of the part of the proceedings relating to the person concerned :

1) A company that searches for the operation of a regulated market, securities clearing business and registration, cf. § 8 (3) 1.

2) A foreign clearing centre, looking for approval after § 8 a.

3) A member of a Board of Directors or of a Board of Directors that the Financial supervision receives in relation to approval pursuant to section 9 (4). One and two.

4) The proposed acquiring or holder of a qualified share when the SEC is processing cases of approval of acquisitions in accordance with the Financial Authority. sections 10, 10 (a and 10 (b), and when the FL is reacting as a result of a lack of notification of a share or lift the right to vote, which is linked to the share of the owner in question, cf. § 10 d (1) 1-3.

5) The one violating the law against using the terms covered by Article 16 (3). 2, and section 42 d (s), 1.

6) The one against whom the Financial supervision is initiating the infringement of section 29 concerning the reporting of holdings or in violation of Chapter 10.

7) The operator of an operator of a regulated market, a company operating an alternative marketplace, a clearing centre or a securities central decision, shall be provided for the Financial supervision. § 88, paragraph. 3, and in the case of the Financial supervision, as a party to the case, as a party to the case, and others as a Financial supervision.

8) A transferee as referred to in paragraph 31 (1). Paragraph 1, and section 32 (2). 1 and 2, as well as others, where the Financial supervision in particular cases considers the party to the case.

9) The one the Financial supervision in accordance with section 33 (2). In particular, the obligation to notify the obligation shall be responsible for reporting obligations.

10) The financial supervision of the Financial Authority shall be subject to the drawing up of internal rules in accordance with section 37 (3). 1 and 2, or make changes thereto.

Paragraph 3. By the way, as a party is considered a member of the Board, an accountant, a director or other executive staff of a company subject to section 7 or in other undertakings subject to the law if the Finance or Finance Act is made or inexclaimed under the law or his or her ; regulations are directly directed at the person concerned.

Paragraph 4. Paragy1 and 3 shall apply by analogs to decisions taken by the Financial supervision and the Danish Business Authority as part of the checks provided for in Article 83 (3). Two and three, and section 83 b. As a party to these decisions, any party to the Financial Authority or the Danish Agency shall be regarded as a party to the case.

Paragraph 5. Partsstatus and share powers in accordance with paragraph 1. 2 and 3 shall be limited to conditions in which the decisions taken by the seven or the Council are taken after the 17. December 1998.

§ 84 c. Adopting to a company in accordance with section 84, cf. § 345, paragraph 1. 2, no. 1, in the Act of Financial Company, and Supervisory Responses given in accordance with the Delegation from the Financial Council, shall be published with the name of the establishment, cf. however, paragraph 1 3. The company must publish the information in its website in a place where they naturally belong, as soon as possible, and within three working days after the undertaking has received notification of the oversight, or at the latest at the time of the date, publication required by the other provisions of this law. At the same time as its publication, the company must insert a link that provides direct access to the inspection response on the front of the company's website in a visible manner, and it must be clear from the link and any associated text that is clearly visible that there is I want to talk about a supervisory response from the Financial Supervisory Authority. If the company is commenting on the surveillance response, this must be done in an extension of this, and the comments must be clearly separate from the control reaction. Removal of the link on the front and information from the company's website must take place according to the same principles that the company uses for other messages, but at the earliest of the link and information has been on the website for 3 months, and earliest after the former general assembly or representative meeting. The company ' s obligation to publish information on your company's website applies only to legal persons. The SEC must publish the information on the site's website. Review response given in section 84, cf. § 345, paragraph 1. 2, no. 3, in the Act of Financial Company, and the Decisions Decisions to Surrender Cases to police investigations shall be published on the GL website with an indication of the company ' s name, cf. however, paragraph 1 Amendment No 3, in the event of a violation of the Regulation No No, of the European Parliament and 2012/648 of 4. July 2012 (EMIR-Regulation) must be published in accordance with section 84 g.

Paragraph 2. Where a case has been handed over to police investigations and has fallen entirely or partially damning judgment or passed a fine, or if a case is decided by the adoption of administrative pods, the judgment shall be published ; the adoption or a summary thereof, cf. however, paragraph 1 3. If the judgment is not final or if it has been filed or complained, then the publication shall indicate that. The company ' s publication must take place at the establishment ' s website in a place where it is natural to be at home as soon as possible and no later than 10 working days after a verdict or a fine, or at the latest at the time of publication required, following the other provisions of this legislation. At the same time as its publication, the company must insert a link that provides direct access to the judgment, the ticket or summary, on the front of the company's website in a visible manner, and it must be linked to the link and any associated text it is clear that there is a verdict or a decision to be adopted. If the company comments on the judgment, the ticket or the summary, this should be done in an extension, and the comments must be clearly separated from the judgment, the adoption or summary of the report. The removal of information from the company's website must take place according to the same principles that the company uses for other communications, but at the earliest of the link and information has been on the website for 3 months, and at the earliest. the former general assembly or representative meeting. The company shall notify the Financial supervision of the publication, including a copy of the judgment or the adoption. The SEC shall then publish the judgment, the adoption or a summary thereof on its website. The company ' s obligation to publish information on your company's website applies only to legal persons. The SEC must publish the information on the site's website.

Paragraph 3. Publication under paragraph 1. However, 1 and 2 cannot be done if it will result in a disproportionate amount of damage to the company or the investigation of its publication. The publication shall not contain confidential information on customer relations or information covered by section 12 (3). One, in the law of public opinion in the administration. The publication shall not contain confidential information arising from the financial supervisory authorities of other countries within or outside the European Union, unless the authorities which have supplied the information have given express express ; Permission.

Paragraph 4. If publication is not in accordance with paragraph 1, THREE, ONE. .. shall be published in accordance with paragraph 1. 1 or 2 when the omission of the omission is no longer valid. However, this only applies to up to two years after the date of the inspection response.

§ 84 d. The financial supervision may in the measures referred to in paragraph 1. 2 such cases shall publish the name of a company or a natural person, as referred to in Article 83 (3). Paragraph 1 shall be notified of an alleged breach of the law or provisions laid down in this respect. The financial supervision may also publish the name of a company or a natural person if it is in the conditions referred to in paragraph 1. 2 cases have been established that the undertaking or physical person has not broken the law or provisions laid down in this respect. Publication after 1. and 2. Act. may occur when it is estimated to be of interest to investors to know the name of the company or the physical person. 1.-3. Act. shall be applicable to the decisions of the Financial Council in the case types referred to in paragraph 1. 2, no. 6 to 8 and 13 where the decisions have been taken against natural persons.

Paragraph 2. Publication can be done in cases of infringement proceedings

1) the rules on the disclosure of internal knowledge, cf. § 27, paragraph. 1, 2, 4 and 5,

2) the rules on publication of the year and half annual reports, cf. § 27, paragraph. 7,

3) the rules on publication of perioditional messages, cf. § 27, paragraph. 8,

4) the rules on publication, registration and retention of information, cf. § 27 a, paragraph. 1-3, and of provisions adopted pursuant to section 30,

5) the rules on the communication of possession of own shares, cf. § 28,

6) the rules on the communication, reporting and publication of the operations of the leading employee, cf. § 28 A, paragraph 1 Articles 1, 3 and 6, and provisions adopted pursuant to Article 28 (a) (a), 7,

7) the rules on the preparation and dissemination of recommendations concerning securities, cf. § 28 (b) (b) 1, and of provisions on this subject, pursuant to section 28 b (b), 2,

8) the rules on the communication of more stock possession, cf. § 29, paragraph. 1, and the provisions adopted pursuant to Article 29 (3). 4,

9) rules concerning the issuer ' s information obligations and equal treatment and communication with shareholders and holders of debt securities or other forms of transferable debt instruments issued under Section 30,

10) the rules on takeover bids, cf. Section 31 (1). Paragraph 1, and section 32 (2). 1-3, and of provisions adopted pursuant to section 32 (3). 4,

11) the rules on the reporting of transactions and the publication of transactions and the publication of prices and transactions, cf. Section 33 (4). 2 and 4, section 33 a (a), One and two, and section 33 b (b). 1, as well as provisions adopted pursuant to section 33 (3). 3 and 5, section 33 (a) (a), 4, and section 33 b (b), 3 and 4,

12) the prohibition on insider trading, the disclosure of internal knowledge and exchange manipulation, cf. § 35, paragraph. Rule number one, section 36, section 39, paragraph. 1,

13) the provisions concerning the issue of internal rules, cf. § 37, paragraph. 1-3,

14) the rules on the establishment of insider lists, cf. § 37, paragraph. Amendment No 4, and of provisions adopted pursuant to Article 37 (2). 10,

15) the rules on the notification of suspicious transactions, cf. § 37, paragraph. SIX, ONE. pkton, and of provisions on this subject pursuant to section 37 (1). 10,

16) the rules laid down in Articles 37 to 42 of Commission Regulation No 2, 1031/2010 of 12. November 2010 (CO 2 the auctionation Regulation), and

17) Regulation No 2 of the European Parliament 146/2012 of 14. March 2012 (short-action regulation).

Paragraph 3. The financial supervision may in the measures referred to in paragraph 1. 2 cases shall also publish the name of the undertaking or the physical person liable to have a daily or weekly fine in accordance with Article 95, if it is deemed to be of interest to the investors to know the name of the establishment, or the physical person.

Paragraph 4. Publication in accordance with paragraph 1. 1 cannot be done if it will result in a disproportionate amount of damage to the company or the physical person.

Paragraph 5. The Financial supervision may, if deemed appropriate, make public an injunction in respect of a change in relation to the law or provisions laid down in accordance with Article 93 (3). THREE, ONE. and 3. pkt., shall be communicated to a natural or legal person or a group of legal persons.

Paragraph 6. Where a issuer of securities fails to comply with an injunction on the publication of information received pursuant to section 93 (2), 3, the Financial supervision may publish the information. Publication after 1. Act. may take place in matters covered by section 27 (1). 1, 7 and 8, section 27 (a) (a), 1-3, section 28, and section 29, paragraph. 1, and cases covered by rules issued under section 30.

§ 84 e. The SEC must inform the public about cases of good value paper tradesmen, cf. section 3, and notices issued pursuant to Article 3, which is dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of importance for the understanding of the said provisions.

§ 84 F. In the case of a limited liability company in section 7 (4). 1, or other oversight establishments covered by this law have been declared bankrupt or the majority of the company's operations have been discharged or transferred, the Financial Supervisory Board shall prepare a statement on the reasons for such action, if the State in the case of or in a shorter period prior to this has provided a guarantee or made available to the company, its creditors, or a transferor of the whole or part of the company.

Paragraph 2. The financial supervision shall publish the statement in accordance with paragraph 1. 1. For the publication, Section 84 is not applicable unless information relates to customer relations or third parties who are or have been involved in the attempt to save the company in question.

Paragraph 3. The decision to be taken pursuant to paragraph 1 1 shall describe the role of the financial services in the course of the business up to the bankruptcy and so on.

Section 84 g. The financial supervision shall publish information on penalties imposed on the basis of section 93 (3). 5, in violation of Regulation No 2 of the European Parliament and Council. 2012/648 of 4. July 2012 (EMIRS Regulation), unless such publication would be a serious danger to the financial markets or will cause the parties involved disproportionate to the detriment of the parties involved.

Paragraph 2. The SEC may publish information on claims and claims as the Financial supervision in accordance with section 93 (3). 3, in the event of a violation of the Regulation.

Paragraph 3. The publication shall not contain personal data covered by Article 2 (1). Paragraph 1 (a) of Directive 95 /46/EC of the European Parliament and of the Council of 24. In October 1995 on the protection of individuals with regard to the processing of personal data and on the free exchange of such information.

§ 84 h. Whereas, under this law, the business and growth minister may lay down rules on undertakings under the supervision of this law to publish information on the financial system's assessment of the company and the possibility of the Finance-SEC possibility of the possibility of the financial supervision of the financial system. publish the information before the company.

§ 85. Undertakings under the supervision of this bill pay the financial supervision of the Financial Authority. The levy shall be fixed in accordance with Chapter 22 of the Act on financial activities.

§ 86. The SEC shall ensure that securities traffickers, operators of regulated markets, registered payment systems, clearing centres, securities centers and principal institutions ' activities, including their rules, organizational plans, business procedures and control and security measures, including in the IT area, are reassuring and in accordance with this law and regulations as laid down in this respect. Similarly, the supervision of the Financial supervision of undertakings operating multilateral trading facilities complies with their duties under this Act, however not subject to registered payment systems covered by Denmark's National Bank ; monitoring the following paragraph : 2. Financial supervision also detects that approved foreign clearance centres, cf. Article 8 (a) complies with the rules laid down by this Act and the conditions of the permit in accordance with Article 8 (a) (1). Three or four.

Paragraph 2. Denmark's National Bank shall monitor payment systems which the National Bank of Denmark considers that it is essential for the payment execution or the implementation of the monetary policy transactions of Denmark's National Bank, in order to facilitate the smooth nature of the systems ; function by contributing to their efficiency and stability. The Danish National Bank shall communicate to the Financial Authority the payment systems covered by the surveillance of the Danmark National Bank.

Paragraph 3. The SEC shall draw up a list of the payment systems covered by paragraph 1. 2. List shall be published by publication

§ 87. Financial supervision may require management of board, management and audit of securities traders, regulated markets, clearing centres, securities centres, bank accounts, principal undertakings, operating multilateral trading facilities, registered, payment systems, issuers, suppliers and subcontractors to provide the information necessary to the business of the Financial Supplies.

Paragraph 2. The Financial supervision may require all information, including accounts, accounting materials, printout of books, other business papers, tape recorders, and the like in connection with the conclusion of contracts for transactions and electronic stored data, which are estimated to be considered ; the activities of the Financial Authority or to a decision whether a natural or legal person is subject to the provisions of the law.

Paragraph 3. The financial supervision may impose the measures referred to in paragraph 1. 1 of the companies referred to in electronic form shall be notified in electronic form.

Paragraph 4. The SEC may obtain information, including in electronic form, from public authorities.

Paragraph 5. The SEC may, at any time, against appropriate identification and without a court order to make on-the-spot visits to the business site of a securities dealer, an operator of a regulated market, a company that operates a multilateral trading facility ; clearing centre, a securities centre, an account institute and a registered payment system.

Paragraph 6. The financial supervision may obtain information in accordance with paragraph 1. 1-5 for use in the section 84 (a) (1). 6, no. The authorities referred to 15 and 19.

Paragraph 7. Exasions in accordance with paragraph 1. 1-6 is carried out by Denmark's National Bank, where a registered payment system is subject to section 57 (a) (a). 7.

Paragraph 8. The SEC may, at any time, against appropriate credentials, without a court order, access suppliers and subcontractors for the purposes of the information on the output of outsourced activity.

§ 87 a. (The case).

§ 88. Decisions taken by the Financial Regulation pursuant to this law or in accordance with the rules laid down in accordance with the law may be submitted to the Board of Acquisities at the latest four weeks after the decision has been notified to the person concerned. The same shall apply to decisions taken by the Financial supervision referred to in Articles 37 to 42 of the Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 -Regulation No 2 of the auctioning Regulation, Regulation (EC) No (EC) 146/2012 of 14. Regulation No, by March 2012, as well as the regulation of the European Parliament and of the Council. 2012/648 of 4. July 2012 (EMIRS Regulation) with the restrictions resulting from the regulation, and with the exception of Articles 14 and 15. The provision in 1. Act. shall not include decisions pursuant to paragraph 1. Three or seven. The provisions of this paragraph shall also apply to decisions taken by the Danish Business Authority on behalf of the Financial Supply Office, cf. § 83, paragraph. 2 and 3, and section 83 b (b). Two-four, as well as decisions taken by Denmark's National Bank, in accordance with section 57 (a) (a). 7.

Paragraph 2. Paragraph 1 shall also apply to decisions taken by undertakings exercising powers on behalf of the Finance Supply.

Paragraph 3. Decisions made by operators of regulated markets, companies operating multilateral trade facilities, clearing centres or securities centres under this law or rules issued under the law, as well as the undertakings referred to in the said undertakings ; decisions in matters of far-reaching or fundamental importance given in accordance with its own rules of law may be brought before the Financial supervision within four weeks of the notification of the decision. The application can be conferred on a seating effect.

Paragraph 4. Decisions and decisions taken by the Agency shall take the decisions and decisions of the Board of Auditors. 3, may at a case be made available to the courts at a time of eight weeks after the decision has been notified to the person concerned.

Paragraph 5. Decisions concerning the registration, amendment or termination of rights in a securities centre by a securities central and decisions taken by the Securities and Securities Board shall not be covered by paragraph 1. 1-4.

$89. The SEC may lay down rules that securities traffickers, regulated markets, clearing centres, value paper centres, account-leading institutions, companies operating multilateral trading facilities and registered payment systems prepare information for the use of the public for statistical purposes.

Paragraph 2. The Statistics Denmark may also lay down rules as referred to in paragraph 1. 1.

Paragraph 3. Public authorities and institutions that emit statistics which can have a tangible impact on the financial markets must send out the statistics in a way that is transparent and which ensures equal access to the information.

§ 90. (The case).

§ 91. The surveillance of data shall ensure that there is no infringement of the law on the processing of personal data, of provisions laid down pursuant thereto, or of section 60 (2). 2-4. The surveillance shall be detected, including its own operation, or, in the case of complaints from a record, that a securities centre is used in accordance with the said laws and regulations.

Paragraph 2. The supervision may, of a securities centre or by an institution ' s principal institute, require any information that is of relevance to its operations, including in determining whether a relationship falls under this law or the processing of personal data.

Paragraph 3. In the case of transferable securities centres or account-leading institutions, the members and staff of the synet have at any time against appropriate credentials without a court order of access to all premises from which the registers of securities central are administered or may be used, as well as for rooms where the register or technical assistance is stored or used.

Paragraph 4. If the Data Board finds that a securities central or an account institute does not comply with section 60 (s). Two-four, shall notify the central or institution concerned of the measures to be carried out. The data on the data-based net may not be brought to the second administrative authority.

Chapter 27

Involsion of authorisation or approval

§ 92. The SEC may withdraw the authorization after paragraph 8 for an operator of a regulated market, a clearing centre and a security central, if

1) the establishment shall not commence within 12 months of the granting of authorisation ;

2) the establishment is not exercised for a period of over six months ;

3) the company explicitly renounits the use of the authorisation,

4) the company grossly or repeatedly overrides his duties in accordance with this law or injuns in accordance with section 93 (3). 3, or provisions issued under the law,

5) a member of the company ' s board of directors or management shall not comply with the provisions of section 9 (3). 1 and 2 Requirements, or

6) the company, moreover, no longer meets the conditions on which the authorisation was granted.

Paragraph 2. Finds the Financial supervision that an account institution which is subject to section 62 (s). 1, no. 2-8, or paragraph. Two-four, grossly overriding his obligations or injuns granted in accordance with this law, the Financial supervision may be deduce from the institution concerned to act in accordance with section 62 and section 76 (4). 2.

Paragraph 3. Populate an operator of a regulated market, a clearing house, or a securities central not capital requirement in section 8 (3). 2, no. 2, or the individual capital requirement laid down in section 15 (3). THREE, FOUR. pkton, the Financial supervision may either set a time limit to bring the capital up to the requirements laid down or to withdraw the authorisation immediately. 1. Act. shall apply by analogous in cases where the total capital response of a securities centre does not comply with the requirement in section 82 (3). 1.

§ 92 a. The financial supervision can include an approval after Article 8 (a) (a). 3 or 4 if :

1) the establishment does not commence within the period of approval, or if no time limit has been specified in the authorisation, within 12 months of the approval,

2) the establishment is not carried out in a continuous period of more than six months ;

3) the approved foreign clearing centre, or repeatedly, overrides his duties in accordance with the law or the provisions of this Act pursuant to the Act or injuns granted under section 93 (3). 3,

4) the approved foreign clearing centre no longer fulfils the terms on which the authorisation was granted or which subsequently has been added to the approval, or

5) The SEC assesses that clearing is not carried out on one for the safe, efficient and technically sound way of the financial markets.

§ 92 b. The financial supervision may include a permit in accordance with Article 8 (c) (c). 1 or 4 if :

1) the establishment does not commence within a period of time, or, if no time limit has been specified in the authorisation, within 12 months of the authorisation,

2) the establishment is not carried out in a continuous period of more than six months ;

3) The auction platform or its operator crude or repeatedly overrides his duties in accordance with Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 the auction of the auctioning Regulation), pursuant to Article 93 (3), this Act or Regulations issued in accordance with the law or injunction. 3,

4) the auction platform or its operator no longer fulfils the terms on which the authorization was announced or which subsequently has been added to the authorisation ; or

5) The SEC assesses that the auction process for auctioning does not take place in a secure, efficient and technically sound manner in the field of auction.

TITLE VI

Penalty provisions, etc.

Chapter 28

Penalty provisions, etc.

§ 93. Inherit of Article 8 (3). Paragraph 1, section 8 (a), 2, section 9 (4). 3, section 10 (4). 1, sections 10 b and 10 c, § 11, § 12 a, § 12 b, paragraph 12 (b). Paragraph 1 (1). TWO, ONE. pkt., paragraph 3-6 and 10, § 12 c, § 12 d, paragraph 1 1, Section 12 (f). 1, no. Paragraph 14, paragraph 14. ONE, ONE. pkt., section 15, paragraph 1. 3, section 16 (4). TWO, THREE. pkt., and paragraph. 3, section 18, section 18 (a) (i). One and two, section 18 (b). Paragraph 1 and 2 and paragraph 1. THREE, TWO. and 3. pkt., section 19, section 20, section 20. FOUR, TWO. pkt., paragraph -Five and a half. SIX, ONE. pkt., section 21, paragraph. Paragraph 1 and 2 and paragraph 1. THREE, TWO. pkt., section 23, paragraph. One and three, section 24. Paragraph 25, paragraph 25. ONE, TWO. pkt., and paragraph. 2, section 27, paragraph. Paragraph 1 (1). 2, 1. 3. pkt., and paragraph. 7 and 8, section 27 a, paragraph. 1-3, section 28, section 28 a, paragraph 28. ONE, ONE. and 2. pkt., paragraph 3, 3. pkt., and paragraph. 6, section 28 b, paragraph 1. Paragraph 1, section 29, paragraph. One and two, section 31, paragraph. Paragraph 1, section 32, paragraph. 1-3, section 33, paragraph. 2 and 4, section 33 a (a), Paragraph 1 and paragraph. TWO, TWO. PC, section 33 (b) (b) ; One and two, section 37, paragraph. 1-5, paragraph 1. SIX, ONE. pkt., paragraph 7, 1. pkt., and paragraph. 8 and 9, section 40 (4). 2, section 41, paragraph. ONE, TWO. pkt., section 42, paragraph. Paragraph 1 and paragraph. TWO, TWO. and 3. pkt., § 42 a, section 42 b (b). 1, § 42 c, section 42 d, paragraph ONE, TWO. pkt., and paragraph. 2, section 42 e (3). ONE, TWO. pkt., and paragraph. TWO, TWO. pkt., section 44 (4). 1 and 3, section 45 (3). Paragraph 1, section 46, paragraph. One, section 51, section 52, paragraph. ONE, TWO. pkt., section 60, paragraph. ONE, TWO. pkt., section 75, paragraph. TWO, TWO. pkt., section 76, paragraph. 2, and Section 84 c (3). ONE, ONE, FIVE. pkt., and paragraph. 2, 1. 7.pkton, punishable by fine. In the same way, a serious or repeated violation of section 23 (3) is punished. 6, section 52, paragraph. ONE, ONE. pkt., and section 60 (3). ONE, ONE. PC, as well as approved foreign clearance centres, which are grossly or repeatedly violating conditions laid down in approvals issued in accordance with section 8 (a) (1). Three or four.

Paragraph 2. The penalty shall be penalised a financial undertaking or a financial holding company which does not comply with an injunction in accordance with section 3 (3). With fine penalties, a member of the Board shall be punished in a business covered by section 7 (4). 1 which do not comply with an injunction, given in section 12 e (3). 2 and paragraph 1. 3, 3. Act.

Paragraph 3. Where a natural or legal person does not comply with its obligations under this law or for provisions laid down in its application, the Financial supervision may give the relevant pleas to a change in the relationship. The SEC may also provide a natural or legal person as to amend the relationship if it fails to comply with its obligations under Commission Regulation No 2 ; 1031/2010 of 12. November 2010 (CO 2 -Regulation No 2 of the auctioning Regulation, Regulation (EC) No (EC) 146/2012 of 14. Regulation No 2 by March of 2012 or of the European Parliament and of the Council. 2012/648 of 4. July 2012 (EMIRS Regulation). Opens may also be provided to associations of legal persons. Feelings after 1. and 3. Act. exercised by the Danish National Bank, where a registered payment system is subject to section 57 (a) (a). 7. If it is deemed appropriate, the SEC may suspend or delete the affected securities from trade in the regulated market or the multilateral trading facility. Similarly, the SEC may suspend or delete the relevant securities from trade where the securities concerned is deleted or suspended on a regulated market in a country within the European Union or in a country which the Union has concluded ; Agreement with the financial area. The non-compliance of the Danish National Bank or the Danish National Bank or the Danish National Bank shall be penalised by penalty of the Danish National Bank of Denmark or the Danish National Bank, and shall be penalized for the penalties provided for in Article 5 of the Danish Financial Authority (Denmark) and the Danish National Bank. have been washed in accordance with other legislation.

Paragraph 4. The provisions of the Ministry of Economic and Growth, the FDA, or the Danish Agency for Economic Affairs, may be subject to penalty of penalties for infringements of the provisions laid down in the legislation.

Paragraph 5. The SEC may lay down rules for penalties to be punished in violation of provisions contained in the European Union regulations for the areas of the law which the Financial supervision is supervising.

Paragraph 6. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Paragraph 7. The statute of limitations for infringement of the law or regulations issued under the law shall be five years.

Paragraph 8. In accordance with paragraph 1, the penalty shall be determined. 1 the emphasis must be placed on the caverness of the infringement and for how long the infringement has taken place.

§ 93 A. The Minister for the Industry and Growth Minister may lay down rules that the Financial supervision of specified cases of infringements of this law and rules issued under this law, which is not deemed to be higher than fines in a fine-in-presentation, may indicate ; the case may be decided without trial, if the offence committed by the offence and declares itself prepared to pay a fine as specified in the ticket of the penalty.

Paragraph 2. The rules on the Law of the Court of Justice shall apply to the contents of an indictment and that a charge is not required to express an opinion shall apply mutatis muchal to a fine.

Paragraph 3. If the ticket is adopted, further proceedings shall be suspended.

$94. The withdrawal of section 35 (3). Rule number one, section 36, section 39, paragraph. Paragraph 1 shall be subject to penalty of fine or imprisonment for up to 1 year and 6 months.

Paragraph 2. The provision in section 93 (3). 6 shall apply mutatis mutis.

§ 95. Avoiding a management board, board or auditor of a securities trader, an operator of a regulated market, a clearing centre, a security of securities, an account institute, a company that operates a multilateral trading facility, a registered office ; the payment system or issuer shall comply with the obligations imposed on them or imposed on them by the Financial supervision, the Danish Agency for the Agency or, where a registered payment system is established ; covered by Section 57 (a) (a), 7, Denmark's National Bank, the Financial Authority, the Danish National Bank, or Denmark's National Bank may impose penalties on the daily or weekly fines of the relevant daily or weekly.

Paragraph 2. If a natural or legal person leaves a natural or legal person to fulfil the duties of them under this law, the SEC, the Danish Business Authority or the Danish National Bank may impose the means of imposing the natural or legal person, or of the legal person, or of the legal person ; person responsible for daily or weekly fines.

§ 96. Governing members, directors, auditors and their alternates and employees of an operator of a regulated market, a clearing centre, a security system, a registered payment system, an account-leading institute or a company that drives one ; a multilateral trade facility, which is unjustified, or exploiting confidential information, which, in the performance of their duties, shall be punished by fine, in so far as the penalties are not inflited on any other legislation.

Paragraph 2. Enables people who are associated with an operator of a regulated market, a company that operates a multilateral trading facility, a clearing centre, a security central, a registered payment system or an account institute inaccurate, or misleading information on the operator of the regulated market, the company operating a multilateral trading facility, the clearing centre, the securities centre, the registered payment system or the account principal for : Financial supervision, Denmark's National Bank or other public authorities shall be punished the person concerned with a fine or maximum sentence for up to four months, in the case of insofar as the penalty is not rinsed with any other legislation. ` ;

TITLE VII

Conversion provisions, etc.

Chapter 29

Conversion provisions

§ 97. The Securities Stock Exchange, Securities and Guarantee Fund, and the Guarantee Fund for Danske Options and Futures can be transformed into limited liability companies in accordance with the rules in section 98-104.

-98. The Management Board of each of the Funds referred to in Article 97 may decide that the fund is dissolved without winding-up proceedings by the transfer of assets and debt as a whole to one or more of the Fund owned or established private companies authorised to operate, in accordance with the provisions of Article 7 (7 1, no. One, five or six. At the same time, shares in each stock shall be transferred to the value of the assets deposited after deduction of the deposit ' s debt to a newly-archaeat-stock. The decisions of the newly-stifted funds may decide, with the consent of the Fund Authority, that the funds are being groupled.

Paragraph 2. A solution without winding-up proceedings may also be carried out by handing over the assets and debts of the Fund as a whole to one or more limited liability companies authorised to operate in accordance with the provisions of Article 7 (7). 1, no. One, five or six. At the same time shares in each of these holdings shall be transferred to the value of the assets deposited after deduction of the deposit ' s debt to a newly-archaeat-stock. Where the transfer takes place to one or more limited liability companies established pursuant to paragraph 1. 1, the board of directors of the newly-stifted funds, with the consent of the Fund Authority, may decide that the funds are being groupled.

Paragraph 3. Conversion in accordance with paragraph 1. 1 and 2 may also be done by the fact that the shares in the Member (s) or those referred to in paragraph 1 are 1 and 2 of the stock companies referred to shall be transferred to the existing fund, provided that this is in conformity with the existing Fund ' s statutes.

Paragraph 4. Decision pursuant to paragraph 1. 1-3 shall be taken by the majority, which is also required for essential decisions. The shareholder or the shareholders referred to in paragraph 1. 2 such limited liability companies shall compile a shareholder Agreement, which shall be approved by the Minister for the Acquireast and Growth Minister.

Paragraph 5. The sequending fund as provided for in paragraph 1. ONE, TWO. and 3. pkt., paragraph TWO, TWO. and 3. pkt., and paragraph. 3 shall be regarded as traders according to the law of economic operators.

§ 99. By conversion after Article 98 (2), One-three, find the equity company section § 6 a-6 c and section 33 (2). 1, commutandis section 134-134 i or § 136-136 of equivalent use with the necessary adaptations.

Paragraph 2. The section 134 (b) of the Section 134 (b) of the common accounting position and opening balance shall be drawn up in accordance with the accounting rules applicable to limited liability companies which operate the type of establishment in which the newly-stifted private companies are concerned to operate.

Paragraph 3. Documents which, according to the limited liability company, must be submitted to the Corporate Authority, shall also be submitted to the Financial supervision.

Paragraph 4. The financial supervision must approve the conversion of Article 98 (3). 1-3.

§ 100. The sequending fund, cf. ~ 98, paragraph. One-three, led by a board of at least five members.

Paragraph 2. A majority of members shall be appointed by the company board of the Management Board of the Management Board of the Management Board.

Paragraph 3. In the case of conversion of shares in more than one limited liability company in accordance with Article 98, the encapacal funds shall be established in accordance with Article 98 (1). 2 shall not apply.

§ 101. The controls in each of the Funds referred to in Article 97 may also decide that without winding-up of assets and liabilities as a whole to one or more of the Fund or the Funds owned or created, the Fund or the Funds may be dissolved without winding-up proceedings or the Fund or the Fund (s). who are authorized to operate in accordance with the provisions of Article 7 (7) of the law. 1, no. One, five or six. The value of the assets transferred shall in each stock company correspond to or exceed the value of the transferable debt. In each stock company, a bottle-up reserve corresponding to the value of the assets deposited after deduction of the debt ' s deposit debt, cf. sections 102 and 103.

Paragraph 2. A solution without winding-up proceedings may also be carried out by handing over the assets and liabilities of the fund as a whole to one or more limited liability companies authorised to operate in accordance with the provisions of Article 7 (7). 1, no. One, five or six. The value of the assets transferred shall in each stock company correspond to or exceed the value of the transferable debt. In each stock company, a bottled fund reserve corresponding to the value of the assets deposited after deduction of the debt ' s deposit debt, or, if already such a bottled stock reserve in the stock company, is increased by the value of the deposits ; assets deposited after deduction of the debt ' s deposited debt, cf. sections 102 and 103.

Paragraph 3. ~ 98, paragraph. 4, and section 99 shall apply mutatis muth to the conversion referred to in paragraph 1. One and two.

§ 102. The bottom-up fund can be used to cover deficits that are not covered by sums that can be used for profit in the stock company.

Paragraph 2. In the event of termination of the stock company, the encoding to the shareholders shall only take place where the obligations laid down in paragraph 1 shall be carried out. Four has been fulfilled.

Paragraph 3. In the transfer of assets and liabilities to one or more limited liability companies operating in accordance with the provisions of Article 7 (7) (1) of the asset ' s assets and liabilities. 1, no. 1, 5 or 6, will inherit the consecutive company of the fund on the same terms and conditions in force until the transfer.

Paragraph 4. The conversion decision shall be fixed in accordance with section 101 (3). 1 or 2, detailed rules for the use of the fund reserve in the event of the termination of the company. The fund reserve must, depending on whether the stock company is allowed to operate in accordance with section 7 (2). 1, no. 1, 5 or 6, are used for purposes relating to stock exchanges, clearing business or registration.

§ 103. Ten% must be executed. of the year's surplus which does not include the deficit of losses from previous years, to the fund reserve. However, the execution may not exceed the interest rate of the phoneal reserve corresponding to the interest calculated in accordance with section 213 (3). Two, in the field of financial activities, with deduction of a proportionate share of the company tax of the year.

§ 104. The Management Board of each of the Funds referred to in Article 97 may also decide that conversion must be made by combining the conversion of sections 98 and 101. The Fund or Funds will give the funds and debts as a whole to one or more limited liability companies, cf. ~ 98, paragraph. One and two, and section 101, paragraph 1. One and two. In each stock company, a bottle-up reserve is created, cf. sections 102 and 103. At the same time, shares are transferred in each of the stock companies corresponding to the value of the assets deposited after deduction of the debt ' s deposited debt and after deduction of the bound fund reserve for a fund, cf. ~ 98, paragraph. 1-3, which is regarded as traders according to the law of commercial operators.

Paragraph 2. section 98-103 shall apply to the adjustments necessary to the conversion of the first paragraph. 1.

TITLE VIII

Amendment of other laws

Chapter 30

Amendment of other laws

§ 105. (Udelades)

§ 106. (Udelades)

§ 107. (Udelades)

§ 108. (Udelades)

-109. (Udelades)

§ 110. (Udelades)

§ 111. (Udelades)

§ 112. (Udelades)

§ 113. (Udelades)

§ 114. (Udelades)

§ 115. (Udelades)

§ 116. (Udelades)

§ 117. (Udelades)

§ 118. (Udelades)

§ 119. (Udelades)

§ 120. (Udelades)

§ 121. (Udelades)

§ 122. (Udelades)

§ 123. (Udelades)

§ 124. (Udelades)

§ 125. (Udelades)

TITLE IX

Entry into force and transitional provisions, etc.

Chapter 31

Entry into force and transitional provisions, etc.

§ 126. The timing of the law or parts of the law shall be determined by the business and growth Minister, as regards section 105, no. 1, 3-9, 12 and 13, and section 106-115 after discussion with the tax minister, and, as far as section 123-125 is concerned, after discussion with the Minister for Justice. § 105, no. 2, 10 and 11, shall enter into force the day following the announcement in the law. However, for the securities central and clearing business, the law shall be entered into force at the latest by force on 1. June 1997. However, the law must, at the latest, have entered into force on 1. In June 1996, with the exception of section 6 (2), 3, which shall enter into force on 1. June 1997.

Paragraph 2. The Minister for the Industry and Growth Pact can, in whole or in part, lift the right of the Copenhagen FondsExchange, cf. Law Order no. 713 of 8. September 1993, the law of securities central, cf. Law Order no. 807 of 6. October 1993, as well as law no. 213 of 10. April 1991 on prospectuses for the first public tender of certain securities.

Paragraph 3. § 105, no. 1, 3-9, 12 and 13, section 106, nr. 1, section 107, section 108, nr. 1, 2, and 4, § 109, § 110, § 112, nr. 2, and § 115 has effect from and with the income year 1997, cf. however, paragraph 1 Six and seven.

Paragraph 4. § 105, no. Ten, having an effect on companies and associations, etc., which are subject to the entry into force of the company tax havens, and with the entry into force of this Regulation.

Paragraph 5. § 112, nr. 1 has effect from and with income year 1988.

Paragraph 6. In the conversion of the Copenhagen FondsExchange and Securities Central, to a limited liability company, before 1. In January 1997, the tax havens above, section 14 h, paragraph, shall be found. 3, as written in the section 112 of this law. 2, similar application.

Paragraph 7. In the case of a transformation of the Guarantee Fund for Danske Options and Futures, to a limited liability company before 1. In January 1997, the section 14 of the Merger Tax Code shall be referred to in paragraph 14 of this Act. 2, similar application.

§ 127. Notwithstanding the provisions of section 7, no. Paragraph 1 and Article 8 (1). 2, no. 1 and 2, the City Stock Exchange of the City Stock Exchange may be carried out until 1. July 1997. In the performance of this company, the Copenhagen Fund shall be regarded as a stock exchange following this law.

Paragraph 2. Notwithstanding the provisions of section 7, no. 5 and 6, and section 8 (4). 2, no. 1 and 2, the Securities and Guarantee Fund for Danske Options and Futures can continue to exercise value-clearing business. In the performance of this company, the Guarantee Fund for Danske Options and Futures and the Securities and Securities Centre shall be regarded as clearing centres by this law.

Paragraph 3. Notwithstanding the provisions of section 7, no. 6, and section 8 (3). 2, no. 1 and 2, the Securities Centre may continue to carry out registration activities. In the performance of this undertaking, the securities centre is considered to be a securities central by this law.

Paragraph 4. In the transformation of the Copenhagen stock exchange to a company, employees in the company have the right to appoint a member of the Board. In the case of conversion of the Securities Centre to a limited company, employees in the company have the right to appoint two board members.

Paragraph 5. Paragraph 4 shall apply for a period of three years from the conversion, after which the company's employee's right to be represented on the management board is regulated by company law.

§ 127 A. The Securities Centre is a private self-adder institution. The detailed rules on the securities central and its operations shall be determined by the central board of the Central Bank of a Staff Regulations approved by the Financial Supervision.

Paragraph 2. The Securities Centre is led by a Board of Directors until 14 members and a management board.

Paragraph 3. The decisions taken by the governing board shall be determined in so far as they are not required by a simple majority voting by a simple majority. The Staff Regulations can stipulate that the voice of the President is crucial in the case of ballot equality.

Paragraph 4. For three years the business and growth minister shall appoint the Chairman of the Management Board and the other board members, in accordance with the requirements of the Management Board and the other board members. however, paragraph 1 5-9. Of members, four are appointed by organisations representing the issuers of the fund assets, four by setting from organisations representing the parties in paragraph 62, paragraph 1. 1, no. The accounts shall be two (2) and (3) of the aforementioned account institutes, and one following the recommendation of the Danish National Bank Two of the members are appointed in particular to protect the interests of the owners of the fund assets. For members to be appointed delegates.

Paragraph 5. The workers of the Securities Zone shall be entitled in accordance with paragraph 1. 6-9 to select two members of the Management Board and Delegates for these among the central workers of the central person.

Paragraph 6. At least half of the workers must vote in favour of a decision to take advantage of the right of paragraph 1. The decision shall be given in writing to the Administrative Board.

Paragraph 7. The workers ' choice of board members and delegates will be done in writing and in secret ballot. The members shall enter the Administrative Board within one month of its written notice of the name and address of the person concerned.

Paragraph 8. The members of the board members elected by the workers shall be designated for three years at a time among the workers who have been employed over the last year before the choice of the Securities Centre.

Niner. 9. The Minister for the Industry and Growth Minister shall lay down rules on :

1) who is considered as an employed person ;

2) the implementation of the choice under paragraph 1. 6 and 7,

3) the possibility of withholding the elections in accordance with paragraph 1. 7 if only the number of candidates to be selected shall be selected as board members and as delegates,

4) legal protection in the recruitment of the members of the Board of Directors, incompatibility of protection and the interpretation of the rules shall be decided by a professional law, and

5) under which the workers of the Securities and Securities and of the Securities shall be informed of the central characteristics of

Paragraph 10. The Management Board shall hire the Executive Board and ensure that the Agency ' s activities are properly carried out in accordance with the rules of the law and of the Securities and Securities Central.

Paragraph 11. The Executive Board shall be responsible for the day-to-day management of the Securities Centre in accordance with the Management Board's Guidelines and instructions.

§ 128. In the case of limited liability companies established under Clause 101 or § 104, the Financial Regulation may, notwithstanding the provisions of section 8 (1), be granted. 2, no. 2, grant authorization for the exercise of stock exchanges, securities clearing activities and registration activities, if the responsible capital of the company at the time of authorisation is at least 40 million. DKK The sum total of at least 16 million shall be such that : DKK be equity capital.

§ 129. The provision in section 6 (4). THREE, ONE. PC, on the subject of customer consent, the application of new customer relations was concluded after the entry into force of this Agreement. For existing customer relations within 18 months of the date of section 6 (6), THREE, ONE. pkt., has entered into force, obtained consent from the individual customer if a securities trades store the Customer's securities in coconcion.

$130. The law does not apply to the Faroe Islands and Greenland, but may, with the exception of § § 105-115, § 123 and § 125 at a king of royalty, be brought into force for those parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 2. Section 125 may be applied to the Faroe Islands by means of a royal device, with the deviations which the particular ferotable relationship states.


Law No 475 of 10. In June 1997 the following entry into force and transitional provisions shall include :

§ 9

Paragraph 1. The law shall enter into force on 1. January 1998. (2nd and 3. dot omitted)

Paragraph 2. Not later than 1. In March 1998 the Management Board shall have prepared internal guidelines pursuant to (excluding) section 12 b (s). 1, in the Act on securities trading, and so on, as drawn up by the section 4 of this law. 1.

Paragraph 3. The provisions of (excluding) section 14 (4). 2, in the Act on securities trading, and so on, as drawn up by the section 4 of this law. 3 and 4, section 11 (a), THREE, TWO. pkt., (excluded) shall apply to the financial year commenting on 1. January 1998 or later.

Stc. 4-6. (Udelades)

Paragraph 7. Notwithstanding the rules of this law, CEOs, VVs, VVs, and thus assimilate and branch managers in financial institutions shall be subject to the Governing Board of Denmark in Denmark ' s Shipcredit Fund, Danish Export Financial Services, Danish Development Fund A/S, Danish Development Fund A/S, Finance Institute for Hotels, Finance Institute for Industry and Craft A/S, United Kingdom, Landsbanks Reallloans, Totalcredit RealCredit Fund and Bornholms Commercial foundation.

Paragraph 8. People covered by § 12 c (3) (c) 3, in the Act on securities trading, and so on, as drawn up by the section 4 of this law. 3, which is 1. In January 1998, the office of internal audits or temporary producer groups within companies outside the group may continue to do so until the end of the period of operation commenced on 9. April 1997. If, after this date, the said persons shall begin a functional period as an internal audit or visa-agency manager in a company which is not covered by section 12 c (s). 3, shall be dedupped by the person concerned by 1. February 1998.

Niner. 9. The engagements and securities which are on the 1. In January 1998 it was legal between the selected audit or an internal audit or temporary group (s) (excluding) and (excluding) companies may continue to the original agreed expiration date.

Check. 10-12. (Udelades)

§ 10

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, (excluded) but (excluded) may, by means of a royal device, be brought into force for these parts of the village, with the deviations that the particular ferocities and Greenland conditions are attributable.

Strike two-three. (Udelades)


Law No 1327 of 20. In December 2000, the following entry into force and transitional provisions shall include :

§ 9

Paragraph 1. The law shall enter into force on 1. April 2001, cf. however, paragraph 1 2-5.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 14, section 2, no. 2, section 3, no. 2 and 3, section 4, no. 2, section 5, section 6, no. 4, and sections 7 and 8 shall enter into force on 1. January 2001. The calculation of contributions shall be the first time on the basis of information from the financial year concluded in 2000.

Paragraph 4. § 1, no. 20 and 21, enter into force on 1. July 2001.

Paragraph 5. Value traders and companies covered by the securities trading slots section 62 (3). 1, and Section 63, which, at the time of the entry into force of the law, was a member of a stock exchange or connected to a securities market, shall be able to continue to do so without the consent of the financial system for the financial system.

§ 10

Paragraph 1. sections 1, 2, 4, 5, 7 and 8 shall not apply to the Faeroe Islands and Greenland but may, by means of a royal device, be brought into force for those parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 2. (Udelades)


Law No 427 of 6. June 2002 shall include the following entry into force and transitional provisions :

§ 3

Paragraph 1. The law shall enter into force on 1. July 2002, cf. however, paragraph 1 2.

Paragraph 2. § 1, no. 13, 14, 16-18, 35, and 39, enter into force on 1. October 2002. The Minister for the Acting and Growth Pact provides for the entry into force of section 1 (2). 5, 8, 12, 19, 26, 30, 31, 33, 34, 37 and 38, and section 2.

§ 4

Paragraph 1. The status of the total holdings of companies covered by Article 34 (1). 4, and section 37 (3). 3, cf. this law's § 1, no. The latter shall be notified to the issuer at 16 and 17, and shall be notified by the latter to the appropriate market place of the authorised market, where the company shares are admitted to the listing or trade, by 1. January 2003.

Paragraph 2. Notice of the Fund Council no. 429 of 28. However, May 2001 on good securities trading by trade in certain securities shall continue to be valid until the business and growth minister has issued rules in this area.

§ 5

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.


Law No 453 of 10. In June 2003 the following entry into force and transitional provisions shall include :

$375. The law shall enter into force on 1. January 2004, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

§ § 376-437. (Udelades)

§ 438. The law shall not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations that the special ferry and Greenland conditions are attributed to, cf. however, paragraph 1 2-4.

Strike two-four. (Udelades)


Law No 1171 of 19. In December 2003 the following entry into force and transitional provisions shall include :

§ 6

Paragraph 1. The law shall enter into force on 1. January 2004, cf. however, paragraph 1 Two and three.

Paragraph 2. The Minister for the Industry and Growth Pact provides for the time of entry into force of the section 2 of the law. Article 2 may not, however, be effective at the time when the Hague Convention on the Law applicable to certain rights of securities held by a middleman shall enter into force in relation to the European Union.

Paragraph 3. (Udelades)

§ 7

Internal auditing and vicerevision schefer, regardless of the ban on securities trading, can be allowed, and so on. § 12 (b) (b) 9, cf. this law's § 1, no. 3, maintain and exploit economic interests as they own in the entry into force of the law.

§ 8

Paragraph 1. Chapter 18 (a) on securities trading, etc., as drawn up by the section 1 of this Act. In the case of the entry into force of the law, the application of the 12 shall apply to agreements on financial securities, final payments and so on.

Paragraph 2. § 58, in the Act of securities trading, etc., cf. Law Order no. 587 of 9. July 2002, as amended by section 426 of Law No 1. 453 of 10. June 2003 will continue to apply to agreements on netting entered into before the entry into force of the law.

§ 9

(Udelades)

§ 10

Paragraph 1. The law shall not apply to the Faroe Islands and Greenland but may, by means of a royal appliance, be brought into force in whole or in part to these parts of the village, with the deviations that the particular ferocities and Greenland conditions say, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)


Law No 491 of 9. June 2004, as amended by section 24 of the Act 1556 of 21. In December 2010, the following entry into force and transitional provisions shall include :

§ 6

Paragraph 1. The law shall enter into force on 1. January 2005, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 14, enter into force the day following the announcement in the law.

Paragraph 3. § 1, no. 4, 7 10, 13, 30, 34, 37 and 41, section 2, nr. 1-3, 12 and 13, section 3, no. 1 and 2, section 4, nr. 5, and section 5 shall enter into force on 1. July 2004.

Paragraph 4. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.

Paragraph 5. In the case of the Faroes, the amendment of the Article 1 (s) may be amended once and for all. 22, which has been put into force for the Faroe Islands, with the deviations that the ferothing relationships are saying.


Law No 1383 of 20. In December 2004, the following entry into force and transitional provisions shall include :

§ 17

Paragraph 1. The law shall enter into force on 1. January 2005, cf. however, paragraph 1 2-4.

Strike two-four. (Udelades)

§ 18

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)


Law No 1460 of 22. In December 2004, the following entry into force and transitional provisions shall include :

§ 3

Paragraph 1. The law shall enter into force on 1. April 2005, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 2 and 3, 8-12, 14, 18-20, 22 to 24, and 30, and section 2 shall enter into force on 1. July 2005.

Paragraph 3. § 1, no. 7 and 21, enter into force on 1. January 2005.

Paragraph 4. Notwithstanding the provisions of section 1 of this Act, credit institutions covered by the derogation provided for in Article 5 (a) of Directive 89 /298/EEC and which are not covered by Section 23 (3). 5, no. 8, to the public in Denmark offer bonds or other transferable securities equivalent to debt securities issued continuously or through several times, until 31. December 2008.

§ 4

The law does not apply to the Faroe Islands and Greenland but can, by means of a royal contraption, be brought into force in whole or in part of these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.


Law No 411 of 1. In June 2005 the following entry into force and transitional provisions shall include :

§ 6

Paragraph 1. The law shall enter into force on 1. July 2005

Strike two-four. (Udelades)

§ 7

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry or Greenlandic conditions.


Law No 604 of 24. In June 2005 the following entry into force and transitional provisions shall include :

§ 5

Paragraph 1. The Act shall enter into force on the day following the announcement in the law in Juditsiding, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

Paragraph 3. Section 1 of the law. 11, shall apply to decisions concerning the submission of takeover bids taken after the entry into force of the law. Section 1 of the law. 14-16 shall apply to handover, cf. Section 31 (1). 1, in the Act of securities trading, etc., which shall be carried out after the entry into force of the law.

§ 6

Paragraph 1. Section 1-3 does not apply to the Faeroe Islands and Greenland but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributed to the special ferry and Greenlandic conditions.

Paragraph 2. (Udelades)


Law No 1428 of 21. In December 2005 the following entry into force and transitional provisions shall include :

§ 6

The law shall enter into force on 1. January 2006.

§ § 7-9

(Udelades)

§ 10

The law does not apply to the Faroe Islands and Greenland, but § § 1, 3 and 4 may be brought into force by means of a non-conundant device to these parts of the abnormations that the special ferry or Greenland conditions are attributable.


Law No 116 of 27. February 2006 includes the following entry into force and transitional provisions :

§ 5

The law shall enter into force on 1. March 2006.

§ 6

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. sections 1 and 2 may, by means of a king, power in the Faeroe Islands and Greenland with the deviations which are attributed to the special ferry or Greenland conditions.


Law No 527 of 7. June 2006 includes the following entry into force and transitional provisions :

§ 4

Paragraph 1. The law shall enter into force on 1. January, 2007, cf. Oh, the size of the .2.

Paragraph 2. (Udelades)

§ 5

(Udelades)

§ 6

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be brought into force for these parts of the village, with the deviations which are attributable to the special ferry and Greenlandic conditions.


Law No 108 of 7. February 2007 has the following entry into force and transitional provisions :

§ 21

Paragraph 1. (Udelades)

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 88, section 3, no. 1, 3, 11, 24, 27, 30, 40-43, 58, 61, 62, 68, 69, 76, 81, 83, 85 and 86, section 6, nr. One-nine, seven, eight, number. 3, 8 and 9, section 9, nr. 6 and 7, section 10, no. 6, section 11 to 15, enter into force on the 15th. February 2007.

Paragraph 4. § 1, no. 2, 3, 54-60, 62, 63, 90, 93, 94, 105-109, 116, 118 and 119, section 3, nr. 74, and section 4 enters into force on 1. June 2007.

Paragraph 5. (Udelades)

Paragraph 6. § 1, no. 88, section 3, no. 62, section 11, no. 1, section 12, nr. Twelve, and $13, number. 2 shall have effect from 1. January 2006.

Paragraph 7. (Udelades)

§ 22

Paragraph 1. Section 16 shall enter into force on the day following the announcement in the law.

Paragraph 2. Irrespective of the rules laid down in this law's section 1, companies with a permit in accordance with Article 8 (3). 1, in the Act of securities trading, etc., to operate as a stock exchange or authorized marketplace without a new permit, continue to operate in compliance with the rules governing the operators of regulated markets.

Paragraph 3. Irrespective of the rules laid down in this law's section 1, companies with a permit in accordance with Article 8 (3). 1, in the Act of securities trading, etc. to operate as an alternative market place without a new licence, this company continues to operate in compliance with the rules for companies operating multilateral trade facilities, including alternative ones ; marketplace.

Paragraph 4. Irrespective of the rules of Section 1 of this Act, shares, stock certificates and bonds occupied at the listing of a stock exchange in accordance with section 22 of the Act on securities trading, etc. shall continue to be noted.

Paragraph 5. Financial enterprises, as on 1. November 2007 is allowed to carry out activities pursuant to section 9 (4). 1, cf. Section 7 (2). 2, section 8 (4). 2, section 9 (4). 2, section 10 (4). 2, or section 403 of the Act of Financial Company, may continue these activities as before.

Paragraph 6. Companies on the 1. In November 2007, a permit is given in section 8 (5). 1, in the Act of securities trading, etc., to the cash brokership ' s office, may continue these activities if they are to be carried out by 1. In February 2008 the activities of the Financial Authority are notified. Financial supervision shall notify in accordance with section 9 (3). 1, in the Act of Finance, authorizing the notified activities and authorizing the intermediary of the intermediary and lending between participants in the money market. The Companies may, during the period after notification and up to the approval of the Financial Authority pursuant to section 9 (2), may be granted. 1, continue to carry out the notified activities, including the dissemination of the money and lending between participants on the money market.

Paragraph 7. A company or person who, on 1, In November 2007, business as an investment manager, cf. § 343 a in the financial undertaking, cf. this law's section 3, no. 59, and at the latest on 1. February 2008, applications for authorisation pursuant to section 343 c are in the law of financial activities, cf. this law's section 3, no. 59, may continue to provide investment advice until the SEC has processed the application for authorisation. An application shall be deemed to have been received in the Financial supervision, when the information on all the matters referred to in section 343 c is submitted for the Finance-sighted.

§ 23

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 6, 13 and 14 may, in the case of the Faeroe Islands and Greenland, be in force in full or in part, in the case of the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenland conditions are saying.

Stk. 3-4. (Udelades)


Law No 181 of 28. February 2007 has the following entry into force and transitional provisions :

§ 8

Paragraph 1. The law shall enter into force on 1. January 2008.

Paragraph 2. Chapter 23 of the Court of Justice shall be drawn up by this Act. 10 shall apply in cases which are laid down upon the entry into force of the law.

Paragraph 3. The Minister of Justice makes proposals for the review of the Act of People's year 2010-11.

§ 9

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. Section 3, by means of a royal device, shall be in force for the Faeroe Islands and Greenland ;

Paragraph 3. Section 5-7 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations from which the special movement or Greenland conditions are attributed.


Law No 576 of 6. June 2007 has the following entry into force and transitional provisions :

§ 12

Paragraph 1. The law shall enter into force on 1. July 2007, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

§ 13

(Udelades)

§ 14

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. Section 1-5 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations from which the special movement and Greenland conditions are attributed.

Paragraph 3. (Udelades)


Law No 515 of 17. June 2008 has the following entry into force and transitional provisions :

§ 10

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 11

Paragraph 1. The Loven's § § 1-5 and 7-9 does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 2-4.

Paragraph 2. (Udelades)

Paragraph 3. sections 1, 2 and 4 may, in whole or in part, be put into effect for the Faeroe Islands, with the deviations that the particular feroted relationships are saying.

Paragraph 4. sections 1-5 and 9 may be put into force in whole or in part to Greenland, with the deviations from which the special Greenland conditions are attributed.


Law No 517 of 17. June 2008, as amended by Section 14 of law no. 392 of 25. In May 2009, the entry into force and transitional provisions shall :

§ 13

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2-5.

Strike two-five. (Udelades)

§ 14

Paragraph 1. sections 1, 2 and 4-12 do not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. Section 3 does not apply to the Faroe Islands.

Paragraph 3. sections 1, 2, 6 and 10 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 4. (Udelades)


Law No 1003 of 10. October 2008 has the following entry into force and transitional provision :

§ 17. The law shall enter into force on the 11th. October 2008 at the beginning of the day of death.

Paragraph 2. The bill can be confirmed immediately after the adoption.

Paragraph 3. The law has effect from the 5th. October 2008.

Paragraph 4. (Udelades)


Law No 67 of 3. February 2009 has the following entry into force and transitional provisions :

§ 14. The law shall enter into force on the fourth. In February 2009.

Paragraph 2. The bill can be confirmed immediately after the adoption.

Paragraph 3. (Udelades)

§ 15. The Act's section 16-18 does not apply to Faeroe Islands and Greenland, but § 16, nr. In the case of the Faroe Islands and Greenland, in full or in part, 1 to 14 and 17-19, the total or partial may be set in force for the Faeroe Islands and Greenland, with the deviations from which the special ferry and Greenland conditions are attributed.

Paragraph 2. The laws of the law of mortgage credit institutions are not applicable to the Faroe Islands.


Law No 133 of 24. February 2009 has the following entry into force and transitional provisions :

§ 7

Paragraph 1. The law shall enter into force on 1. In March 2009, cf. however, paragraph 1 Two and three.

Paragraph 2. Section 1 of the law. 1-5, 8, 9, 13 and 14, and section 3, no. 1, 2, 4 and 7 shall enter into force on 21. In March 2009, with effect, for applications received in the Financial supervision after this date.

Paragraph 3. (Udelades)

§ 8

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. The laws of the Law, sections 1, 3 and 4 may be implemented in whole or in part to the Faeroe Islands and Greenland, with the deviations that the special ferry and Greenlandic conditions are saying.

Paragraph 3. (Udelades)


Law No 392 of 25. May 2009 has the following entry into force and transitional provisions :

§ 15

Paragraph 1. The law shall enter into force on 1. July 2009, cf. however, paragraph 1 2-7.

Strike two-seven. (Udelades)

§ 16

Paragraph 1. The section sections 1 to 7 and 9-13 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. Section 8 does not apply to the Faroe Islands.

Paragraph 3. sections 1 to 4, 9, 10 and 13, by means of a royal contraption, in full or in part, to Greenland, with the deviations from which the special Greenland conditions are worded.

Paragraph 4. Section 1-4 may, by means of a royal appliance, fully or in part, in force for the Faeroe Islands, with the deviations which the particular ferotable conditions are attributable.


Law No 516 of 12. June 2009, as amended by Section 3 of Act 3. 1273 of 16. In December 2009, Section 15, Law No 1278 of 16. In December 2009, Section 2 of Law No 159 of 16. In February 2010 and section 14 of Law No 579 of 1. In June 2010, the following entry into force and transitional provisions shall be :

§ 25

Paragraph 1. The Minister for the Industry and Growth Pact sets the date of entry into force of the law. 2)

Paragraph 2. The law does not apply to Greenland, cf. however, paragraph 1 4, but may, except for sections 6, 7, 13 and 15-19, by means of a royal appliance, in whole or in part, to Greenland, with the deviations from which the special Greenland conditions are attributed.

Paragraph 3. The Loven does not apply to the Faroe Islands, cf. however, paragraph 1 4, but § 8-10 and 12 may, by means of a royal device, be fully or partially set in force for the Faeroe Islands, with the deviations that the particular ferotable conditions are attributable.

Paragraph 4. sections 14 and 24 apply to the Faeroe Islands and Greenland.


Law No 1273 of 16. In December 2009, the following entry into force and transitional provisions shall be :

§ 11

Paragraph 1. The law shall enter into force on 1. January, 2010, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

§ 12

Paragraph 1. Foreign undertakings, which, at the entry into force of this law, are carrying out clearing houses in Denmark covered by § 8 a in the securities trade law, as drawn up by the section 2 of this Act. 3, within three months of the entry into force of the law, shall submit an application to the SEC for approval pursuant to section 8 a of the securities trade law, as drawn up by the section 2 of this Act. 3.

Paragraph 2. A company subject to section 7 (4). 1, in the Act of securities trading, etc., with the approval of the Finance-synet agreement, an agreement has been concluded with a foreign clearing centre on securities clearing activities in accordance with section 12 (3). 3, in the Act on securities trading, etc. shall, within three months of the date of entry into force of this law, submit an application for the renewal of the Agreement in accordance with paragraph 12 (2). Three, in the law on securities trading, etc., otherwise the approval will lapses.

§ 13

Paragraph 1. sections 1, 2, 4 to 6, 8 and 10 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1, 2, 4, 5 and 8, by means of a royal appliance, in full or in part, may be set in force for the Faeroe Islands with the deviations which the ferotable conditions are attributable.

Paragraph 3. sections 1, 2, 4 to 6 and 8, by means of a royal contraption, may be set in full or in part to Greenland with the deviations from which the Greenland conditions are attributed.


Law No 579 of 1. June 2010 has the following entry into force and transitional provisions :

§ 21

Paragraph 1. The law shall enter into force on 1. July, 2010, cf. however, paragraph 1 2-6.

Strike two-seven. (Udelades)

§ 22

Paragraph 1. sections 1-12 and 14-20 do not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 9, 12 and 14 to 20 may, in the case of Greenland, be implemented in full or in part to Greenland, with the deviations from which Greenland's conditions are applied.

Paragraph 3. sections 1, 3 to 6, 9 and 14 to 20 may, by means of a royal contraption, be fully or partially set in force for the Faeroe Islands, with the deviations that the ferotable conditions say.


Law No 718 of 25. June 2010 has the following entry into force and transitional provisions :

§ 55

Paragraph 1. The Minister of Justice sets the time of the law to enter into force. 3)

Paragraph 2. A notification of the payeing or postponement of the decision on bankruptcy pursuant to Article 24 of the Act of Income Act shall maintain its effects following the entry into force of the law. No matter what. Act. may not be extended after the entry into force of the law, or the postponement of the decision on bankruptcy.

Paragraph 3. Applications for the opening of foreclosure proceedings submitted to the court before the entry into force of the law shall be completed in accordance with the rules in force in the current rules.

Paragraph 4. The request for redesign processing cannot be lodged by a creditor whose debtor has notified the debtor, the decision to declare bankruptcy is subject to the bankruptcy of the bankruptcy court in the current version or the debtor has lodged the application for a forced debate.

Paragraph 5. However, if a payment is made, the day of the notification shall be taken as a free day, if the probate court is notified within three weeks of the termination of a request for reconstruction, bankruptcy or debt relief. However, if a request is not made for an accreditation not to be confirmed, the day of receipt shall be taken as a free day, if the court date, within three weeks of the request for an acclave of the acclave, were withdrawn or rejected ; A letter of accreditation was received, receiving a request for reconstruction, bankruptcy or debt relief.

6-10. (Udelades)

§ 56

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. The sections of the law, sections 1, 4, 22, 23, 26, 29, 30 and 32 may, in the case of the Faroe Islands and Greenland, be in force in full or in part, with the deviations that the ferries and Greenland conditions say.

Paragraph 3. (Udelades)


Law No 724 of 25. June 2010 has the following entry into force and transitional provisions :

§ 19

Paragraph 1. Section 16-18 is not applicable to the Faeroe Islands and Greenland but can, in the case of the Faroe Islands and Greenland, be in force in full or in part, with the deviations that the ferry and Greenlandic conditions are saying.

§ 20

Paragraph 1. The law shall enter into force on the day following the announcement in the law.

Two-sixteen. (Udelades)


Law No 1556 of 21. In December 2010, the following entry into force and transitional provisions shall be :

§ 28

Paragraph 1. The law shall enter into force on 1. January, 2011, cf. however, paragraph 1 2-4.

Strike two-five. (Udelades)

Paragraph 6. § 57, paragraph. 2, in the Act on securities trading, and so on, as drawn up by the section 3 of this law. 10 shall have effect on a transfer order that is part of a system before the entry into force of the law, but which is executed following the entry into force of the law.

Stk. 7-8. (Udelades)

Niner. 9. For the purposes of Article 57 (3). 1 and 2, and section 57 e in the Act on securities trading, etc. as drawn up by this law's section 3, no. 9, 10 and 18, shall be placed in the redesign process with the notification of the payeing and the opening of obsessive-compulsive recussion.

§ 29

Paragraph 1. sections 1 to 11, 13, 15, 16, 18, section 19, no. 1, section 20-27 does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. Section 17 does not apply to the Faroe Islands.

Paragraph 3. sections 1-5, 15, 18, section 19, nr. 1, and § 20-27 may, by means of a royal device, be set in whole or in part in force for the Faeroe Islands, with the deviations that the ferotable conditions are attributable.

Paragraph 4. sections 1 to 7, 9, 15, 16 and 18, section 19, paragraph 19, Paragraph 20 and 25-27 and can, by means of a royal contraption, be set in full or in part to Greenland, with the deviations from which Greenland's conditions are applied.


Law No 456 of 18. May 2011 has the following entry into force and transitional provisions :

§ 225. The law shall enter into force on 1. July, 2011.

Strike two-four. (Udelades)

§ § 226-234. (Udelades)

§ 235. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be fully or partly in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.


Law No 155 of 28. February 2012 has the following entry into force and transitional provisions :

§ 11

Paragraph 1. The law shall enter into force on 1. March 2012, cf. however, paragraph 1 2-5.

Paragraph 2. § 2, nr. 9-13, 23-25, 30 and 47, enter into force on 1. July 2012.

Paragraph 3. (Udelades)

Paragraph 4. The Minister for the Industry and Growth Pact provides for the time for entry into force of § 2. 14-19, 31, 38 and 48. 4)

Paragraph 5. § 2, nr. 52 and section 3, number 30, shall apply only as regards the entry into force of the law.

§ 12

Paragraph 1. sections 1 to 4, 6, 9 and 10 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 2-5.

Paragraph 2. (Udelades)

Paragraph 3. sections 1 to 3, 6, 9 and 10 may, by means of a royal device, be fully or in part in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

Paragraph 4. (Udelades)

Paragraph 5. (Udelades)


Law No 273 of 27. March 2012 has the following entry into force and transitional provisions :

§ 6

Paragraph 1. The law shall enter into force on the 30. March 2012, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

Paragraph 3. (Udelades)

§ 7

Paragraph 1. sections 1-3 and 5 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. section 1-3 by means of a royal appliance may be set in whole or in part in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenlandic conditions have been amended.


Law No 477 of 30. May 2012 has the following entry into force and transitional provisions :

§ 4

Paragraph 1. The law shall enter into force on 1. July 2012, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 5

Paragraph 1. The Section 1-3 of the Lows shall not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. Section 3 may be set in accordance with the provisions of paragraph 3 of this Article. Paragraph 1 referred to the amendments referred to by the Ferengi and Greenlandic conditions.


Law No 1231 of 18. December 2012 has the following entry into force and transitional provisions :

§ 69

Paragraph 1. The law shall enter into force on 1. January 2013.

Paragraph 2. Administrative requirements issued under the existing provisions shall remain in force until they are amended or repealed.

§ 70

Paragraph 1. sections 1-39, 41-50 and 53-68 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (Udelades)

Paragraph 3. section 18, 32, 35-39, 41, 42, 49, 54 and 61, in full or in part, may be set in full or in part to the Faeroe Islands, with the changes that the ferotable conditions are used.

Paragraph 4. sections 1 to 10, 17, 18, 23, 29, 35, 35-39, 41-44, 49, 50, 54, 58-63, 65, 66, by means of a total or in part to Greenland, with the changes that the Greenland conditions are to say.

Paragraph 5. (Udelades)


Law No 1287 of 19. December 2012 has the following entry into force and transitional provisions :

§ 17

Paragraph 1. The law shall enter into force on 1. January 2013, cf. however, paragraph 1 2-5.

Paragraph 2. (Udelades)

Paragraph 3. (Udelades)

Paragraph 4. The Minister for the Industry and Growth Pact provides for the entry into force of section 1 (2). 49, and section 2, no. 2-4, 20, 35, 36, 47 and 51-53. The Minister for the Industry and Growth Minister may, in particular, provide for the entry into force of the provisions at different times.

Paragraph 5. (Udelades)

Paragraph 6. (Udelades)

§ 18

Paragraph 1. Approval may be sought in accordance with section 8 a of the securities trading system, etceforth to one of the professes and the Minister for Growth, as provided for by the Minister for Trade.

Paragraph 2. Approvals granted under Section 8 a of the securities trade law and so on shall be suspended when the approved clearing centre is given a permit from the competent authority of the home Member State in accordance with Regulation No 2 of the European Parliament and of the Council. 2012/648 of 4. July 2012 (EMIR-Regulation) or receive recognition from the European Securities and Markets Authority.

Paragraph 3. Accepts which have not been removed pursuant to paragraph 1. 2, lapses at the time of the acquisition and growth minister pursuant to section 17 (3). 4.

Paragraph 4. Until formal, cf. § 1, no. The President-in-Office of the Financial Council, as chairman of the Financial Council, has been nominated and appointed members of and chairmanship of the Funding Council. In the period up to the appointment of the members of the Financial Council, the Financial Affairs Council may decide on specific cases without providing them to the Council if the supreme court otherwise would be replayed. However, the Financial supervision shall, where possible, discuss the matter with the President-designate of the Council prior to the decision of the Financial Decision. The SEC shall provide a report on such decisions at the first meeting of the Council.

§ 19

Paragraph 1. sections 1-5, 10-13 and 15 do not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 5, 10 and 13, by means of a royal contraption, the Faroe Islands and Greenland can be set in full or in part by means of the changes made by the ferry and Greenlandic conditions. The provisions may be put into effect at different times.

Paragraph 3. (Udelades)

Paragraph 4. (Udelades)


Law No 1383 of 23. December 2012 has the following entry into force and transitional provisions :

§ 9

Paragraph 1. The law shall enter into force on 1. April 2013.

Paragraph 2. (Udelades)

§ 10

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. The law can, by means of a royal appliance, be set in full or in part to Greenland, with the changes that the Greenland conditions say.

Paragraph 3. The Act of Section 5 to 8 may, by means of a royal device, be set in full or in part by force for the Faeroe Islands, with the changes that the ferotable conditions are to be applied.


Law No 598 of 12. June 2013 has the following entry into force and transitional provisions :

§ 192. The law will enter into force on the 22nd. July, 2013, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. (Udelades)

Paragraph 4. (Udelades)

Paragraph 5. (Udelades)

§ § 193-201. (Udelades)

202. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be fully or partly in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.


Law No 615 of 12. June 2013 has the following entry into force and transitional provisions :

§ 9

Paragraph 1. The law will enter into force on the 22nd. July, 2013, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. § 2, nr. 6, and Clause 3-5 shall enter into force on the day following the notice in Statedian.

§ § 10-11

(Udelades)

§ 12

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. Section 1 and section 3-5 may, by means of a royal device, be set in full or in part by force for the Faeroe Islands, with the changes that the ferotable conditions are attributable.

Paragraph 3. Section 1-5 may, by means of a royal device, be set in full or in part by force for Greenland, with the changes which the Greenland conditions are to say.


Law No 634 of 12. June 2013 has the following entry into force and transitional provisions :

§ 13

Paragraph 1. The law shall enter into force on 1. July, 2013.

Paragraph 2. (Udelades)

Paragraph 3. (Udelades)

§ 14

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 4 and 12 may, in the case of the Faroe Islands and Greenland, be in force in full or in part, in the case of the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

Paragraph 3. (Udelades)

Erk's and the Ministry of Growth, the 6th. August 2013

Annette Vilhelmsen

/ Ulrik Nutgaard

Official notes

1) The law contains provisions that implement Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally on account in payment systems and securities settlement systems, the Community Official Journal, no. L166, page 45 (finalis directive), parts of Directive 2000 /64/EC of the European Parliament and of the Council of 7. In November 2000, 2000, no. L-290, page 27, amending Council Directive 85 / 6 1 1 / EEC, 92 /96/EEC and 93 /22/EEC (exchange of information with third countries), parts of Directives 79 / 2 7 9 / EEC, 80 /390/EEC, 82 /121/EEC and 88 /627/EEC, which have now been written in the European Parliament and Council Directive 2001 /34/EC of 28. In May 2001 concerning the admission of securities to official listing on a stock exchange and information to be published on these securities, the Official Journal of the Official Journal of the European Communities, no. In 184, page 1 (conditionality and information directive), Directive 2002//47/EC of the European Parliament and of the Council of 14. June 2002 on the financial security agreements, the Official Journal of the European Communities, In 168, page 43 (collateral-Directive), Directive 2003 /6/EC of the European Parliament and of the Council of 28. 1 January 2003 on insider trading and market manipulation (market abuse), EU Official Journal 2003, nr. L 96, page 16 (market abuse directive), parts of the European Parliament and Council Directive 2003 /71/EC of 4. November 2003 on the prospectus to be published when securities are offered to the public or to be admitted to trade, and amending Directive 2001 /34/EC, EU Official Journal 2003, nr. L 345, page 64 (Prospectus Directive), Commission Directive 2003 /124/EC of 22. In December 2003 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council, concerning the definition and publication of the internal knowledge and definition of the manipulation of course, EU Official Journal 2003, nr. L 339, page 70, Commission Directive 2004 /72/EC of 29. April 2004 on the implementation of Directive 2003 /6/EC of the European Parliament and of the Council in respect of accepted market practice, the definition of internal knowledge relating to goods derivatives, compilation of lists of insiders, the review of the leading charge ; workers transactions and suspicious transactions, EU Official Journal 2004, nr. In 162, page 70, parts of Directive 2004 /25/EC of the European Parliament and of the Council of 21. April 2004 on takeover bids, EU Official Journal 2004, nr. In 142, page 12 (takeover directive), parts of the European Parliament and Council Directive 2004/109 EC of 15. In December 2004 on the harmonisation of transparency requirements for information on issuers whose securities are included in trade in a regulated market and amending Directive 2001 /34/EC, the EU Official Journal of the European Union. In 390, page 38 (Transparency Directive), parts of the European Parliament and Council Directive 2004 /339/EC of 21. April 2004 on the markets for financial instruments, amending Council Directive 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC, EU Official Journal 2004, nr. L 145, page 1 (MiFID directive), parts of the European Parliament and Council Directive 2006 /31/EC of 5. April 2006 amending Directive 2004 /39/EC on the markets for financial instruments, in respect of certain deadlines, 2006 of the European Union, no. In 114, page 60 (eviction directive), Directive 2009 /44/EC of the European Parliament and of the Council of 6. May 2009 amending Directive 98 /26/EC on the final settlement of payment systems and securities settlement systems and Directive 2002//47/EC on financial security agreements with respect to linked systems and debt claims, EU Official Journal 2009, no. In 146, page 37, parts of the European Parliament and Council Directive 2010 /73/EU of 24. November 2010 amending Directive 2003 /71/EC on the prospectus to be published where transferable securities are offered to the public or to be admitted to trade and Directive 2004 /109/EC on the harmonisation of transparency requirements in the context of information on issuers whose securities are included in trade in a regulated market, EU Official Journal 2010, nr. L 327, page 1 (amendment of the Prospectus Directive). The law also contains provisions necessary for the application of Commission Regulation No 2 ; 1031 /2010/EU of 12. November 2010 on the time and administrative process of auctioning emission allowances for greenhouse gas emissions and other aspects related to such auctions pursuant to Directive 2003 /87/EC of the European Parliament and of the Council on a scheme for trade in the emission allowances for greenhouse gas emissions in the Community, Regulation No 2 of the European Parliament and 236 /2012/EU of 14. March 2012 on short selling and certain aspects of credit default swaps and parts of Regulation No 2 of the European Parliament and of the Council. 648 /2012/EU of 4. July 2012 on the OTC derivatives, central counterparts and the transaction registers.

2) Section 9 of Law No 516 of 12. June 2009 amending the law on securities trading and so on is set in force on 1. In March, 2010, cf. Section 1 (1). 1, no. 9, in Notice no. 186 of 24. February 2010 on the partial entry into force of the Act on the Change of annual Accounting Act, Act on Financial Company, and various other laws.

3) Section 22 of law no. 718 of 25. June 2010 amending the law on securities trading and so on is set in force on 1. April 2011, cf. Notice no. 208 of 15. March 2011 on the entry into force of the Act on the Change of Bankrup Act and various other laws (Reconstruct and others).

4) Notice no. 263 of 12. March 2013 it is decided that § 2, nr. 14-19, 31, 38 and 48 will enter into force on 1. May 2013.