Section I	General provisions
Chapter 1	Scope and definitions
TITLE II	Special rules applicable to fund brokers
Chapter 2	Acculation of capital base in fund-brokerers
Chapter 3	Recalculation of real seed capital prior to deduction in fund brokers
Chapter 4	Statement of Hybrid Core Fund in Fund Broker Companies
Chapter 5	Statement of supplementary capital prior to deduction in fund brokers
Chapter 6	Deduction in capital of the Fund Broker Companies
TITLE III	Special rules applicable to insurance undertakings, transverse pension funds and insurance holding companies
Chapter 7	account of the base chapter of insurance undertakings and transverse pension funds
Chapter 8	Account of the seed capital after deduction in insurance undertakings and transverse pension funds
Chapter 9	the provision of supplementary capital in insurance undertakings and transverse pension funds
TITLE IV	Entry into force and transitional provisions
Chapter 10	Penalty clause
Chapter 11	Entry into force and transitional provisions

Publication of the base capital of insurance undertakings and insurance undertakings and on the financial basis for certain fund-brokered companies 1)

In accordance with Article 13 (1), 6, section 128, paragraph. 2 and 3, § 128 a, section 143, paragraph 1. 1, no. 2 and 3, and Section 373 (3). 4, in the law of financial activities, cf. Law Order no. 928 of 4. August 2014 :

Section I

General provisions

Chapter 1

Scope and definitions

§ 1. The announcement shall apply only to the brokers ' brokers ' undertakings authorised for the activities referred to in Annex 4 (A) (i). 1 and 5, in the law of financial activities, and which do not retain the funds or securities belonging to their customers. The notice shall also apply to the insurance undertakings and the transverse pension funds and insurance providers.

§ 2. For the purposes of this notice :

1) The initial interest rate of the issuance shall mean the interest-rate basis on which it is agreed that the issue should be enclosed by the date of issue. The duration of the maturity shall be used for the duration of the duration. The interest-rate basis may be either fixed or variable-interest.

2) interest rates shall be the interest-rate basis on which it has been agreed that the issue should be taken as a result of the interest rate increase. The duration of the maturity shall be used for the duration of the duration. The interest-rate basis may be either fixed or variable-interest.

3) A unit hybrid core capital : one capital certificate issued for the purposes of a hybrid core capital of the issuer ' s capital base as regards the fund-brokering companies.

4) Conversion rate : The number of shares for a device hybrid core capital can be converted to.

5) The conversion rate at issue time : The number of shares as the value of a unit of hybrid core capital corresponds to the date of issue.

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

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

8) " Capital requirements " shall mean the capital requirement to be taken into account as the capital requirement under Article 125 (1). 4, and section 127 of the Act of Financial Company.

TITLE II

Special rules applicable to fund brokers

Chapter 2

Acculation of capital base in fund-brokerers

§ 3. The capital base of the Fund brokerage companies shall be made up as core capital, cf. paragraph 2, with addition of additional capital after deduction pursuant to section 30.

Paragraph 2. The core capital shall be established as the sum of real seed capital, cf. § 4, and hybrid core capital, cf. section 11, which can be included in the core capital, cf. section 13, after deduction pursuant to section 30.

Chapter 3

Recalculation of real seed capital prior to deduction in fund brokers

§ 4. In fact, core capital of the Fund Broker Companies consists of

1) paused capital, which meets the requirements of sections 5 and 6,

2) the exchange rate of emissions,

3) reserves,

4) transferring over or deficit ; and

5) the current profit of the year shall be deduced from the expected yield and other foreseeable costs if the amount is confirmed by the external auditor of the Fund intermediary, cf. ~ § 9 and 10. ~

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

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

1) the rights of different rights if the fund-broker has a deficit that is not covered by the free reserves ; and

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

Paragraph 2. If the Fund Broker Company will share capital in the actual core capital, the capital of the capital is divided into classes that a possible right to receive higher yield for certain classes should be limited to a predetermined factor in advance ; the yield as the class receiving the lowest yield, cf. However, section 6.

§ 6. Asset capital may be included in the real seed capital if the holder of the capital has not been made a particular yield in view.

Paragraph 2. However, the fund broker may, however, notwithstanding paragraph 1, 1, publish a yield policy if the policy reflects the plans of the Management Board on the basis of the financial position of the foundation broker, and it is clearly stated in the policy that plans may be deviated.

Paragraph 3. The General Assembly of the Fund-mediation company sets out the size of the proceeds with the starting point of the year's surpluses and free reserves. The yield may not be laid down higher than proposed or acceted by the Administrative Board.

Paragraph 4. Where goods are not paid to the holders of the share capital, the non-payment may not be replaced by other services to the holder of the stock exchange.

Special rules for the settlement of stock capital

§ 7. The settlement of equity capital must be carried out only when the Fund-broker has sufficient capital after the solution and in an foreseeable time theremon, so that the financial and solvency situation remains reassuring, and when someone has been caught ; prior authorisation after Article 8 of the Financial supervision, cf. however, paragraph 1 4.

Paragraph 2. The holder of the share capital may not, in addition to the rules in force in company law, be entitled to a solution, and the Fund Broker Company may not give the holder an expectation of the solution at a given time.

Paragraph 3. The decision to grant equity capital must not be made public until the Fund-broker has obtained a licence from the Financial supervision pursuant to paragraph 1. 1.

Paragraph 4. The Fund Broker Companies may, without authorization after Article 8, acquire its own shares for resale, provided that stocks of their own shares after the acquisition do not exceed 3%. of the total issue of the stock capital.

§ 8. Authorisation for the settlement of share capital may be granted by the Financial supervision for the purpose of changing in the Fund ' s capital relationship or for resale.

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

1) A statement of the background to the fund-brokery company will be involved in cash capital.

2) Solventional data, including the level and composition of the core capital before and after the solution, and a confirmation that the Fund Broker Corporation will continue to satisfy the regulatory requirements laid down by the law or the rules issued in accordance with it, the solution.

3) A statement of the liquidity situation in particular, including that the Fund Broker Corporation continues to meet the regulatory and supervisory requirements of the solution.

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

5) An assessment of the risks to the Fund intermediary or may be exposed to, and an assessment of the level of capital bases ensures that these risks are covered, including stress tests on the main risks that show potential losses, different scenarios.

6) The last solvency requirement of the fund brokerly brokerly brokership.

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

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

§ 9. Appearing the fund-brokerage society the possibility of taking account of the current profits of the year in the actual core capital, cf. Section 4 (4). 1, no. 5, the amount of the amount shall be confirmed by the external auditors.

Paragraph 2. In the one in paragraph 1. Paragraph 1 shall inform the external auditors of the audit protocol on the work carried out and on the solvency rate of the fund brokerage before and after the bill for the current surplus of the year.

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

§ 10. The external auditors shall be required to verify in accordance with section 9 (4). 1 and 2 :

1) I would like to say that the accounts for the calculation of the year's current profits are derived from the fund-brokerage accounting system.

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

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

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

Paragraph 2. The external auditors shall indicate, in the audit protocol, the information referred to in paragraph 1. 1 carried out work has given rise to any comments.

Paragraph 3. The Protocols drawn up by the external auditors shall be signed by these, before the Fund Broker Company, may calculate the current profits of the year in the main capital.

Chapter 4

Statement of Hybrid Core Fund in Fund Broker Companies

§ 11. Hybrid core capital, cf. paragraph 2, may be included in the capital chapter of the Fund Broker Companies and with the restrictions resulting from Clause 13 when the capital complies with the requirements of section 12 and section 15 -23.

Paragraph 2. The hybrid seed capital of the Fund brokers shall be taken to mean capital meeting the following conditions :

1) The hybrid seed capital must be paid to the fund brokering company.

2) A predetermined time for the pre-hybrid nuclear capital may not be less than 30 years after the payment and may not be combined with incentives for inlet, cf. § 19.

3) Unless, in advance, the hybrid nuclear capital is fixed at a time or later after the issue, the hybrid seed capital shall only decrease if the intermediary of the Fund or the bankruptcy of the Fund intermediary is to be declared.

4) Refreshing incentives for inlet must be moderate and must not be less than 10 years after the payment, cf. § § 19-21.

5) The loan officer's claim against the brokerhead mediator must be relied on all other debts, including responsible borrowing capital.

6) The Fund ' s requirements against the Fund Broker Company shall not be covered by the safety of the phonebroker or undertakings referred to in section 181 (1). Paragraph 1, in the case of financial activities, or otherwise, has been guaranteed a priority in relation to the other creditors of the Fund brokered brotherhood.

7) Due to the debt and payment of outstanding interest payments shall be suspended, cf. however, section 12, if :

a) the fund intermediary does not meet the capital requirement in section 125 (5). 4, in the law of financial activities,

b) the brokerbroiler society estimates that it is necessary to maintain its financial health, or

c) The SEC is deemed necessary for the financial and solvency situation of the Fund brotherhood.

8) The interest shall not be changed on the basis of the creditor ' s assessment of the Fund brokering company.

9) The fund broker must be able to write off the hybrid core capital, cf. however, section 22-24, if the solvency rate or the percentage of the capital percentage falls below the threshold values laid down in advance. The threshold value for the solvency ratio may not be fixed at lower than the solvency requirements of the Fund brokerage, and the threshold value for the seed capital percentage may not be lower than 5%.

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

§ 12. The 'hybrid seed capital' agreement can, notwithstanding section 11, paragraph 1. 2, no. 7, contain provisions to make interest payments which would otherwise be suspended pursuant to section 11 (4). 2, no. 7 (a) and (b) are replaced by equity capital. However, in such a case, the following shall be included in the agreement on hybrid core capital :

1) Replacing interest payments with equity capital assumes that the financial supervision has not rejected the payment of the payment of the payment of the payment of a recapitalisation.

2) Compensation of lost interest payments with equity capital could not take place if the conditions in which they were able to write off the hybrid core capital, cf. Section 11 (1). 2, no. Nine have been fulfilled.

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

§ 13. Hybrid core capital of foundation brokerers, cf. sections 11 and 12 may amount to up to 50%. of the seed capital after deduction pursuant to section 30 (3). 6, cf. however, section 13 (3). 4 if the agreement on the hybrid core capital meets the following requirements :

1) The hybrid core capital must be converted into capital if the Fund Broker Company does not meet the capital requirement in section 125 (5). 4, in the case of financial activities, or in any other way, emergency.

2) The hybrid nuclear capital may be converted to equity capital if the Finance-SEC assesses that there is a nearby risk of not complying with the capital requirement in section 125 (5). 4, in the law of financial activities.

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

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

Paragraph 2. Hybrid core capital of foundation brokerers, cf. sections 11 and 12 which do not satisfy the requirement laid down in paragraph 1. 1, no. 1 and 2 may constitute a maximum of 35%. of the seed capital after deduction pursuant to section 30 (3). 6, if the agreement does not provide incentives for the introduction or the terms of debt cancellation at a predetermined time.

Paragraph 3. Hybrid core capital, cf. sections 11 and 12, may not exceed 15%. of the seed capital after deduction pursuant to section 30 (3). 6, if the agreement contains moderate incentives for the intake or for terms of debt cancellation at a predetermined time.

Paragraph 4. Hybrid core capital referred to in paragraph 1. The maximum amount must be 50%. of the seed capital after deduction pursuant to section 30 (3). 6, and hybrid core capital referred to in paragraph 1. The maximum number of 35% shall be 35% together. of the seed capital after deduction pursuant to section 30 (3). 6.

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

§ 14. Prior to fund-brokerage companies, agreement on hybrid core capital that contains terms and conditions for conversion, including hybrid core capital, is covered by section 13 (3). 1, the General Assembly must decide to conclude the agreement on the hybrid seed capital, or by means of the provision of the Staff Regulations, to conclude the agreement on the hybrid seed capital and, at the same time, to the management board to carry out it ; belonging to capital increases for conversion. The latter shall be required prior to the conclusion of the hybrid core capital Agreement for this to be included in accordance with section 13 (3). 1. The terms and conditions of conversion may be used only for as long as a company is subject to section 1.

Paragraph 2. For the decision-making by the General Assembly to agree on hybrid core capital, which contains terms and conditions for conversion, including hybrid core capital, subject to section 13 (1). 1, in the Fund Broker Companies, section 167 (4). One and two, and section 168 of corporate law uses. Section 167 (4). 3, in the corporate law, shall apply by analogy, since the Joint Assembly ' s resolution covers the rule of law before the conversion of a conversion to the initiative of issuers, or if the General Assembly chooses to agree to issue hybrid core capital covered by Article 13 (3). 1.

Paragraph 3. The authority of the General Assembly to conclude an agreement on the hybrid core capital in accordance with paragraph 1. 1 that contain terms and conditions for conversion, including hybrid core capital, subject to section 13 (3). 1 and the corresponding capital increase for conversion shall be granted for one or more periods of up to five years at a time. The deadline applies only to the conclusion of the agreement on the hybrid seed capital and not for any subsequent increase in capital as a result of the conversion.

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

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

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

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

Paragraph 5. For fund brokers, the board shall be able to have the authority under paragraph 1. 1 decide on the issue of hybrid core capital. § 169 (4) 2, in the corporate law, this is applicable to the decision of the Management Board. The Management Board shall take a position on the legal position of the recipient, if the conditions laid down in section 169 (4). 3, in the corporate law, before conversion occurs on the initiative of the issuer. § 169 (4) 4 and 5, section 170 and 171 of the corporate law shall apply to the Management Board ' s decision after 1. Act.

Paragraph 6. For fondsbrokers, section 172-177, in the company law on registration, etc. shall apply to the meeting of the Joint Assembly pursuant to paragraph 1. 1.

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

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

Solution of hybrid core capital on the Fund-mediation initiative

§ 15. The agreement on the hybrid seed capital must be included in the agreement on the Fund for the Fund for the Fund, with the consent of the financial system and the earliest five years after the payment has been made, cf. however, paragraph 1 2-4.

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

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

Paragraph 4. Notwithstanding paragraph 1 1 may be stated in the agreement that the Fund brokerage shall be entitled to own up to 3% for the acquisition of its own hybrid nuclear capital at all times. by the total issued capital, where the acquisition is made for the purpose of resale. However, the Egen ' s hybrid seed capital shall be a maximum of 10%. for a single issue.

§ 16. It must be stated in the agreement on the hybrid seed capital of the fact that fund-brokerers can only access hybrid core capital after Article 15, if the company has sufficient capital after the inlet and then, in an foreseeable period, then the financial and The solvency situation remains reassuring.

Paragraph 2. By the one in paragraph 1. 1 the said assessment shall include the level and quality of the capital base, which is necessary to adequately cover the risks to which the foundation broker is or may be exposed. In this context, the fund broker must consider the liquidity and earnings of his cash flow.

§ 17. It must be stated in the agreement on hybrid seed capital, which decrees at a time when it must be allowed at the time of the expiration if the financial and solvency situation of the Fund brotherhood allows for it.

§ 18. The agreement on hybrid seed capital must be stated that, as soon as the decision to cash in the hybrid core capital has been taken, the Fund for the Fund must apply for authorisation to be granted. This also applies to hybrid core capital, which is due at an already specified time.

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

1) A statement of the background to the fact that the Fund Broker Company will be able to deliver on the hybrid seed capital.

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

3) A statement of the liquidity situation, including the fact that the Fund Broker Company will continue to comply with the regulatory requirements laid down by the law or the rules issued in accordance with it.

4) A statement of at least three years on the expected development of the data submitted pursuant to paragraph 1. 2 and 3, based on the company ' s business plan, including the anticipated trend in the balance sheet and the profit and loss account.

5) An assessment of the risks to the Foundation ' s business plan or may be exposed to and whether the level of capital bases ensures that these risks are covered, including a stress test of the major risks that show potential losses ; in different scenarios.

6) The last solvency requirement of the fund brokerly brokerly brokership.

Paragraph 3. If the hybrid core capital is to be replaced by other hybrid seed capital, the Financial Authority may require the Fund Broker company to make it possible for this to be possible. The Fund Broker Company shall also provide information on the impact of the damages on revenue, including the expected price and terms.

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

Paragraph 5. After agreement with the Financial Authority, the Fund broker may not submit a full set of information if the hybrid core capital has already been replaced by capital of the same or better quality.

Incentives for the incorporation of hybrid seed capital into fund brokers

§ 19. Incentives for the introduction are the conditions and conditions relating to the hybrid seed capital of the Fund Broker Companies, which may offer an expectation that the sanctuary will take place.

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

Paragraph 3. An obligation for the issuer or owner to convert the hybrid core capital to share capital as a result of financial or solvency issues is not an incentive to intake.

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

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

20. A interest rate increase is a moderate incentive to intake, cf. Section 11 (1). 2, no. 4 if it leads to an increase in the original interest of the issuer which is not greater than the highest of :

1) 100 basic points deduced the swapbuckle ; and

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

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

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

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

§ 21. A conversion to stock capital at a predetermined time or at the request of the owner of the hybrid core capital is a moderate incentive to intake, cf. Section 11 (1). 2, no. 4 if there is a restriction on the conversion rate so that it cannot amount to more than 150% of the contract. by the conversion rate at the time of issue.

Decrewriting of hybrid core capital in Fund Brokerers

§ 22. Regardless of section 11, paragraph 1. 2, no. 9, may the agreement on hybrid core capital provide for the fact that the depreciation of the principal may be reduced only if :

1) the Fund intermediary shall subsequently be transferred to capital to ensure the continued viability of the company, or end without loss for the non-trailing creditors ; or

2) the stock capacity shall be reduced.

Paragraph 2. The depreciation of hybrid core capital must be at least at the same percentage rate as the share capital is reduced.

Paragraph 3. The depreciation of the hybrid kernel capital may be combined with an opportunity for subsequent rewriting. A subsequent rewrite shall not be based on repaid share capital, but may be based only on subsequent surpluses where the proportion of subsequent profits to be used for the inventing of the hybrid kernel capital shall not exceed the hybrid ' s hybrid ; nuclear capital's share of total core capital before the depreciation of the hybrid seed capital.

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

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

-23. The hybrid seed capital of the Fund Broker Companies shall not be assured or covered by a guarantee from the issuer or a group-related entity or have any other arrangements which are legally or economically compensating the owner of the hybrid core capital ; for the depreciation of the capital.

§ 24. The concrete framework for the preciation, cf. Section 22 must be published in a manner that ensures sufficient transparency for the market.

Chapter 5

Statement of supplementary capital prior to deduction in fund brokers

§ 25. The additional capital of the Fund Broker Companies shall consist of the following :

1) Passout loans, cf. § 27.

2) Revaluation reserve.

3) Hybrid core capital, cf. § § 11-14, which is not included in the actual core capital.

4) Asset capital, cf. Section 5-6 which is not included in the actual core capital and which meets the requirements of section 27.

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

SECTION 26. The additional capital of the Fund Broker Companies shall not be counted by more than 100%. of the seed capital, in accordance with the provisions of paragraph 30, 1, no. 1-6, you mentioned deductions.

Paragraph 2. Passout loans, cf. section 27, which is included in the inventory of the additional capital, cf. however, paragraph 1 4, reduced by :

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

2) 50%. the capital issued in the case of less than two years and more than one year, for the fall.

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

4) The position of the requested loans and the own-made loans that have been lodged as collateral for loans or guarantees, has been reduced by number. 1-3.

Paragraph 3. Subset loans that do not comply with section 27 (2). 1, no. Six to 7 shall not be counted by more than 50%. of the seed capital, in accordance with the provisions of paragraph 30, 1, no. 1-6, you mentioned deductions.

Paragraph 4. Subset loans that do not comply with section 27 (2). 1, no. Six-7, and included in the amount of the supplementary capital, the following shall be reduced by :

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

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

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

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

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

6) The position of the requested loans and the own-made loans that have been lodged as collateral for loans or guarantees, has been reduced by number. 1-5.

Subposed loans in chasthronbrokerers

§ 27. Subsequent loans in Fund brokers may be included in the capital base if the following conditions are met, cf. however, section 26 (3). 1 and 2 :

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

2) The amount shall be paid for.

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

4) The amount must not be allowed to fall before the agreed upon time of maturity if the Fund agent is to enter liquidation or declare bankruptcy proceedings.

5) The Foundation ' s General Assembly shall be able to write down the loans and the unpaid interest rates whose own funds are lost and the share capital is written to zero, cf. however, paragraph 1 4.

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

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

Paragraph 2. Other trailing loans, with an initial duration of not less than five years or, where the duration of the debt is not fixed at a minimum of five years after which the loan is available, the capital base may be included in the capital base. 1, no. 1-5, have been met, cf. however, section 26 (3). 3 and 4.

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

Paragraph 4. Depreciation of paragraph 1, no. 5 may only be achieved if the Fund intermediary is subsequently transferred to capital, so that the capital requirement is met, or end without loss of non-trailing creditors. Passenger loans and unpaid interest rates can only be reduced by an amount approved by the external auditors and the Financial supervision prior to the depreciation.

Paragraph 5. Rents on the requested loans may not take place at least three years after the issue is issued. If one or more rentestis are agreed, then the loans are deemed to fall at the time of the rentestim if the sum of the rentestis exceeds 150 base points from the swaps of the swapbuckle on issue day, cf. however, paragraph 1 The interest rate shall be the difference between interest-rate interest rates and the original interest rate of the interest rate increase.

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

§ 28. That may be it, however, paragraph 27. 1, no. 3, the agreement to which the Fund brokerage, with the Finance Authority ' s permit may at all times, be able to acquire its own / her own or security on up to 3% in order to acquire its own / or security loans. the total of the total issued capital, but a maximum of 10%. for a single issue.

§ 29. Prior to the Fund Broker Companies, agreement on the additional capital or the required loan, which includes the conditions for conversion, the General Assembly must decide to conclude the agreement on the additional capital or the required loan, or the provision of the Staff Regulations shall include the Management Board to conclude the agreement on the additional capital or the required loan and, at the same time, the management board to make the corresponding capital increase for conversion to use. The latter shall be required prior to the conclusion of the agreement on the supplementary capital or the required loan to be included in the additional capital. The terms and conditions of conversion may be used only for as long as a company is subject to section 1.

Paragraph 2. For the decision-making by the General Assembly to agree on supplementary capital or in the case of loans which contain terms and conditions for conversion, in the Fund Broker Companies, section 167 (4). 1 and 2, and section 168, in the form of company law. Section 167 (4). 3, in the corporate law, shall apply mutatis mutable, since the Joint Assembly ' s resolution covers the rule of law before the conversion of a conversion on the initiative of issuer, or if the General Assembly chooses to agree to issue additional capital ; or left out loans.

Paragraph 3. The authority of the General Assembly to conclude an agreement on supplementary capital or after paragraph 1. 1 that contains terms and conditions for conversion and the corresponding increase in the conversion for conversion shall be granted for one or more periods of up to five years at a time. The period shall apply only to the conclusion of the agreement on the additional capital or the loan granted and not for any subsequent increase in capital as a result of the conversion.

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

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

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

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

Paragraph 5. For fund brokers, the board shall be able to have the authority under paragraph 1. 1 decision on the issue of additional capital or after-ask loans. § 169 (4) 2, in the corporate law, this is applicable to the decision of the Management Board. The Management Board shall take a position on the legal position of the recipient, if the conditions laid down in section 169 (4). 3, in the corporate law, before conversion occurs on the initiative of the issuer. § 169 (4) 4 and 5 and § § 170 and 171, in the company law shall apply to the decision of the Management Board after 1. Act.

Paragraph 6. For fondsbrokers, section 172-177, in the company law on registration, etc. shall apply to the meeting of the Joint Assembly pursuant to paragraph 1. 1.

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

Paragraph 8. If a company is included in section 1, additional capital or deposited loans, similar to other foreign capital, is still not included as part of the company ' s company capital.

Chapter 6

Deduction in capital of the Fund Broker Companies

-$30. In the calculation of the capital base in the fund-broker-estate companies, deduction shall be deductible in accordance with paragraph 1. 6-9 for the following :

1) The running deficit of the year.

2) Proposed dividend.

3) Immaterial assets.

4) Tax assets.

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

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

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

a) the share of the base capital of an associated insurance undertaking, which corresponds to the owned share of the self-defense capital, and

b) the value of the owner involved involved in the balance sheet with the value of responsible loan capital, including the responsible loan capital of other companies, to the associated insurance undertaking, when responsible loan capital is included in it ; the basic capital of the insurance undertaking in accordance with section 36 (3). 1, no. 1.

8) Direct and indirect ownership of holdings in subsidiaries and affiliated undertakings, which are credit institutions, brokerly intermediaries, investment management companies or financial institutions, in accordance with the requirements of the financial institutions of the Fund. however, paragraph 1 4 and 5. Fund units in financial institutions whose main business is to acquire capital shares or to carry out business on their own account with one or more of the instruments referred to in Annex 5, in the case of the financial undertaking, shall not be deducused. Indirect Owned Capital shares deducted by a subsidiary insurance undertaking, credit institution, fund-broker or investment management company or an affiliated insurance undertaking, credit institution, fund brokerers, or an investment management company after no. 9 or § 35 (4). 2, no. 2, and indirectly owned holdings which have been deducted or exempted by a subsidiary insurance undertaking or an associated insurance undertaking in accordance with section 35 (4). Four, do not dedube.

9) Chapter shares of other credit and financial institutions and brokerage brokers I, which make up more than 10%. of their share capital, which is not covered by No 1. 8, cf. however, paragraph 1 4 and 5. In addition, the fund-brokerers ' wanted capital deposits are deducticated in the companies that have been mentioned.

10) The sum of capital shares and trailing capital deposits in other credit and financial institutions and fund brokers I which are not covered by No 2. 8 and 9, which exceed 10%. on the basis of capital without de i no. 5 to 7, and 9, and the deduction referred to in this paragraph, cf. however, paragraph 1 4 and 5.

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

12) The sum of eligible units in other undertakings which are not covered by no. 7-11, which exceeds 60%. the capital base after deduction pursuant to no. 7-10, cf. however, paragraph 1 In addition, the balance shall also include stock-and stock-and stock business and so on.

Paragraph 2. The adjustments under paragraph 1. 1, no. 5 and 6 can be positive or negative.

Paragraph 3. The amount referred to in paragraph 1. 1, no. 7 (a) shall be made before deduction of direct and indirect ownership of the assets referred to in Article 35 (3). 2, no. 3, to the extent that these assets are already covered by this provision in the calculation of the capital base in the owling company. Where the associated insurance undertaking is to be discharged in the calculation of paragraph 1. 1, no. 7 (a) and (b) even possesses associated insurance undertakings shall be the base capitale in section 32 (3). 1, no. 5 (a), before deduction of the capital requirements of these companies, where the capital requirements of undertakings have already been deducted in accordance with section 35 (4). 2, no. First, the amount referred to in paragraph 1. 1, no. Paragraph 7 (a) shall also be discharged before deduction after paragraph 35 (3). 2, no. 2 if the undertakings concerned are included in the consolidation in accordance with Chapter 12 of the Act of Financial Regulation.

Paragraph 4. Notwithstanding paragraph 1 1, no. 8-11, capital shares must not be deducused when the capital shares are provisionally acquired and the acquisition has taken place as part of a reenactment. The proportion of the capital requirement in an associated insurance undertaking, cf. paragraph 1, no. 7, shall not be dedushed if the undertaking is temporarily acquired and the acquisition has taken place as part of a reenactment.

Paragraph 5. Notwithstanding paragraph 1 1, no. 8-10, capital shares in credit and financial institutions, as well as fund brokers I, which, together with the Fund Broker Company, are subject to consolidation, cf. § 170, paragraph. 1, 2 and 4, in the law of financial activities, not dedufras. This also applies to trailing capital deposits in credit and financial institutions, as well as fund brokerage companies in the scope of the consolidation.

Paragraph 6. The fractions in accordance with paragraph 1. 1, no. The real core capital must be deduden from the real core.

Paragraph 7. The adjustments under paragraph 1. 1, no. 5 and 6 shall be carried out in the core capital and may be positive or negative.

Paragraph 8. The fractions in accordance with paragraph 1. 1, no. 7 12, from the part of the semi-part person in the capital and, on the other half of the supplementary capital, in the case of the other half of the supplementary capital. however, paragraph 1 9.

Niner. 9. If half of the reductions provided for in paragraph 1 shall be 1, no. 7-12, larger than the additional capital, is deducing the excess of the core capital.

TITLE III

Special rules applicable to insurance undertakings, transverse pension funds and insurance holding companies

Chapter 7

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

§ 31. The basic capital of insurance undertakings and the transverse pension funds shall consist of the sum of the seed of seed capital and additional capital after deduction.

Chapter 8

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

§ 32. The core capital of insurance undertakings and transverse pension funds consists of the following :

1) Capital.

2) Member accounts in mutual societies and transverse pension funds, cf. § 33.

3) Special bonus provisions (type B) in life assurance undertakings and transverse pension funds that meet the conditions laid down in section 34.

4) The value of tax assets that it will be in an administration situation, cf. § § 253-258 in the Act of Financial Company.

5) A positive or negative difference between

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

b) the value to be included in the balance sheet in the balance sheet with the value of responsible loan capital, including the responsible loan capital of other companies, to the subsidiary or associated undertaking, when responsible loan capital ; be taken into account in the base capital of the subsidiary or the associated company ' s base capital according to section 36 (3). 1, no. 1.

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

Paragraph 3. The base chapter of paragraph 1. 1, no. 5 (a) before deduction

1) of the portion proposed in accordance with paragraph 35 (3). 1, no. 1 to be added to the establishment,

2) in the case of direct and indirect ownership, according to section 35 (3), 2, no. 3, to the extent that these assets are already covered by this provision in the establishment of the base chapter of the owling company, and

3) by capital requirements of its subsidiaries and affiliates to their subsidiaries and affiliated undertakings, where such undertakings are already deducted after Article 35 (3). 2, no. 1.

Paragraph 4. The supplement in accordance with paragraph 1 1, no. 5, for each subsidiary or associated undertaking, which is a financial undertaking, shall not exceed the amount of the subsidiary or associated company which has been deducted pursuant to Section 35 (3). 2, no. 1.

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

Member Accounts in mutual societies and transverse pension funds

§ 33. Member accounts in mutual societies and transverse pension funds may be included in accordance with section 32 (5). 1, no. 2 if the following conditions are met in the statutes :

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

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

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

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

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

§ 34. For special bonus provisions (type B) in life assurance undertakings and transverse pension funds included in the base chapter in accordance with section 32 (3). 1, no. 3, and which is part of the technical provisions, shall be as follows :

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

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

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

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

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

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

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

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

$35. The core capital of insurance undertakings and transverse pension funds is reduced by

1) Proposed yield,

2) intangible assets, and

3) tax inturies, cf. however, section 32 (3). 1, no. 4.

Paragraph 2. Except for the one in paragraph. Paragraph 1 shall be deductible from the following : however, paragraph 1 7 :

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

2) The share of the greatest value of the individual solvency requirement or capital requirement in a financial institution, real credit institution, fund-brokered company or investment management company, which is a subsidiary or an associated undertaking, which is similar to that of the financial services, for the direct or indirect share of the company chapter.

3) For direct and indirect ownership assets that represent a risk to a single undertaking or group of undertakings that constitute an overall risk to the insurance undertaking, the amount by which the asset ' s accounting value is greater than a weighted sum of the company ' s capital requirements, its subsidiary insurance undertakings and the capital requirement in other subsidiary undertakings subject to the supervision of the financial supervision system. However, the deducted deducted shall not be made for investments in subsidiary undertakings and for assets covered by Section 162 (1). 1, no. 1-8, in the law of financial activities. The weighted sum shall be calculated as follows :

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

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

4) An amount equal to the difference between substitution claims deducted reinsurance part of claims for claims for insurance classes 3 to 18, cf. Annex 7, in the field of financial activities, before discounting and after dilation, in the event of the substitution of claims being discounted to take account of future return on investment. However, no adjustment shall be made for the discounting of claims for claims in the classes 3 to 18, cf. Annex 7, in the law on financial activities, which are annual instalments.

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

Paragraph 4. In the case of insurance companies, insurance companies shall be deducted directly and indirectly owned by subsidiaries in subsidiaries institutes and affiliated financial institutions. Capital shares in financial institutions financial undertakings, and financial institutions which are in the main undertaking to acquire capital shares or transferable pawn letters or to conduct business on their own account with one or more of the the instruments referred to in Annex 5, in the case of financial activities, shall not be dedudiable. Indirect Owned Capital shares deducted from a subsidiary insurance undertaking or an associated insurance undertaking after 1. or which has been deducted from a subsidiary that is a credit institution, a fund-brokerage or investment management company or an associated credit institution, a fund-broiler company or investment management company after section 30 (5). 1, no. 8 or 9 shall not be dedufras. The SEC may, in exceptional cases, exempt from the one in 1. Act. mentioned deductions.

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

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

Paragraph 7. In the case of deduction pursuant to paragraph 1. 2, no. 3, in relation to an associated company, where deductions are also to be deduced pursuant to paragraph 1. 2, no. Paragraph 1 or 2 is dedugable from the maximum value of paragraph 1. 2, no. One, two and three.

Chapter 9

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

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

1) responsible loan capital, cf. ~ ~ 37 and 38 ~

2) additional premium premiums for mutual non-insurance undertakings, cf. § 39, and

3) special bonus provisions (type A) in life assurance undertakings and transverse pension funds that meet the conditions laid down in § 40.

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

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

2) 50%. of the greatest value of the individual solvency requirement and the capital requirement.

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

1) one third of the seed capital after deduction, or

2) a quarter of the maximum value of the individual solvency requirement and the capital requirement.

Liability of loan capital in insurance undertakings and transverse pension funds

§ 37. Liability of loan capital in insurance undertakings and transverse pension funds can be included in the base capital if the following conditions are met, cf. however, section 36 (3). 2 :

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

2) The amount shall be paid for.

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

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

5) The insurance undertaking and the horizontal pension authority shall be able to write down the responsible loan capital and unpaid interest, if the own funds are lost, and the equity and guarantee capital is written to zero, cf. however, section 47.

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

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

8) The original maturity is at least five years.

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

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

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

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

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

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

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

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

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

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

Addendum to possible additional premium in mutual non-insurance undertakings

§ 39. The Financial supervision may, in the case of an application, permit the additional premium for supplementary premiums in mutual non-insurance undertakings to be taken into account in section 36 (4). 1, no. 2 if the prize is variable according to the contract of insurance concluded so that the premium may be increased, taking into account the risk flow of the insurance stock and where the supplementary premium could have been required to be required during the year.

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

Paragraph 3. Amount in accordance with paragraph 1. 1 that has been claimed to be the policyholder cannot be taken into account in section 36 (3). 1, no. 2.

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

§ 40. For special bonus provisions (type A) in life assurance undertakings and transverse pension funds, which are included in the base capital according to section 36 (3). 1, no. 3, and which is part of the technical provisions, shall apply :

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

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

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

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

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

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

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

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

Special rules applicable to insurance reinsurance undertakings

§ 41. The base capitale of insurance claims shall be made in accordance with the rules in section 31, 32 and section 35-38. However, the rules are found in section 32 (1). 1, no. 2-4, section 35, paragraph. 2, no. 4, as well as section 36 (3). 1, no. 2, not applicable to insurance undertakings.

TITLE IV

Entry into force and transitional provisions

Chapter 10

Penalty clause

§ 42. The withdrawal of paragraph 9 (2). 1 and 2 shall be punished by fine or penitentialized up to four months.

Paragraph 2. The violation of section 7, section 10, section 23 and section 24 is punished by fine.

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

Chapter 11

Entry into force and transitional provisions

§ 43. The announcement shall enter into force on 1. January 2015.

Paragraph 2. Publication no. 299 of 27. March 2014 on the specification of the base capital for insurance undertakings and the statement of capital bases for certain fund-brokered companies shall be repealed.

§ 44. Hybrid core capital in Fund Brokerers issued before 1. July 2010, which fulfilled the requirements for hybrid core capital before 1. July, 2010, but which did not meet the requirements for hybrid core capital after 1. July, 2010, can be reached on 31. December 2040 shall be treated as hybrid seed capital satisfying the requirements of section 11-24, with the following limitations :

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

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

Paragraph 2. Hybrid core capital referred to in paragraph 1. 1 that could be counted as up to 50%. of the nuclear capital, including hybrid core capital before 1. July 2010 shall be treated as hybrid seed capital which meets the requirements of section 13 (3). 1, no. One and two, forward to the 31. In December 2040, with the same limits as set out in paragraph 1. 1, no. One and two.

Paragraph 3. Hybrid core capital referred to in paragraph 1. 1 that could be counted as up to 35%. of the nuclear capital, including hybrid core capital before 1. July 2010 shall be treated as hybrid seed capital which meets the requirements of section 13 (3). Two, forward to the 31. In December 2040, with the same limits as set out in paragraph 1. 1, no. One and two.

§ 45. Hybrid core capital of fund brokerers issued during the period from 1. July 2010 to and with the 30. June 2011, which met the requirements for hybrid seed capital on 30. June 2011, but which does not meet all the requirements for hybrid core capital of this notice, may be treated as hybrid seed capital that meets the requirements of this notice.

§ 46. § 34, paragraph. Article 40 (2) and 40 (2). Paragraph 2 shall not apply to collective special bonus provisions which are built up by means of the own funds before 1. July, 2011.

§ 47. § 37, paragraph. 1, no. 5 shall not apply to contracts for responsible loan capital entered into before the 1. January 2004.

1) The notice contains provisions that implement parts of Council Directive 73 /239/EEC of 24. July 1973 on the coordination of laws, regulations and administrative provisions relating to the provision of direct insurance activities, other than life insurance, 1973, no. L 228, page 3, Council Directive 84 /641/EEC of 10. December 1984 amending, in particular with regard to tourist assistance, of the first Directive 73 /239/EEC, EC Official Journal (1984) No L 339, page 21, Council Directive 92 /49/EEC of 18. June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance, other than life insurance and amending Directives 73 /239/EEC and 88 /357/EEC (Third Daindeer Insurance Directive), EC Official Journal, nr. Directive 228, page 1, Directive 2002 /13/EC of the European Parliament and of the Council of 5. In March 2002 amending Council Directive 73 /23/EEC in respect of requirements for the solvency margin of non-life insurance undertakings, 2002, no. L 77, page 17, and Directives 79 /267/EEC of 5. March 1979, 90 /619/EEC of 8. November 1990, 92 /96/EEC of 10. November 1992 and 2002 /12/EC of 5. In March 2002, in the European Parliament and of the Council Directive 2002 /83/EC of 5. In November 2002 on life insurance, 2002, nr. L345, page 1.